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q_com129
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How much did costs increase for Goldman Sachs and Bank of New York Mellon for the six months ended June 30, 2024, compared to the same period in 2023?
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The cost growth rate for Goldman Sachs for the six months ended June 2024 compared to the same period in 2023 is calculated as follows:
Operating Expenses 2024: $17,191 million
Operating Expenses 2023: $16,946 million
Growth Rate = ((17,191 - 16,946) / 16,946) * 100 = 1.45%
The cost growth rate for Bank of New York Mellon for the six months ended June 2024 compared to the same period in 2023 is calculated as follows:
Noninterest Expense 2024: $6,246 million
Noninterest Expense 2023: $6,211 million
Growth Rate = ((6,246 - 6,211) / 6,211) * 100 = 0.56%
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Comparison
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1;49
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0000886982-24-000022;0001390777-24-000105
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Item 1. Financial Statements (Unaudited);Item 1. Financial Statements:
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
,
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
,
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
q_com130
|
By what percentage did operating expenses change for Goldman Sachs and Bank of New York Mellon for the six months ended June 30, 2024, compared to the same period in 2023?
|
The percentage change in operating expenses for Goldman Sachs for the six months ended June 2024 compared to the same period in 2023 is calculated as follows:
Operating Expenses 2024: $17,191 million
Operating Expenses 2023: $16,946 million
Percentage Change = ((17,191 - 16,946) / 16,946) * 100 = 1.45%
The percentage change in operating expenses for Bank of New York Mellon for the six months ended June 2024 compared to the same period in 2023 is calculated as follows:
Noninterest Expense 2024: $6,246 million
Noninterest Expense 2023: $6,211 million
Percentage Change = ((6,246 - 6,211) / 6,211) * 100 = 0.56%
|
Comparison
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1;49
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0000886982-24-000022;0001390777-24-000105
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Item 1. Financial Statements (Unaudited);Item 1. Financial Statements:
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
,
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
,
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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q_com131
|
What was the margin growth for Goldman Sachs and Bank of New York Mellon for the six months ended June 30, 2024, compared to the same period in 2023?
|
The margin growth rate for Goldman Sachs for the six months ended June 2024 compared to the same period in 2023 is calculated as follows:
Net Earnings 2024: $7,175 million
Net Earnings 2023: $4,450 million
Growth Rate = ((7,175 - 4,450) / 4,450) * 100 = 61.24%
The margin growth rate for Bank of New York Mellon for the six months ended June 2024 compared to the same period in 2023 is calculated as follows:
Net Income 2024: $2,197 million
Net Income 2023: $2,055 million
Growth Rate = ((2,197 - 2,055) / 2,055) * 100 = 6.91%
|
Comparison
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1;49
|
0000886982-24-000022;0001390777-24-000105
|
Item 1. Financial Statements (Unaudited);Item 1. Financial Statements:
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
,
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
,
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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q_com132
|
How much did total revenue for Goldman Sachs and Bank of New York Mellon grow for the six months ended June 30, 2024, compared to the same period in 2023?
|
The percentage change in total revenue for Goldman Sachs for the six months ended June 2024 compared to the same period in 2023 is calculated as follows:
Total Revenue 2024: $26,944 million
Total Revenue 2023: $23,119 million
Percentage Change = ((26,944 - 23,119) / 23,119) * 100 = 16.56%
The percentage change in total revenue for Bank of New York Mellon for the six months ended June 2024 compared to the same period in 2023 is calculated as follows:
Total Revenue 2024: $9,124 million
Total Revenue 2023: $8,919 million
Percentage Change = ((9,124 - 8,919) / 8,919) * 100 = 2.30%
|
Comparison
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1;49
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0000886982-24-000022;0001390777-24-000105
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Item 1. Financial Statements (Unaudited);Item 1. Financial Statements:
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
,
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
,
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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q_com133
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Compare the performance of the investment management segment for Goldman Sachs and Bank of New York Mellon for the six months ended June 30, 2024.
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In the first half of 2024, Goldman Sachs' investment management segment generated $5,024 million in revenue, up from $4,645 million in the first half of 2023, marking an 8.2% increase. Bank of New York Mellon's investment management and performance fees were $1,537 million in the first half of 2024, slightly down from $1,538 million in the first half of 2023.
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Comparison
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1;49
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0000886982-24-000022;0001390777-24-000105
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Item 1. Financial Statements (Unaudited);Item 1. Financial Statements:
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
,
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
,
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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q_com134
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How did the total non-interest revenue for Goldman Sachs and Bank of New York Mellon compare for the six months ended June 30, 2024?
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In the first half of 2024, Goldman Sachs' total non-interest revenues were $23,094 million, up from $19,654 million in the first half of 2023, marking a 17.5% increase. Bank of New York Mellon's total fee and other revenue were $7,054 million in the first half of 2024, up from $6,691 million in the first half of 2023, marking a 5.4% increase.
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Comparison
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1;49
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0000886982-24-000022;0001390777-24-000105
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Item 1. Financial Statements (Unaudited);Item 1. Financial Statements:
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
,
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
,
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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q_com135
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Compare the interest income for Goldman Sachs and Bank of New York Mellon for the six months ended June 30, 2024.
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In the first half of 2024, Goldman Sachs' interest income was $39,995 million, up from $31,774 million in the first half of 2023, marking a 25.9% increase. Bank of New York Mellon's interest income was $12,488 million in the first half of 2024, up from $9,166 million in the first half of 2023, marking a 36.2% increase.
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Comparison
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1;49
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0000886982-24-000022;0001390777-24-000105
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Item 1. Financial Statements (Unaudited);Item 1. Financial Statements:
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
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| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
,
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|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
,
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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q_com136
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How did the provisions for credit losses for Goldman Sachs and Bank of New York Mellon differ for the six months ended June 30, 2024?
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In the first half of 2024, Goldman Sachs' provision for credit losses was $600 million, up from $444 million in the first half of 2023, marking a 35.1% increase. Bank of New York Mellon's provision for credit losses was $27 million in the first half of 2024, down from $32 million in the first half of 2023, marking a 15.6% decrease.
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Comparison
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1;49
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0000886982-24-000022;0001390777-24-000105
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Item 1. Financial Statements (Unaudited);Item 1. Financial Statements:
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
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| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
,
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|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
,
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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q_com137
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Compare the professional fees incurred by Goldman Sachs and Bank of New York Mellon for the six months ended June 30, 2024.
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In the first half of 2024, Goldman Sachs' professional fees were $777 million, up from $775 million in the first half of 2023, marking a 0.3% increase. Bank of New York Mellon's professional, legal, and other purchased services expenses were $723 million in the first half of 2024, down from $753 million in the first half of 2023, marking a 4.0% decrease.
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Comparison
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1;49
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0000886982-24-000022;0001390777-24-000105
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Item 1. Financial Statements (Unaudited);Item 1. Financial Statements:
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
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| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
,
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|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
,
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
q_com138
|
How do the total liabilities for Goldman Sachs and Bank of New York Mellon compare as of June 30, 2024?
|
As of June 30, 2024, Goldman Sachs' total liabilities were $1,533,850 million, up from $1,524,689 million as of December 31, 2023, marking a 0.6% increase. Bank of New York Mellon's total liabilities were $387,418 million as of June 30, 2024, up from $368,972 million as of December 31, 2023, marking a 5.0% increase.
|
Comparison
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2;52
|
0000886982-24-000022;0001390777-24-000105
|
Item 1. Financial Statements (Unaudited);Item 1. Financial Statements:
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
| | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
| 1 | | As of | | | | |
| 2 | | June | December | | | |
| 3 | $ in millions | 2024 | 2023 | | | |
| 4 | Assets | | | | | |
| 5 | Cash and cash equivalents | $ | 206,326 | | $ | 241,577 |
| 6 | Collateralized agreements: | | | | | |
| 7 | Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value) | 198,626 | | 223,805 | | |
| 8 | Securities borrowed (includes $45,819 and $44,930 at fair value) | 204,621 | | 199,420 | | |
| 9 | Customer and other receivables (includes $23 and $23 at fair value) | 142,000 | | 132,495 | | |
| 10 | Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral) | 521,981 | | 477,510 | | |
| 11 | Investments (includes $86,855 and $75,767 at fair value) | 160,924 | | 146,839 | | |
| 12 | Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value) | 184,127 | | 183,358 | | |
| 13 | Other assets (includes $243 and $366 at fair value) | 34,708 | | 36,590 | | |
| 14 | Total assets | $ | 1,653,313 | | $ | 1,641,594 |
| 16 | Liabilities and shareholders' equity | | | | | |
| 17 | Deposits (includes $32,042 and $29,460 at fair value) | $ | 433,105 | | $ | 428,417 |
| 18 | Collateralized financings: | | | | | |
| 19 | Securities sold under agreements to repurchase (at fair value) | 238,139 | | 249,887 | | |
| 20 | Securities loaned (includes $10,775 and $8,934 at fair value) | 63,935 | | 60,483 | | |
| 21 | Other secured financings (includes $22,868 and $12,554 at fair value) | 23,123 | | 13,194 | | |
| 22 | Customer and other payables | 242,986 | | 230,728 | | |
| 23 | Trading liabilities (at fair value) | 199,660 | | 200,355 | | |
| 24 | Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value) | 76,769 | | 75,945 | | |
| 25 | Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value) | 234,632 | | 241,877 | | |
| 26 | Other liabilities (includes $142 and $266 at fair value) | 21,501 | | 23,803 | | |
| 27 | Total liabilities | 1,533,850 | | 1,524,689 | | |
| 28 | Commitments, contingencies and guarantees | | | | | |
| 29 | Shareholders' equity | | | | | |
| 30 | Preferred stock; aggregate liquidation preference of $12,753 and $11,203 | 12,753 | | 11,203 | | |
| 31 | Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding | 9 | | 9 | | |
| 32 | Share-based awards | 5,058 | | 5,121 | | |
| 33 | Nonvoting common stock; no shares issued and outstanding | – | | – | | |
| 34 | Additional paid-in capital | 61,350 | | 60,247 | | |
| 35 | Retained earnings | 148,652 | | 143,688 | | |
| 36 | Accumulated other comprehensive loss | (2,900) | | (2,918) | | |
| 37 | Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares | (105,459) | | (100,445) | | |
| 38 | Total shareholders' equity | 119,463 | | 116,905 | | |
| 39 | Total liabilities and shareholders' equity | $ | 1,653,313 | | $ | 1,641,594 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|:----------------------------------|---:|
| 1 | Goldman Sachs June 2024 Form 10-Q | 2 |
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 52:
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Balance Sheet (unaudited)
| | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------|:--------------|:--------------|:---------|:---|:--------|
| 1 | | June 30, 2024 | Dec. 31, 2023 | | | |
| 2 | (dollars in millions, except per share amounts) | | | | | |
| 3 | Assets | | | | | |
| 4 | Cash and due from banks, net of allowance for credit losses of $27 and $18 | $ | 5,311 | | $ | 4,922 |
| 5 | Interest-bearing deposits with the Federal Reserve and other central banks | 116,139 | | 111,550 | | |
| 6 | Interest-bearing deposits with banks, net of allowance for credit losses of $1 and $2 (includes restricted of $2,026 and $3,420) | 11,488 | | 12,139 | | |
| 7 | Federal funds sold and securities purchased under resale agreements | 29,723 | | 28,900 | | |
| 8 | Securities: | | | | | |
| 9 | Held-to-maturity, at amortized cost, net of allowance for credit losses of $1 and $1 (fair value of $41,287 and $44,711) | 46,429 | | 49,578 | | |
| 10 | Available-for-sale, at fair value (amortized cost of $94,566 and $80,678, net of allowance for credit losses of $5 and less than $1) | 90,421 | | 76,817 | | |
| 11 | Total securities | 136,850 | | 126,395 | | |
| 12 | Trading assets | 9,609 | | 10,058 | | |
| 13 | Loans | 70,642 | | 66,879 | | |
| 14 | Allowance for credit losses | (286) | | (303) | | |
| 15 | Net loans | 70,356 | | 66,576 | | |
| 16 | Premises and equipment | 3,267 | | 3,163 | | |
| 17 | Accrued interest receivable | 1,253 | | 1,150 | | |
| 18 | Goodwill | 16,217 | | 16,261 | | |
| 19 | Intangible assets | 2,826 | | 2,854 | | |
| 20 | Other assets, net of allowance for credit losses on accounts receivable of $3 and $3 (includes $1,577 and $1,261, at fair value) | 25,500 | | 25,909 | | |
| 21 | Total assets | $ | 428,539 | | $ | 409,877 |
| 22 | Liabilities | | | | | |
| 23 | Deposits: | | | | | |
| 24 | Noninterest-bearing deposits (principally U.S. offices) | $ | 58,029 | | $ | 58,274 |
| 25 | Interest-bearing deposits in U.S. offices | 149,115 | | 132,616 | | |
| 26 | Interest-bearing deposits in non-U.S. offices | 97,167 | | 92,779 | | |
| 27 | Total deposits | 304,311 | | 283,669 | | |
| 28 | Federal funds purchased and securities sold under repurchase agreements | 15,701 | | 14,507 | | |
| 29 | Trading liabilities | 3,372 | | 6,226 | | |
| 30 | Payables to customers and broker-dealers | 17,569 | | 18,395 | | |
| 31 | Commercial paper | 301 | | - | | |
| 32 | Other borrowed funds | 280 | | 479 | | |
| 33 | Accrued taxes and other expenses | 4,729 | | 5,411 | | |
| 34 | Other liabilities (including allowance for credit losses on lending-related commitments of $73 and $87, also includes $63 and $195, at fair value) | 10,208 | | 9,028 | | |
| 35 | Long-term debt | 30,947 | | 31,257 | | |
| 36 | Total liabilities | 387,418 | | 368,972 | | |
| 37 | Temporary equity | | | | | |
| 38 | Redeemable noncontrolling interests | 92 | | 85 | | |
| 39 | Permanent equity | | | | | |
| 40 | Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 43,826 and 43,826 shares | 4,343 | | 4,343 | | |
| 41 | Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,409,173,568 and 1,402,429,447 shares | 14 | | 14 | | |
| 42 | Additional paid-in capital | 29,139 | | 28,908 | | |
| 43 | Retained earnings | 40,999 | | 39,549 | | |
| 44 | Accumulated other comprehensive loss, net of tax | (4,900) | | (4,893) | | |
| 45 | Less: Treasury stock of 671,216,069 and 643,085,355 common shares, at cost | (28,752) | | (27,151) | | |
| 46 | Total The Bank of New York Mellon Corporation shareholders' equity | 40,843 | | 40,770 | | |
| 47 | Nonredeemable noncontrolling interests of consolidated investment management funds | 186 | | 50 | | |
| 48 | Total permanent equity | 41,029 | | 40,820 | | |
| 49 | Total liabilities, temporary equity and permanent equity | $ | 428,539 | | $ | 409,877 |
See accompanying unaudited Notes to Consolidated Financial Statements.
52 BNY
|
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
| | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
| 1 | | As of | | | | |
| 2 | | June | December | | | |
| 3 | $ in millions | 2024 | 2023 | | | |
| 4 | Assets | | | | | |
| 5 | Cash and cash equivalents | $ | 206,326 | | $ | 241,577 |
| 6 | Collateralized agreements: | | | | | |
| 7 | Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value) | 198,626 | | 223,805 | | |
| 8 | Securities borrowed (includes $45,819 and $44,930 at fair value) | 204,621 | | 199,420 | | |
| 9 | Customer and other receivables (includes $23 and $23 at fair value) | 142,000 | | 132,495 | | |
| 10 | Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral) | 521,981 | | 477,510 | | |
| 11 | Investments (includes $86,855 and $75,767 at fair value) | 160,924 | | 146,839 | | |
| 12 | Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value) | 184,127 | | 183,358 | | |
| 13 | Other assets (includes $243 and $366 at fair value) | 34,708 | | 36,590 | | |
| 14 | Total assets | $ | 1,653,313 | | $ | 1,641,594 |
| 16 | Liabilities and shareholders' equity | | | | | |
| 17 | Deposits (includes $32,042 and $29,460 at fair value) | $ | 433,105 | | $ | 428,417 |
| 18 | Collateralized financings: | | | | | |
| 19 | Securities sold under agreements to repurchase (at fair value) | 238,139 | | 249,887 | | |
| 20 | Securities loaned (includes $10,775 and $8,934 at fair value) | 63,935 | | 60,483 | | |
| 21 | Other secured financings (includes $22,868 and $12,554 at fair value) | 23,123 | | 13,194 | | |
| 22 | Customer and other payables | 242,986 | | 230,728 | | |
| 23 | Trading liabilities (at fair value) | 199,660 | | 200,355 | | |
| 24 | Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value) | 76,769 | | 75,945 | | |
| 25 | Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value) | 234,632 | | 241,877 | | |
| 26 | Other liabilities (includes $142 and $266 at fair value) | 21,501 | | 23,803 | | |
| 27 | Total liabilities | 1,533,850 | | 1,524,689 | | |
| 28 | Commitments, contingencies and guarantees | | | | | |
| 29 | Shareholders' equity | | | | | |
| 30 | Preferred stock; aggregate liquidation preference of $12,753 and $11,203 | 12,753 | | 11,203 | | |
| 31 | Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding | 9 | | 9 | | |
| 32 | Share-based awards | 5,058 | | 5,121 | | |
| 33 | Nonvoting common stock; no shares issued and outstanding | – | | – | | |
| 34 | Additional paid-in capital | 61,350 | | 60,247 | | |
| 35 | Retained earnings | 148,652 | | 143,688 | | |
| 36 | Accumulated other comprehensive loss | (2,900) | | (2,918) | | |
| 37 | Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares | (105,459) | | (100,445) | | |
| 38 | Total shareholders' equity | 119,463 | | 116,905 | | |
| 39 | Total liabilities and shareholders' equity | $ | 1,653,313 | | $ | 1,641,594 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|:----------------------------------|---:|
| 1 | Goldman Sachs June 2024 Form 10-Q | 2 |
,
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Balance Sheet (unaudited)
| | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------|:--------------|:--------------|:---------|:---|:--------|
| 1 | | June 30, 2024 | Dec. 31, 2023 | | | |
| 2 | (dollars in millions, except per share amounts) | | | | | |
| 3 | Assets | | | | | |
| 4 | Cash and due from banks, net of allowance for credit losses of $27 and $18 | $ | 5,311 | | $ | 4,922 |
| 5 | Interest-bearing deposits with the Federal Reserve and other central banks | 116,139 | | 111,550 | | |
| 6 | Interest-bearing deposits with banks, net of allowance for credit losses of $1 and $2 (includes restricted of $2,026 and $3,420) | 11,488 | | 12,139 | | |
| 7 | Federal funds sold and securities purchased under resale agreements | 29,723 | | 28,900 | | |
| 8 | Securities: | | | | | |
| 9 | Held-to-maturity, at amortized cost, net of allowance for credit losses of $1 and $1 (fair value of $41,287 and $44,711) | 46,429 | | 49,578 | | |
| 10 | Available-for-sale, at fair value (amortized cost of $94,566 and $80,678, net of allowance for credit losses of $5 and less than $1) | 90,421 | | 76,817 | | |
| 11 | Total securities | 136,850 | | 126,395 | | |
| 12 | Trading assets | 9,609 | | 10,058 | | |
| 13 | Loans | 70,642 | | 66,879 | | |
| 14 | Allowance for credit losses | (286) | | (303) | | |
| 15 | Net loans | 70,356 | | 66,576 | | |
| 16 | Premises and equipment | 3,267 | | 3,163 | | |
| 17 | Accrued interest receivable | 1,253 | | 1,150 | | |
| 18 | Goodwill | 16,217 | | 16,261 | | |
| 19 | Intangible assets | 2,826 | | 2,854 | | |
| 20 | Other assets, net of allowance for credit losses on accounts receivable of $3 and $3 (includes $1,577 and $1,261, at fair value) | 25,500 | | 25,909 | | |
| 21 | Total assets | $ | 428,539 | | $ | 409,877 |
| 22 | Liabilities | | | | | |
| 23 | Deposits: | | | | | |
| 24 | Noninterest-bearing deposits (principally U.S. offices) | $ | 58,029 | | $ | 58,274 |
| 25 | Interest-bearing deposits in U.S. offices | 149,115 | | 132,616 | | |
| 26 | Interest-bearing deposits in non-U.S. offices | 97,167 | | 92,779 | | |
| 27 | Total deposits | 304,311 | | 283,669 | | |
| 28 | Federal funds purchased and securities sold under repurchase agreements | 15,701 | | 14,507 | | |
| 29 | Trading liabilities | 3,372 | | 6,226 | | |
| 30 | Payables to customers and broker-dealers | 17,569 | | 18,395 | | |
| 31 | Commercial paper | 301 | | - | | |
| 32 | Other borrowed funds | 280 | | 479 | | |
| 33 | Accrued taxes and other expenses | 4,729 | | 5,411 | | |
| 34 | Other liabilities (including allowance for credit losses on lending-related commitments of $73 and $87, also includes $63 and $195, at fair value) | 10,208 | | 9,028 | | |
| 35 | Long-term debt | 30,947 | | 31,257 | | |
| 36 | Total liabilities | 387,418 | | 368,972 | | |
| 37 | Temporary equity | | | | | |
| 38 | Redeemable noncontrolling interests | 92 | | 85 | | |
| 39 | Permanent equity | | | | | |
| 40 | Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 43,826 and 43,826 shares | 4,343 | | 4,343 | | |
| 41 | Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,409,173,568 and 1,402,429,447 shares | 14 | | 14 | | |
| 42 | Additional paid-in capital | 29,139 | | 28,908 | | |
| 43 | Retained earnings | 40,999 | | 39,549 | | |
| 44 | Accumulated other comprehensive loss, net of tax | (4,900) | | (4,893) | | |
| 45 | Less: Treasury stock of 671,216,069 and 643,085,355 common shares, at cost | (28,752) | | (27,151) | | |
| 46 | Total The Bank of New York Mellon Corporation shareholders' equity | 40,843 | | 40,770 | | |
| 47 | Nonredeemable noncontrolling interests of consolidated investment management funds | 186 | | 50 | | |
| 48 | Total permanent equity | 41,029 | | 40,820 | | |
| 49 | Total liabilities, temporary equity and permanent equity | $ | 428,539 | | $ | 409,877 |
See accompanying unaudited Notes to Consolidated Financial Statements.
52 BNY
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="6">As of</td></tr><tr><td colspan="3"></td><td colspan="3">June</td><td colspan="3">December</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3">2023</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>206,326 </td><td></td><td>$</td><td>241,577 </td><td></td></tr><tr><td colspan="3">Collateralized agreements:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)</td><td colspan="2">198,626 </td><td></td><td colspan="2">223,805 </td><td></td></tr><tr><td colspan="3">Securities borrowed (includes $45,819 and $44,930 at fair value)</td><td colspan="2">204,621 </td><td></td><td colspan="2">199,420 </td><td></td></tr><tr><td colspan="3">Customer and other receivables (includes $23 and $23 at fair value)</td><td colspan="2">142,000 </td><td></td><td colspan="2">132,495 </td><td></td></tr><tr><td colspan="3">Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)</td><td colspan="2">521,981 </td><td></td><td colspan="2">477,510 </td><td></td></tr><tr><td colspan="3">Investments (includes $86,855 and $75,767 at fair value)</td><td colspan="2">160,924 </td><td></td><td colspan="2">146,839 </td><td></td></tr><tr><td colspan="3">Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)</td><td colspan="2">184,127 </td><td></td><td colspan="2">183,358 </td><td></td></tr><tr><td colspan="3">Other assets (includes $243 and $366 at fair value)</td><td colspan="2">34,708 </td><td></td><td colspan="2">36,590 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>1,653,313 </td><td></td><td>$</td><td>1,641,594 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and shareholders' equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deposits (includes $32,042 and $29,460 at fair value)</td><td>$</td><td>433,105 </td><td></td><td>$</td><td>428,417 </td><td></td></tr><tr><td colspan="3">Collateralized financings:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Securities sold under agreements to repurchase (at fair value)</td><td colspan="2">238,139 </td><td></td><td colspan="2">249,887 </td><td></td></tr><tr><td colspan="3">Securities loaned (includes $10,775 and $8,934 at fair value)</td><td colspan="2">63,935 </td><td></td><td colspan="2">60,483 </td><td></td></tr><tr><td colspan="3">Other secured financings (includes $22,868 and $12,554 at fair value)</td><td colspan="2">23,123 </td><td></td><td colspan="2">13,194 </td><td></td></tr><tr><td colspan="3">Customer and other payables</td><td colspan="2">242,986 </td><td></td><td colspan="2">230,728 </td><td></td></tr><tr><td colspan="3">Trading liabilities (at fair value)</td><td colspan="2">199,660 </td><td></td><td colspan="2">200,355 </td><td></td></tr><tr><td colspan="3">Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)</td><td colspan="2">76,769 </td><td></td><td colspan="2">75,945 </td><td></td></tr><tr><td colspan="3">Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)</td><td colspan="2">234,632 </td><td></td><td colspan="2">241,877 </td><td></td></tr><tr><td colspan="3">Other liabilities (includes $142 and $266 at fair value)</td><td colspan="2">21,501 </td><td></td><td colspan="2">23,803 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">1,533,850 </td><td></td><td colspan="2">1,524,689 </td><td></td></tr><tr><td colspan="3">Commitments, contingencies and guarantees</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock; aggregate liquidation preference of $12,753 and $11,203</td><td colspan="2">12,753 </td><td></td><td colspan="2">11,203 </td><td></td></tr><tr><td colspan="3">Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding</td><td colspan="2">9 </td><td></td><td colspan="2">9 </td><td></td></tr><tr><td colspan="3">Share-based awards</td><td colspan="2">5,058 </td><td></td><td colspan="2">5,121 </td><td></td></tr><tr><td colspan="3">Nonvoting common stock; no shares issued and outstanding</td><td colspan="2">– </td><td></td><td colspan="2">– </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">61,350 </td><td></td><td colspan="2">60,247 </td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">148,652 </td><td></td><td colspan="2">143,688 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(2,900)</td><td></td><td colspan="2">(2,918)</td><td></td></tr><tr><td colspan="3">Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares</td><td colspan="2">(105,459)</td><td></td><td colspan="2">(100,445)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">119,463 </td><td></td><td colspan="2">116,905 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>1,653,313 </td><td></td><td>$</td><td>1,641,594 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td><td colspan="3"></td><td colspan="3">2</td></tr></table>
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 52:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Balance Sheet (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">Dec. 31, 2023</td></tr><tr><td colspan="3">(dollars in millions, except per share amounts)</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and due from banks, net of allowance for credit losses of $27 and $18</td><td>$</td><td>5,311 </td><td></td><td>$</td><td>4,922 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits with the Federal Reserve and other central banks</td><td colspan="2">116,139 </td><td></td><td colspan="2">111,550 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits with banks, net of allowance for credit losses of $1 and $2 (includes restricted of $2,026 and $3,420)</td><td colspan="2">11,488 </td><td></td><td colspan="2">12,139 </td><td></td></tr><tr><td colspan="3">Federal funds sold and securities purchased under resale agreements</td><td colspan="2">29,723 </td><td></td><td colspan="2">28,900 </td><td></td></tr><tr><td colspan="3">Securities:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Held-to-maturity, at amortized cost, net of allowance for credit losses of $1 and $1 (fair value of $41,287 and $44,711)</td><td colspan="2">46,429 </td><td></td><td colspan="2">49,578 </td><td></td></tr><tr><td colspan="3">Available-for-sale, at fair value (amortized cost of $94,566 and $80,678, net of allowance for credit losses of $5 and less than $1)</td><td colspan="2">90,421 </td><td></td><td colspan="2">76,817 </td><td></td></tr><tr><td colspan="3">Total securities</td><td colspan="2">136,850 </td><td></td><td colspan="2">126,395 </td><td></td></tr><tr><td colspan="3">Trading assets</td><td colspan="2">9,609 </td><td></td><td colspan="2">10,058 </td><td></td></tr><tr><td colspan="3">Loans</td><td colspan="2">70,642 </td><td></td><td colspan="2">66,879 </td><td></td></tr><tr><td colspan="3">Allowance for credit losses</td><td colspan="2">(286)</td><td></td><td colspan="2">(303)</td><td></td></tr><tr><td colspan="3">Net loans</td><td colspan="2">70,356 </td><td></td><td colspan="2">66,576 </td><td></td></tr><tr><td colspan="3">Premises and equipment</td><td colspan="2">3,267 </td><td></td><td colspan="2">3,163 </td><td></td></tr><tr><td colspan="3">Accrued interest receivable</td><td colspan="2">1,253 </td><td></td><td colspan="2">1,150 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="2">16,217 </td><td></td><td colspan="2">16,261 </td><td></td></tr><tr><td colspan="3">Intangible assets</td><td colspan="2">2,826 </td><td></td><td colspan="2">2,854 </td><td></td></tr><tr><td colspan="3">Other assets, net of allowance for credit losses on accounts receivable of $3 and $3 (includes $1,577 and $1,261, at fair value)</td><td colspan="2">25,500 </td><td></td><td colspan="2">25,909 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>428,539 </td><td></td><td>$</td><td>409,877 </td><td></td></tr><tr><td colspan="3">Liabilities</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deposits:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noninterest-bearing deposits (principally U.S. offices)</td><td>$</td><td>58,029 </td><td></td><td>$</td><td>58,274 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits in U.S. offices</td><td colspan="2">149,115 </td><td></td><td colspan="2">132,616 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits in non-U.S. offices</td><td colspan="2">97,167 </td><td></td><td colspan="2">92,779 </td><td></td></tr><tr><td colspan="3">Total deposits</td><td colspan="2">304,311 </td><td></td><td colspan="2">283,669 </td><td></td></tr><tr><td colspan="3">Federal funds purchased and securities sold under repurchase agreements</td><td colspan="2">15,701 </td><td></td><td colspan="2">14,507 </td><td></td></tr><tr><td colspan="3">Trading liabilities</td><td colspan="2">3,372 </td><td></td><td colspan="2">6,226 </td><td></td></tr><tr><td colspan="3">Payables to customers and broker-dealers</td><td colspan="2">17,569 </td><td></td><td colspan="2">18,395 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">301 </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Other borrowed funds</td><td colspan="2">280 </td><td></td><td colspan="2">479 </td><td></td></tr><tr><td colspan="3">Accrued taxes and other expenses</td><td colspan="2">4,729 </td><td></td><td colspan="2">5,411 </td><td></td></tr><tr><td colspan="3">Other liabilities (including allowance for credit losses on lending-related commitments of $73 and $87, also includes $63 and $195, at fair value)</td><td colspan="2">10,208 </td><td></td><td colspan="2">9,028 </td><td></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="2">30,947 </td><td></td><td colspan="2">31,257 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">387,418 </td><td></td><td colspan="2">368,972 </td><td></td></tr><tr><td colspan="3">Temporary equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Redeemable noncontrolling interests</td><td colspan="2">92 </td><td></td><td colspan="2">85 </td><td></td></tr><tr><td colspan="3">Permanent equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 43,826 and 43,826 shares</td><td colspan="2">4,343 </td><td></td><td colspan="2">4,343 </td><td></td></tr><tr><td colspan="3">Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,409,173,568 and 1,402,429,447 shares</td><td colspan="2">14 </td><td></td><td colspan="2">14 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">29,139 </td><td></td><td colspan="2">28,908 </td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">40,999 </td><td></td><td colspan="2">39,549 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss, net of tax</td><td colspan="2">(4,900)</td><td></td><td colspan="2">(4,893)</td><td></td></tr><tr><td colspan="3">Less: Treasury stock of 671,216,069 and 643,085,355 common shares, at cost</td><td colspan="2">(28,752)</td><td></td><td colspan="2">(27,151)</td><td></td></tr><tr><td colspan="3">Total The Bank of New York Mellon Corporation shareholders' equity</td><td colspan="2">40,843 </td><td></td><td colspan="2">40,770 </td><td></td></tr><tr><td colspan="3">Nonredeemable noncontrolling interests of consolidated investment management funds</td><td colspan="2">186 </td><td></td><td colspan="2">50 </td><td></td></tr><tr><td colspan="3">Total permanent equity</td><td colspan="2">41,029 </td><td></td><td colspan="2">40,820 </td><td></td></tr><tr><td colspan="3">Total liabilities, temporary equity and permanent equity</td><td>$</td><td>428,539 </td><td></td><td>$</td><td>409,877 </td><td></td></tr></table>
See accompanying unaudited Notes to Consolidated Financial Statements.
52 BNY
|
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="6">As of</td></tr><tr><td colspan="3"></td><td colspan="3">June</td><td colspan="3">December</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3">2023</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>206,326 </td><td></td><td>$</td><td>241,577 </td><td></td></tr><tr><td colspan="3">Collateralized agreements:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)</td><td colspan="2">198,626 </td><td></td><td colspan="2">223,805 </td><td></td></tr><tr><td colspan="3">Securities borrowed (includes $45,819 and $44,930 at fair value)</td><td colspan="2">204,621 </td><td></td><td colspan="2">199,420 </td><td></td></tr><tr><td colspan="3">Customer and other receivables (includes $23 and $23 at fair value)</td><td colspan="2">142,000 </td><td></td><td colspan="2">132,495 </td><td></td></tr><tr><td colspan="3">Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)</td><td colspan="2">521,981 </td><td></td><td colspan="2">477,510 </td><td></td></tr><tr><td colspan="3">Investments (includes $86,855 and $75,767 at fair value)</td><td colspan="2">160,924 </td><td></td><td colspan="2">146,839 </td><td></td></tr><tr><td colspan="3">Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)</td><td colspan="2">184,127 </td><td></td><td colspan="2">183,358 </td><td></td></tr><tr><td colspan="3">Other assets (includes $243 and $366 at fair value)</td><td colspan="2">34,708 </td><td></td><td colspan="2">36,590 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>1,653,313 </td><td></td><td>$</td><td>1,641,594 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and shareholders' equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deposits (includes $32,042 and $29,460 at fair value)</td><td>$</td><td>433,105 </td><td></td><td>$</td><td>428,417 </td><td></td></tr><tr><td colspan="3">Collateralized financings:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Securities sold under agreements to repurchase (at fair value)</td><td colspan="2">238,139 </td><td></td><td colspan="2">249,887 </td><td></td></tr><tr><td colspan="3">Securities loaned (includes $10,775 and $8,934 at fair value)</td><td colspan="2">63,935 </td><td></td><td colspan="2">60,483 </td><td></td></tr><tr><td colspan="3">Other secured financings (includes $22,868 and $12,554 at fair value)</td><td colspan="2">23,123 </td><td></td><td colspan="2">13,194 </td><td></td></tr><tr><td colspan="3">Customer and other payables</td><td colspan="2">242,986 </td><td></td><td colspan="2">230,728 </td><td></td></tr><tr><td colspan="3">Trading liabilities (at fair value)</td><td colspan="2">199,660 </td><td></td><td colspan="2">200,355 </td><td></td></tr><tr><td colspan="3">Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)</td><td colspan="2">76,769 </td><td></td><td colspan="2">75,945 </td><td></td></tr><tr><td colspan="3">Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)</td><td colspan="2">234,632 </td><td></td><td colspan="2">241,877 </td><td></td></tr><tr><td colspan="3">Other liabilities (includes $142 and $266 at fair value)</td><td colspan="2">21,501 </td><td></td><td colspan="2">23,803 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">1,533,850 </td><td></td><td colspan="2">1,524,689 </td><td></td></tr><tr><td colspan="3">Commitments, contingencies and guarantees</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock; aggregate liquidation preference of $12,753 and $11,203</td><td colspan="2">12,753 </td><td></td><td colspan="2">11,203 </td><td></td></tr><tr><td colspan="3">Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding</td><td colspan="2">9 </td><td></td><td colspan="2">9 </td><td></td></tr><tr><td colspan="3">Share-based awards</td><td colspan="2">5,058 </td><td></td><td colspan="2">5,121 </td><td></td></tr><tr><td colspan="3">Nonvoting common stock; no shares issued and outstanding</td><td colspan="2">– </td><td></td><td colspan="2">– </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">61,350 </td><td></td><td colspan="2">60,247 </td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">148,652 </td><td></td><td colspan="2">143,688 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(2,900)</td><td></td><td colspan="2">(2,918)</td><td></td></tr><tr><td colspan="3">Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares</td><td colspan="2">(105,459)</td><td></td><td colspan="2">(100,445)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">119,463 </td><td></td><td colspan="2">116,905 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>1,653,313 </td><td></td><td>$</td><td>1,641,594 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td><td colspan="3"></td><td colspan="3">2</td></tr></table>
,
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Balance Sheet (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">Dec. 31, 2023</td></tr><tr><td colspan="3">(dollars in millions, except per share amounts)</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and due from banks, net of allowance for credit losses of $27 and $18</td><td>$</td><td>5,311 </td><td></td><td>$</td><td>4,922 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits with the Federal Reserve and other central banks</td><td colspan="2">116,139 </td><td></td><td colspan="2">111,550 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits with banks, net of allowance for credit losses of $1 and $2 (includes restricted of $2,026 and $3,420)</td><td colspan="2">11,488 </td><td></td><td colspan="2">12,139 </td><td></td></tr><tr><td colspan="3">Federal funds sold and securities purchased under resale agreements</td><td colspan="2">29,723 </td><td></td><td colspan="2">28,900 </td><td></td></tr><tr><td colspan="3">Securities:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Held-to-maturity, at amortized cost, net of allowance for credit losses of $1 and $1 (fair value of $41,287 and $44,711)</td><td colspan="2">46,429 </td><td></td><td colspan="2">49,578 </td><td></td></tr><tr><td colspan="3">Available-for-sale, at fair value (amortized cost of $94,566 and $80,678, net of allowance for credit losses of $5 and less than $1)</td><td colspan="2">90,421 </td><td></td><td colspan="2">76,817 </td><td></td></tr><tr><td colspan="3">Total securities</td><td colspan="2">136,850 </td><td></td><td colspan="2">126,395 </td><td></td></tr><tr><td colspan="3">Trading assets</td><td colspan="2">9,609 </td><td></td><td colspan="2">10,058 </td><td></td></tr><tr><td colspan="3">Loans</td><td colspan="2">70,642 </td><td></td><td colspan="2">66,879 </td><td></td></tr><tr><td colspan="3">Allowance for credit losses</td><td colspan="2">(286)</td><td></td><td colspan="2">(303)</td><td></td></tr><tr><td colspan="3">Net loans</td><td colspan="2">70,356 </td><td></td><td colspan="2">66,576 </td><td></td></tr><tr><td colspan="3">Premises and equipment</td><td colspan="2">3,267 </td><td></td><td colspan="2">3,163 </td><td></td></tr><tr><td colspan="3">Accrued interest receivable</td><td colspan="2">1,253 </td><td></td><td colspan="2">1,150 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="2">16,217 </td><td></td><td colspan="2">16,261 </td><td></td></tr><tr><td colspan="3">Intangible assets</td><td colspan="2">2,826 </td><td></td><td colspan="2">2,854 </td><td></td></tr><tr><td colspan="3">Other assets, net of allowance for credit losses on accounts receivable of $3 and $3 (includes $1,577 and $1,261, at fair value)</td><td colspan="2">25,500 </td><td></td><td colspan="2">25,909 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>428,539 </td><td></td><td>$</td><td>409,877 </td><td></td></tr><tr><td colspan="3">Liabilities</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deposits:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noninterest-bearing deposits (principally U.S. offices)</td><td>$</td><td>58,029 </td><td></td><td>$</td><td>58,274 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits in U.S. offices</td><td colspan="2">149,115 </td><td></td><td colspan="2">132,616 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits in non-U.S. offices</td><td colspan="2">97,167 </td><td></td><td colspan="2">92,779 </td><td></td></tr><tr><td colspan="3">Total deposits</td><td colspan="2">304,311 </td><td></td><td colspan="2">283,669 </td><td></td></tr><tr><td colspan="3">Federal funds purchased and securities sold under repurchase agreements</td><td colspan="2">15,701 </td><td></td><td colspan="2">14,507 </td><td></td></tr><tr><td colspan="3">Trading liabilities</td><td colspan="2">3,372 </td><td></td><td colspan="2">6,226 </td><td></td></tr><tr><td colspan="3">Payables to customers and broker-dealers</td><td colspan="2">17,569 </td><td></td><td colspan="2">18,395 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">301 </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Other borrowed funds</td><td colspan="2">280 </td><td></td><td colspan="2">479 </td><td></td></tr><tr><td colspan="3">Accrued taxes and other expenses</td><td colspan="2">4,729 </td><td></td><td colspan="2">5,411 </td><td></td></tr><tr><td colspan="3">Other liabilities (including allowance for credit losses on lending-related commitments of $73 and $87, also includes $63 and $195, at fair value)</td><td colspan="2">10,208 </td><td></td><td colspan="2">9,028 </td><td></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="2">30,947 </td><td></td><td colspan="2">31,257 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">387,418 </td><td></td><td colspan="2">368,972 </td><td></td></tr><tr><td colspan="3">Temporary equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Redeemable noncontrolling interests</td><td colspan="2">92 </td><td></td><td colspan="2">85 </td><td></td></tr><tr><td colspan="3">Permanent equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 43,826 and 43,826 shares</td><td colspan="2">4,343 </td><td></td><td colspan="2">4,343 </td><td></td></tr><tr><td colspan="3">Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,409,173,568 and 1,402,429,447 shares</td><td colspan="2">14 </td><td></td><td colspan="2">14 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">29,139 </td><td></td><td colspan="2">28,908 </td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">40,999 </td><td></td><td colspan="2">39,549 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss, net of tax</td><td colspan="2">(4,900)</td><td></td><td colspan="2">(4,893)</td><td></td></tr><tr><td colspan="3">Less: Treasury stock of 671,216,069 and 643,085,355 common shares, at cost</td><td colspan="2">(28,752)</td><td></td><td colspan="2">(27,151)</td><td></td></tr><tr><td colspan="3">Total The Bank of New York Mellon Corporation shareholders' equity</td><td colspan="2">40,843 </td><td></td><td colspan="2">40,770 </td><td></td></tr><tr><td colspan="3">Nonredeemable noncontrolling interests of consolidated investment management funds</td><td colspan="2">186 </td><td></td><td colspan="2">50 </td><td></td></tr><tr><td colspan="3">Total permanent equity</td><td colspan="2">41,029 </td><td></td><td colspan="2">40,820 </td><td></td></tr><tr><td colspan="3">Total liabilities, temporary equity and permanent equity</td><td>$</td><td>428,539 </td><td></td><td>$</td><td>409,877 </td><td></td></tr></table>
See accompanying unaudited Notes to Consolidated Financial Statements.
52 BNY
|
q_com139
|
Compare the deposit balances for Goldman Sachs and Bank of New York Mellon as of June 30, 2024.
|
As of June 30, 2024, Goldman Sachs' deposits were $433,105 million, up from $428,417 million as of December 31, 2023, marking a 1.1% increase. Bank of New York Mellon's total deposits were $304,311 million as of June 30, 2024, up from $283,669 million as of December 31, 2023, marking a 7.3% increase.
|
Comparison
|
2;52
|
0000886982-24-000022;0001390777-24-000105
|
Item 1. Financial Statements (Unaudited);Item 1. Financial Statements:
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
| | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
| 1 | | As of | | | | |
| 2 | | June | December | | | |
| 3 | $ in millions | 2024 | 2023 | | | |
| 4 | Assets | | | | | |
| 5 | Cash and cash equivalents | $ | 206,326 | | $ | 241,577 |
| 6 | Collateralized agreements: | | | | | |
| 7 | Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value) | 198,626 | | 223,805 | | |
| 8 | Securities borrowed (includes $45,819 and $44,930 at fair value) | 204,621 | | 199,420 | | |
| 9 | Customer and other receivables (includes $23 and $23 at fair value) | 142,000 | | 132,495 | | |
| 10 | Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral) | 521,981 | | 477,510 | | |
| 11 | Investments (includes $86,855 and $75,767 at fair value) | 160,924 | | 146,839 | | |
| 12 | Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value) | 184,127 | | 183,358 | | |
| 13 | Other assets (includes $243 and $366 at fair value) | 34,708 | | 36,590 | | |
| 14 | Total assets | $ | 1,653,313 | | $ | 1,641,594 |
| 16 | Liabilities and shareholders' equity | | | | | |
| 17 | Deposits (includes $32,042 and $29,460 at fair value) | $ | 433,105 | | $ | 428,417 |
| 18 | Collateralized financings: | | | | | |
| 19 | Securities sold under agreements to repurchase (at fair value) | 238,139 | | 249,887 | | |
| 20 | Securities loaned (includes $10,775 and $8,934 at fair value) | 63,935 | | 60,483 | | |
| 21 | Other secured financings (includes $22,868 and $12,554 at fair value) | 23,123 | | 13,194 | | |
| 22 | Customer and other payables | 242,986 | | 230,728 | | |
| 23 | Trading liabilities (at fair value) | 199,660 | | 200,355 | | |
| 24 | Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value) | 76,769 | | 75,945 | | |
| 25 | Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value) | 234,632 | | 241,877 | | |
| 26 | Other liabilities (includes $142 and $266 at fair value) | 21,501 | | 23,803 | | |
| 27 | Total liabilities | 1,533,850 | | 1,524,689 | | |
| 28 | Commitments, contingencies and guarantees | | | | | |
| 29 | Shareholders' equity | | | | | |
| 30 | Preferred stock; aggregate liquidation preference of $12,753 and $11,203 | 12,753 | | 11,203 | | |
| 31 | Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding | 9 | | 9 | | |
| 32 | Share-based awards | 5,058 | | 5,121 | | |
| 33 | Nonvoting common stock; no shares issued and outstanding | – | | – | | |
| 34 | Additional paid-in capital | 61,350 | | 60,247 | | |
| 35 | Retained earnings | 148,652 | | 143,688 | | |
| 36 | Accumulated other comprehensive loss | (2,900) | | (2,918) | | |
| 37 | Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares | (105,459) | | (100,445) | | |
| 38 | Total shareholders' equity | 119,463 | | 116,905 | | |
| 39 | Total liabilities and shareholders' equity | $ | 1,653,313 | | $ | 1,641,594 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|:----------------------------------|---:|
| 1 | Goldman Sachs June 2024 Form 10-Q | 2 |
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 52:
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Balance Sheet (unaudited)
| | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------|:--------------|:--------------|:---------|:---|:--------|
| 1 | | June 30, 2024 | Dec. 31, 2023 | | | |
| 2 | (dollars in millions, except per share amounts) | | | | | |
| 3 | Assets | | | | | |
| 4 | Cash and due from banks, net of allowance for credit losses of $27 and $18 | $ | 5,311 | | $ | 4,922 |
| 5 | Interest-bearing deposits with the Federal Reserve and other central banks | 116,139 | | 111,550 | | |
| 6 | Interest-bearing deposits with banks, net of allowance for credit losses of $1 and $2 (includes restricted of $2,026 and $3,420) | 11,488 | | 12,139 | | |
| 7 | Federal funds sold and securities purchased under resale agreements | 29,723 | | 28,900 | | |
| 8 | Securities: | | | | | |
| 9 | Held-to-maturity, at amortized cost, net of allowance for credit losses of $1 and $1 (fair value of $41,287 and $44,711) | 46,429 | | 49,578 | | |
| 10 | Available-for-sale, at fair value (amortized cost of $94,566 and $80,678, net of allowance for credit losses of $5 and less than $1) | 90,421 | | 76,817 | | |
| 11 | Total securities | 136,850 | | 126,395 | | |
| 12 | Trading assets | 9,609 | | 10,058 | | |
| 13 | Loans | 70,642 | | 66,879 | | |
| 14 | Allowance for credit losses | (286) | | (303) | | |
| 15 | Net loans | 70,356 | | 66,576 | | |
| 16 | Premises and equipment | 3,267 | | 3,163 | | |
| 17 | Accrued interest receivable | 1,253 | | 1,150 | | |
| 18 | Goodwill | 16,217 | | 16,261 | | |
| 19 | Intangible assets | 2,826 | | 2,854 | | |
| 20 | Other assets, net of allowance for credit losses on accounts receivable of $3 and $3 (includes $1,577 and $1,261, at fair value) | 25,500 | | 25,909 | | |
| 21 | Total assets | $ | 428,539 | | $ | 409,877 |
| 22 | Liabilities | | | | | |
| 23 | Deposits: | | | | | |
| 24 | Noninterest-bearing deposits (principally U.S. offices) | $ | 58,029 | | $ | 58,274 |
| 25 | Interest-bearing deposits in U.S. offices | 149,115 | | 132,616 | | |
| 26 | Interest-bearing deposits in non-U.S. offices | 97,167 | | 92,779 | | |
| 27 | Total deposits | 304,311 | | 283,669 | | |
| 28 | Federal funds purchased and securities sold under repurchase agreements | 15,701 | | 14,507 | | |
| 29 | Trading liabilities | 3,372 | | 6,226 | | |
| 30 | Payables to customers and broker-dealers | 17,569 | | 18,395 | | |
| 31 | Commercial paper | 301 | | - | | |
| 32 | Other borrowed funds | 280 | | 479 | | |
| 33 | Accrued taxes and other expenses | 4,729 | | 5,411 | | |
| 34 | Other liabilities (including allowance for credit losses on lending-related commitments of $73 and $87, also includes $63 and $195, at fair value) | 10,208 | | 9,028 | | |
| 35 | Long-term debt | 30,947 | | 31,257 | | |
| 36 | Total liabilities | 387,418 | | 368,972 | | |
| 37 | Temporary equity | | | | | |
| 38 | Redeemable noncontrolling interests | 92 | | 85 | | |
| 39 | Permanent equity | | | | | |
| 40 | Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 43,826 and 43,826 shares | 4,343 | | 4,343 | | |
| 41 | Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,409,173,568 and 1,402,429,447 shares | 14 | | 14 | | |
| 42 | Additional paid-in capital | 29,139 | | 28,908 | | |
| 43 | Retained earnings | 40,999 | | 39,549 | | |
| 44 | Accumulated other comprehensive loss, net of tax | (4,900) | | (4,893) | | |
| 45 | Less: Treasury stock of 671,216,069 and 643,085,355 common shares, at cost | (28,752) | | (27,151) | | |
| 46 | Total The Bank of New York Mellon Corporation shareholders' equity | 40,843 | | 40,770 | | |
| 47 | Nonredeemable noncontrolling interests of consolidated investment management funds | 186 | | 50 | | |
| 48 | Total permanent equity | 41,029 | | 40,820 | | |
| 49 | Total liabilities, temporary equity and permanent equity | $ | 428,539 | | $ | 409,877 |
See accompanying unaudited Notes to Consolidated Financial Statements.
52 BNY
|
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
| | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
| 1 | | As of | | | | |
| 2 | | June | December | | | |
| 3 | $ in millions | 2024 | 2023 | | | |
| 4 | Assets | | | | | |
| 5 | Cash and cash equivalents | $ | 206,326 | | $ | 241,577 |
| 6 | Collateralized agreements: | | | | | |
| 7 | Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value) | 198,626 | | 223,805 | | |
| 8 | Securities borrowed (includes $45,819 and $44,930 at fair value) | 204,621 | | 199,420 | | |
| 9 | Customer and other receivables (includes $23 and $23 at fair value) | 142,000 | | 132,495 | | |
| 10 | Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral) | 521,981 | | 477,510 | | |
| 11 | Investments (includes $86,855 and $75,767 at fair value) | 160,924 | | 146,839 | | |
| 12 | Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value) | 184,127 | | 183,358 | | |
| 13 | Other assets (includes $243 and $366 at fair value) | 34,708 | | 36,590 | | |
| 14 | Total assets | $ | 1,653,313 | | $ | 1,641,594 |
| 16 | Liabilities and shareholders' equity | | | | | |
| 17 | Deposits (includes $32,042 and $29,460 at fair value) | $ | 433,105 | | $ | 428,417 |
| 18 | Collateralized financings: | | | | | |
| 19 | Securities sold under agreements to repurchase (at fair value) | 238,139 | | 249,887 | | |
| 20 | Securities loaned (includes $10,775 and $8,934 at fair value) | 63,935 | | 60,483 | | |
| 21 | Other secured financings (includes $22,868 and $12,554 at fair value) | 23,123 | | 13,194 | | |
| 22 | Customer and other payables | 242,986 | | 230,728 | | |
| 23 | Trading liabilities (at fair value) | 199,660 | | 200,355 | | |
| 24 | Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value) | 76,769 | | 75,945 | | |
| 25 | Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value) | 234,632 | | 241,877 | | |
| 26 | Other liabilities (includes $142 and $266 at fair value) | 21,501 | | 23,803 | | |
| 27 | Total liabilities | 1,533,850 | | 1,524,689 | | |
| 28 | Commitments, contingencies and guarantees | | | | | |
| 29 | Shareholders' equity | | | | | |
| 30 | Preferred stock; aggregate liquidation preference of $12,753 and $11,203 | 12,753 | | 11,203 | | |
| 31 | Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding | 9 | | 9 | | |
| 32 | Share-based awards | 5,058 | | 5,121 | | |
| 33 | Nonvoting common stock; no shares issued and outstanding | – | | – | | |
| 34 | Additional paid-in capital | 61,350 | | 60,247 | | |
| 35 | Retained earnings | 148,652 | | 143,688 | | |
| 36 | Accumulated other comprehensive loss | (2,900) | | (2,918) | | |
| 37 | Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares | (105,459) | | (100,445) | | |
| 38 | Total shareholders' equity | 119,463 | | 116,905 | | |
| 39 | Total liabilities and shareholders' equity | $ | 1,653,313 | | $ | 1,641,594 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|:----------------------------------|---:|
| 1 | Goldman Sachs June 2024 Form 10-Q | 2 |
,
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Balance Sheet (unaudited)
| | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------|:--------------|:--------------|:---------|:---|:--------|
| 1 | | June 30, 2024 | Dec. 31, 2023 | | | |
| 2 | (dollars in millions, except per share amounts) | | | | | |
| 3 | Assets | | | | | |
| 4 | Cash and due from banks, net of allowance for credit losses of $27 and $18 | $ | 5,311 | | $ | 4,922 |
| 5 | Interest-bearing deposits with the Federal Reserve and other central banks | 116,139 | | 111,550 | | |
| 6 | Interest-bearing deposits with banks, net of allowance for credit losses of $1 and $2 (includes restricted of $2,026 and $3,420) | 11,488 | | 12,139 | | |
| 7 | Federal funds sold and securities purchased under resale agreements | 29,723 | | 28,900 | | |
| 8 | Securities: | | | | | |
| 9 | Held-to-maturity, at amortized cost, net of allowance for credit losses of $1 and $1 (fair value of $41,287 and $44,711) | 46,429 | | 49,578 | | |
| 10 | Available-for-sale, at fair value (amortized cost of $94,566 and $80,678, net of allowance for credit losses of $5 and less than $1) | 90,421 | | 76,817 | | |
| 11 | Total securities | 136,850 | | 126,395 | | |
| 12 | Trading assets | 9,609 | | 10,058 | | |
| 13 | Loans | 70,642 | | 66,879 | | |
| 14 | Allowance for credit losses | (286) | | (303) | | |
| 15 | Net loans | 70,356 | | 66,576 | | |
| 16 | Premises and equipment | 3,267 | | 3,163 | | |
| 17 | Accrued interest receivable | 1,253 | | 1,150 | | |
| 18 | Goodwill | 16,217 | | 16,261 | | |
| 19 | Intangible assets | 2,826 | | 2,854 | | |
| 20 | Other assets, net of allowance for credit losses on accounts receivable of $3 and $3 (includes $1,577 and $1,261, at fair value) | 25,500 | | 25,909 | | |
| 21 | Total assets | $ | 428,539 | | $ | 409,877 |
| 22 | Liabilities | | | | | |
| 23 | Deposits: | | | | | |
| 24 | Noninterest-bearing deposits (principally U.S. offices) | $ | 58,029 | | $ | 58,274 |
| 25 | Interest-bearing deposits in U.S. offices | 149,115 | | 132,616 | | |
| 26 | Interest-bearing deposits in non-U.S. offices | 97,167 | | 92,779 | | |
| 27 | Total deposits | 304,311 | | 283,669 | | |
| 28 | Federal funds purchased and securities sold under repurchase agreements | 15,701 | | 14,507 | | |
| 29 | Trading liabilities | 3,372 | | 6,226 | | |
| 30 | Payables to customers and broker-dealers | 17,569 | | 18,395 | | |
| 31 | Commercial paper | 301 | | - | | |
| 32 | Other borrowed funds | 280 | | 479 | | |
| 33 | Accrued taxes and other expenses | 4,729 | | 5,411 | | |
| 34 | Other liabilities (including allowance for credit losses on lending-related commitments of $73 and $87, also includes $63 and $195, at fair value) | 10,208 | | 9,028 | | |
| 35 | Long-term debt | 30,947 | | 31,257 | | |
| 36 | Total liabilities | 387,418 | | 368,972 | | |
| 37 | Temporary equity | | | | | |
| 38 | Redeemable noncontrolling interests | 92 | | 85 | | |
| 39 | Permanent equity | | | | | |
| 40 | Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 43,826 and 43,826 shares | 4,343 | | 4,343 | | |
| 41 | Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,409,173,568 and 1,402,429,447 shares | 14 | | 14 | | |
| 42 | Additional paid-in capital | 29,139 | | 28,908 | | |
| 43 | Retained earnings | 40,999 | | 39,549 | | |
| 44 | Accumulated other comprehensive loss, net of tax | (4,900) | | (4,893) | | |
| 45 | Less: Treasury stock of 671,216,069 and 643,085,355 common shares, at cost | (28,752) | | (27,151) | | |
| 46 | Total The Bank of New York Mellon Corporation shareholders' equity | 40,843 | | 40,770 | | |
| 47 | Nonredeemable noncontrolling interests of consolidated investment management funds | 186 | | 50 | | |
| 48 | Total permanent equity | 41,029 | | 40,820 | | |
| 49 | Total liabilities, temporary equity and permanent equity | $ | 428,539 | | $ | 409,877 |
See accompanying unaudited Notes to Consolidated Financial Statements.
52 BNY
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="6">As of</td></tr><tr><td colspan="3"></td><td colspan="3">June</td><td colspan="3">December</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3">2023</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>206,326 </td><td></td><td>$</td><td>241,577 </td><td></td></tr><tr><td colspan="3">Collateralized agreements:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)</td><td colspan="2">198,626 </td><td></td><td colspan="2">223,805 </td><td></td></tr><tr><td colspan="3">Securities borrowed (includes $45,819 and $44,930 at fair value)</td><td colspan="2">204,621 </td><td></td><td colspan="2">199,420 </td><td></td></tr><tr><td colspan="3">Customer and other receivables (includes $23 and $23 at fair value)</td><td colspan="2">142,000 </td><td></td><td colspan="2">132,495 </td><td></td></tr><tr><td colspan="3">Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)</td><td colspan="2">521,981 </td><td></td><td colspan="2">477,510 </td><td></td></tr><tr><td colspan="3">Investments (includes $86,855 and $75,767 at fair value)</td><td colspan="2">160,924 </td><td></td><td colspan="2">146,839 </td><td></td></tr><tr><td colspan="3">Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)</td><td colspan="2">184,127 </td><td></td><td colspan="2">183,358 </td><td></td></tr><tr><td colspan="3">Other assets (includes $243 and $366 at fair value)</td><td colspan="2">34,708 </td><td></td><td colspan="2">36,590 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>1,653,313 </td><td></td><td>$</td><td>1,641,594 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and shareholders' equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deposits (includes $32,042 and $29,460 at fair value)</td><td>$</td><td>433,105 </td><td></td><td>$</td><td>428,417 </td><td></td></tr><tr><td colspan="3">Collateralized financings:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Securities sold under agreements to repurchase (at fair value)</td><td colspan="2">238,139 </td><td></td><td colspan="2">249,887 </td><td></td></tr><tr><td colspan="3">Securities loaned (includes $10,775 and $8,934 at fair value)</td><td colspan="2">63,935 </td><td></td><td colspan="2">60,483 </td><td></td></tr><tr><td colspan="3">Other secured financings (includes $22,868 and $12,554 at fair value)</td><td colspan="2">23,123 </td><td></td><td colspan="2">13,194 </td><td></td></tr><tr><td colspan="3">Customer and other payables</td><td colspan="2">242,986 </td><td></td><td colspan="2">230,728 </td><td></td></tr><tr><td colspan="3">Trading liabilities (at fair value)</td><td colspan="2">199,660 </td><td></td><td colspan="2">200,355 </td><td></td></tr><tr><td colspan="3">Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)</td><td colspan="2">76,769 </td><td></td><td colspan="2">75,945 </td><td></td></tr><tr><td colspan="3">Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)</td><td colspan="2">234,632 </td><td></td><td colspan="2">241,877 </td><td></td></tr><tr><td colspan="3">Other liabilities (includes $142 and $266 at fair value)</td><td colspan="2">21,501 </td><td></td><td colspan="2">23,803 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">1,533,850 </td><td></td><td colspan="2">1,524,689 </td><td></td></tr><tr><td colspan="3">Commitments, contingencies and guarantees</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock; aggregate liquidation preference of $12,753 and $11,203</td><td colspan="2">12,753 </td><td></td><td colspan="2">11,203 </td><td></td></tr><tr><td colspan="3">Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding</td><td colspan="2">9 </td><td></td><td colspan="2">9 </td><td></td></tr><tr><td colspan="3">Share-based awards</td><td colspan="2">5,058 </td><td></td><td colspan="2">5,121 </td><td></td></tr><tr><td colspan="3">Nonvoting common stock; no shares issued and outstanding</td><td colspan="2">– </td><td></td><td colspan="2">– </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">61,350 </td><td></td><td colspan="2">60,247 </td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">148,652 </td><td></td><td colspan="2">143,688 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(2,900)</td><td></td><td colspan="2">(2,918)</td><td></td></tr><tr><td colspan="3">Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares</td><td colspan="2">(105,459)</td><td></td><td colspan="2">(100,445)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">119,463 </td><td></td><td colspan="2">116,905 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>1,653,313 </td><td></td><td>$</td><td>1,641,594 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td><td colspan="3"></td><td colspan="3">2</td></tr></table>
, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 52:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Balance Sheet (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">Dec. 31, 2023</td></tr><tr><td colspan="3">(dollars in millions, except per share amounts)</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and due from banks, net of allowance for credit losses of $27 and $18</td><td>$</td><td>5,311 </td><td></td><td>$</td><td>4,922 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits with the Federal Reserve and other central banks</td><td colspan="2">116,139 </td><td></td><td colspan="2">111,550 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits with banks, net of allowance for credit losses of $1 and $2 (includes restricted of $2,026 and $3,420)</td><td colspan="2">11,488 </td><td></td><td colspan="2">12,139 </td><td></td></tr><tr><td colspan="3">Federal funds sold and securities purchased under resale agreements</td><td colspan="2">29,723 </td><td></td><td colspan="2">28,900 </td><td></td></tr><tr><td colspan="3">Securities:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Held-to-maturity, at amortized cost, net of allowance for credit losses of $1 and $1 (fair value of $41,287 and $44,711)</td><td colspan="2">46,429 </td><td></td><td colspan="2">49,578 </td><td></td></tr><tr><td colspan="3">Available-for-sale, at fair value (amortized cost of $94,566 and $80,678, net of allowance for credit losses of $5 and less than $1)</td><td colspan="2">90,421 </td><td></td><td colspan="2">76,817 </td><td></td></tr><tr><td colspan="3">Total securities</td><td colspan="2">136,850 </td><td></td><td colspan="2">126,395 </td><td></td></tr><tr><td colspan="3">Trading assets</td><td colspan="2">9,609 </td><td></td><td colspan="2">10,058 </td><td></td></tr><tr><td colspan="3">Loans</td><td colspan="2">70,642 </td><td></td><td colspan="2">66,879 </td><td></td></tr><tr><td colspan="3">Allowance for credit losses</td><td colspan="2">(286)</td><td></td><td colspan="2">(303)</td><td></td></tr><tr><td colspan="3">Net loans</td><td colspan="2">70,356 </td><td></td><td colspan="2">66,576 </td><td></td></tr><tr><td colspan="3">Premises and equipment</td><td colspan="2">3,267 </td><td></td><td colspan="2">3,163 </td><td></td></tr><tr><td colspan="3">Accrued interest receivable</td><td colspan="2">1,253 </td><td></td><td colspan="2">1,150 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="2">16,217 </td><td></td><td colspan="2">16,261 </td><td></td></tr><tr><td colspan="3">Intangible assets</td><td colspan="2">2,826 </td><td></td><td colspan="2">2,854 </td><td></td></tr><tr><td colspan="3">Other assets, net of allowance for credit losses on accounts receivable of $3 and $3 (includes $1,577 and $1,261, at fair value)</td><td colspan="2">25,500 </td><td></td><td colspan="2">25,909 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>428,539 </td><td></td><td>$</td><td>409,877 </td><td></td></tr><tr><td colspan="3">Liabilities</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deposits:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noninterest-bearing deposits (principally U.S. offices)</td><td>$</td><td>58,029 </td><td></td><td>$</td><td>58,274 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits in U.S. offices</td><td colspan="2">149,115 </td><td></td><td colspan="2">132,616 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits in non-U.S. offices</td><td colspan="2">97,167 </td><td></td><td colspan="2">92,779 </td><td></td></tr><tr><td colspan="3">Total deposits</td><td colspan="2">304,311 </td><td></td><td colspan="2">283,669 </td><td></td></tr><tr><td colspan="3">Federal funds purchased and securities sold under repurchase agreements</td><td colspan="2">15,701 </td><td></td><td colspan="2">14,507 </td><td></td></tr><tr><td colspan="3">Trading liabilities</td><td colspan="2">3,372 </td><td></td><td colspan="2">6,226 </td><td></td></tr><tr><td colspan="3">Payables to customers and broker-dealers</td><td colspan="2">17,569 </td><td></td><td colspan="2">18,395 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">301 </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Other borrowed funds</td><td colspan="2">280 </td><td></td><td colspan="2">479 </td><td></td></tr><tr><td colspan="3">Accrued taxes and other expenses</td><td colspan="2">4,729 </td><td></td><td colspan="2">5,411 </td><td></td></tr><tr><td colspan="3">Other liabilities (including allowance for credit losses on lending-related commitments of $73 and $87, also includes $63 and $195, at fair value)</td><td colspan="2">10,208 </td><td></td><td colspan="2">9,028 </td><td></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="2">30,947 </td><td></td><td colspan="2">31,257 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">387,418 </td><td></td><td colspan="2">368,972 </td><td></td></tr><tr><td colspan="3">Temporary equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Redeemable noncontrolling interests</td><td colspan="2">92 </td><td></td><td colspan="2">85 </td><td></td></tr><tr><td colspan="3">Permanent equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 43,826 and 43,826 shares</td><td colspan="2">4,343 </td><td></td><td colspan="2">4,343 </td><td></td></tr><tr><td colspan="3">Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,409,173,568 and 1,402,429,447 shares</td><td colspan="2">14 </td><td></td><td colspan="2">14 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">29,139 </td><td></td><td colspan="2">28,908 </td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">40,999 </td><td></td><td colspan="2">39,549 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss, net of tax</td><td colspan="2">(4,900)</td><td></td><td colspan="2">(4,893)</td><td></td></tr><tr><td colspan="3">Less: Treasury stock of 671,216,069 and 643,085,355 common shares, at cost</td><td colspan="2">(28,752)</td><td></td><td colspan="2">(27,151)</td><td></td></tr><tr><td colspan="3">Total The Bank of New York Mellon Corporation shareholders' equity</td><td colspan="2">40,843 </td><td></td><td colspan="2">40,770 </td><td></td></tr><tr><td colspan="3">Nonredeemable noncontrolling interests of consolidated investment management funds</td><td colspan="2">186 </td><td></td><td colspan="2">50 </td><td></td></tr><tr><td colspan="3">Total permanent equity</td><td colspan="2">41,029 </td><td></td><td colspan="2">40,820 </td><td></td></tr><tr><td colspan="3">Total liabilities, temporary equity and permanent equity</td><td>$</td><td>428,539 </td><td></td><td>$</td><td>409,877 </td><td></td></tr></table>
See accompanying unaudited Notes to Consolidated Financial Statements.
52 BNY
|
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="6">As of</td></tr><tr><td colspan="3"></td><td colspan="3">June</td><td colspan="3">December</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3">2023</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>206,326 </td><td></td><td>$</td><td>241,577 </td><td></td></tr><tr><td colspan="3">Collateralized agreements:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)</td><td colspan="2">198,626 </td><td></td><td colspan="2">223,805 </td><td></td></tr><tr><td colspan="3">Securities borrowed (includes $45,819 and $44,930 at fair value)</td><td colspan="2">204,621 </td><td></td><td colspan="2">199,420 </td><td></td></tr><tr><td colspan="3">Customer and other receivables (includes $23 and $23 at fair value)</td><td colspan="2">142,000 </td><td></td><td colspan="2">132,495 </td><td></td></tr><tr><td colspan="3">Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)</td><td colspan="2">521,981 </td><td></td><td colspan="2">477,510 </td><td></td></tr><tr><td colspan="3">Investments (includes $86,855 and $75,767 at fair value)</td><td colspan="2">160,924 </td><td></td><td colspan="2">146,839 </td><td></td></tr><tr><td colspan="3">Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)</td><td colspan="2">184,127 </td><td></td><td colspan="2">183,358 </td><td></td></tr><tr><td colspan="3">Other assets (includes $243 and $366 at fair value)</td><td colspan="2">34,708 </td><td></td><td colspan="2">36,590 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>1,653,313 </td><td></td><td>$</td><td>1,641,594 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and shareholders' equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deposits (includes $32,042 and $29,460 at fair value)</td><td>$</td><td>433,105 </td><td></td><td>$</td><td>428,417 </td><td></td></tr><tr><td colspan="3">Collateralized financings:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Securities sold under agreements to repurchase (at fair value)</td><td colspan="2">238,139 </td><td></td><td colspan="2">249,887 </td><td></td></tr><tr><td colspan="3">Securities loaned (includes $10,775 and $8,934 at fair value)</td><td colspan="2">63,935 </td><td></td><td colspan="2">60,483 </td><td></td></tr><tr><td colspan="3">Other secured financings (includes $22,868 and $12,554 at fair value)</td><td colspan="2">23,123 </td><td></td><td colspan="2">13,194 </td><td></td></tr><tr><td colspan="3">Customer and other payables</td><td colspan="2">242,986 </td><td></td><td colspan="2">230,728 </td><td></td></tr><tr><td colspan="3">Trading liabilities (at fair value)</td><td colspan="2">199,660 </td><td></td><td colspan="2">200,355 </td><td></td></tr><tr><td colspan="3">Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)</td><td colspan="2">76,769 </td><td></td><td colspan="2">75,945 </td><td></td></tr><tr><td colspan="3">Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)</td><td colspan="2">234,632 </td><td></td><td colspan="2">241,877 </td><td></td></tr><tr><td colspan="3">Other liabilities (includes $142 and $266 at fair value)</td><td colspan="2">21,501 </td><td></td><td colspan="2">23,803 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">1,533,850 </td><td></td><td colspan="2">1,524,689 </td><td></td></tr><tr><td colspan="3">Commitments, contingencies and guarantees</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock; aggregate liquidation preference of $12,753 and $11,203</td><td colspan="2">12,753 </td><td></td><td colspan="2">11,203 </td><td></td></tr><tr><td colspan="3">Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding</td><td colspan="2">9 </td><td></td><td colspan="2">9 </td><td></td></tr><tr><td colspan="3">Share-based awards</td><td colspan="2">5,058 </td><td></td><td colspan="2">5,121 </td><td></td></tr><tr><td colspan="3">Nonvoting common stock; no shares issued and outstanding</td><td colspan="2">– </td><td></td><td colspan="2">– </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">61,350 </td><td></td><td colspan="2">60,247 </td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">148,652 </td><td></td><td colspan="2">143,688 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(2,900)</td><td></td><td colspan="2">(2,918)</td><td></td></tr><tr><td colspan="3">Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares</td><td colspan="2">(105,459)</td><td></td><td colspan="2">(100,445)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">119,463 </td><td></td><td colspan="2">116,905 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>1,653,313 </td><td></td><td>$</td><td>1,641,594 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td><td colspan="3"></td><td colspan="3">2</td></tr></table>
,
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Balance Sheet (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">Dec. 31, 2023</td></tr><tr><td colspan="3">(dollars in millions, except per share amounts)</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and due from banks, net of allowance for credit losses of $27 and $18</td><td>$</td><td>5,311 </td><td></td><td>$</td><td>4,922 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits with the Federal Reserve and other central banks</td><td colspan="2">116,139 </td><td></td><td colspan="2">111,550 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits with banks, net of allowance for credit losses of $1 and $2 (includes restricted of $2,026 and $3,420)</td><td colspan="2">11,488 </td><td></td><td colspan="2">12,139 </td><td></td></tr><tr><td colspan="3">Federal funds sold and securities purchased under resale agreements</td><td colspan="2">29,723 </td><td></td><td colspan="2">28,900 </td><td></td></tr><tr><td colspan="3">Securities:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Held-to-maturity, at amortized cost, net of allowance for credit losses of $1 and $1 (fair value of $41,287 and $44,711)</td><td colspan="2">46,429 </td><td></td><td colspan="2">49,578 </td><td></td></tr><tr><td colspan="3">Available-for-sale, at fair value (amortized cost of $94,566 and $80,678, net of allowance for credit losses of $5 and less than $1)</td><td colspan="2">90,421 </td><td></td><td colspan="2">76,817 </td><td></td></tr><tr><td colspan="3">Total securities</td><td colspan="2">136,850 </td><td></td><td colspan="2">126,395 </td><td></td></tr><tr><td colspan="3">Trading assets</td><td colspan="2">9,609 </td><td></td><td colspan="2">10,058 </td><td></td></tr><tr><td colspan="3">Loans</td><td colspan="2">70,642 </td><td></td><td colspan="2">66,879 </td><td></td></tr><tr><td colspan="3">Allowance for credit losses</td><td colspan="2">(286)</td><td></td><td colspan="2">(303)</td><td></td></tr><tr><td colspan="3">Net loans</td><td colspan="2">70,356 </td><td></td><td colspan="2">66,576 </td><td></td></tr><tr><td colspan="3">Premises and equipment</td><td colspan="2">3,267 </td><td></td><td colspan="2">3,163 </td><td></td></tr><tr><td colspan="3">Accrued interest receivable</td><td colspan="2">1,253 </td><td></td><td colspan="2">1,150 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="2">16,217 </td><td></td><td colspan="2">16,261 </td><td></td></tr><tr><td colspan="3">Intangible assets</td><td colspan="2">2,826 </td><td></td><td colspan="2">2,854 </td><td></td></tr><tr><td colspan="3">Other assets, net of allowance for credit losses on accounts receivable of $3 and $3 (includes $1,577 and $1,261, at fair value)</td><td colspan="2">25,500 </td><td></td><td colspan="2">25,909 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>428,539 </td><td></td><td>$</td><td>409,877 </td><td></td></tr><tr><td colspan="3">Liabilities</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deposits:</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noninterest-bearing deposits (principally U.S. offices)</td><td>$</td><td>58,029 </td><td></td><td>$</td><td>58,274 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits in U.S. offices</td><td colspan="2">149,115 </td><td></td><td colspan="2">132,616 </td><td></td></tr><tr><td colspan="3">Interest-bearing deposits in non-U.S. offices</td><td colspan="2">97,167 </td><td></td><td colspan="2">92,779 </td><td></td></tr><tr><td colspan="3">Total deposits</td><td colspan="2">304,311 </td><td></td><td colspan="2">283,669 </td><td></td></tr><tr><td colspan="3">Federal funds purchased and securities sold under repurchase agreements</td><td colspan="2">15,701 </td><td></td><td colspan="2">14,507 </td><td></td></tr><tr><td colspan="3">Trading liabilities</td><td colspan="2">3,372 </td><td></td><td colspan="2">6,226 </td><td></td></tr><tr><td colspan="3">Payables to customers and broker-dealers</td><td colspan="2">17,569 </td><td></td><td colspan="2">18,395 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">301 </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Other borrowed funds</td><td colspan="2">280 </td><td></td><td colspan="2">479 </td><td></td></tr><tr><td colspan="3">Accrued taxes and other expenses</td><td colspan="2">4,729 </td><td></td><td colspan="2">5,411 </td><td></td></tr><tr><td colspan="3">Other liabilities (including allowance for credit losses on lending-related commitments of $73 and $87, also includes $63 and $195, at fair value)</td><td colspan="2">10,208 </td><td></td><td colspan="2">9,028 </td><td></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="2">30,947 </td><td></td><td colspan="2">31,257 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">387,418 </td><td></td><td colspan="2">368,972 </td><td></td></tr><tr><td colspan="3">Temporary equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Redeemable noncontrolling interests</td><td colspan="2">92 </td><td></td><td colspan="2">85 </td><td></td></tr><tr><td colspan="3">Permanent equity</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 43,826 and 43,826 shares</td><td colspan="2">4,343 </td><td></td><td colspan="2">4,343 </td><td></td></tr><tr><td colspan="3">Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,409,173,568 and 1,402,429,447 shares</td><td colspan="2">14 </td><td></td><td colspan="2">14 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">29,139 </td><td></td><td colspan="2">28,908 </td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">40,999 </td><td></td><td colspan="2">39,549 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss, net of tax</td><td colspan="2">(4,900)</td><td></td><td colspan="2">(4,893)</td><td></td></tr><tr><td colspan="3">Less: Treasury stock of 671,216,069 and 643,085,355 common shares, at cost</td><td colspan="2">(28,752)</td><td></td><td colspan="2">(27,151)</td><td></td></tr><tr><td colspan="3">Total The Bank of New York Mellon Corporation shareholders' equity</td><td colspan="2">40,843 </td><td></td><td colspan="2">40,770 </td><td></td></tr><tr><td colspan="3">Nonredeemable noncontrolling interests of consolidated investment management funds</td><td colspan="2">186 </td><td></td><td colspan="2">50 </td><td></td></tr><tr><td colspan="3">Total permanent equity</td><td colspan="2">41,029 </td><td></td><td colspan="2">40,820 </td><td></td></tr><tr><td colspan="3">Total liabilities, temporary equity and permanent equity</td><td>$</td><td>428,539 </td><td></td><td>$</td><td>409,877 </td><td></td></tr></table>
See accompanying unaudited Notes to Consolidated Financial Statements.
52 BNY
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q_com140
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How did net interest income for Goldman Sachs for the six months ended June 30, 2024, compare to the same period in 2023?
|
Goldman Sachs' net interest income increased from $3,465 million in the first half of 2023 to $3,850 million in the first half of 2024, representing an increase of approximately 11.1%.
|
Comparison
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1
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0000886982-24-000022
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Item 1. Financial Statements (Unaudited)
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
|
q_com141
|
By how much did the earnings per common share (diluted) for Goldman Sachs change for the three months ended June 30, 2024, compared to the same period in 2023?
|
Goldman Sachs' diluted earnings per common share increased from $3.08 in Q2 2023 to $8.62 in Q2 2024, representing an increase of approximately 179.9%
|
Comparison
|
1
|
0000886982-24-000022
|
Item 1. Financial Statements (Unaudited)
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
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q_com142
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How did the investment banking segment of Goldman Sachs perform for the six months ended June 30, 2024, compared to the same period in 2023?
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In the first half of 2024, Goldman Sachs' investment banking segment generated revenues of $3,818 million, compared to $3,010 million in the first half of 2023. This represents an increase of approximately 26.8%.
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Comparison
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1
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0000886982-24-000022
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Item 1. Financial Statements (Unaudited)
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
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q_com143
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Compare the performance of the investment management segment for Goldman Sachs for the six months ended June 30, 2024, versus the same period in 2023.
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Goldman Sachs' investment management segment reported revenues of $5,024 million in the first half of 2024, up from $4,645 million in the first half of 2023, indicating an increase of about 8.2%.
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Comparison
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1
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0000886982-24-000022
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Item 1. Financial Statements (Unaudited)
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
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q_com144
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How did the commissions and fees segment for Goldman Sachs perform for the six months ended June 30, 2024, compared to the same period in 2023?
|
In the first half of 2024, Goldman Sachs' commissions and fees segment generated revenues of $2,128 million, compared to $1,981 million in the first half of 2023, showing an increase of about 7.4%.
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Comparison
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1
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0000886982-24-000022
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Item 1. Financial Statements (Unaudited)
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | in millions, except per share amounts | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Revenues | | | | | | | | | | | |
| 5 | Investment banking | $ | 1,733 | | | $ | 1,432 | | $ | 3,818 | $ | 3,010 |
| 6 | Investment management | 2,533 | | | 2,356 | | | 5,024 | | 4,645 | | |
| 7 | Commissions and fees | 1,051 | | | 893 | | | 2,128 | | 1,981 | | |
| 8 | Market making | 4,225 | | | 4,351 | | | 10,217 | | 9,784 | | |
| 9 | Other principal transactions | 947 | | | 179 | | | 1,907 | | 234 | | |
| 10 | Total non-interest revenues | 10,489 | | | 9,211 | | | 23,094 | | 19,654 | | |
| 12 | Interest income | 20,440 | | | 16,836 | | | 39,995 | | 31,774 | | |
| 13 | Interest expense | 18,198 | | | 15,152 | | | 36,145 | | 28,309 | | |
| 14 | Net interest income | 2,242 | | | 1,684 | | | 3,850 | | 3,465 | | |
| 15 | Total net revenues | 12,731 | | | 10,895 | | | 26,944 | | 23,119 | | |
| 16 | Provision for credit losses | 282 | | | 615 | | | 600 | | 444 | | |
| 17 | Operating expenses | | | | | | | | | | | |
| 18 | Compensation and benefits | 4,240 | | | 3,619 | | | 8,825 | | 7,709 | | |
| 19 | Transaction based | 1,654 | | | 1,385 | | | 3,151 | | 2,790 | | |
| 20 | Market development | 153 | | | 146 | | | 306 | | 318 | | |
| 21 | Communications and technology | 500 | | | 482 | | | 970 | | 948 | | |
| 22 | Depreciation and amortization | 646 | | | 1,594 | | | 1,273 | | 2,564 | | |
| 23 | Occupancy | 244 | | | 253 | | | 491 | | 518 | | |
| 24 | Professional fees | 393 | | | 392 | | | 777 | | 775 | | |
| 25 | Other expenses | 703 | | | 673 | | | 1,398 | | 1,324 | | |
| 26 | Total operating expenses | 8,533 | | | 8,544 | | | 17,191 | | 16,946 | | |
| 28 | Pre-tax earnings | 3,916 | | | 1,736 | | | 9,153 | | 5,729 | | |
| 29 | Provision for taxes | 873 | | | 520 | | | 1,978 | | 1,279 | | |
| 30 | Net earnings | 3,043 | | | 1,216 | | | 7,175 | | 4,450 | | |
| 31 | Preferred stock dividends | 152 | | | 145 | | | 353 | | 292 | | |
| 32 | Net earnings applicable to common shareholders | $ | 2,891 | | | $ | 1,071 | | $ | 6,822 | $ | 4,158 |
| 34 | Earnings per common share | | | | | | | | | | | |
| 35 | Basic | $ | 8.73 | | | $ | 3.09 | | $ | 20.44 | $ | 12.00 |
| 36 | Diluted | $ | 8.62 | | | $ | 3.08 | | $ | 20.21 | $ | 11.91 |
| 38 | Average common shares | | | | | | | | | | | |
| 39 | Basic | 329.8 | | 342.3 | | 332.6 | | 344.4 | | | | |
| 40 | Diluted | 335.5 | | 347.2 | | 337.5 | | 349.2 | | | | |
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
| 2 | | Three MonthsEnded June | | Six MonthsEnded June | | | | | | | | |
| 3 | $ in millions | 2024 | | 2023 | | 2024 | | 2023 | | | | |
| 4 | Net earnings | $ | 3,043 | | | $ | 1,216 | | $ | 7,175 | $ | 4,450 |
| 5 | Other comprehensive income/(loss) adjustments, net of tax: | | | | | | | | | | | |
| 6 | Currency translation | (4) | | | (12) | | | 22 | | (43) | | |
| 7 | Debt valuation adjustment | 268 | | | (610) | | | (288) | | (611) | | |
| 8 | Pension and postretirement liabilities | 6 | | | 10 | | | 22 | | 24 | | |
| 9 | Available-for-sale securities | 147 | | | (24) | | | 262 | | 403 | | |
| 10 | Other comprehensive income/(loss) | 417 | | | (636) | | | 18 | | (227) | | |
| 11 | Comprehensive income | $ | 3,460 | | | $ | 580 | | $ | 7,193 | $ | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.
| | | |
|---:|---:|:----------------------------------|
| 1 | 1 | Goldman Sachs June 2024 Form 10-Q |
|
GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">in millions, except per share amounts</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Revenues</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking</td><td>$</td><td>1,733 </td><td></td><td colspan="3"></td><td>$</td><td>1,432 </td><td></td><td colspan="3"></td><td>$</td><td>3,818 </td><td></td><td colspan="3"></td><td>$</td><td>3,010 </td><td></td></tr><tr><td colspan="3">Investment management</td><td colspan="2">2,533 </td><td></td><td colspan="3"></td><td colspan="2">2,356 </td><td></td><td colspan="3"></td><td colspan="2">5,024 </td><td></td><td colspan="3"></td><td colspan="2">4,645 </td><td></td></tr><tr><td colspan="3">Commissions and fees</td><td colspan="2">1,051 </td><td></td><td colspan="3"></td><td colspan="2">893 </td><td></td><td colspan="3"></td><td colspan="2">2,128 </td><td></td><td colspan="3"></td><td colspan="2">1,981 </td><td></td></tr><tr><td colspan="3">Market making</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">4,351 </td><td></td><td colspan="3"></td><td colspan="2">10,217 </td><td></td><td colspan="3"></td><td colspan="2">9,784 </td><td></td></tr><tr><td colspan="3">Other principal transactions</td><td colspan="2">947 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="3"></td><td colspan="2">1,907 </td><td></td><td colspan="3"></td><td colspan="2">234 </td><td></td></tr><tr><td colspan="3">Total non-interest revenues</td><td colspan="2">10,489 </td><td></td><td colspan="3"></td><td colspan="2">9,211 </td><td></td><td colspan="3"></td><td colspan="2">23,094 </td><td></td><td colspan="3"></td><td colspan="2">19,654 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">20,440 </td><td></td><td colspan="3"></td><td colspan="2">16,836 </td><td></td><td colspan="3"></td><td colspan="2">39,995 </td><td></td><td colspan="3"></td><td colspan="2">31,774 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">18,198 </td><td></td><td colspan="3"></td><td colspan="2">15,152 </td><td></td><td colspan="3"></td><td colspan="2">36,145 </td><td></td><td colspan="3"></td><td colspan="2">28,309 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">2,242 </td><td></td><td colspan="3"></td><td colspan="2">1,684 </td><td></td><td colspan="3"></td><td colspan="2">3,850 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td></tr><tr><td colspan="3">Total net revenues</td><td colspan="2">12,731 </td><td></td><td colspan="3"></td><td colspan="2">10,895 </td><td></td><td colspan="3"></td><td colspan="2">26,944 </td><td></td><td colspan="3"></td><td colspan="2">23,119 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">615 </td><td></td><td colspan="3"></td><td colspan="2">600 </td><td></td><td colspan="3"></td><td colspan="2">444 </td><td></td></tr><tr><td colspan="3">Operating expenses</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation and benefits</td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">3,619 </td><td></td><td colspan="3"></td><td colspan="2">8,825 </td><td></td><td colspan="3"></td><td colspan="2">7,709 </td><td></td></tr><tr><td colspan="3">Transaction based</td><td colspan="2">1,654 </td><td></td><td colspan="3"></td><td colspan="2">1,385 </td><td></td><td colspan="3"></td><td colspan="2">3,151 </td><td></td><td colspan="3"></td><td colspan="2">2,790 </td><td></td></tr><tr><td colspan="3">Market development</td><td colspan="2">153 </td><td></td><td colspan="3"></td><td colspan="2">146 </td><td></td><td colspan="3"></td><td colspan="2">306 </td><td></td><td colspan="3"></td><td colspan="2">318 </td><td></td></tr><tr><td colspan="3">Communications and technology</td><td colspan="2">500 </td><td></td><td colspan="3"></td><td colspan="2">482 </td><td></td><td colspan="3"></td><td colspan="2">970 </td><td></td><td colspan="3"></td><td colspan="2">948 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">646 </td><td></td><td colspan="3"></td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">1,273 </td><td></td><td colspan="3"></td><td colspan="2">2,564 </td><td></td></tr><tr><td colspan="3">Occupancy</td><td colspan="2">244 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">491 </td><td></td><td colspan="3"></td><td colspan="2">518 </td><td></td></tr><tr><td colspan="3">Professional fees</td><td colspan="2">393 </td><td></td><td colspan="3"></td><td colspan="2">392 </td><td></td><td colspan="3"></td><td colspan="2">777 </td><td></td><td colspan="3"></td><td colspan="2">775 </td><td></td></tr><tr><td colspan="3">Other expenses</td><td colspan="2">703 </td><td></td><td colspan="3"></td><td colspan="2">673 </td><td></td><td colspan="3"></td><td colspan="2">1,398 </td><td></td><td colspan="3"></td><td colspan="2">1,324 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">8,533 </td><td></td><td colspan="3"></td><td colspan="2">8,544 </td><td></td><td colspan="3"></td><td colspan="2">17,191 </td><td></td><td colspan="3"></td><td colspan="2">16,946 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Pre-tax earnings</td><td colspan="2">3,916 </td><td></td><td colspan="3"></td><td colspan="2">1,736 </td><td></td><td colspan="3"></td><td colspan="2">9,153 </td><td></td><td colspan="3"></td><td colspan="2">5,729 </td><td></td></tr><tr><td colspan="3">Provision for taxes</td><td colspan="2">873 </td><td></td><td colspan="3"></td><td colspan="2">520 </td><td></td><td colspan="3"></td><td colspan="2">1,978 </td><td></td><td colspan="3"></td><td colspan="2">1,279 </td><td></td></tr><tr><td colspan="3">Net earnings</td><td colspan="2">3,043 </td><td></td><td colspan="3"></td><td colspan="2">1,216 </td><td></td><td colspan="3"></td><td colspan="2">7,175 </td><td></td><td colspan="3"></td><td colspan="2">4,450 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">152 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">353 </td><td></td><td colspan="3"></td><td colspan="2">292 </td><td></td></tr><tr><td colspan="3">Net earnings applicable to common shareholders</td><td>$</td><td>2,891 </td><td></td><td colspan="3"></td><td>$</td><td>1,071 </td><td></td><td colspan="3"></td><td>$</td><td>6,822 </td><td></td><td colspan="3"></td><td>$</td><td>4,158 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>8.73 </td><td></td><td colspan="3"></td><td>$</td><td>3.09 </td><td></td><td colspan="3"></td><td>$</td><td>20.44 </td><td></td><td colspan="3"></td><td>$</td><td>12.00 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>8.62 </td><td></td><td colspan="3"></td><td>$</td><td>3.08 </td><td></td><td colspan="3"></td><td>$</td><td>20.21 </td><td></td><td colspan="3"></td><td>$</td><td>11.91 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Average common shares</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="3">329.8</td><td colspan="3"></td><td colspan="3">342.3</td><td colspan="3"></td><td colspan="3">332.6</td><td colspan="3"></td><td colspan="3">344.4</td></tr><tr><td colspan="3">Diluted</td><td colspan="3">335.5</td><td colspan="3"></td><td colspan="3">347.2</td><td colspan="3"></td><td colspan="3">337.5</td><td colspan="3"></td><td colspan="3">349.2</td></tr></table>
Consolidated Statements of Comprehensive Income
(Unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="9">Three MonthsEnded June</td><td colspan="3"></td><td colspan="9">Six MonthsEnded June</td></tr><tr><td colspan="3">$ in millions</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Net earnings</td><td>$</td><td>3,043 </td><td></td><td colspan="3"></td><td>$</td><td>1,216 </td><td></td><td colspan="3"></td><td>$</td><td>7,175 </td><td></td><td colspan="3"></td><td>$</td><td>4,450 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) adjustments, net of tax:</td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Currency translation</td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">(43)</td><td></td></tr><tr><td colspan="3">Debt valuation adjustment</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(610)</td><td></td><td colspan="3"></td><td colspan="2">(288)</td><td></td><td colspan="3"></td><td colspan="2">(611)</td><td></td></tr><tr><td colspan="3">Pension and postretirement liabilities</td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities</td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">(24)</td><td></td><td colspan="3"></td><td colspan="2">262 </td><td></td><td colspan="3"></td><td colspan="2">403 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">417 </td><td></td><td colspan="3"></td><td colspan="2">(636)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td><td colspan="3"></td><td colspan="2">(227)</td><td></td></tr><tr><td colspan="3">Comprehensive income</td><td>$</td><td>3,460 </td><td></td><td colspan="3"></td><td>$</td><td>580 </td><td></td><td colspan="3"></td><td>$</td><td>7,193 </td><td></td><td colspan="3"></td><td>$</td><td>4,223 </td><td></td></tr></table>The accompanying notes are an integral part of these consolidated financial statements.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">1</td><td colspan="3"></td><td colspan="3">Goldman Sachs June 2024 Form 10-Q</td></tr></table>
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q_com145
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Compare the total fee revenue for Bank of New York Mellon for the six months ended June 30, 2024, with the same period in 2023.
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Bank of New York Mellon's total fee revenue increased from $6,413 million in the first half of 2023 to $6,703 million in the first half of 2024, representing an increase of approximately 4.5%.
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Comparison
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49
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0001390777-24-000105
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Item 1. Financial Statements:
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Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
q_com146
|
By how much did the earnings per common share (diluted) for Bank of New York Mellon change for the six months ended June 30, 2024, compared to the same period in 2023?
|
Bank of New York Mellon's diluted earnings per common share increased from $2.44 in the first half of 2023 to $2.77 in the first half of 2024, representing an increase of approximately 13.5%.
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Comparison
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50
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0001390777-24-000105
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Item 1. Financial Statements:
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 50:
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited) (continued)
| | | | | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:---|:------|:---|:---|:------|:---|:------|
| 1 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation | Quarter ended | | Year-to-date | | | | | | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | |
| 4 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 1,143 | | $ | 953 | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
| 5 | Less: Earnings allocated to participating securities | - | | - | | - | | - | - | | | | |
| 6 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share | $ | 1,143 | | $ | 953 | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
| | | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:--------|:--------|
| 1 | Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | Quarter ended | | Year-to-date | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | |
| 3 | (in thousands) | | | | | | | |
| 4 | Basic | 746,904 | | 756,937 | | 787,718 | 751,961 | 795,512 |
| 5 | Common stock equivalents | 4,692 | | 5,331 | | 3,097 | 4,909 | 3,738 |
| 6 | Less: Participating securities | - | | - | | (90) | - | (93) |
| 7 | Diluted | 751,596 | | 762,268 | | 790,725 | 756,870 | 799,157 |
| 9 | Anti-dilutive securities (a) | 578 | | 1,604 | | 7,059 | 1,266 | 5,824 |
(a) Represents restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive.
| | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:---|:-----|:---|:-----|:---|:-----|
| 1 | Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation (a) | Quarter ended | | Year-to-date | | | | | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | |
| 3 | (in dollars) | | | | | | | | | | | |
| 4 | Basic | $ | 1.53 | | $ | 1.26 | $ | 1.32 | $ | 2.79 | $ | 2.45 |
| 5 | Diluted | $ | 1.52 | | $ | 1.25 | $ | 1.31 | $ | 2.77 | $ | 2.44 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
See accompanying unaudited Notes to Consolidated Financial Statements.
50 BNY
|
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited) (continued)
| | | | | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:---|:------|:---|:---|:------|:---|:------|
| 1 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation | Quarter ended | | Year-to-date | | | | | | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | |
| 4 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 1,143 | | $ | 953 | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
| 5 | Less: Earnings allocated to participating securities | - | | - | | - | | - | - | | | | |
| 6 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share | $ | 1,143 | | $ | 953 | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
| | | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:--------|:--------|
| 1 | Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | Quarter ended | | Year-to-date | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | |
| 3 | (in thousands) | | | | | | | |
| 4 | Basic | 746,904 | | 756,937 | | 787,718 | 751,961 | 795,512 |
| 5 | Common stock equivalents | 4,692 | | 5,331 | | 3,097 | 4,909 | 3,738 |
| 6 | Less: Participating securities | - | | - | | (90) | - | (93) |
| 7 | Diluted | 751,596 | | 762,268 | | 790,725 | 756,870 | 799,157 |
| 9 | Anti-dilutive securities (a) | 578 | | 1,604 | | 7,059 | 1,266 | 5,824 |
(a) Represents restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive.
| | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:---|:-----|:---|:-----|:---|:-----|
| 1 | Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation (a) | Quarter ended | | Year-to-date | | | | | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | |
| 3 | (in dollars) | | | | | | | | | | | |
| 4 | Basic | $ | 1.53 | | $ | 1.26 | $ | 1.32 | $ | 2.79 | $ | 2.45 |
| 5 | Diluted | $ | 1.52 | | $ | 1.25 | $ | 1.31 | $ | 2.77 | $ | 2.44 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
See accompanying unaudited Notes to Consolidated Financial Statements.
50 BNY
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 50:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited) (continued)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr><tr><td colspan="3">Less: Earnings allocated to participating securities</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in thousands)</td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">746,904 </td><td></td><td colspan="2">756,937 </td><td></td><td colspan="2">787,718 </td><td></td><td colspan="3"></td><td colspan="2">751,961 </td><td></td><td colspan="2">795,512 </td><td></td></tr><tr><td colspan="3">Common stock equivalents</td><td colspan="2">4,692 </td><td></td><td colspan="2">5,331 </td><td></td><td colspan="2">3,097 </td><td></td><td colspan="3"></td><td colspan="2">4,909 </td><td></td><td colspan="2">3,738 </td><td></td></tr><tr><td colspan="3">Less: Participating securities</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">(90)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">(93)</td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">751,596 </td><td></td><td colspan="2">762,268 </td><td></td><td colspan="2">790,725 </td><td></td><td colspan="3"></td><td colspan="2">756,870 </td><td></td><td colspan="2">799,157 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Anti-dilutive securities (a)</td><td colspan="2">578 </td><td></td><td colspan="2">1,604 </td><td></td><td colspan="2">7,059 </td><td></td><td colspan="3"></td><td colspan="2">1,266 </td><td></td><td colspan="2">5,824 </td><td></td></tr></table>(a) Represents restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in dollars)</td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.53 </td><td></td><td>$</td><td>1.26 </td><td></td><td>$</td><td>1.32 </td><td></td><td colspan="3"></td><td>$</td><td>2.79 </td><td></td><td>$</td><td>2.45 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.52 </td><td></td><td>$</td><td>1.25 </td><td></td><td>$</td><td>1.31 </td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td><td>$</td><td>2.44 </td><td></td></tr></table>
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
See accompanying unaudited Notes to Consolidated Financial Statements.
50 BNY
|
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited) (continued)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr><tr><td colspan="3">Less: Earnings allocated to participating securities</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in thousands)</td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">746,904 </td><td></td><td colspan="2">756,937 </td><td></td><td colspan="2">787,718 </td><td></td><td colspan="3"></td><td colspan="2">751,961 </td><td></td><td colspan="2">795,512 </td><td></td></tr><tr><td colspan="3">Common stock equivalents</td><td colspan="2">4,692 </td><td></td><td colspan="2">5,331 </td><td></td><td colspan="2">3,097 </td><td></td><td colspan="3"></td><td colspan="2">4,909 </td><td></td><td colspan="2">3,738 </td><td></td></tr><tr><td colspan="3">Less: Participating securities</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">(90)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">(93)</td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">751,596 </td><td></td><td colspan="2">762,268 </td><td></td><td colspan="2">790,725 </td><td></td><td colspan="3"></td><td colspan="2">756,870 </td><td></td><td colspan="2">799,157 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Anti-dilutive securities (a)</td><td colspan="2">578 </td><td></td><td colspan="2">1,604 </td><td></td><td colspan="2">7,059 </td><td></td><td colspan="3"></td><td colspan="2">1,266 </td><td></td><td colspan="2">5,824 </td><td></td></tr></table>(a) Represents restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in dollars)</td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.53 </td><td></td><td>$</td><td>1.26 </td><td></td><td>$</td><td>1.32 </td><td></td><td colspan="3"></td><td>$</td><td>2.79 </td><td></td><td>$</td><td>2.45 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.52 </td><td></td><td>$</td><td>1.25 </td><td></td><td>$</td><td>1.31 </td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td><td>$</td><td>2.44 </td><td></td></tr></table>
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
See accompanying unaudited Notes to Consolidated Financial Statements.
50 BNY
|
q_com147
|
How did the foreign currency translation adjustments for Bank of New York Mellon change for the six months ended June 30, 2024, compared to the same period in 2023?
|
Bank of New York Mellon's foreign currency translation adjustments decreased from a gain of $200 million in the first half of 2023 to a loss of $121 million in the first half of 2024.
|
Comparison
|
51
|
0001390777-24-000105
|
Item 1. Financial Statements:
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 51:
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Comprehensive Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Net income (a) | $ | 1,170 | | $ | 1,027 | | $ | 1,073 | | $ | 2,197 | $ | 2,055 |
| 5 | Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | |
| 6 | Foreign currency translation adjustments | (30) | | (91) | | 97 | | | (121) | 200 | | | | |
| 7 | Unrealized gain (loss) on assets available-for-sale: | | | | | | | | | | | | | |
| 8 | Unrealized gain arising during the period | (11) | | 103 | | (157) | | | 92 | 160 | | | | |
| 9 | Reclassification adjustment | | | 1 | | - | | | | 1 | | | | |
| 10 | Total unrealized gain on assets available-for-sale | 2 | | 104 | | (157) | | | 106 | 161 | | | | |
| 11 | Defined benefit plans: | | | | | | | | | | | | | |
| 15 | Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | 3 | | 3 | | (2) | | | 6 | (5) | | | | |
| 16 | Total defined benefit plans | 3 | | 3 | | (2) | | | 6 | (5) | | | | |
| 17 | Net unrealized gain (loss) on cash flow hedges | | | 1 | | 3 | | | | 8 | | | | |
| 18 | Total other comprehensive (loss) income, net of tax (b) | (24) | | 17 | | (59) | | | (7) | 364 | | | | |
| 19 | Total comprehensive income | 1,146 | | 1,044 | | 1,014 | | | 2,190 | 2,419 | | | | |
| 20 | Net (income) loss attributable to noncontrolling interests | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 21 | Other comprehensive loss attributable to noncontrolling interests | - | | - | | - | | | - | - | | | | |
| 22 | Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation | $ | 1,144 | | $ | 1,042 | | $ | 1,013 | | $ | 2,186 | $ | 2,418 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
(b) Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(24) million for the quarter ended June 30, 2024, $17 million for the quarter ended March 31, 2024, $(59) million for the quarter ended June 30, 2023, $(7) million for the six months ended June 30, 2024 and $364 million for the six months ended June 30, 2023.
See accompanying unaudited Notes to Consolidated Financial Statements.
BNY 51
|
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Comprehensive Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Net income (a) | $ | 1,170 | | $ | 1,027 | | $ | 1,073 | | $ | 2,197 | $ | 2,055 |
| 5 | Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | |
| 6 | Foreign currency translation adjustments | (30) | | (91) | | 97 | | | (121) | 200 | | | | |
| 7 | Unrealized gain (loss) on assets available-for-sale: | | | | | | | | | | | | | |
| 8 | Unrealized gain arising during the period | (11) | | 103 | | (157) | | | 92 | 160 | | | | |
| 9 | Reclassification adjustment | | | 1 | | - | | | | 1 | | | | |
| 10 | Total unrealized gain on assets available-for-sale | 2 | | 104 | | (157) | | | 106 | 161 | | | | |
| 11 | Defined benefit plans: | | | | | | | | | | | | | |
| 15 | Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | 3 | | 3 | | (2) | | | 6 | (5) | | | | |
| 16 | Total defined benefit plans | 3 | | 3 | | (2) | | | 6 | (5) | | | | |
| 17 | Net unrealized gain (loss) on cash flow hedges | | | 1 | | 3 | | | | 8 | | | | |
| 18 | Total other comprehensive (loss) income, net of tax (b) | (24) | | 17 | | (59) | | | (7) | 364 | | | | |
| 19 | Total comprehensive income | 1,146 | | 1,044 | | 1,014 | | | 2,190 | 2,419 | | | | |
| 20 | Net (income) loss attributable to noncontrolling interests | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 21 | Other comprehensive loss attributable to noncontrolling interests | - | | - | | - | | | - | - | | | | |
| 22 | Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation | $ | 1,144 | | $ | 1,042 | | $ | 1,013 | | $ | 2,186 | $ | 2,418 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
(b) Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(24) million for the quarter ended June 30, 2024, $17 million for the quarter ended March 31, 2024, $(59) million for the quarter ended June 30, 2023, $(7) million for the six months ended June 30, 2024 and $364 million for the six months ended June 30, 2023.
See accompanying unaudited Notes to Consolidated Financial Statements.
BNY 51
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 51:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Comprehensive Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Net income (a)</td><td>$</td><td>1,170 </td><td></td><td>$</td><td>1,027 </td><td></td><td>$</td><td>1,073 </td><td></td><td colspan="3"></td><td>$</td><td>2,197 </td><td></td><td>$</td><td>2,055 </td><td></td></tr><tr><td colspan="3">Other comprehensive income (loss), net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Foreign currency translation adjustments</td><td colspan="2">(30)</td><td></td><td colspan="2">(91)</td><td></td><td colspan="2">97 </td><td></td><td colspan="3"></td><td colspan="2">(121)</td><td></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Unrealized gain (loss) on assets available-for-sale:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Unrealized gain arising during the period</td><td colspan="2">(11)</td><td></td><td colspan="2">103 </td><td></td><td colspan="2">(157)</td><td></td><td colspan="3"></td><td colspan="2">92 </td><td></td><td colspan="2">160 </td><td></td></tr><tr><td colspan="3">Reclassification adjustment</td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td></tr><tr><td colspan="3">Total unrealized gain on assets available-for-sale</td><td colspan="2">2 </td><td></td><td colspan="2">104 </td><td></td><td colspan="2">(157)</td><td></td><td colspan="3"></td><td colspan="2">106 </td><td></td><td colspan="2">161 </td><td></td></tr><tr><td colspan="3">Defined benefit plans:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost</td><td colspan="2">3 </td><td></td><td colspan="2">3 </td><td></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="2">(5)</td><td></td></tr><tr><td colspan="3">Total defined benefit plans</td><td colspan="2">3 </td><td></td><td colspan="2">3 </td><td></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="2">(5)</td><td></td></tr><tr><td colspan="3">Net unrealized gain (loss) on cash flow hedges</td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2"> </td><td></td><td colspan="2">8 </td><td></td></tr><tr><td colspan="3">Total other comprehensive (loss) income, net of tax (b)</td><td colspan="2">(24)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">(59)</td><td></td><td colspan="3"></td><td colspan="2">(7)</td><td></td><td colspan="2">364 </td><td></td></tr><tr><td colspan="3">Total comprehensive income</td><td colspan="2">1,146 </td><td></td><td colspan="2">1,044 </td><td></td><td colspan="2">1,014 </td><td></td><td colspan="3"></td><td colspan="2">2,190 </td><td></td><td colspan="2">2,419 </td><td></td></tr><tr><td colspan="3">Net (income) loss attributable to noncontrolling interests</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Other comprehensive loss attributable to noncontrolling interests</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation</td><td>$</td><td>1,144 </td><td></td><td>$</td><td>1,042 </td><td></td><td>$</td><td>1,013 </td><td></td><td colspan="3"></td><td>$</td><td>2,186 </td><td></td><td>$</td><td>2,418 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
(b) Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(24) million for the quarter ended June 30, 2024, $17 million for the quarter ended March 31, 2024, $(59) million for the quarter ended June 30, 2023, $(7) million for the six months ended June 30, 2024 and $364 million for the six months ended June 30, 2023.
See accompanying unaudited Notes to Consolidated Financial Statements.
BNY 51
|
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Comprehensive Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Net income (a)</td><td>$</td><td>1,170 </td><td></td><td>$</td><td>1,027 </td><td></td><td>$</td><td>1,073 </td><td></td><td colspan="3"></td><td>$</td><td>2,197 </td><td></td><td>$</td><td>2,055 </td><td></td></tr><tr><td colspan="3">Other comprehensive income (loss), net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Foreign currency translation adjustments</td><td colspan="2">(30)</td><td></td><td colspan="2">(91)</td><td></td><td colspan="2">97 </td><td></td><td colspan="3"></td><td colspan="2">(121)</td><td></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Unrealized gain (loss) on assets available-for-sale:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Unrealized gain arising during the period</td><td colspan="2">(11)</td><td></td><td colspan="2">103 </td><td></td><td colspan="2">(157)</td><td></td><td colspan="3"></td><td colspan="2">92 </td><td></td><td colspan="2">160 </td><td></td></tr><tr><td colspan="3">Reclassification adjustment</td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td></tr><tr><td colspan="3">Total unrealized gain on assets available-for-sale</td><td colspan="2">2 </td><td></td><td colspan="2">104 </td><td></td><td colspan="2">(157)</td><td></td><td colspan="3"></td><td colspan="2">106 </td><td></td><td colspan="2">161 </td><td></td></tr><tr><td colspan="3">Defined benefit plans:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost</td><td colspan="2">3 </td><td></td><td colspan="2">3 </td><td></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="2">(5)</td><td></td></tr><tr><td colspan="3">Total defined benefit plans</td><td colspan="2">3 </td><td></td><td colspan="2">3 </td><td></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="2">(5)</td><td></td></tr><tr><td colspan="3">Net unrealized gain (loss) on cash flow hedges</td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2"> </td><td></td><td colspan="2">8 </td><td></td></tr><tr><td colspan="3">Total other comprehensive (loss) income, net of tax (b)</td><td colspan="2">(24)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">(59)</td><td></td><td colspan="3"></td><td colspan="2">(7)</td><td></td><td colspan="2">364 </td><td></td></tr><tr><td colspan="3">Total comprehensive income</td><td colspan="2">1,146 </td><td></td><td colspan="2">1,044 </td><td></td><td colspan="2">1,014 </td><td></td><td colspan="3"></td><td colspan="2">2,190 </td><td></td><td colspan="2">2,419 </td><td></td></tr><tr><td colspan="3">Net (income) loss attributable to noncontrolling interests</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Other comprehensive loss attributable to noncontrolling interests</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation</td><td>$</td><td>1,144 </td><td></td><td>$</td><td>1,042 </td><td></td><td>$</td><td>1,013 </td><td></td><td colspan="3"></td><td>$</td><td>2,186 </td><td></td><td>$</td><td>2,418 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
(b) Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(24) million for the quarter ended June 30, 2024, $17 million for the quarter ended March 31, 2024, $(59) million for the quarter ended June 30, 2023, $(7) million for the six months ended June 30, 2024 and $364 million for the six months ended June 30, 2023.
See accompanying unaudited Notes to Consolidated Financial Statements.
BNY 51
|
q_com148
|
What was the change in net unrealized gains (or losses) on cash flow hedges for Bank of New York Mellon for the six months ended June 30, 2024, compared to the same period in 2023?
|
Bank of New York Mellon's net unrealized gain on cash flow hedges decreased from $8 million in the first half of 2023 to $2 million in the first half of 2024, representing a decrease of approximately 75%.
|
Comparison
|
51
|
0001390777-24-000105
|
Item 1. Financial Statements:
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 51:
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Comprehensive Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Net income (a) | $ | 1,170 | | $ | 1,027 | | $ | 1,073 | | $ | 2,197 | $ | 2,055 |
| 5 | Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | |
| 6 | Foreign currency translation adjustments | (30) | | (91) | | 97 | | | (121) | 200 | | | | |
| 7 | Unrealized gain (loss) on assets available-for-sale: | | | | | | | | | | | | | |
| 8 | Unrealized gain arising during the period | (11) | | 103 | | (157) | | | 92 | 160 | | | | |
| 9 | Reclassification adjustment | | | 1 | | - | | | | 1 | | | | |
| 10 | Total unrealized gain on assets available-for-sale | 2 | | 104 | | (157) | | | 106 | 161 | | | | |
| 11 | Defined benefit plans: | | | | | | | | | | | | | |
| 15 | Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | 3 | | 3 | | (2) | | | 6 | (5) | | | | |
| 16 | Total defined benefit plans | 3 | | 3 | | (2) | | | 6 | (5) | | | | |
| 17 | Net unrealized gain (loss) on cash flow hedges | | | 1 | | 3 | | | | 8 | | | | |
| 18 | Total other comprehensive (loss) income, net of tax (b) | (24) | | 17 | | (59) | | | (7) | 364 | | | | |
| 19 | Total comprehensive income | 1,146 | | 1,044 | | 1,014 | | | 2,190 | 2,419 | | | | |
| 20 | Net (income) loss attributable to noncontrolling interests | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 21 | Other comprehensive loss attributable to noncontrolling interests | - | | - | | - | | | - | - | | | | |
| 22 | Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation | $ | 1,144 | | $ | 1,042 | | $ | 1,013 | | $ | 2,186 | $ | 2,418 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
(b) Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(24) million for the quarter ended June 30, 2024, $17 million for the quarter ended March 31, 2024, $(59) million for the quarter ended June 30, 2023, $(7) million for the six months ended June 30, 2024 and $364 million for the six months ended June 30, 2023.
See accompanying unaudited Notes to Consolidated Financial Statements.
BNY 51
|
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Comprehensive Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Net income (a) | $ | 1,170 | | $ | 1,027 | | $ | 1,073 | | $ | 2,197 | $ | 2,055 |
| 5 | Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | |
| 6 | Foreign currency translation adjustments | (30) | | (91) | | 97 | | | (121) | 200 | | | | |
| 7 | Unrealized gain (loss) on assets available-for-sale: | | | | | | | | | | | | | |
| 8 | Unrealized gain arising during the period | (11) | | 103 | | (157) | | | 92 | 160 | | | | |
| 9 | Reclassification adjustment | | | 1 | | - | | | | 1 | | | | |
| 10 | Total unrealized gain on assets available-for-sale | 2 | | 104 | | (157) | | | 106 | 161 | | | | |
| 11 | Defined benefit plans: | | | | | | | | | | | | | |
| 15 | Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | 3 | | 3 | | (2) | | | 6 | (5) | | | | |
| 16 | Total defined benefit plans | 3 | | 3 | | (2) | | | 6 | (5) | | | | |
| 17 | Net unrealized gain (loss) on cash flow hedges | | | 1 | | 3 | | | | 8 | | | | |
| 18 | Total other comprehensive (loss) income, net of tax (b) | (24) | | 17 | | (59) | | | (7) | 364 | | | | |
| 19 | Total comprehensive income | 1,146 | | 1,044 | | 1,014 | | | 2,190 | 2,419 | | | | |
| 20 | Net (income) loss attributable to noncontrolling interests | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 21 | Other comprehensive loss attributable to noncontrolling interests | - | | - | | - | | | - | - | | | | |
| 22 | Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation | $ | 1,144 | | $ | 1,042 | | $ | 1,013 | | $ | 2,186 | $ | 2,418 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
(b) Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(24) million for the quarter ended June 30, 2024, $17 million for the quarter ended March 31, 2024, $(59) million for the quarter ended June 30, 2023, $(7) million for the six months ended June 30, 2024 and $364 million for the six months ended June 30, 2023.
See accompanying unaudited Notes to Consolidated Financial Statements.
BNY 51
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 51:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Comprehensive Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Net income (a)</td><td>$</td><td>1,170 </td><td></td><td>$</td><td>1,027 </td><td></td><td>$</td><td>1,073 </td><td></td><td colspan="3"></td><td>$</td><td>2,197 </td><td></td><td>$</td><td>2,055 </td><td></td></tr><tr><td colspan="3">Other comprehensive income (loss), net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Foreign currency translation adjustments</td><td colspan="2">(30)</td><td></td><td colspan="2">(91)</td><td></td><td colspan="2">97 </td><td></td><td colspan="3"></td><td colspan="2">(121)</td><td></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Unrealized gain (loss) on assets available-for-sale:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Unrealized gain arising during the period</td><td colspan="2">(11)</td><td></td><td colspan="2">103 </td><td></td><td colspan="2">(157)</td><td></td><td colspan="3"></td><td colspan="2">92 </td><td></td><td colspan="2">160 </td><td></td></tr><tr><td colspan="3">Reclassification adjustment</td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td></tr><tr><td colspan="3">Total unrealized gain on assets available-for-sale</td><td colspan="2">2 </td><td></td><td colspan="2">104 </td><td></td><td colspan="2">(157)</td><td></td><td colspan="3"></td><td colspan="2">106 </td><td></td><td colspan="2">161 </td><td></td></tr><tr><td colspan="3">Defined benefit plans:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost</td><td colspan="2">3 </td><td></td><td colspan="2">3 </td><td></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="2">(5)</td><td></td></tr><tr><td colspan="3">Total defined benefit plans</td><td colspan="2">3 </td><td></td><td colspan="2">3 </td><td></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="2">(5)</td><td></td></tr><tr><td colspan="3">Net unrealized gain (loss) on cash flow hedges</td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2"> </td><td></td><td colspan="2">8 </td><td></td></tr><tr><td colspan="3">Total other comprehensive (loss) income, net of tax (b)</td><td colspan="2">(24)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">(59)</td><td></td><td colspan="3"></td><td colspan="2">(7)</td><td></td><td colspan="2">364 </td><td></td></tr><tr><td colspan="3">Total comprehensive income</td><td colspan="2">1,146 </td><td></td><td colspan="2">1,044 </td><td></td><td colspan="2">1,014 </td><td></td><td colspan="3"></td><td colspan="2">2,190 </td><td></td><td colspan="2">2,419 </td><td></td></tr><tr><td colspan="3">Net (income) loss attributable to noncontrolling interests</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Other comprehensive loss attributable to noncontrolling interests</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation</td><td>$</td><td>1,144 </td><td></td><td>$</td><td>1,042 </td><td></td><td>$</td><td>1,013 </td><td></td><td colspan="3"></td><td>$</td><td>2,186 </td><td></td><td>$</td><td>2,418 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
(b) Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(24) million for the quarter ended June 30, 2024, $17 million for the quarter ended March 31, 2024, $(59) million for the quarter ended June 30, 2023, $(7) million for the six months ended June 30, 2024 and $364 million for the six months ended June 30, 2023.
See accompanying unaudited Notes to Consolidated Financial Statements.
BNY 51
|
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Comprehensive Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Net income (a)</td><td>$</td><td>1,170 </td><td></td><td>$</td><td>1,027 </td><td></td><td>$</td><td>1,073 </td><td></td><td colspan="3"></td><td>$</td><td>2,197 </td><td></td><td>$</td><td>2,055 </td><td></td></tr><tr><td colspan="3">Other comprehensive income (loss), net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Foreign currency translation adjustments</td><td colspan="2">(30)</td><td></td><td colspan="2">(91)</td><td></td><td colspan="2">97 </td><td></td><td colspan="3"></td><td colspan="2">(121)</td><td></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Unrealized gain (loss) on assets available-for-sale:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Unrealized gain arising during the period</td><td colspan="2">(11)</td><td></td><td colspan="2">103 </td><td></td><td colspan="2">(157)</td><td></td><td colspan="3"></td><td colspan="2">92 </td><td></td><td colspan="2">160 </td><td></td></tr><tr><td colspan="3">Reclassification adjustment</td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td></tr><tr><td colspan="3">Total unrealized gain on assets available-for-sale</td><td colspan="2">2 </td><td></td><td colspan="2">104 </td><td></td><td colspan="2">(157)</td><td></td><td colspan="3"></td><td colspan="2">106 </td><td></td><td colspan="2">161 </td><td></td></tr><tr><td colspan="3">Defined benefit plans:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost</td><td colspan="2">3 </td><td></td><td colspan="2">3 </td><td></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="2">(5)</td><td></td></tr><tr><td colspan="3">Total defined benefit plans</td><td colspan="2">3 </td><td></td><td colspan="2">3 </td><td></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="2">(5)</td><td></td></tr><tr><td colspan="3">Net unrealized gain (loss) on cash flow hedges</td><td colspan="2"> </td><td></td><td colspan="2">1 </td><td></td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2"> </td><td></td><td colspan="2">8 </td><td></td></tr><tr><td colspan="3">Total other comprehensive (loss) income, net of tax (b)</td><td colspan="2">(24)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">(59)</td><td></td><td colspan="3"></td><td colspan="2">(7)</td><td></td><td colspan="2">364 </td><td></td></tr><tr><td colspan="3">Total comprehensive income</td><td colspan="2">1,146 </td><td></td><td colspan="2">1,044 </td><td></td><td colspan="2">1,014 </td><td></td><td colspan="3"></td><td colspan="2">2,190 </td><td></td><td colspan="2">2,419 </td><td></td></tr><tr><td colspan="3">Net (income) loss attributable to noncontrolling interests</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Other comprehensive loss attributable to noncontrolling interests</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation</td><td>$</td><td>1,144 </td><td></td><td>$</td><td>1,042 </td><td></td><td>$</td><td>1,013 </td><td></td><td colspan="3"></td><td>$</td><td>2,186 </td><td></td><td>$</td><td>2,418 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
(b) Other comprehensive income (loss) attributable to The Bank of New York Mellon Corporation shareholders was $(24) million for the quarter ended June 30, 2024, $17 million for the quarter ended March 31, 2024, $(59) million for the quarter ended June 30, 2023, $(7) million for the six months ended June 30, 2024 and $364 million for the six months ended June 30, 2023.
See accompanying unaudited Notes to Consolidated Financial Statements.
BNY 51
|
q_com149
|
How did noninterest expenses for Bank of New York Mellon compare for the six months ended June 30, 2024, versus the same period in 2023?
|
Bank of New York Mellon's noninterest expense increased slightly from $6,211 million in the first half of 2023 to $6,246 million in the first half of 2024, representing an increase of approximately 0.6%.
|
Comparison
|
49
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0001390777-24-000105
|
Item 1. Financial Statements:
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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q_com150
|
What was the change in net interest income for Bank of New York Mellon for the three months ended June 30, 2024, compared to the same period in 2023?
|
Bank of New York Mellon's net interest income decreased from $1,100 million in Q2 2023 to $1,030 million in Q2 2024, representing a decrease of approximately 6.4%.
|
Comparison
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49
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0001390777-24-000105
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Item 1. Financial Statements:
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
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q_com151
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How did the net income applicable to common shareholders for Bank of New York Mellon change for the six months ended June 30, 2024, compared to the same period in 2023?
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The net income applicable to common shareholders of Bank of New York Mellon increased from $1,947 million in the first half of 2023 to $2,096 million in the first half of 2024, representing an increase of approximately 7.6%.
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Comparison
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50
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0001390777-24-000105
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Item 1. Financial Statements:
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Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 50:
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited) (continued)
| | | | | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:---|:------|:---|:---|:------|:---|:------|
| 1 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation | Quarter ended | | Year-to-date | | | | | | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | |
| 4 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 1,143 | | $ | 953 | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
| 5 | Less: Earnings allocated to participating securities | - | | - | | - | | - | - | | | | |
| 6 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share | $ | 1,143 | | $ | 953 | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
| | | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:--------|:--------|
| 1 | Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | Quarter ended | | Year-to-date | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | |
| 3 | (in thousands) | | | | | | | |
| 4 | Basic | 746,904 | | 756,937 | | 787,718 | 751,961 | 795,512 |
| 5 | Common stock equivalents | 4,692 | | 5,331 | | 3,097 | 4,909 | 3,738 |
| 6 | Less: Participating securities | - | | - | | (90) | - | (93) |
| 7 | Diluted | 751,596 | | 762,268 | | 790,725 | 756,870 | 799,157 |
| 9 | Anti-dilutive securities (a) | 578 | | 1,604 | | 7,059 | 1,266 | 5,824 |
(a) Represents restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive.
| | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:---|:-----|:---|:-----|:---|:-----|
| 1 | Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation (a) | Quarter ended | | Year-to-date | | | | | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | |
| 3 | (in dollars) | | | | | | | | | | | |
| 4 | Basic | $ | 1.53 | | $ | 1.26 | $ | 1.32 | $ | 2.79 | $ | 2.45 |
| 5 | Diluted | $ | 1.52 | | $ | 1.25 | $ | 1.31 | $ | 2.77 | $ | 2.44 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
See accompanying unaudited Notes to Consolidated Financial Statements.
50 BNY
|
| | |
|---:|:---------------------------------------------------------------|
| 1 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited) (continued)
| | | | | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:---|:------|:---|:---|:------|:---|:------|
| 1 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation | Quarter ended | | Year-to-date | | | | | | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | |
| 4 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 1,143 | | $ | 953 | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
| 5 | Less: Earnings allocated to participating securities | - | | - | | - | | - | - | | | | |
| 6 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share | $ | 1,143 | | $ | 953 | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
| | | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:--------|:--------|
| 1 | Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | Quarter ended | | Year-to-date | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | |
| 3 | (in thousands) | | | | | | | |
| 4 | Basic | 746,904 | | 756,937 | | 787,718 | 751,961 | 795,512 |
| 5 | Common stock equivalents | 4,692 | | 5,331 | | 3,097 | 4,909 | 3,738 |
| 6 | Less: Participating securities | - | | - | | (90) | - | (93) |
| 7 | Diluted | 751,596 | | 762,268 | | 790,725 | 756,870 | 799,157 |
| 9 | Anti-dilutive securities (a) | 578 | | 1,604 | | 7,059 | 1,266 | 5,824 |
(a) Represents restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive.
| | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------|:---------------|:--------------|:-------------|:--------------|:--------------|:---|:-----|:---|:-----|:---|:-----|
| 1 | Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation (a) | Quarter ended | | Year-to-date | | | | | | | | |
| 2 | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | |
| 3 | (in dollars) | | | | | | | | | | | |
| 4 | Basic | $ | 1.53 | | $ | 1.26 | $ | 1.32 | $ | 2.79 | $ | 2.45 |
| 5 | Diluted | $ | 1.52 | | $ | 1.25 | $ | 1.31 | $ | 2.77 | $ | 2.44 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
See accompanying unaudited Notes to Consolidated Financial Statements.
50 BNY
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 50:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited) (continued)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr><tr><td colspan="3">Less: Earnings allocated to participating securities</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in thousands)</td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">746,904 </td><td></td><td colspan="2">756,937 </td><td></td><td colspan="2">787,718 </td><td></td><td colspan="3"></td><td colspan="2">751,961 </td><td></td><td colspan="2">795,512 </td><td></td></tr><tr><td colspan="3">Common stock equivalents</td><td colspan="2">4,692 </td><td></td><td colspan="2">5,331 </td><td></td><td colspan="2">3,097 </td><td></td><td colspan="3"></td><td colspan="2">4,909 </td><td></td><td colspan="2">3,738 </td><td></td></tr><tr><td colspan="3">Less: Participating securities</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">(90)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">(93)</td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">751,596 </td><td></td><td colspan="2">762,268 </td><td></td><td colspan="2">790,725 </td><td></td><td colspan="3"></td><td colspan="2">756,870 </td><td></td><td colspan="2">799,157 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Anti-dilutive securities (a)</td><td colspan="2">578 </td><td></td><td colspan="2">1,604 </td><td></td><td colspan="2">7,059 </td><td></td><td colspan="3"></td><td colspan="2">1,266 </td><td></td><td colspan="2">5,824 </td><td></td></tr></table>(a) Represents restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in dollars)</td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.53 </td><td></td><td>$</td><td>1.26 </td><td></td><td>$</td><td>1.32 </td><td></td><td colspan="3"></td><td>$</td><td>2.79 </td><td></td><td>$</td><td>2.45 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.52 </td><td></td><td>$</td><td>1.25 </td><td></td><td>$</td><td>1.31 </td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td><td>$</td><td>2.44 </td><td></td></tr></table>
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
See accompanying unaudited Notes to Consolidated Financial Statements.
50 BNY
|
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited) (continued)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr><tr><td colspan="3">Less: Earnings allocated to participating securities</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in thousands)</td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">746,904 </td><td></td><td colspan="2">756,937 </td><td></td><td colspan="2">787,718 </td><td></td><td colspan="3"></td><td colspan="2">751,961 </td><td></td><td colspan="2">795,512 </td><td></td></tr><tr><td colspan="3">Common stock equivalents</td><td colspan="2">4,692 </td><td></td><td colspan="2">5,331 </td><td></td><td colspan="2">3,097 </td><td></td><td colspan="3"></td><td colspan="2">4,909 </td><td></td><td colspan="2">3,738 </td><td></td></tr><tr><td colspan="3">Less: Participating securities</td><td colspan="2">- </td><td></td><td colspan="2">- </td><td></td><td colspan="2">(90)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="2">(93)</td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">751,596 </td><td></td><td colspan="2">762,268 </td><td></td><td colspan="2">790,725 </td><td></td><td colspan="3"></td><td colspan="2">756,870 </td><td></td><td colspan="2">799,157 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Anti-dilutive securities (a)</td><td colspan="2">578 </td><td></td><td colspan="2">1,604 </td><td></td><td colspan="2">7,059 </td><td></td><td colspan="3"></td><td colspan="2">1,266 </td><td></td><td colspan="2">5,824 </td><td></td></tr></table>(a) Represents restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3" rowspan="2">Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in dollars)</td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.53 </td><td></td><td>$</td><td>1.26 </td><td></td><td>$</td><td>1.32 </td><td></td><td colspan="3"></td><td>$</td><td>2.79 </td><td></td><td>$</td><td>2.45 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.52 </td><td></td><td>$</td><td>1.25 </td><td></td><td>$</td><td>1.31 </td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td><td>$</td><td>2.44 </td><td></td></tr></table>
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
See accompanying unaudited Notes to Consolidated Financial Statements.
50 BNY
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q_com152
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Compare noninterest expenses for Bank of New York Mellon for the six months ended June 30, 2024, versus the same period in 2023.
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Bank of New York Mellon's noninterest expense increased slightly from $6,211 million in the first half of 2023 to $6,246 million in the first half of 2024, representing an increase of approximately 0.6%.
|
Comparison
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49
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0001390777-24-000105
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Item 1. Financial Statements:
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
| | |
|---:|:---------------------------------------------------------------|
| 1 | Item 1. Financial Statements |
| 2 | The Bank of New York Mellon Corporation (and its subsidiaries) |
Consolidated Income Statement (unaudited)
| | | | | | | | | | | | | | | |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
| 1 | | Quarter ended | | Year-to-date | | | | | | | | | | |
| 2 | | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 | | | | | | | |
| 3 | (in millions) | | | | | | | | | | | | | |
| 4 | Fee and other revenue | | | | | | | | | | | | | |
| 5 | Investment services fees | $ | 2,359 | | $ | 2,278 | | $ | 2,252 | | $ | 4,637 | $ | 4,371 |
| 6 | Investment management and performance fees | 761 | | 776 | | 762 | | | 1,537 | 1,538 | | | | |
| 7 | Foreign exchange revenue | 184 | | 152 | | 158 | | | 336 | 334 | | | | |
| 8 | Financing-related fees | 53 | | 57 | | 50 | | | 110 | 102 | | | | |
| 9 | Distribution and servicing fees | 41 | | 42 | | 35 | | | 83 | 68 | | | | |
| 10 | Total fee revenue | 3,398 | | 3,305 | | 3,257 | | | 6,703 | 6,413 | | | | |
| 11 | Investment and other revenue (a) | 169 | | 182 | | 147 | | | 351 | 278 | | | | |
| 12 | Total fee and other revenue (a) | 3,567 | | 3,487 | | 3,404 | | | 7,054 | 6,691 | | | | |
| 13 | Net interest income | | | | | | | | | | | | | |
| 14 | Interest income | 6,392 | | 6,096 | | 5,224 | | | 12,488 | 9,166 | | | | |
| 15 | Interest expense | 5,362 | | 5,056 | | 4,124 | | | 10,418 | 6,938 | | | | |
| 16 | Net interest income | 1,030 | | 1,040 | | 1,100 | | | 2,070 | 2,228 | | | | |
| 17 | Total revenue (a) | 4,597 | | 4,527 | | 4,504 | | | 9,124 | 8,919 | | | | |
| 18 | Provision for credit losses | - | | 27 | | 5 | | | 27 | 32 | | | | |
| 19 | Noninterest expense | | | | | | | | | | | | | |
| 20 | Staff | 1,720 | | 1,857 | | 1,718 | | | 3,577 | 3,509 | | | | |
| 21 | Software and equipment | 476 | | 475 | | 450 | | | 951 | 879 | | | | |
| 22 | Professional, legal and other purchased services | 374 | | 349 | | 378 | | | 723 | 753 | | | | |
| 23 | Net occupancy | 134 | | 124 | | 121 | | | 258 | 240 | | | | |
| 24 | Sub-custodian and clearing | 134 | | 119 | | 119 | | | 253 | 237 | | | | |
| 25 | Distribution and servicing | 88 | | 96 | | 93 | | | 184 | 178 | | | | |
| 26 | Business development | 50 | | 36 | | 47 | | | 86 | 86 | | | | |
| 27 | Bank assessment charges | (7) | | 17 | | 41 | | | 10 | 81 | | | | |
| 29 | Amortization of intangible assets | 13 | | 12 | | 14 | | | 25 | 28 | | | | |
| 30 | Other | 88 | | 91 | | 130 | | | 179 | 220 | | | | |
| 31 | Total noninterest expense | 3,070 | | 3,176 | | 3,111 | | | 6,246 | 6,211 | | | | |
| 32 | Income | | | | | | | | | | | | | |
| 33 | Income before income taxes (a) | 1,527 | | 1,324 | | 1,388 | | | 2,851 | 2,676 | | | | |
| 34 | Provision for income taxes (a) | 357 | | 297 | | 315 | | | 654 | 621 | | | | |
| 35 | Net income (a) | 1,170 | | 1,027 | | 1,073 | | | 2,197 | 2,055 | | | | |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | | (2) | | (1) | | | (4) | (1) | | | | |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | | 1,025 | | 1,072 | | | 2,193 | 2,054 | | | | |
| 38 | Preferred stock dividends | (25) | | (72) | | (36) | | | (97) | (107) | | | | |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | | $ | 953 | | $ | 1,036 | | $ | 2,096 | $ | 1,947 |
(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49:
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
<table><tr><td></td><td></td><td></td></tr><tr><td colspan="3">Item 1. Financial Statements</td></tr><tr><td colspan="3">The Bank of New York Mellon Corporation (and its subsidiaries)</td></tr></table>
Consolidated Income Statement (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Quarter ended</td><td colspan="3"></td><td colspan="6">Year-to-date</td></tr><tr><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">March 31, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td><td colspan="3"></td><td colspan="3" rowspan="2">June 30, 2024</td><td colspan="3" rowspan="2">June 30, 2023</td></tr><tr><td colspan="3">(in millions)</td><td colspan="3"></td></tr><tr><td colspan="3">Fee and other revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment services fees</td><td>$</td><td>2,359 </td><td></td><td>$</td><td>2,278 </td><td></td><td>$</td><td>2,252 </td><td></td><td colspan="3"></td><td>$</td><td>4,637 </td><td></td><td>$</td><td>4,371 </td><td></td></tr><tr><td colspan="3">Investment management and performance fees</td><td colspan="2">761 </td><td></td><td colspan="2">776 </td><td></td><td colspan="2">762 </td><td></td><td colspan="3"></td><td colspan="2">1,537 </td><td></td><td colspan="2">1,538 </td><td></td></tr><tr><td colspan="3">Foreign exchange revenue</td><td colspan="2">184 </td><td></td><td colspan="2">152 </td><td></td><td colspan="2">158 </td><td></td><td colspan="3"></td><td colspan="2">336 </td><td></td><td colspan="2">334 </td><td></td></tr><tr><td colspan="3">Financing-related fees</td><td colspan="2">53 </td><td></td><td colspan="2">57 </td><td></td><td colspan="2">50 </td><td></td><td colspan="3"></td><td colspan="2">110 </td><td></td><td colspan="2">102 </td><td></td></tr><tr><td colspan="3">Distribution and servicing fees</td><td colspan="2">41 </td><td></td><td colspan="2">42 </td><td></td><td colspan="2">35 </td><td></td><td colspan="3"></td><td colspan="2">83 </td><td></td><td colspan="2">68 </td><td></td></tr><tr><td colspan="3">Total fee revenue</td><td colspan="2">3,398 </td><td></td><td colspan="2">3,305 </td><td></td><td colspan="2">3,257 </td><td></td><td colspan="3"></td><td colspan="2">6,703 </td><td></td><td colspan="2">6,413 </td><td></td></tr><tr><td colspan="3">Investment and other revenue (a)</td><td colspan="2">169 </td><td></td><td colspan="2">182 </td><td></td><td colspan="2">147 </td><td></td><td colspan="3"></td><td colspan="2">351 </td><td></td><td colspan="2">278 </td><td></td></tr><tr><td colspan="3">Total fee and other revenue (a)</td><td colspan="2">3,567 </td><td></td><td colspan="2">3,487 </td><td></td><td colspan="2">3,404 </td><td></td><td colspan="3"></td><td colspan="2">7,054 </td><td></td><td colspan="2">6,691 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">6,392 </td><td></td><td colspan="2">6,096 </td><td></td><td colspan="2">5,224 </td><td></td><td colspan="3"></td><td colspan="2">12,488 </td><td></td><td colspan="2">9,166 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">5,362 </td><td></td><td colspan="2">5,056 </td><td></td><td colspan="2">4,124 </td><td></td><td colspan="3"></td><td colspan="2">10,418 </td><td></td><td colspan="2">6,938 </td><td></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">1,030 </td><td></td><td colspan="2">1,040 </td><td></td><td colspan="2">1,100 </td><td></td><td colspan="3"></td><td colspan="2">2,070 </td><td></td><td colspan="2">2,228 </td><td></td></tr><tr><td colspan="3">Total revenue (a)</td><td colspan="2">4,597 </td><td></td><td colspan="2">4,527 </td><td></td><td colspan="2">4,504 </td><td></td><td colspan="3"></td><td colspan="2">9,124 </td><td></td><td colspan="2">8,919 </td><td></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">- </td><td></td><td colspan="2">27 </td><td></td><td colspan="2">5 </td><td></td><td colspan="3"></td><td colspan="2">27 </td><td></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Staff</td><td colspan="2">1,720 </td><td></td><td colspan="2">1,857 </td><td></td><td colspan="2">1,718 </td><td></td><td colspan="3"></td><td colspan="2">3,577 </td><td></td><td colspan="2">3,509 </td><td></td></tr><tr><td colspan="3">Software and equipment</td><td colspan="2">476 </td><td></td><td colspan="2">475 </td><td></td><td colspan="2">450 </td><td></td><td colspan="3"></td><td colspan="2">951 </td><td></td><td colspan="2">879 </td><td></td></tr><tr><td colspan="3">Professional, legal and other purchased services</td><td colspan="2">374 </td><td></td><td colspan="2">349 </td><td></td><td colspan="2">378 </td><td></td><td colspan="3"></td><td colspan="2">723 </td><td></td><td colspan="2">753 </td><td></td></tr><tr><td colspan="3">Net occupancy</td><td colspan="2">134 </td><td></td><td colspan="2">124 </td><td></td><td colspan="2">121 </td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td><td colspan="2">240 </td><td></td></tr><tr><td colspan="3">Sub-custodian and clearing</td><td colspan="2">134 </td><td></td><td colspan="2">119 </td><td></td><td colspan="2">119 </td><td></td><td colspan="3"></td><td colspan="2">253 </td><td></td><td colspan="2">237 </td><td></td></tr><tr><td colspan="3">Distribution and servicing</td><td colspan="2">88 </td><td></td><td colspan="2">96 </td><td></td><td colspan="2">93 </td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="2">178 </td><td></td></tr><tr><td colspan="3">Business development</td><td colspan="2">50 </td><td></td><td colspan="2">36 </td><td></td><td colspan="2">47 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="2">86 </td><td></td></tr><tr><td colspan="3">Bank assessment charges</td><td colspan="2">(7)</td><td></td><td colspan="2">17 </td><td></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">10 </td><td></td><td colspan="2">81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="2">13 </td><td></td><td colspan="2">12 </td><td></td><td colspan="2">14 </td><td></td><td colspan="3"></td><td colspan="2">25 </td><td></td><td colspan="2">28 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">88 </td><td></td><td colspan="2">91 </td><td></td><td colspan="2">130 </td><td></td><td colspan="3"></td><td colspan="2">179 </td><td></td><td colspan="2">220 </td><td></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">3,070 </td><td></td><td colspan="2">3,176 </td><td></td><td colspan="2">3,111 </td><td></td><td colspan="3"></td><td colspan="2">6,246 </td><td></td><td colspan="2">6,211 </td><td></td></tr><tr><td colspan="3">Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income taxes (a)</td><td colspan="2">1,527 </td><td></td><td colspan="2">1,324 </td><td></td><td colspan="2">1,388 </td><td></td><td colspan="3"></td><td colspan="2">2,851 </td><td></td><td colspan="2">2,676 </td><td></td></tr><tr><td colspan="3">Provision for income taxes (a)</td><td colspan="2">357 </td><td></td><td colspan="2">297 </td><td></td><td colspan="2">315 </td><td></td><td colspan="3"></td><td colspan="2">654 </td><td></td><td colspan="2">621 </td><td></td></tr><tr><td colspan="3">Net income (a)</td><td colspan="2">1,170 </td><td></td><td colspan="2">1,027 </td><td></td><td colspan="2">1,073 </td><td></td><td colspan="3"></td><td colspan="2">2,197 </td><td></td><td colspan="2">2,055 </td><td></td></tr><tr><td colspan="3">Net (income) attributable to noncontrolling interests related to consolidated investment management funds</td><td colspan="2">(2)</td><td></td><td colspan="2">(2)</td><td></td><td colspan="2">(1)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3">Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)</td><td colspan="2">1,168 </td><td></td><td colspan="2">1,025 </td><td></td><td colspan="2">1,072 </td><td></td><td colspan="3"></td><td colspan="2">2,193 </td><td></td><td colspan="2">2,054 </td><td></td></tr><tr><td colspan="3">Preferred stock dividends</td><td colspan="2">(25)</td><td></td><td colspan="2">(72)</td><td></td><td colspan="2">(36)</td><td></td><td colspan="3"></td><td colspan="2">(97)</td><td></td><td colspan="2">(107)</td><td></td></tr><tr><td colspan="3">Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)</td><td>$</td><td>1,143 </td><td></td><td>$</td><td>953 </td><td></td><td>$</td><td>1,036 </td><td></td><td colspan="3"></td><td>$</td><td>2,096 </td><td></td><td>$</td><td>1,947 </td><td></td></tr></table>(a) Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY 49
|
q_com153
|
How does Apple's Dividend Payout Ratio ratio for the three months ended June 29, 2024, compare to the three months ended July 1, 2023
|
The Dividend Payout Ratio for Apple Inc. is calculated as follows:
Dividend Payout Ratio = Dividends per Share / Earnings per Share
Latest Quarter:
Dividends per Share (June 29, 2024) = $0.25
Earnings per Share (June 29, 2024) = $1.40
Dividend Payout Ratio = 0.25 / 1.40 = 0.1786 or 17.86%
Previous Quarter:
Dividends per Share (Previous Quarter) = $0.24
Earnings per Share (Previous Quarter) = $1.27
Dividend Payout Ratio = 0.24 / 1.27 = 0.1889 or 18.89%
The Dividend Payout Ratio slightly decreased from 18.89% in the previous quarter to 17.86% in the latest quarter, indicating a slightly lower proportion of earnings paid out as dividends.
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Comparison
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1, 4
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0000320193-24-000081
|
Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
, Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 4:
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
(In millions, except per-share amounts)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------|:-------------------|:-------|:------------------|:---------|:-------------|:-------|:------------|:---|:---------|:---|:-------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Total shareholders' equity, beginning balances | $ | 74,194 | | | $ | 62,158 | | $ | 62,146 | $ | 50,672 |
| 5 | Common stock and additional paid-in capital: | | | | | | | | | | | |
| 6 | Beginning balances | 78,815 | | | 69,568 | | | 73,812 | | 64,849 | | |
| 7 | Common stock issued | - | | | - | | | 752 | | 690 | | |
| 8 | Common stock withheld related to net share settlement of equity awards | (1,920) | | | (1,595) | | | (3,802) | | (3,310) | | |
| 9 | Share-based compensation | 2,955 | | | 2,694 | | | 9,088 | | 8,438 | | |
| 10 | Ending balances | 79,850 | | | 70,667 | | | 79,850 | | 70,667 | | |
| 12 | Retained earnings/(Accumulated deficit): | | | | | | | | | | | |
| 13 | Beginning balances | 4,339 | | | 4,336 | | | (214) | | (3,068) | | |
| 14 | Net income | 21,448 | | | 19,881 | | | 79,000 | | 74,039 | | |
| 15 | Dividends and dividend equivalents declared | (3,864) | | | (3,811) | | | (11,384) | | (11,207) | | |
| 16 | Common stock withheld related to net share settlement of equity awards | (428) | | | (858) | | | (1,517) | | (1,988) | | |
| 17 | Common stock repurchased | (26,221) | | | (18,140) | | | (70,611) | | (56,368) | | |
| 18 | Ending balances | (4,726) | | | 1,408 | | | (4,726) | | 1,408 | | |
| 20 | Accumulated other comprehensive income/(loss): | | | | | | | | | | | |
| 21 | Beginning balances | (8,960) | | | (11,746) | | | (11,452) | | (11,109) | | |
| 22 | Other comprehensive income/(loss) | 544 | | | (55) | | | 3,036 | | (692) | | |
| 23 | Ending balances | (8,416) | | | (11,801) | | | (8,416) | | (11,801) | | |
| 25 | Total shareholders' equity, ending balances | $ | 66,708 | | | $ | 60,274 | | $ | 66,708 | $ | 60,274 |
| 27 | Dividends and dividend equivalents declared per share or RSU | $ | 0.25 | | | $ | 0.24 | | $ | 0.73 | $ | 0.70 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 4
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
,
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
(In millions, except per-share amounts)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------|:-------------------|:-------|:------------------|:---------|:-------------|:-------|:------------|:---|:---------|:---|:-------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Total shareholders' equity, beginning balances | $ | 74,194 | | | $ | 62,158 | | $ | 62,146 | $ | 50,672 |
| 5 | Common stock and additional paid-in capital: | | | | | | | | | | | |
| 6 | Beginning balances | 78,815 | | | 69,568 | | | 73,812 | | 64,849 | | |
| 7 | Common stock issued | - | | | - | | | 752 | | 690 | | |
| 8 | Common stock withheld related to net share settlement of equity awards | (1,920) | | | (1,595) | | | (3,802) | | (3,310) | | |
| 9 | Share-based compensation | 2,955 | | | 2,694 | | | 9,088 | | 8,438 | | |
| 10 | Ending balances | 79,850 | | | 70,667 | | | 79,850 | | 70,667 | | |
| 12 | Retained earnings/(Accumulated deficit): | | | | | | | | | | | |
| 13 | Beginning balances | 4,339 | | | 4,336 | | | (214) | | (3,068) | | |
| 14 | Net income | 21,448 | | | 19,881 | | | 79,000 | | 74,039 | | |
| 15 | Dividends and dividend equivalents declared | (3,864) | | | (3,811) | | | (11,384) | | (11,207) | | |
| 16 | Common stock withheld related to net share settlement of equity awards | (428) | | | (858) | | | (1,517) | | (1,988) | | |
| 17 | Common stock repurchased | (26,221) | | | (18,140) | | | (70,611) | | (56,368) | | |
| 18 | Ending balances | (4,726) | | | 1,408 | | | (4,726) | | 1,408 | | |
| 20 | Accumulated other comprehensive income/(loss): | | | | | | | | | | | |
| 21 | Beginning balances | (8,960) | | | (11,746) | | | (11,452) | | (11,109) | | |
| 22 | Other comprehensive income/(loss) | 544 | | | (55) | | | 3,036 | | (692) | | |
| 23 | Ending balances | (8,416) | | | (11,801) | | | (8,416) | | (11,801) | | |
| 25 | Total shareholders' equity, ending balances | $ | 66,708 | | | $ | 60,274 | | $ | 66,708 | $ | 60,274 |
| 27 | Dividends and dividend equivalents declared per share or RSU | $ | 0.25 | | | $ | 0.24 | | $ | 0.73 | $ | 0.70 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 4
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
, Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 4:
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
(In millions, except per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Total shareholders' equity, beginning balances</td><td>$</td><td>74,194 </td><td></td><td colspan="3"></td><td>$</td><td>62,158 </td><td></td><td colspan="3"></td><td>$</td><td>62,146 </td><td></td><td colspan="3"></td><td>$</td><td>50,672 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">78,815 </td><td></td><td colspan="3"></td><td colspan="2">69,568 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td><td colspan="3"></td><td colspan="2">64,849 </td><td></td></tr><tr><td colspan="3">Common stock issued</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">752 </td><td></td><td colspan="3"></td><td colspan="2">690 </td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(1,920)</td><td></td><td colspan="3"></td><td colspan="2">(1,595)</td><td></td><td colspan="3"></td><td colspan="2">(3,802)</td><td></td><td colspan="3"></td><td colspan="2">(3,310)</td><td></td></tr><tr><td colspan="3">Share-based compensation</td><td colspan="2">2,955 </td><td></td><td colspan="3"></td><td colspan="2">2,694 </td><td></td><td colspan="3"></td><td colspan="2">9,088 </td><td></td><td colspan="3"></td><td colspan="2">8,438 </td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">70,667 </td><td></td><td colspan="3"></td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">70,667 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Retained earnings/(Accumulated deficit):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">4,339 </td><td></td><td colspan="3"></td><td colspan="2">4,336 </td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td><td colspan="3"></td><td colspan="2">(3,068)</td><td></td></tr><tr><td colspan="3">Net income</td><td colspan="2">21,448 </td><td></td><td colspan="3"></td><td colspan="2">19,881 </td><td></td><td colspan="3"></td><td colspan="2">79,000 </td><td></td><td colspan="3"></td><td colspan="2">74,039 </td><td></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared</td><td colspan="2">(3,864)</td><td></td><td colspan="3"></td><td colspan="2">(3,811)</td><td></td><td colspan="3"></td><td colspan="2">(11,384)</td><td></td><td colspan="3"></td><td colspan="2">(11,207)</td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(428)</td><td></td><td colspan="3"></td><td colspan="2">(858)</td><td></td><td colspan="3"></td><td colspan="2">(1,517)</td><td></td><td colspan="3"></td><td colspan="2">(1,988)</td><td></td></tr><tr><td colspan="3">Common stock repurchased</td><td colspan="2">(26,221)</td><td></td><td colspan="3"></td><td colspan="2">(18,140)</td><td></td><td colspan="3"></td><td colspan="2">(70,611)</td><td></td><td colspan="3"></td><td colspan="2">(56,368)</td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">1,408 </td><td></td><td colspan="3"></td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">1,408 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accumulated other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">(8,960)</td><td></td><td colspan="3"></td><td colspan="2">(11,746)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td><td colspan="3"></td><td colspan="2">(11,109)</td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">544 </td><td></td><td colspan="3"></td><td colspan="2">(55)</td><td></td><td colspan="3"></td><td colspan="2">3,036 </td><td></td><td colspan="3"></td><td colspan="2">(692)</td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,801)</td><td></td><td colspan="3"></td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,801)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total shareholders' equity, ending balances</td><td>$</td><td>66,708 </td><td></td><td colspan="3"></td><td>$</td><td>60,274 </td><td></td><td colspan="3"></td><td>$</td><td>66,708 </td><td></td><td colspan="3"></td><td>$</td><td>60,274 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared per share or RSU</td><td>$</td><td>0.25 </td><td></td><td colspan="3"></td><td>$</td><td>0.24 </td><td></td><td colspan="3"></td><td>$</td><td>0.73 </td><td></td><td colspan="3"></td><td>$</td><td>0.70 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 4
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
,
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
(In millions, except per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Total shareholders' equity, beginning balances</td><td>$</td><td>74,194 </td><td></td><td colspan="3"></td><td>$</td><td>62,158 </td><td></td><td colspan="3"></td><td>$</td><td>62,146 </td><td></td><td colspan="3"></td><td>$</td><td>50,672 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">78,815 </td><td></td><td colspan="3"></td><td colspan="2">69,568 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td><td colspan="3"></td><td colspan="2">64,849 </td><td></td></tr><tr><td colspan="3">Common stock issued</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">752 </td><td></td><td colspan="3"></td><td colspan="2">690 </td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(1,920)</td><td></td><td colspan="3"></td><td colspan="2">(1,595)</td><td></td><td colspan="3"></td><td colspan="2">(3,802)</td><td></td><td colspan="3"></td><td colspan="2">(3,310)</td><td></td></tr><tr><td colspan="3">Share-based compensation</td><td colspan="2">2,955 </td><td></td><td colspan="3"></td><td colspan="2">2,694 </td><td></td><td colspan="3"></td><td colspan="2">9,088 </td><td></td><td colspan="3"></td><td colspan="2">8,438 </td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">70,667 </td><td></td><td colspan="3"></td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">70,667 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Retained earnings/(Accumulated deficit):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">4,339 </td><td></td><td colspan="3"></td><td colspan="2">4,336 </td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td><td colspan="3"></td><td colspan="2">(3,068)</td><td></td></tr><tr><td colspan="3">Net income</td><td colspan="2">21,448 </td><td></td><td colspan="3"></td><td colspan="2">19,881 </td><td></td><td colspan="3"></td><td colspan="2">79,000 </td><td></td><td colspan="3"></td><td colspan="2">74,039 </td><td></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared</td><td colspan="2">(3,864)</td><td></td><td colspan="3"></td><td colspan="2">(3,811)</td><td></td><td colspan="3"></td><td colspan="2">(11,384)</td><td></td><td colspan="3"></td><td colspan="2">(11,207)</td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(428)</td><td></td><td colspan="3"></td><td colspan="2">(858)</td><td></td><td colspan="3"></td><td colspan="2">(1,517)</td><td></td><td colspan="3"></td><td colspan="2">(1,988)</td><td></td></tr><tr><td colspan="3">Common stock repurchased</td><td colspan="2">(26,221)</td><td></td><td colspan="3"></td><td colspan="2">(18,140)</td><td></td><td colspan="3"></td><td colspan="2">(70,611)</td><td></td><td colspan="3"></td><td colspan="2">(56,368)</td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">1,408 </td><td></td><td colspan="3"></td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">1,408 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accumulated other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">(8,960)</td><td></td><td colspan="3"></td><td colspan="2">(11,746)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td><td colspan="3"></td><td colspan="2">(11,109)</td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">544 </td><td></td><td colspan="3"></td><td colspan="2">(55)</td><td></td><td colspan="3"></td><td colspan="2">3,036 </td><td></td><td colspan="3"></td><td colspan="2">(692)</td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,801)</td><td></td><td colspan="3"></td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,801)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total shareholders' equity, ending balances</td><td>$</td><td>66,708 </td><td></td><td colspan="3"></td><td>$</td><td>60,274 </td><td></td><td colspan="3"></td><td>$</td><td>66,708 </td><td></td><td colspan="3"></td><td>$</td><td>60,274 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared per share or RSU</td><td>$</td><td>0.25 </td><td></td><td colspan="3"></td><td>$</td><td>0.24 </td><td></td><td colspan="3"></td><td>$</td><td>0.73 </td><td></td><td colspan="3"></td><td>$</td><td>0.70 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 4
|
q_com154
|
What is the revenue growth rate for Apple from the quarter ending July 1, 2023, to the quarter ending June 29, 2024?
|
Revenue Growth Rate for Apple Inc. is calculated as follows:
Revenue Growth Rate =(Current Period Revenue − Previous Period Revenue) / Previous Period Revenue
Latest Quarter (Q3 2024):
Current Period Revenue (June 29, 2024) = $85.8 billion
Previous Period Revenue (July 1, 2023) = $81.8 billion
Revenue Growth Rate = (85.8−81.8)/81.8=0.0489 or 4.89%
|
Comparison
|
1
|
0000320193-24-000081
|
Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
q_com155
|
How did the cost of sales change for Apple from the quarter ending July 1, 2023, to the quarter ending June 29, 2024?
|
The cost of sales for the quarter ending June 29, 2024, is $46,099 million, and for the quarter ending July 1, 2023, it is $45,384 million. The change in cost of sales is (46,099 - 45,384) / 45,384 * 100 = 1.58%.
|
Comparison
|
1
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0000320193-24-000081
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Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
q_com156
|
What is the gross margin growth rate for Apple from the quarter ending July 1, 2023, to the quarter ending June 29, 2024?
|
The gross margin for the quarter ending June 29, 2024, is $39,678 million, and for the quarter ending July 1, 2023, it is $36,413 million. The gross margin growth rate is (39,678 - 36,413) / 36,413 * 100 = 8.96%.
|
Comparison
|
1
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0000320193-24-000081
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Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
q_com157
|
How did the operating income change for Apple from the quarter ending July 1, 2023, to the quarter ending June 29, 2024?
|
The operating income for the quarter ending June 29, 2024, is $25,352 million, and for the quarter ending July 1, 2023, it is $22,998 million. The change in operating income is (25,352 - 22,998) / 22,998 * 100 = 10.23%.
|
Comparison
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1
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0000320193-24-000081
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Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
q_com158
|
What is the net income growth rate for Apple from the quarter ending July 1, 2023, to the quarter ending June 29, 2024?
|
The net income for the quarter ending June 29, 2024, is $21,448 million, and for the quarter ending July 1, 2023, it is $19,881 million. The net income growth rate is (21,448 - 19,881) / 19,881 * 100 = 7.89%.
|
Comparison
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1
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0000320193-24-000081
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Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
q_com159
|
How did the earnings per share (EPS) change for Apple from the quarter ending July 1, 2023, to the quarter ending June 29, 2024?
|
The basic earnings per share (EPS) for the quarter ending June 29, 2024, is $1.40, and for the quarter ending July 1, 2023, it is $1.27. The change in EPS is (1.40 - 1.27) / 1.27 * 100 = 10.24%.
|
Comparison
|
1
|
0000320193-24-000081
|
Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | | | |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net sales: | | | | | | | | | | | |
| 4 | Products | $ | 61,564 | | | $ | 60,584 | | $ | 224,908 | $ | 230,901 |
| 5 | Services | 24,213 | | | 21,213 | | | 71,197 | | 62,886 | | |
| 6 | Total net sales | 85,777 | | | 81,797 | | | 296,105 | | 293,787 | | |
| 8 | Cost of sales: | | | | | | | | | | | |
| 9 | Products | 39,803 | | | 39,136 | | | 140,667 | | 146,696 | | |
| 10 | Services | 6,296 | | | 6,248 | | | 18,634 | | 18,370 | | |
| 11 | Total cost of sales | 46,099 | | | 45,384 | | | 159,301 | | 165,066 | | |
| 12 | Gross margin | 39,678 | | | 36,413 | | | 136,804 | | 128,721 | | |
| 14 | Operating expenses: | | | | | | | | | | | |
| 15 | Research and development | 8,006 | | | 7,442 | | | 23,605 | | 22,608 | | |
| 16 | Selling, general and administrative | 6,320 | | | 5,973 | | | 19,574 | | 18,781 | | |
| 17 | Total operating expenses | 14,326 | | | 13,415 | | | 43,179 | | 41,389 | | |
| 19 | Operating income | 25,352 | | | 22,998 | | | 93,625 | | 87,332 | | |
| 20 | Other income/(expense), net | 142 | | | (265) | | | 250 | | (594) | | |
| 21 | Income before provision for income taxes | 25,494 | | | 22,733 | | | 93,875 | | 86,738 | | |
| 22 | Provision for income taxes | 4,046 | | | 2,852 | | | 14,875 | | 12,699 | | |
| 23 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 25 | Earnings per share: | | | | | | | | | | | |
| 26 | Basic | $ | 1.40 | | | $ | 1.27 | | $ | 5.13 | $ | 4.69 |
| 27 | Diluted | $ | 1.40 | | | $ | 1.26 | | $ | 5.11 | $ | 4.67 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | | | |
| 30 | Basic | 15,287,521 | | | 15,697,614 | | | 15,401,047 | | 15,792,497 | | |
| 31 | Diluted | 15,348,175 | | | 15,775,021 | | | 15,463,175 | | 15,859,263 | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1:
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>61,564 </td><td></td><td colspan="3"></td><td>$</td><td>60,584 </td><td></td><td colspan="3"></td><td>$</td><td>224,908 </td><td></td><td colspan="3"></td><td>$</td><td>230,901 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,213 </td><td></td><td colspan="3"></td><td colspan="2">21,213 </td><td></td><td colspan="3"></td><td colspan="2">71,197 </td><td></td><td colspan="3"></td><td colspan="2">62,886 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">85,777 </td><td></td><td colspan="3"></td><td colspan="2">81,797 </td><td></td><td colspan="3"></td><td colspan="2">296,105 </td><td></td><td colspan="3"></td><td colspan="2">293,787 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">39,803 </td><td></td><td colspan="3"></td><td colspan="2">39,136 </td><td></td><td colspan="3"></td><td colspan="2">140,667 </td><td></td><td colspan="3"></td><td colspan="2">146,696 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">6,296 </td><td></td><td colspan="3"></td><td colspan="2">6,248 </td><td></td><td colspan="3"></td><td colspan="2">18,634 </td><td></td><td colspan="3"></td><td colspan="2">18,370 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">46,099 </td><td></td><td colspan="3"></td><td colspan="2">45,384 </td><td></td><td colspan="3"></td><td colspan="2">159,301 </td><td></td><td colspan="3"></td><td colspan="2">165,066 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">39,678 </td><td></td><td colspan="3"></td><td colspan="2">36,413 </td><td></td><td colspan="3"></td><td colspan="2">136,804 </td><td></td><td colspan="3"></td><td colspan="2">128,721 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">8,006 </td><td></td><td colspan="3"></td><td colspan="2">7,442 </td><td></td><td colspan="3"></td><td colspan="2">23,605 </td><td></td><td colspan="3"></td><td colspan="2">22,608 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">6,320 </td><td></td><td colspan="3"></td><td colspan="2">5,973 </td><td></td><td colspan="3"></td><td colspan="2">19,574 </td><td></td><td colspan="3"></td><td colspan="2">18,781 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">14,326 </td><td></td><td colspan="3"></td><td colspan="2">13,415 </td><td></td><td colspan="3"></td><td colspan="2">43,179 </td><td></td><td colspan="3"></td><td colspan="2">41,389 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">25,352 </td><td></td><td colspan="3"></td><td colspan="2">22,998 </td><td></td><td colspan="3"></td><td colspan="2">93,625 </td><td></td><td colspan="3"></td><td colspan="2">87,332 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">142 </td><td></td><td colspan="3"></td><td colspan="2">(265)</td><td></td><td colspan="3"></td><td colspan="2">250 </td><td></td><td colspan="3"></td><td colspan="2">(594)</td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">25,494 </td><td></td><td colspan="3"></td><td colspan="2">22,733 </td><td></td><td colspan="3"></td><td colspan="2">93,875 </td><td></td><td colspan="3"></td><td colspan="2">86,738 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">4,046 </td><td></td><td colspan="3"></td><td colspan="2">2,852 </td><td></td><td colspan="3"></td><td colspan="2">14,875 </td><td></td><td colspan="3"></td><td colspan="2">12,699 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.27 </td><td></td><td colspan="3"></td><td>$</td><td>5.13 </td><td></td><td colspan="3"></td><td>$</td><td>4.69 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>1.40 </td><td></td><td colspan="3"></td><td>$</td><td>1.26 </td><td></td><td colspan="3"></td><td>$</td><td>5.11 </td><td></td><td colspan="3"></td><td>$</td><td>4.67 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,287,521 </td><td></td><td colspan="3"></td><td colspan="2">15,697,614 </td><td></td><td colspan="3"></td><td colspan="2">15,401,047 </td><td></td><td colspan="3"></td><td colspan="2">15,792,497 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,348,175 </td><td></td><td colspan="3"></td><td colspan="2">15,775,021 </td><td></td><td colspan="3"></td><td colspan="2">15,463,175 </td><td></td><td colspan="3"></td><td colspan="2">15,859,263 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 1
|
q_com160
|
What is the change in total comprehensive income for Apple from the quarter ending July 1, 2023, to the quarter ending June 29, 2024?
|
The total comprehensive income for the quarter ending June 29, 2024, is $21,992 million, and for the quarter ending July 1, 2023, it is $19,826 million. The change in total comprehensive income is (21,992 - 19,826) / 19,826 * 100 = 10.92%.
|
Comparison
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2
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0000320193-24-000081
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Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 2:
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------|:-------------------|:-------|:------------------|:------|:-------------|:-------|:------------|:---|:--------|:---|:-------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 4 | Other comprehensive income/(loss): | | | | | | | | | | | |
| 5 | Change in foreign currency translation, net of tax | (73) | | | (385) | | | (87) | | (494) | | |
| 7 | Change in unrealized gains/losses on derivative instruments, net of tax: | | | | | | | | | | | |
| 8 | Change in fair value of derivative instruments | 406 | | | 509 | | | 331 | | (492) | | |
| 9 | Adjustment for net (gains)/losses realized and included in net income | (87) | | | 103 | | | (678) | | (1,854) | | |
| 10 | Total change in unrealized gains/losses on derivative instruments | 319 | | | 612 | | | (347) | | (2,346) | | |
| 12 | Change in unrealized gains/losses on marketable debt securities, net of tax: | | | | | | | | | | | |
| 13 | Change in fair value of marketable debt securities | 268 | | | (340) | | | 3,306 | | 1,963 | | |
| 14 | Adjustment for net (gains)/losses realized and included in net income | 30 | | | 58 | | | 164 | | 185 | | |
| 15 | Total change in unrealized gains/losses on marketable debt securities | 298 | | | (282) | | | 3,470 | | 2,148 | | |
| 17 | Total other comprehensive income/(loss) | 544 | | | (55) | | | 3,036 | | (692) | | |
| 18 | Total comprehensive income | $ | 21,992 | | | $ | 19,826 | | $ | 82,036 | $ | 73,347 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 2
|
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------|:-------------------|:-------|:------------------|:------|:-------------|:-------|:------------|:---|:--------|:---|:-------|
| 1 | | Three Months Ended | | Nine Months Ended | | | | | | | | |
| 2 | | June 29,2024 | | July 1,2023 | | June 29,2024 | | July 1,2023 | | | | |
| 3 | Net income | $ | 21,448 | | | $ | 19,881 | | $ | 79,000 | $ | 74,039 |
| 4 | Other comprehensive income/(loss): | | | | | | | | | | | |
| 5 | Change in foreign currency translation, net of tax | (73) | | | (385) | | | (87) | | (494) | | |
| 7 | Change in unrealized gains/losses on derivative instruments, net of tax: | | | | | | | | | | | |
| 8 | Change in fair value of derivative instruments | 406 | | | 509 | | | 331 | | (492) | | |
| 9 | Adjustment for net (gains)/losses realized and included in net income | (87) | | | 103 | | | (678) | | (1,854) | | |
| 10 | Total change in unrealized gains/losses on derivative instruments | 319 | | | 612 | | | (347) | | (2,346) | | |
| 12 | Change in unrealized gains/losses on marketable debt securities, net of tax: | | | | | | | | | | | |
| 13 | Change in fair value of marketable debt securities | 268 | | | (340) | | | 3,306 | | 1,963 | | |
| 14 | Adjustment for net (gains)/losses realized and included in net income | 30 | | | 58 | | | 164 | | 185 | | |
| 15 | Total change in unrealized gains/losses on marketable debt securities | 298 | | | (282) | | | 3,470 | | 2,148 | | |
| 17 | Total other comprehensive income/(loss) | 544 | | | (55) | | | 3,036 | | (692) | | |
| 18 | Total comprehensive income | $ | 21,992 | | | $ | 19,826 | | $ | 82,036 | $ | 73,347 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 2
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 2:
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in foreign currency translation, net of tax</td><td colspan="2">(73)</td><td></td><td colspan="3"></td><td colspan="2">(385)</td><td></td><td colspan="3"></td><td colspan="2">(87)</td><td></td><td colspan="3"></td><td colspan="2">(494)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on derivative instruments, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of derivative instruments</td><td colspan="2">406 </td><td></td><td colspan="3"></td><td colspan="2">509 </td><td></td><td colspan="3"></td><td colspan="2">331 </td><td></td><td colspan="3"></td><td colspan="2">(492)</td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">(87)</td><td></td><td colspan="3"></td><td colspan="2">103 </td><td></td><td colspan="3"></td><td colspan="2">(678)</td><td></td><td colspan="3"></td><td colspan="2">(1,854)</td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on derivative instruments</td><td colspan="2">319 </td><td></td><td colspan="3"></td><td colspan="2">612 </td><td></td><td colspan="3"></td><td colspan="2">(347)</td><td></td><td colspan="3"></td><td colspan="2">(2,346)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on marketable debt securities, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of marketable debt securities</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(340)</td><td></td><td colspan="3"></td><td colspan="2">3,306 </td><td></td><td colspan="3"></td><td colspan="2">1,963 </td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">30 </td><td></td><td colspan="3"></td><td colspan="2">58 </td><td></td><td colspan="3"></td><td colspan="2">164 </td><td></td><td colspan="3"></td><td colspan="2">185 </td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on marketable debt securities</td><td colspan="2">298 </td><td></td><td colspan="3"></td><td colspan="2">(282)</td><td></td><td colspan="3"></td><td colspan="2">3,470 </td><td></td><td colspan="3"></td><td colspan="2">2,148 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total other comprehensive income/(loss)</td><td colspan="2">544 </td><td></td><td colspan="3"></td><td colspan="2">(55)</td><td></td><td colspan="3"></td><td colspan="2">3,036 </td><td></td><td colspan="3"></td><td colspan="2">(692)</td><td></td></tr><tr><td colspan="3">Total comprehensive income</td><td>$</td><td>21,992 </td><td></td><td colspan="3"></td><td>$</td><td>19,826 </td><td></td><td colspan="3"></td><td>$</td><td>82,036 </td><td></td><td colspan="3"></td><td>$</td><td>73,347 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 2
|
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Nine Months Ended</td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">July 1,2023</td></tr><tr><td colspan="3">Net income</td><td>$</td><td>21,448 </td><td></td><td colspan="3"></td><td>$</td><td>19,881 </td><td></td><td colspan="3"></td><td>$</td><td>79,000 </td><td></td><td colspan="3"></td><td>$</td><td>74,039 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in foreign currency translation, net of tax</td><td colspan="2">(73)</td><td></td><td colspan="3"></td><td colspan="2">(385)</td><td></td><td colspan="3"></td><td colspan="2">(87)</td><td></td><td colspan="3"></td><td colspan="2">(494)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on derivative instruments, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of derivative instruments</td><td colspan="2">406 </td><td></td><td colspan="3"></td><td colspan="2">509 </td><td></td><td colspan="3"></td><td colspan="2">331 </td><td></td><td colspan="3"></td><td colspan="2">(492)</td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">(87)</td><td></td><td colspan="3"></td><td colspan="2">103 </td><td></td><td colspan="3"></td><td colspan="2">(678)</td><td></td><td colspan="3"></td><td colspan="2">(1,854)</td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on derivative instruments</td><td colspan="2">319 </td><td></td><td colspan="3"></td><td colspan="2">612 </td><td></td><td colspan="3"></td><td colspan="2">(347)</td><td></td><td colspan="3"></td><td colspan="2">(2,346)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on marketable debt securities, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of marketable debt securities</td><td colspan="2">268 </td><td></td><td colspan="3"></td><td colspan="2">(340)</td><td></td><td colspan="3"></td><td colspan="2">3,306 </td><td></td><td colspan="3"></td><td colspan="2">1,963 </td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">30 </td><td></td><td colspan="3"></td><td colspan="2">58 </td><td></td><td colspan="3"></td><td colspan="2">164 </td><td></td><td colspan="3"></td><td colspan="2">185 </td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on marketable debt securities</td><td colspan="2">298 </td><td></td><td colspan="3"></td><td colspan="2">(282)</td><td></td><td colspan="3"></td><td colspan="2">3,470 </td><td></td><td colspan="3"></td><td colspan="2">2,148 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total other comprehensive income/(loss)</td><td colspan="2">544 </td><td></td><td colspan="3"></td><td colspan="2">(55)</td><td></td><td colspan="3"></td><td colspan="2">3,036 </td><td></td><td colspan="3"></td><td colspan="2">(692)</td><td></td></tr><tr><td colspan="3">Total comprehensive income</td><td>$</td><td>21,992 </td><td></td><td colspan="3"></td><td>$</td><td>19,826 </td><td></td><td colspan="3"></td><td>$</td><td>82,036 </td><td></td><td colspan="3"></td><td>$</td><td>73,347 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 2
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q_com161
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How did the total assets change for Apple from the quarter ending September 30, 2023, to the quarter ending June 29, 2024?
|
The total assets for the quarter ending June 29, 2024, are $331,612 million, and for the quarter ending September 30, 2023, they are $352,583 million. The change in total assets is (331,612 - 352,583) / 352,583 * 100 = -5.95%.
|
Comparison
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3
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0000320193-24-000081
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Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 3:
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | June 29,2024 | | September 30,2023 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 25,565 | | | $ | 29,965 |
| 5 | Marketable securities | 36,236 | | | 31,590 | | |
| 6 | Accounts receivable, net | 22,795 | | | 29,508 | | |
| 7 | Vendor non-trade receivables | 20,377 | | | 31,477 | | |
| 8 | Inventories | 6,165 | | | 6,331 | | |
| 9 | Other current assets | 14,297 | | | 14,695 | | |
| 10 | Total current assets | 125,435 | | | 143,566 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 91,240 | | | 100,544 | | |
| 14 | Property, plant and equipment, net | 44,502 | | | 43,715 | | |
| 15 | Other non-current assets | 70,435 | | | 64,758 | | |
| 16 | Total non-current assets | 206,177 | | | 209,017 | | |
| 17 | Total assets | $ | 331,612 | | | $ | 352,583 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 47,574 | | | $ | 62,611 |
| 22 | Other current liabilities | 60,889 | | | 58,829 | | |
| 23 | Deferred revenue | 8,053 | | | 8,061 | | |
| 24 | Commercial paper | 2,994 | | | 5,985 | | |
| 25 | Term debt | 12,114 | | | 9,822 | | |
| 26 | Total current liabilities | 131,624 | | | 145,308 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 86,196 | | | 95,281 | | |
| 30 | Other non-current liabilities | 47,084 | | | 49,848 | | |
| 31 | Total non-current liabilities | 133,280 | | | 145,129 | | |
| 32 | Total liabilities | 264,904 | | | 290,437 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively | 79,850 | | | 73,812 | | |
| 38 | Accumulated deficit | (4,726) | | | (214) | | |
| 39 | Accumulated other comprehensive loss | (8,416) | | | (11,452) | | |
| 40 | Total shareholders' equity | 66,708 | | | 62,146 | | |
| 41 | Total liabilities and shareholders' equity | $ | 331,612 | | | $ | 352,583 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | June 29,2024 | | September 30,2023 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 25,565 | | | $ | 29,965 |
| 5 | Marketable securities | 36,236 | | | 31,590 | | |
| 6 | Accounts receivable, net | 22,795 | | | 29,508 | | |
| 7 | Vendor non-trade receivables | 20,377 | | | 31,477 | | |
| 8 | Inventories | 6,165 | | | 6,331 | | |
| 9 | Other current assets | 14,297 | | | 14,695 | | |
| 10 | Total current assets | 125,435 | | | 143,566 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 91,240 | | | 100,544 | | |
| 14 | Property, plant and equipment, net | 44,502 | | | 43,715 | | |
| 15 | Other non-current assets | 70,435 | | | 64,758 | | |
| 16 | Total non-current assets | 206,177 | | | 209,017 | | |
| 17 | Total assets | $ | 331,612 | | | $ | 352,583 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 47,574 | | | $ | 62,611 |
| 22 | Other current liabilities | 60,889 | | | 58,829 | | |
| 23 | Deferred revenue | 8,053 | | | 8,061 | | |
| 24 | Commercial paper | 2,994 | | | 5,985 | | |
| 25 | Term debt | 12,114 | | | 9,822 | | |
| 26 | Total current liabilities | 131,624 | | | 145,308 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 86,196 | | | 95,281 | | |
| 30 | Other non-current liabilities | 47,084 | | | 49,848 | | |
| 31 | Total non-current liabilities | 133,280 | | | 145,129 | | |
| 32 | Total liabilities | 264,904 | | | 290,437 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively | 79,850 | | | 73,812 | | |
| 38 | Accumulated deficit | (4,726) | | | (214) | | |
| 39 | Accumulated other comprehensive loss | (8,416) | | | (11,452) | | |
| 40 | Total shareholders' equity | 66,708 | | | 62,146 | | |
| 41 | Total liabilities and shareholders' equity | $ | 331,612 | | | $ | 352,583 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 3:
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">September 30,2023</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>25,565 </td><td></td><td colspan="3"></td><td>$</td><td>29,965 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">36,236 </td><td></td><td colspan="3"></td><td colspan="2">31,590 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">22,795 </td><td></td><td colspan="3"></td><td colspan="2">29,508 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">20,377 </td><td></td><td colspan="3"></td><td colspan="2">31,477 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,165 </td><td></td><td colspan="3"></td><td colspan="2">6,331 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,297 </td><td></td><td colspan="3"></td><td colspan="2">14,695 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">125,435 </td><td></td><td colspan="3"></td><td colspan="2">143,566 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">91,240 </td><td></td><td colspan="3"></td><td colspan="2">100,544 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">44,502 </td><td></td><td colspan="3"></td><td colspan="2">43,715 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">70,435 </td><td></td><td colspan="3"></td><td colspan="2">64,758 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">206,177 </td><td></td><td colspan="3"></td><td colspan="2">209,017 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>47,574 </td><td></td><td colspan="3"></td><td>$</td><td>62,611 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">60,889 </td><td></td><td colspan="3"></td><td colspan="2">58,829 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,053 </td><td></td><td colspan="3"></td><td colspan="2">8,061 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">2,994 </td><td></td><td colspan="3"></td><td colspan="2">5,985 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">12,114 </td><td></td><td colspan="3"></td><td colspan="2">9,822 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">131,624 </td><td></td><td colspan="3"></td><td colspan="2">145,308 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">86,196 </td><td></td><td colspan="3"></td><td colspan="2">95,281 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">47,084 </td><td></td><td colspan="3"></td><td colspan="2">49,848 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">133,280 </td><td></td><td colspan="3"></td><td colspan="2">145,129 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">264,904 </td><td></td><td colspan="3"></td><td colspan="2">290,437 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">66,708 </td><td></td><td colspan="3"></td><td colspan="2">62,146 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">September 30,2023</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>25,565 </td><td></td><td colspan="3"></td><td>$</td><td>29,965 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">36,236 </td><td></td><td colspan="3"></td><td colspan="2">31,590 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">22,795 </td><td></td><td colspan="3"></td><td colspan="2">29,508 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">20,377 </td><td></td><td colspan="3"></td><td colspan="2">31,477 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,165 </td><td></td><td colspan="3"></td><td colspan="2">6,331 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,297 </td><td></td><td colspan="3"></td><td colspan="2">14,695 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">125,435 </td><td></td><td colspan="3"></td><td colspan="2">143,566 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">91,240 </td><td></td><td colspan="3"></td><td colspan="2">100,544 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">44,502 </td><td></td><td colspan="3"></td><td colspan="2">43,715 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">70,435 </td><td></td><td colspan="3"></td><td colspan="2">64,758 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">206,177 </td><td></td><td colspan="3"></td><td colspan="2">209,017 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>47,574 </td><td></td><td colspan="3"></td><td>$</td><td>62,611 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">60,889 </td><td></td><td colspan="3"></td><td colspan="2">58,829 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,053 </td><td></td><td colspan="3"></td><td colspan="2">8,061 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">2,994 </td><td></td><td colspan="3"></td><td colspan="2">5,985 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">12,114 </td><td></td><td colspan="3"></td><td colspan="2">9,822 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">131,624 </td><td></td><td colspan="3"></td><td colspan="2">145,308 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">86,196 </td><td></td><td colspan="3"></td><td colspan="2">95,281 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">47,084 </td><td></td><td colspan="3"></td><td colspan="2">49,848 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">133,280 </td><td></td><td colspan="3"></td><td colspan="2">145,129 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">264,904 </td><td></td><td colspan="3"></td><td colspan="2">290,437 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">66,708 </td><td></td><td colspan="3"></td><td colspan="2">62,146 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
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q_com162
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What is the change in total liabilities for Apple from the quarter ending September 30, 2023, to the quarter ending June 29, 2024?
|
The total liabilities for the quarter ending June 29, 2024, are $264,904 million, and for the quarter ending September 30, 2023, they are $290,437 million. The change in total liabilities is (264,904 - 290,437) / 290,437 * 100 = -8.79%.
|
Comparison
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3
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0000320193-24-000081
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Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 3:
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | June 29,2024 | | September 30,2023 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 25,565 | | | $ | 29,965 |
| 5 | Marketable securities | 36,236 | | | 31,590 | | |
| 6 | Accounts receivable, net | 22,795 | | | 29,508 | | |
| 7 | Vendor non-trade receivables | 20,377 | | | 31,477 | | |
| 8 | Inventories | 6,165 | | | 6,331 | | |
| 9 | Other current assets | 14,297 | | | 14,695 | | |
| 10 | Total current assets | 125,435 | | | 143,566 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 91,240 | | | 100,544 | | |
| 14 | Property, plant and equipment, net | 44,502 | | | 43,715 | | |
| 15 | Other non-current assets | 70,435 | | | 64,758 | | |
| 16 | Total non-current assets | 206,177 | | | 209,017 | | |
| 17 | Total assets | $ | 331,612 | | | $ | 352,583 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 47,574 | | | $ | 62,611 |
| 22 | Other current liabilities | 60,889 | | | 58,829 | | |
| 23 | Deferred revenue | 8,053 | | | 8,061 | | |
| 24 | Commercial paper | 2,994 | | | 5,985 | | |
| 25 | Term debt | 12,114 | | | 9,822 | | |
| 26 | Total current liabilities | 131,624 | | | 145,308 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 86,196 | | | 95,281 | | |
| 30 | Other non-current liabilities | 47,084 | | | 49,848 | | |
| 31 | Total non-current liabilities | 133,280 | | | 145,129 | | |
| 32 | Total liabilities | 264,904 | | | 290,437 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively | 79,850 | | | 73,812 | | |
| 38 | Accumulated deficit | (4,726) | | | (214) | | |
| 39 | Accumulated other comprehensive loss | (8,416) | | | (11,452) | | |
| 40 | Total shareholders' equity | 66,708 | | | 62,146 | | |
| 41 | Total liabilities and shareholders' equity | $ | 331,612 | | | $ | 352,583 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | June 29,2024 | | September 30,2023 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 25,565 | | | $ | 29,965 |
| 5 | Marketable securities | 36,236 | | | 31,590 | | |
| 6 | Accounts receivable, net | 22,795 | | | 29,508 | | |
| 7 | Vendor non-trade receivables | 20,377 | | | 31,477 | | |
| 8 | Inventories | 6,165 | | | 6,331 | | |
| 9 | Other current assets | 14,297 | | | 14,695 | | |
| 10 | Total current assets | 125,435 | | | 143,566 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 91,240 | | | 100,544 | | |
| 14 | Property, plant and equipment, net | 44,502 | | | 43,715 | | |
| 15 | Other non-current assets | 70,435 | | | 64,758 | | |
| 16 | Total non-current assets | 206,177 | | | 209,017 | | |
| 17 | Total assets | $ | 331,612 | | | $ | 352,583 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 47,574 | | | $ | 62,611 |
| 22 | Other current liabilities | 60,889 | | | 58,829 | | |
| 23 | Deferred revenue | 8,053 | | | 8,061 | | |
| 24 | Commercial paper | 2,994 | | | 5,985 | | |
| 25 | Term debt | 12,114 | | | 9,822 | | |
| 26 | Total current liabilities | 131,624 | | | 145,308 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 86,196 | | | 95,281 | | |
| 30 | Other non-current liabilities | 47,084 | | | 49,848 | | |
| 31 | Total non-current liabilities | 133,280 | | | 145,129 | | |
| 32 | Total liabilities | 264,904 | | | 290,437 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively | 79,850 | | | 73,812 | | |
| 38 | Accumulated deficit | (4,726) | | | (214) | | |
| 39 | Accumulated other comprehensive loss | (8,416) | | | (11,452) | | |
| 40 | Total shareholders' equity | 66,708 | | | 62,146 | | |
| 41 | Total liabilities and shareholders' equity | $ | 331,612 | | | $ | 352,583 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 3:
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">September 30,2023</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>25,565 </td><td></td><td colspan="3"></td><td>$</td><td>29,965 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">36,236 </td><td></td><td colspan="3"></td><td colspan="2">31,590 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">22,795 </td><td></td><td colspan="3"></td><td colspan="2">29,508 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">20,377 </td><td></td><td colspan="3"></td><td colspan="2">31,477 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,165 </td><td></td><td colspan="3"></td><td colspan="2">6,331 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,297 </td><td></td><td colspan="3"></td><td colspan="2">14,695 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">125,435 </td><td></td><td colspan="3"></td><td colspan="2">143,566 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">91,240 </td><td></td><td colspan="3"></td><td colspan="2">100,544 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">44,502 </td><td></td><td colspan="3"></td><td colspan="2">43,715 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">70,435 </td><td></td><td colspan="3"></td><td colspan="2">64,758 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">206,177 </td><td></td><td colspan="3"></td><td colspan="2">209,017 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>47,574 </td><td></td><td colspan="3"></td><td>$</td><td>62,611 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">60,889 </td><td></td><td colspan="3"></td><td colspan="2">58,829 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,053 </td><td></td><td colspan="3"></td><td colspan="2">8,061 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">2,994 </td><td></td><td colspan="3"></td><td colspan="2">5,985 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">12,114 </td><td></td><td colspan="3"></td><td colspan="2">9,822 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">131,624 </td><td></td><td colspan="3"></td><td colspan="2">145,308 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">86,196 </td><td></td><td colspan="3"></td><td colspan="2">95,281 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">47,084 </td><td></td><td colspan="3"></td><td colspan="2">49,848 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">133,280 </td><td></td><td colspan="3"></td><td colspan="2">145,129 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">264,904 </td><td></td><td colspan="3"></td><td colspan="2">290,437 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">66,708 </td><td></td><td colspan="3"></td><td colspan="2">62,146 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">September 30,2023</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>25,565 </td><td></td><td colspan="3"></td><td>$</td><td>29,965 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">36,236 </td><td></td><td colspan="3"></td><td colspan="2">31,590 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">22,795 </td><td></td><td colspan="3"></td><td colspan="2">29,508 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">20,377 </td><td></td><td colspan="3"></td><td colspan="2">31,477 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,165 </td><td></td><td colspan="3"></td><td colspan="2">6,331 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,297 </td><td></td><td colspan="3"></td><td colspan="2">14,695 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">125,435 </td><td></td><td colspan="3"></td><td colspan="2">143,566 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">91,240 </td><td></td><td colspan="3"></td><td colspan="2">100,544 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">44,502 </td><td></td><td colspan="3"></td><td colspan="2">43,715 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">70,435 </td><td></td><td colspan="3"></td><td colspan="2">64,758 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">206,177 </td><td></td><td colspan="3"></td><td colspan="2">209,017 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>47,574 </td><td></td><td colspan="3"></td><td>$</td><td>62,611 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">60,889 </td><td></td><td colspan="3"></td><td colspan="2">58,829 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,053 </td><td></td><td colspan="3"></td><td colspan="2">8,061 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">2,994 </td><td></td><td colspan="3"></td><td colspan="2">5,985 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">12,114 </td><td></td><td colspan="3"></td><td colspan="2">9,822 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">131,624 </td><td></td><td colspan="3"></td><td colspan="2">145,308 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">86,196 </td><td></td><td colspan="3"></td><td colspan="2">95,281 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">47,084 </td><td></td><td colspan="3"></td><td colspan="2">49,848 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">133,280 </td><td></td><td colspan="3"></td><td colspan="2">145,129 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">264,904 </td><td></td><td colspan="3"></td><td colspan="2">290,437 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">66,708 </td><td></td><td colspan="3"></td><td colspan="2">62,146 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
q_com163
|
How did the shareholders' equity change for Apple from the quarter ending September 30, 2023, to the quarter ending June 29, 2024?
|
The shareholders' equity for the quarter ending June 29, 2024, is $66,708 million, and for the quarter ending September 30, 2023, it is $62,146 million. The change in shareholders' equity is (66,708 - 62,146) / 62,146 * 100 = 7.34%.
|
Comparison
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3
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0000320193-24-000081
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Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 3:
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | June 29,2024 | | September 30,2023 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 25,565 | | | $ | 29,965 |
| 5 | Marketable securities | 36,236 | | | 31,590 | | |
| 6 | Accounts receivable, net | 22,795 | | | 29,508 | | |
| 7 | Vendor non-trade receivables | 20,377 | | | 31,477 | | |
| 8 | Inventories | 6,165 | | | 6,331 | | |
| 9 | Other current assets | 14,297 | | | 14,695 | | |
| 10 | Total current assets | 125,435 | | | 143,566 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 91,240 | | | 100,544 | | |
| 14 | Property, plant and equipment, net | 44,502 | | | 43,715 | | |
| 15 | Other non-current assets | 70,435 | | | 64,758 | | |
| 16 | Total non-current assets | 206,177 | | | 209,017 | | |
| 17 | Total assets | $ | 331,612 | | | $ | 352,583 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 47,574 | | | $ | 62,611 |
| 22 | Other current liabilities | 60,889 | | | 58,829 | | |
| 23 | Deferred revenue | 8,053 | | | 8,061 | | |
| 24 | Commercial paper | 2,994 | | | 5,985 | | |
| 25 | Term debt | 12,114 | | | 9,822 | | |
| 26 | Total current liabilities | 131,624 | | | 145,308 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 86,196 | | | 95,281 | | |
| 30 | Other non-current liabilities | 47,084 | | | 49,848 | | |
| 31 | Total non-current liabilities | 133,280 | | | 145,129 | | |
| 32 | Total liabilities | 264,904 | | | 290,437 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively | 79,850 | | | 73,812 | | |
| 38 | Accumulated deficit | (4,726) | | | (214) | | |
| 39 | Accumulated other comprehensive loss | (8,416) | | | (11,452) | | |
| 40 | Total shareholders' equity | 66,708 | | | 62,146 | | |
| 41 | Total liabilities and shareholders' equity | $ | 331,612 | | | $ | 352,583 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | June 29,2024 | | September 30,2023 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 25,565 | | | $ | 29,965 |
| 5 | Marketable securities | 36,236 | | | 31,590 | | |
| 6 | Accounts receivable, net | 22,795 | | | 29,508 | | |
| 7 | Vendor non-trade receivables | 20,377 | | | 31,477 | | |
| 8 | Inventories | 6,165 | | | 6,331 | | |
| 9 | Other current assets | 14,297 | | | 14,695 | | |
| 10 | Total current assets | 125,435 | | | 143,566 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 91,240 | | | 100,544 | | |
| 14 | Property, plant and equipment, net | 44,502 | | | 43,715 | | |
| 15 | Other non-current assets | 70,435 | | | 64,758 | | |
| 16 | Total non-current assets | 206,177 | | | 209,017 | | |
| 17 | Total assets | $ | 331,612 | | | $ | 352,583 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 47,574 | | | $ | 62,611 |
| 22 | Other current liabilities | 60,889 | | | 58,829 | | |
| 23 | Deferred revenue | 8,053 | | | 8,061 | | |
| 24 | Commercial paper | 2,994 | | | 5,985 | | |
| 25 | Term debt | 12,114 | | | 9,822 | | |
| 26 | Total current liabilities | 131,624 | | | 145,308 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 86,196 | | | 95,281 | | |
| 30 | Other non-current liabilities | 47,084 | | | 49,848 | | |
| 31 | Total non-current liabilities | 133,280 | | | 145,129 | | |
| 32 | Total liabilities | 264,904 | | | 290,437 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively | 79,850 | | | 73,812 | | |
| 38 | Accumulated deficit | (4,726) | | | (214) | | |
| 39 | Accumulated other comprehensive loss | (8,416) | | | (11,452) | | |
| 40 | Total shareholders' equity | 66,708 | | | 62,146 | | |
| 41 | Total liabilities and shareholders' equity | $ | 331,612 | | | $ | 352,583 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 3:
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">September 30,2023</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>25,565 </td><td></td><td colspan="3"></td><td>$</td><td>29,965 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">36,236 </td><td></td><td colspan="3"></td><td colspan="2">31,590 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">22,795 </td><td></td><td colspan="3"></td><td colspan="2">29,508 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">20,377 </td><td></td><td colspan="3"></td><td colspan="2">31,477 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,165 </td><td></td><td colspan="3"></td><td colspan="2">6,331 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,297 </td><td></td><td colspan="3"></td><td colspan="2">14,695 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">125,435 </td><td></td><td colspan="3"></td><td colspan="2">143,566 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">91,240 </td><td></td><td colspan="3"></td><td colspan="2">100,544 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">44,502 </td><td></td><td colspan="3"></td><td colspan="2">43,715 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">70,435 </td><td></td><td colspan="3"></td><td colspan="2">64,758 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">206,177 </td><td></td><td colspan="3"></td><td colspan="2">209,017 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>47,574 </td><td></td><td colspan="3"></td><td>$</td><td>62,611 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">60,889 </td><td></td><td colspan="3"></td><td colspan="2">58,829 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,053 </td><td></td><td colspan="3"></td><td colspan="2">8,061 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">2,994 </td><td></td><td colspan="3"></td><td colspan="2">5,985 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">12,114 </td><td></td><td colspan="3"></td><td colspan="2">9,822 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">131,624 </td><td></td><td colspan="3"></td><td colspan="2">145,308 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">86,196 </td><td></td><td colspan="3"></td><td colspan="2">95,281 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">47,084 </td><td></td><td colspan="3"></td><td colspan="2">49,848 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">133,280 </td><td></td><td colspan="3"></td><td colspan="2">145,129 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">264,904 </td><td></td><td colspan="3"></td><td colspan="2">290,437 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">66,708 </td><td></td><td colspan="3"></td><td colspan="2">62,146 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">September 30,2023</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>25,565 </td><td></td><td colspan="3"></td><td>$</td><td>29,965 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">36,236 </td><td></td><td colspan="3"></td><td colspan="2">31,590 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">22,795 </td><td></td><td colspan="3"></td><td colspan="2">29,508 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">20,377 </td><td></td><td colspan="3"></td><td colspan="2">31,477 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,165 </td><td></td><td colspan="3"></td><td colspan="2">6,331 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,297 </td><td></td><td colspan="3"></td><td colspan="2">14,695 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">125,435 </td><td></td><td colspan="3"></td><td colspan="2">143,566 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">91,240 </td><td></td><td colspan="3"></td><td colspan="2">100,544 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">44,502 </td><td></td><td colspan="3"></td><td colspan="2">43,715 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">70,435 </td><td></td><td colspan="3"></td><td colspan="2">64,758 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">206,177 </td><td></td><td colspan="3"></td><td colspan="2">209,017 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>47,574 </td><td></td><td colspan="3"></td><td>$</td><td>62,611 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">60,889 </td><td></td><td colspan="3"></td><td colspan="2">58,829 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,053 </td><td></td><td colspan="3"></td><td colspan="2">8,061 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">2,994 </td><td></td><td colspan="3"></td><td colspan="2">5,985 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">12,114 </td><td></td><td colspan="3"></td><td colspan="2">9,822 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">131,624 </td><td></td><td colspan="3"></td><td colspan="2">145,308 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">86,196 </td><td></td><td colspan="3"></td><td colspan="2">95,281 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">47,084 </td><td></td><td colspan="3"></td><td colspan="2">49,848 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">133,280 </td><td></td><td colspan="3"></td><td colspan="2">145,129 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">264,904 </td><td></td><td colspan="3"></td><td colspan="2">290,437 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">66,708 </td><td></td><td colspan="3"></td><td colspan="2">62,146 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
q_com164
|
What is the change in cash and cash equivalents for Apple from the quarter ending September 30, 2023, to the quarter ending June 29, 2024?
|
The cash and cash equivalents for the quarter ending June 29, 2024, are $25,565 million, and for the quarter ending September 30, 2023, they are $29,965 million. The change in cash and cash equivalents is (25,565 - 29,965) / 29,965 * 100 = -14.68%.
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Comparison
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3
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0000320193-24-000081
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Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 3:
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | June 29,2024 | | September 30,2023 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 25,565 | | | $ | 29,965 |
| 5 | Marketable securities | 36,236 | | | 31,590 | | |
| 6 | Accounts receivable, net | 22,795 | | | 29,508 | | |
| 7 | Vendor non-trade receivables | 20,377 | | | 31,477 | | |
| 8 | Inventories | 6,165 | | | 6,331 | | |
| 9 | Other current assets | 14,297 | | | 14,695 | | |
| 10 | Total current assets | 125,435 | | | 143,566 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 91,240 | | | 100,544 | | |
| 14 | Property, plant and equipment, net | 44,502 | | | 43,715 | | |
| 15 | Other non-current assets | 70,435 | | | 64,758 | | |
| 16 | Total non-current assets | 206,177 | | | 209,017 | | |
| 17 | Total assets | $ | 331,612 | | | $ | 352,583 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 47,574 | | | $ | 62,611 |
| 22 | Other current liabilities | 60,889 | | | 58,829 | | |
| 23 | Deferred revenue | 8,053 | | | 8,061 | | |
| 24 | Commercial paper | 2,994 | | | 5,985 | | |
| 25 | Term debt | 12,114 | | | 9,822 | | |
| 26 | Total current liabilities | 131,624 | | | 145,308 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 86,196 | | | 95,281 | | |
| 30 | Other non-current liabilities | 47,084 | | | 49,848 | | |
| 31 | Total non-current liabilities | 133,280 | | | 145,129 | | |
| 32 | Total liabilities | 264,904 | | | 290,437 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively | 79,850 | | | 73,812 | | |
| 38 | Accumulated deficit | (4,726) | | | (214) | | |
| 39 | Accumulated other comprehensive loss | (8,416) | | | (11,452) | | |
| 40 | Total shareholders' equity | 66,708 | | | 62,146 | | |
| 41 | Total liabilities and shareholders' equity | $ | 331,612 | | | $ | 352,583 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | June 29,2024 | | September 30,2023 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 25,565 | | | $ | 29,965 |
| 5 | Marketable securities | 36,236 | | | 31,590 | | |
| 6 | Accounts receivable, net | 22,795 | | | 29,508 | | |
| 7 | Vendor non-trade receivables | 20,377 | | | 31,477 | | |
| 8 | Inventories | 6,165 | | | 6,331 | | |
| 9 | Other current assets | 14,297 | | | 14,695 | | |
| 10 | Total current assets | 125,435 | | | 143,566 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 91,240 | | | 100,544 | | |
| 14 | Property, plant and equipment, net | 44,502 | | | 43,715 | | |
| 15 | Other non-current assets | 70,435 | | | 64,758 | | |
| 16 | Total non-current assets | 206,177 | | | 209,017 | | |
| 17 | Total assets | $ | 331,612 | | | $ | 352,583 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 47,574 | | | $ | 62,611 |
| 22 | Other current liabilities | 60,889 | | | 58,829 | | |
| 23 | Deferred revenue | 8,053 | | | 8,061 | | |
| 24 | Commercial paper | 2,994 | | | 5,985 | | |
| 25 | Term debt | 12,114 | | | 9,822 | | |
| 26 | Total current liabilities | 131,624 | | | 145,308 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 86,196 | | | 95,281 | | |
| 30 | Other non-current liabilities | 47,084 | | | 49,848 | | |
| 31 | Total non-current liabilities | 133,280 | | | 145,129 | | |
| 32 | Total liabilities | 264,904 | | | 290,437 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively | 79,850 | | | 73,812 | | |
| 38 | Accumulated deficit | (4,726) | | | (214) | | |
| 39 | Accumulated other comprehensive loss | (8,416) | | | (11,452) | | |
| 40 | Total shareholders' equity | 66,708 | | | 62,146 | | |
| 41 | Total liabilities and shareholders' equity | $ | 331,612 | | | $ | 352,583 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 3:
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">September 30,2023</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>25,565 </td><td></td><td colspan="3"></td><td>$</td><td>29,965 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">36,236 </td><td></td><td colspan="3"></td><td colspan="2">31,590 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">22,795 </td><td></td><td colspan="3"></td><td colspan="2">29,508 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">20,377 </td><td></td><td colspan="3"></td><td colspan="2">31,477 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,165 </td><td></td><td colspan="3"></td><td colspan="2">6,331 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,297 </td><td></td><td colspan="3"></td><td colspan="2">14,695 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">125,435 </td><td></td><td colspan="3"></td><td colspan="2">143,566 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">91,240 </td><td></td><td colspan="3"></td><td colspan="2">100,544 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">44,502 </td><td></td><td colspan="3"></td><td colspan="2">43,715 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">70,435 </td><td></td><td colspan="3"></td><td colspan="2">64,758 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">206,177 </td><td></td><td colspan="3"></td><td colspan="2">209,017 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>47,574 </td><td></td><td colspan="3"></td><td>$</td><td>62,611 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">60,889 </td><td></td><td colspan="3"></td><td colspan="2">58,829 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,053 </td><td></td><td colspan="3"></td><td colspan="2">8,061 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">2,994 </td><td></td><td colspan="3"></td><td colspan="2">5,985 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">12,114 </td><td></td><td colspan="3"></td><td colspan="2">9,822 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">131,624 </td><td></td><td colspan="3"></td><td colspan="2">145,308 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">86,196 </td><td></td><td colspan="3"></td><td colspan="2">95,281 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">47,084 </td><td></td><td colspan="3"></td><td colspan="2">49,848 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">133,280 </td><td></td><td colspan="3"></td><td colspan="2">145,129 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">264,904 </td><td></td><td colspan="3"></td><td colspan="2">290,437 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">66,708 </td><td></td><td colspan="3"></td><td colspan="2">62,146 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">September 30,2023</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>25,565 </td><td></td><td colspan="3"></td><td>$</td><td>29,965 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">36,236 </td><td></td><td colspan="3"></td><td colspan="2">31,590 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">22,795 </td><td></td><td colspan="3"></td><td colspan="2">29,508 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">20,377 </td><td></td><td colspan="3"></td><td colspan="2">31,477 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,165 </td><td></td><td colspan="3"></td><td colspan="2">6,331 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,297 </td><td></td><td colspan="3"></td><td colspan="2">14,695 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">125,435 </td><td></td><td colspan="3"></td><td colspan="2">143,566 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">91,240 </td><td></td><td colspan="3"></td><td colspan="2">100,544 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">44,502 </td><td></td><td colspan="3"></td><td colspan="2">43,715 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">70,435 </td><td></td><td colspan="3"></td><td colspan="2">64,758 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">206,177 </td><td></td><td colspan="3"></td><td colspan="2">209,017 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>47,574 </td><td></td><td colspan="3"></td><td>$</td><td>62,611 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">60,889 </td><td></td><td colspan="3"></td><td colspan="2">58,829 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,053 </td><td></td><td colspan="3"></td><td colspan="2">8,061 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">2,994 </td><td></td><td colspan="3"></td><td colspan="2">5,985 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">12,114 </td><td></td><td colspan="3"></td><td colspan="2">9,822 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">131,624 </td><td></td><td colspan="3"></td><td colspan="2">145,308 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">86,196 </td><td></td><td colspan="3"></td><td colspan="2">95,281 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">47,084 </td><td></td><td colspan="3"></td><td colspan="2">49,848 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">133,280 </td><td></td><td colspan="3"></td><td colspan="2">145,129 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">264,904 </td><td></td><td colspan="3"></td><td colspan="2">290,437 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">66,708 </td><td></td><td colspan="3"></td><td colspan="2">62,146 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
q_com165
|
How did the accounts receivable change for Apple from the quarter ending September 30, 2023, to the quarter ending June 29, 2024?
|
The accounts receivable for the quarter ending June 29, 2024, are $22,795 million, and for the quarter ending September 30, 2023, they are $29,508 million. The change in accounts receivable is (22,795 - 29,508) / 29,508 * 100 = -22.77%.
|
Comparison
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3
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0000320193-24-000081
|
Item 1. Financial Statements
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 3:
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | June 29,2024 | | September 30,2023 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 25,565 | | | $ | 29,965 |
| 5 | Marketable securities | 36,236 | | | 31,590 | | |
| 6 | Accounts receivable, net | 22,795 | | | 29,508 | | |
| 7 | Vendor non-trade receivables | 20,377 | | | 31,477 | | |
| 8 | Inventories | 6,165 | | | 6,331 | | |
| 9 | Other current assets | 14,297 | | | 14,695 | | |
| 10 | Total current assets | 125,435 | | | 143,566 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 91,240 | | | 100,544 | | |
| 14 | Property, plant and equipment, net | 44,502 | | | 43,715 | | |
| 15 | Other non-current assets | 70,435 | | | 64,758 | | |
| 16 | Total non-current assets | 206,177 | | | 209,017 | | |
| 17 | Total assets | $ | 331,612 | | | $ | 352,583 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 47,574 | | | $ | 62,611 |
| 22 | Other current liabilities | 60,889 | | | 58,829 | | |
| 23 | Deferred revenue | 8,053 | | | 8,061 | | |
| 24 | Commercial paper | 2,994 | | | 5,985 | | |
| 25 | Term debt | 12,114 | | | 9,822 | | |
| 26 | Total current liabilities | 131,624 | | | 145,308 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 86,196 | | | 95,281 | | |
| 30 | Other non-current liabilities | 47,084 | | | 49,848 | | |
| 31 | Total non-current liabilities | 133,280 | | | 145,129 | | |
| 32 | Total liabilities | 264,904 | | | 290,437 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively | 79,850 | | | 73,812 | | |
| 38 | Accumulated deficit | (4,726) | | | (214) | | |
| 39 | Accumulated other comprehensive loss | (8,416) | | | (11,452) | | |
| 40 | Total shareholders' equity | 66,708 | | | 62,146 | | |
| 41 | Total liabilities and shareholders' equity | $ | 331,612 | | | $ | 352,583 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | June 29,2024 | | September 30,2023 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 25,565 | | | $ | 29,965 |
| 5 | Marketable securities | 36,236 | | | 31,590 | | |
| 6 | Accounts receivable, net | 22,795 | | | 29,508 | | |
| 7 | Vendor non-trade receivables | 20,377 | | | 31,477 | | |
| 8 | Inventories | 6,165 | | | 6,331 | | |
| 9 | Other current assets | 14,297 | | | 14,695 | | |
| 10 | Total current assets | 125,435 | | | 143,566 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 91,240 | | | 100,544 | | |
| 14 | Property, plant and equipment, net | 44,502 | | | 43,715 | | |
| 15 | Other non-current assets | 70,435 | | | 64,758 | | |
| 16 | Total non-current assets | 206,177 | | | 209,017 | | |
| 17 | Total assets | $ | 331,612 | | | $ | 352,583 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 47,574 | | | $ | 62,611 |
| 22 | Other current liabilities | 60,889 | | | 58,829 | | |
| 23 | Deferred revenue | 8,053 | | | 8,061 | | |
| 24 | Commercial paper | 2,994 | | | 5,985 | | |
| 25 | Term debt | 12,114 | | | 9,822 | | |
| 26 | Total current liabilities | 131,624 | | | 145,308 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 86,196 | | | 95,281 | | |
| 30 | Other non-current liabilities | 47,084 | | | 49,848 | | |
| 31 | Total non-current liabilities | 133,280 | | | 145,129 | | |
| 32 | Total liabilities | 264,904 | | | 290,437 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively | 79,850 | | | 73,812 | | |
| 38 | Accumulated deficit | (4,726) | | | (214) | | |
| 39 | Accumulated other comprehensive loss | (8,416) | | | (11,452) | | |
| 40 | Total shareholders' equity | 66,708 | | | 62,146 | | |
| 41 | Total liabilities and shareholders' equity | $ | 331,612 | | | $ | 352,583 |
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 3:
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">September 30,2023</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>25,565 </td><td></td><td colspan="3"></td><td>$</td><td>29,965 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">36,236 </td><td></td><td colspan="3"></td><td colspan="2">31,590 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">22,795 </td><td></td><td colspan="3"></td><td colspan="2">29,508 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">20,377 </td><td></td><td colspan="3"></td><td colspan="2">31,477 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,165 </td><td></td><td colspan="3"></td><td colspan="2">6,331 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,297 </td><td></td><td colspan="3"></td><td colspan="2">14,695 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">125,435 </td><td></td><td colspan="3"></td><td colspan="2">143,566 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">91,240 </td><td></td><td colspan="3"></td><td colspan="2">100,544 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">44,502 </td><td></td><td colspan="3"></td><td colspan="2">43,715 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">70,435 </td><td></td><td colspan="3"></td><td colspan="2">64,758 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">206,177 </td><td></td><td colspan="3"></td><td colspan="2">209,017 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>47,574 </td><td></td><td colspan="3"></td><td>$</td><td>62,611 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">60,889 </td><td></td><td colspan="3"></td><td colspan="2">58,829 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,053 </td><td></td><td colspan="3"></td><td colspan="2">8,061 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">2,994 </td><td></td><td colspan="3"></td><td colspan="2">5,985 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">12,114 </td><td></td><td colspan="3"></td><td colspan="2">9,822 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">131,624 </td><td></td><td colspan="3"></td><td colspan="2">145,308 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">86,196 </td><td></td><td colspan="3"></td><td colspan="2">95,281 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">47,084 </td><td></td><td colspan="3"></td><td colspan="2">49,848 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">133,280 </td><td></td><td colspan="3"></td><td colspan="2">145,129 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">264,904 </td><td></td><td colspan="3"></td><td colspan="2">290,437 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">66,708 </td><td></td><td colspan="3"></td><td colspan="2">62,146 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
|
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">June 29,2024</td><td colspan="3"></td><td colspan="3">September 30,2023</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>25,565 </td><td></td><td colspan="3"></td><td>$</td><td>29,965 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">36,236 </td><td></td><td colspan="3"></td><td colspan="2">31,590 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">22,795 </td><td></td><td colspan="3"></td><td colspan="2">29,508 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">20,377 </td><td></td><td colspan="3"></td><td colspan="2">31,477 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,165 </td><td></td><td colspan="3"></td><td colspan="2">6,331 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,297 </td><td></td><td colspan="3"></td><td colspan="2">14,695 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">125,435 </td><td></td><td colspan="3"></td><td colspan="2">143,566 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">91,240 </td><td></td><td colspan="3"></td><td colspan="2">100,544 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">44,502 </td><td></td><td colspan="3"></td><td colspan="2">43,715 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">70,435 </td><td></td><td colspan="3"></td><td colspan="2">64,758 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">206,177 </td><td></td><td colspan="3"></td><td colspan="2">209,017 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>47,574 </td><td></td><td colspan="3"></td><td>$</td><td>62,611 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">60,889 </td><td></td><td colspan="3"></td><td colspan="2">58,829 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,053 </td><td></td><td colspan="3"></td><td colspan="2">8,061 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">2,994 </td><td></td><td colspan="3"></td><td colspan="2">5,985 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">12,114 </td><td></td><td colspan="3"></td><td colspan="2">9,822 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">131,624 </td><td></td><td colspan="3"></td><td colspan="2">145,308 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">86,196 </td><td></td><td colspan="3"></td><td colspan="2">95,281 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">47,084 </td><td></td><td colspan="3"></td><td colspan="2">49,848 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">133,280 </td><td></td><td colspan="3"></td><td colspan="2">145,129 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">264,904 </td><td></td><td colspan="3"></td><td colspan="2">290,437 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively</td><td colspan="2">79,850 </td><td></td><td colspan="3"></td><td colspan="2">73,812 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(4,726)</td><td></td><td colspan="3"></td><td colspan="2">(214)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(8,416)</td><td></td><td colspan="3"></td><td colspan="2">(11,452)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">66,708 </td><td></td><td colspan="3"></td><td colspan="2">62,146 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>331,612 </td><td></td><td colspan="3"></td><td>$</td><td>352,583 </td><td></td></tr></table>
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2024 Form 10-Q | 3
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q_com166
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How did Pfizer's total revenues change between the quarters ending June 30, 2024, and July 2, 2023?
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Pfizer's total revenues for the quarter ending June 30, 2024, were $13,283 million, compared to $13,007 million for the quarter ending July 2, 2023. This reflects an increase of $276 million or 2.12%, indicating a modest growth in revenue
Change in revenue = 13,283 - 13,007 = 276 million
Percentage change = (276 / 13,007) * 100 = 2.12%
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Comparison
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5
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0000078003-24-000166
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ITEM 1. FINANCIAL STATEMENTS
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
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PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
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q_com167
|
How did Pfizer's gross margin change between the quarters ending June 30, 2024, and July 2, 2023?
|
Pfizer's gross margin for the quarter ending June 30, 2024, was $9,983 million, compared to $9,770 million for the quarter ending July 2, 2023. This reflects an increase of $213 million or 2.18%, indicating a slight improvement in profitability.
Gross margin = Total revenues - Cost of sales
For June 30, 2024: 13,283 - 3,300 = 9,983 million
For July 2, 2023: 13,007 - 3,237 = 9,770 million
Change = 9,983 - 9,770 = 213 million
Percentage change = (213 / 9,770) * 100 = 2.18%
|
Comparison
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5
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0000078003-24-000166
|
ITEM 1. FINANCIAL STATEMENTS
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
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PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
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ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
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q_com168
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How did Pfizer's operating income change between the quarters ending June 30, 2024, and July 2, 2023?
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Pfizer reported an operating loss of $103 million for the quarter ending June 30, 2024, compared to an operating income of $2,269 million for the quarter ending July 2, 2023. This represents a significant decline of $2,372 million or 104.54%.
Calculation:
Change in operating income = -103 - 2,269 = -2,372 million
Percentage change = (-2,372 / 2,269) * 100 = -104.54%
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Comparison
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5
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0000078003-24-000166
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ITEM 1. FINANCIAL STATEMENTS
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PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
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ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
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PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
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ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
q_com169
|
How did Pfizer's total liabilities change between December 31, 2023, and June 30, 2024?
|
Pfizer's total liabilities as of June 30, 2024, were $128,218 million, compared to $137,213 million as of December 31, 2023. This represents a decrease of $8,995 million or 6.55%, reflecting reduced obligations during the period.
Calculation:
Change in liabilities = 128,218 - 137,213 = -8,995 million
Percentage change = (-8,995 / 137,213) * 100 = -6.55%
|
Comparison
|
7
|
0000078003-24-000166
|
ITEM 1. FINANCIAL STATEMENTS
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 7:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:----------|:---|:--------|
| 1 | (MILLIONS) | June 30,2024 | | December 31, 2023 | | | |
| 2 | | (Unaudited) | | | | | |
| 3 | Assets | | | | | | |
| 4 | Cash and cash equivalents | $ | 1,052 | | | $ | 2,853 |
| 5 | Short-term investments | 6,048 | | | 9,837 | | |
| 6 | Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470 | 11,393 | | | 11,566 | | |
| 7 | Inventories | 11,447 | | | 10,189 | | |
| 8 | Current tax assets | 3,694 | | | 3,978 | | |
| 9 | Other current assets | 4,190 | | | 4,911 | | |
| 10 | Total current assets | 37,825 | | | 43,333 | | |
| 11 | Equity-method investments | 8,029 | | | 11,637 | | |
| 12 | Long-term investments | 3,119 | | | 3,731 | | |
| 13 | Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045 | 18,957 | | | 18,940 | | |
| 14 | Identifiable intangible assets | 61,240 | | | 64,900 | | |
| 15 | Goodwill | 68,445 | | | 67,783 | | |
| 16 | Noncurrent deferred tax assets and other noncurrent tax assets | 7,867 | | | 3,706 | | |
| 17 | Other noncurrent assets | 10,710 | | | 12,471 | | |
| 19 | Total assets | $ | 216,193 | | | $ | 226,501 |
| 21 | Liabilities and Equity | | | | | | |
| 22 | Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254 | $ | 11,944 | | | $ | 10,350 |
| 23 | Trade accounts payable | 5,106 | | | 6,710 | | |
| 24 | Dividends payable | 2,380 | | | 2,372 | | |
| 25 | Income taxes payable | 2,884 | | | 2,349 | | |
| 26 | Accrued compensation and related items | 2,566 | | | 2,776 | | |
| 27 | Deferred revenues | 2,528 | | | 2,700 | | |
| 28 | Other current liabilities | 16,410 | | | 20,537 | | |
| 30 | Total current liabilities | 43,819 | | | 47,794 | | |
| 32 | Long-term debt | 57,506 | | | 61,538 | | |
| 33 | Pension and postretirement benefit obligations | 2,040 | | | 2,167 | | |
| 35 | Noncurrent deferred tax liabilities | 2,227 | | | 640 | | |
| 36 | Other taxes payable | 6,532 | | | 8,534 | | |
| 37 | Other noncurrent liabilities | 16,095 | | | 16,539 | | |
| 38 | Total liabilities | 128,218 | | | 137,213 | | |
| 40 | Commitments and Contingencies | | | | | | |
| 43 | Common stock | 480 | | | 478 | | |
| 44 | Additional paid-in capital | 93,197 | | | 92,631 | | |
| 46 | Treasury stock | (114,757) | | | (114,487) | | |
| 47 | Retained earnings | 116,596 | | | 118,353 | | |
| 48 | Accumulated other comprehensive loss | (7,816) | | | (7,961) | | |
| 49 | Total Pfizer Inc. shareholders' equity | 87,700 | | | 89,014 | | |
| 50 | Equity attributable to noncontrolling interests | 275 | | | 274 | | |
| 51 | Total equity | 87,975 | | | 89,288 | | |
| 52 | Total liabilities and equity | $ | 216,193 | | | $ | 226,501 |
See Accompanying Notes.
7
|
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:----------|:---|:--------|
| 1 | (MILLIONS) | June 30,2024 | | December 31, 2023 | | | |
| 2 | | (Unaudited) | | | | | |
| 3 | Assets | | | | | | |
| 4 | Cash and cash equivalents | $ | 1,052 | | | $ | 2,853 |
| 5 | Short-term investments | 6,048 | | | 9,837 | | |
| 6 | Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470 | 11,393 | | | 11,566 | | |
| 7 | Inventories | 11,447 | | | 10,189 | | |
| 8 | Current tax assets | 3,694 | | | 3,978 | | |
| 9 | Other current assets | 4,190 | | | 4,911 | | |
| 10 | Total current assets | 37,825 | | | 43,333 | | |
| 11 | Equity-method investments | 8,029 | | | 11,637 | | |
| 12 | Long-term investments | 3,119 | | | 3,731 | | |
| 13 | Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045 | 18,957 | | | 18,940 | | |
| 14 | Identifiable intangible assets | 61,240 | | | 64,900 | | |
| 15 | Goodwill | 68,445 | | | 67,783 | | |
| 16 | Noncurrent deferred tax assets and other noncurrent tax assets | 7,867 | | | 3,706 | | |
| 17 | Other noncurrent assets | 10,710 | | | 12,471 | | |
| 19 | Total assets | $ | 216,193 | | | $ | 226,501 |
| 21 | Liabilities and Equity | | | | | | |
| 22 | Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254 | $ | 11,944 | | | $ | 10,350 |
| 23 | Trade accounts payable | 5,106 | | | 6,710 | | |
| 24 | Dividends payable | 2,380 | | | 2,372 | | |
| 25 | Income taxes payable | 2,884 | | | 2,349 | | |
| 26 | Accrued compensation and related items | 2,566 | | | 2,776 | | |
| 27 | Deferred revenues | 2,528 | | | 2,700 | | |
| 28 | Other current liabilities | 16,410 | | | 20,537 | | |
| 30 | Total current liabilities | 43,819 | | | 47,794 | | |
| 32 | Long-term debt | 57,506 | | | 61,538 | | |
| 33 | Pension and postretirement benefit obligations | 2,040 | | | 2,167 | | |
| 35 | Noncurrent deferred tax liabilities | 2,227 | | | 640 | | |
| 36 | Other taxes payable | 6,532 | | | 8,534 | | |
| 37 | Other noncurrent liabilities | 16,095 | | | 16,539 | | |
| 38 | Total liabilities | 128,218 | | | 137,213 | | |
| 40 | Commitments and Contingencies | | | | | | |
| 43 | Common stock | 480 | | | 478 | | |
| 44 | Additional paid-in capital | 93,197 | | | 92,631 | | |
| 46 | Treasury stock | (114,757) | | | (114,487) | | |
| 47 | Retained earnings | 116,596 | | | 118,353 | | |
| 48 | Accumulated other comprehensive loss | (7,816) | | | (7,961) | | |
| 49 | Total Pfizer Inc. shareholders' equity | 87,700 | | | 89,014 | | |
| 50 | Equity attributable to noncontrolling interests | 275 | | | 274 | | |
| 51 | Total equity | 87,975 | | | 89,288 | | |
| 52 | Total liabilities and equity | $ | 216,193 | | | $ | 226,501 |
See Accompanying Notes.
7
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 7:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(MILLIONS)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3">(Unaudited)</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td colspan="3"></td><td>$</td><td>1,052 </td><td></td><td colspan="3"></td><td>$</td><td>2,853 </td><td></td></tr><tr><td colspan="3">Short-term investments</td><td colspan="3"></td><td colspan="2">6,048 </td><td></td><td colspan="3"></td><td colspan="2">9,837 </td><td></td></tr><tr><td colspan="3">Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470</td><td colspan="3"></td><td colspan="2">11,393 </td><td></td><td colspan="3"></td><td colspan="2">11,566 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="3"></td><td colspan="2">11,447 </td><td></td><td colspan="3"></td><td colspan="2">10,189 </td><td></td></tr><tr><td colspan="3">Current tax assets</td><td colspan="3"></td><td colspan="2">3,694 </td><td></td><td colspan="3"></td><td colspan="2">3,978 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="3"></td><td colspan="2">4,190 </td><td></td><td colspan="3"></td><td colspan="2">4,911 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="3"></td><td colspan="2">37,825 </td><td></td><td colspan="3"></td><td colspan="2">43,333 </td><td></td></tr><tr><td colspan="3">Equity-method investments</td><td colspan="3"></td><td colspan="2">8,029 </td><td></td><td colspan="3"></td><td colspan="2">11,637 </td><td></td></tr><tr><td colspan="3">Long-term investments</td><td colspan="3"></td><td colspan="2">3,119 </td><td></td><td colspan="3"></td><td colspan="2">3,731 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045</td><td colspan="3"></td><td colspan="2">18,957 </td><td></td><td colspan="3"></td><td colspan="2">18,940 </td><td></td></tr><tr><td colspan="3">Identifiable intangible assets</td><td colspan="3"></td><td colspan="2">61,240 </td><td></td><td colspan="3"></td><td colspan="2">64,900 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="3"></td><td colspan="2">68,445 </td><td></td><td colspan="3"></td><td colspan="2">67,783 </td><td></td></tr><tr><td colspan="3">Noncurrent deferred tax assets and other noncurrent tax assets</td><td colspan="3"></td><td colspan="2">7,867 </td><td></td><td colspan="3"></td><td colspan="2">3,706 </td><td></td></tr><tr><td colspan="3">Other noncurrent assets</td><td colspan="3"></td><td colspan="2">10,710 </td><td></td><td colspan="3"></td><td colspan="2">12,471 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total assets</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and Equity</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254</td><td colspan="3"></td><td>$</td><td>11,944 </td><td></td><td colspan="3"></td><td>$</td><td>10,350 </td><td></td></tr><tr><td colspan="3">Trade accounts payable</td><td colspan="3"></td><td colspan="2">5,106 </td><td></td><td colspan="3"></td><td colspan="2">6,710 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="3"></td><td colspan="2">2,380 </td><td></td><td colspan="3"></td><td colspan="2">2,372 </td><td></td></tr><tr><td colspan="3">Income taxes payable</td><td colspan="3"></td><td colspan="2">2,884 </td><td></td><td colspan="3"></td><td colspan="2">2,349 </td><td></td></tr><tr><td colspan="3">Accrued compensation and related items</td><td colspan="3"></td><td colspan="2">2,566 </td><td></td><td colspan="3"></td><td colspan="2">2,776 </td><td></td></tr><tr><td colspan="3">Deferred revenues</td><td colspan="3"></td><td colspan="2">2,528 </td><td></td><td colspan="3"></td><td colspan="2">2,700 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="3"></td><td colspan="2">16,410 </td><td></td><td colspan="3"></td><td colspan="2">20,537 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="3"></td><td colspan="2">43,819 </td><td></td><td colspan="3"></td><td colspan="2">47,794 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="3"></td><td colspan="2">57,506 </td><td></td><td colspan="3"></td><td colspan="2">61,538 </td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit obligations</td><td colspan="3"></td><td colspan="2">2,040 </td><td></td><td colspan="3"></td><td colspan="2">2,167 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noncurrent deferred tax liabilities</td><td colspan="3"></td><td colspan="2">2,227 </td><td></td><td colspan="3"></td><td colspan="2">640 </td><td></td></tr><tr><td colspan="3">Other taxes payable</td><td colspan="3"></td><td colspan="2">6,532 </td><td></td><td colspan="3"></td><td colspan="2">8,534 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="3"></td><td colspan="2">16,095 </td><td></td><td colspan="3"></td><td colspan="2">16,539 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="3"></td><td colspan="2">128,218 </td><td></td><td colspan="3"></td><td colspan="2">137,213 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and Contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="2">480 </td><td></td><td colspan="3"></td><td colspan="2">478 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="3"></td><td colspan="2">93,197 </td><td></td><td colspan="3"></td><td colspan="2">92,631 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Treasury stock</td><td colspan="3"></td><td colspan="2">(114,757)</td><td></td><td colspan="3"></td><td colspan="2">(114,487)</td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="3"></td><td colspan="2">116,596 </td><td></td><td colspan="3"></td><td colspan="2">118,353 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="3"></td><td colspan="2">(7,816)</td><td></td><td colspan="3"></td><td colspan="2">(7,961)</td><td></td></tr><tr><td colspan="3">Total Pfizer Inc. shareholders' equity</td><td colspan="3"></td><td colspan="2">87,700 </td><td></td><td colspan="3"></td><td colspan="2">89,014 </td><td></td></tr><tr><td colspan="3">Equity attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">275 </td><td></td><td colspan="3"></td><td colspan="2">274 </td><td></td></tr><tr><td colspan="3">Total equity</td><td colspan="3"></td><td colspan="2">87,975 </td><td></td><td colspan="3"></td><td colspan="2">89,288 </td><td></td></tr><tr><td colspan="3">Total liabilities and equity</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr></table>
See Accompanying Notes.
7
|
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(MILLIONS)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3">(Unaudited)</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td colspan="3"></td><td>$</td><td>1,052 </td><td></td><td colspan="3"></td><td>$</td><td>2,853 </td><td></td></tr><tr><td colspan="3">Short-term investments</td><td colspan="3"></td><td colspan="2">6,048 </td><td></td><td colspan="3"></td><td colspan="2">9,837 </td><td></td></tr><tr><td colspan="3">Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470</td><td colspan="3"></td><td colspan="2">11,393 </td><td></td><td colspan="3"></td><td colspan="2">11,566 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="3"></td><td colspan="2">11,447 </td><td></td><td colspan="3"></td><td colspan="2">10,189 </td><td></td></tr><tr><td colspan="3">Current tax assets</td><td colspan="3"></td><td colspan="2">3,694 </td><td></td><td colspan="3"></td><td colspan="2">3,978 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="3"></td><td colspan="2">4,190 </td><td></td><td colspan="3"></td><td colspan="2">4,911 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="3"></td><td colspan="2">37,825 </td><td></td><td colspan="3"></td><td colspan="2">43,333 </td><td></td></tr><tr><td colspan="3">Equity-method investments</td><td colspan="3"></td><td colspan="2">8,029 </td><td></td><td colspan="3"></td><td colspan="2">11,637 </td><td></td></tr><tr><td colspan="3">Long-term investments</td><td colspan="3"></td><td colspan="2">3,119 </td><td></td><td colspan="3"></td><td colspan="2">3,731 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045</td><td colspan="3"></td><td colspan="2">18,957 </td><td></td><td colspan="3"></td><td colspan="2">18,940 </td><td></td></tr><tr><td colspan="3">Identifiable intangible assets</td><td colspan="3"></td><td colspan="2">61,240 </td><td></td><td colspan="3"></td><td colspan="2">64,900 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="3"></td><td colspan="2">68,445 </td><td></td><td colspan="3"></td><td colspan="2">67,783 </td><td></td></tr><tr><td colspan="3">Noncurrent deferred tax assets and other noncurrent tax assets</td><td colspan="3"></td><td colspan="2">7,867 </td><td></td><td colspan="3"></td><td colspan="2">3,706 </td><td></td></tr><tr><td colspan="3">Other noncurrent assets</td><td colspan="3"></td><td colspan="2">10,710 </td><td></td><td colspan="3"></td><td colspan="2">12,471 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total assets</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and Equity</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254</td><td colspan="3"></td><td>$</td><td>11,944 </td><td></td><td colspan="3"></td><td>$</td><td>10,350 </td><td></td></tr><tr><td colspan="3">Trade accounts payable</td><td colspan="3"></td><td colspan="2">5,106 </td><td></td><td colspan="3"></td><td colspan="2">6,710 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="3"></td><td colspan="2">2,380 </td><td></td><td colspan="3"></td><td colspan="2">2,372 </td><td></td></tr><tr><td colspan="3">Income taxes payable</td><td colspan="3"></td><td colspan="2">2,884 </td><td></td><td colspan="3"></td><td colspan="2">2,349 </td><td></td></tr><tr><td colspan="3">Accrued compensation and related items</td><td colspan="3"></td><td colspan="2">2,566 </td><td></td><td colspan="3"></td><td colspan="2">2,776 </td><td></td></tr><tr><td colspan="3">Deferred revenues</td><td colspan="3"></td><td colspan="2">2,528 </td><td></td><td colspan="3"></td><td colspan="2">2,700 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="3"></td><td colspan="2">16,410 </td><td></td><td colspan="3"></td><td colspan="2">20,537 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="3"></td><td colspan="2">43,819 </td><td></td><td colspan="3"></td><td colspan="2">47,794 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="3"></td><td colspan="2">57,506 </td><td></td><td colspan="3"></td><td colspan="2">61,538 </td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit obligations</td><td colspan="3"></td><td colspan="2">2,040 </td><td></td><td colspan="3"></td><td colspan="2">2,167 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noncurrent deferred tax liabilities</td><td colspan="3"></td><td colspan="2">2,227 </td><td></td><td colspan="3"></td><td colspan="2">640 </td><td></td></tr><tr><td colspan="3">Other taxes payable</td><td colspan="3"></td><td colspan="2">6,532 </td><td></td><td colspan="3"></td><td colspan="2">8,534 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="3"></td><td colspan="2">16,095 </td><td></td><td colspan="3"></td><td colspan="2">16,539 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="3"></td><td colspan="2">128,218 </td><td></td><td colspan="3"></td><td colspan="2">137,213 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and Contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="2">480 </td><td></td><td colspan="3"></td><td colspan="2">478 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="3"></td><td colspan="2">93,197 </td><td></td><td colspan="3"></td><td colspan="2">92,631 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Treasury stock</td><td colspan="3"></td><td colspan="2">(114,757)</td><td></td><td colspan="3"></td><td colspan="2">(114,487)</td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="3"></td><td colspan="2">116,596 </td><td></td><td colspan="3"></td><td colspan="2">118,353 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="3"></td><td colspan="2">(7,816)</td><td></td><td colspan="3"></td><td colspan="2">(7,961)</td><td></td></tr><tr><td colspan="3">Total Pfizer Inc. shareholders' equity</td><td colspan="3"></td><td colspan="2">87,700 </td><td></td><td colspan="3"></td><td colspan="2">89,014 </td><td></td></tr><tr><td colspan="3">Equity attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">275 </td><td></td><td colspan="3"></td><td colspan="2">274 </td><td></td></tr><tr><td colspan="3">Total equity</td><td colspan="3"></td><td colspan="2">87,975 </td><td></td><td colspan="3"></td><td colspan="2">89,288 </td><td></td></tr><tr><td colspan="3">Total liabilities and equity</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr></table>
See Accompanying Notes.
7
|
q_com170
|
How did Pfizer's cash and cash equivalents change between December 31, 2023, and June 30, 2024?
|
Pfizer's cash and cash equivalents as of June 30, 2024, were $1,052 million, compared to $2,853 million as of December 31, 2023. This reflects a decrease of $1,801 million or 63.13%, indicating significant cash outflows during the period.
Calculation:
Change in cash = 1,052 - 2,853 = -1,801 million
Percentage change = (-1,801 / 2,853) * 100 = -63.13%
|
Comparison
|
7
|
0000078003-24-000166
|
ITEM 1. FINANCIAL STATEMENTS
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 7:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:----------|:---|:--------|
| 1 | (MILLIONS) | June 30,2024 | | December 31, 2023 | | | |
| 2 | | (Unaudited) | | | | | |
| 3 | Assets | | | | | | |
| 4 | Cash and cash equivalents | $ | 1,052 | | | $ | 2,853 |
| 5 | Short-term investments | 6,048 | | | 9,837 | | |
| 6 | Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470 | 11,393 | | | 11,566 | | |
| 7 | Inventories | 11,447 | | | 10,189 | | |
| 8 | Current tax assets | 3,694 | | | 3,978 | | |
| 9 | Other current assets | 4,190 | | | 4,911 | | |
| 10 | Total current assets | 37,825 | | | 43,333 | | |
| 11 | Equity-method investments | 8,029 | | | 11,637 | | |
| 12 | Long-term investments | 3,119 | | | 3,731 | | |
| 13 | Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045 | 18,957 | | | 18,940 | | |
| 14 | Identifiable intangible assets | 61,240 | | | 64,900 | | |
| 15 | Goodwill | 68,445 | | | 67,783 | | |
| 16 | Noncurrent deferred tax assets and other noncurrent tax assets | 7,867 | | | 3,706 | | |
| 17 | Other noncurrent assets | 10,710 | | | 12,471 | | |
| 19 | Total assets | $ | 216,193 | | | $ | 226,501 |
| 21 | Liabilities and Equity | | | | | | |
| 22 | Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254 | $ | 11,944 | | | $ | 10,350 |
| 23 | Trade accounts payable | 5,106 | | | 6,710 | | |
| 24 | Dividends payable | 2,380 | | | 2,372 | | |
| 25 | Income taxes payable | 2,884 | | | 2,349 | | |
| 26 | Accrued compensation and related items | 2,566 | | | 2,776 | | |
| 27 | Deferred revenues | 2,528 | | | 2,700 | | |
| 28 | Other current liabilities | 16,410 | | | 20,537 | | |
| 30 | Total current liabilities | 43,819 | | | 47,794 | | |
| 32 | Long-term debt | 57,506 | | | 61,538 | | |
| 33 | Pension and postretirement benefit obligations | 2,040 | | | 2,167 | | |
| 35 | Noncurrent deferred tax liabilities | 2,227 | | | 640 | | |
| 36 | Other taxes payable | 6,532 | | | 8,534 | | |
| 37 | Other noncurrent liabilities | 16,095 | | | 16,539 | | |
| 38 | Total liabilities | 128,218 | | | 137,213 | | |
| 40 | Commitments and Contingencies | | | | | | |
| 43 | Common stock | 480 | | | 478 | | |
| 44 | Additional paid-in capital | 93,197 | | | 92,631 | | |
| 46 | Treasury stock | (114,757) | | | (114,487) | | |
| 47 | Retained earnings | 116,596 | | | 118,353 | | |
| 48 | Accumulated other comprehensive loss | (7,816) | | | (7,961) | | |
| 49 | Total Pfizer Inc. shareholders' equity | 87,700 | | | 89,014 | | |
| 50 | Equity attributable to noncontrolling interests | 275 | | | 274 | | |
| 51 | Total equity | 87,975 | | | 89,288 | | |
| 52 | Total liabilities and equity | $ | 216,193 | | | $ | 226,501 |
See Accompanying Notes.
7
|
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:----------|:---|:--------|
| 1 | (MILLIONS) | June 30,2024 | | December 31, 2023 | | | |
| 2 | | (Unaudited) | | | | | |
| 3 | Assets | | | | | | |
| 4 | Cash and cash equivalents | $ | 1,052 | | | $ | 2,853 |
| 5 | Short-term investments | 6,048 | | | 9,837 | | |
| 6 | Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470 | 11,393 | | | 11,566 | | |
| 7 | Inventories | 11,447 | | | 10,189 | | |
| 8 | Current tax assets | 3,694 | | | 3,978 | | |
| 9 | Other current assets | 4,190 | | | 4,911 | | |
| 10 | Total current assets | 37,825 | | | 43,333 | | |
| 11 | Equity-method investments | 8,029 | | | 11,637 | | |
| 12 | Long-term investments | 3,119 | | | 3,731 | | |
| 13 | Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045 | 18,957 | | | 18,940 | | |
| 14 | Identifiable intangible assets | 61,240 | | | 64,900 | | |
| 15 | Goodwill | 68,445 | | | 67,783 | | |
| 16 | Noncurrent deferred tax assets and other noncurrent tax assets | 7,867 | | | 3,706 | | |
| 17 | Other noncurrent assets | 10,710 | | | 12,471 | | |
| 19 | Total assets | $ | 216,193 | | | $ | 226,501 |
| 21 | Liabilities and Equity | | | | | | |
| 22 | Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254 | $ | 11,944 | | | $ | 10,350 |
| 23 | Trade accounts payable | 5,106 | | | 6,710 | | |
| 24 | Dividends payable | 2,380 | | | 2,372 | | |
| 25 | Income taxes payable | 2,884 | | | 2,349 | | |
| 26 | Accrued compensation and related items | 2,566 | | | 2,776 | | |
| 27 | Deferred revenues | 2,528 | | | 2,700 | | |
| 28 | Other current liabilities | 16,410 | | | 20,537 | | |
| 30 | Total current liabilities | 43,819 | | | 47,794 | | |
| 32 | Long-term debt | 57,506 | | | 61,538 | | |
| 33 | Pension and postretirement benefit obligations | 2,040 | | | 2,167 | | |
| 35 | Noncurrent deferred tax liabilities | 2,227 | | | 640 | | |
| 36 | Other taxes payable | 6,532 | | | 8,534 | | |
| 37 | Other noncurrent liabilities | 16,095 | | | 16,539 | | |
| 38 | Total liabilities | 128,218 | | | 137,213 | | |
| 40 | Commitments and Contingencies | | | | | | |
| 43 | Common stock | 480 | | | 478 | | |
| 44 | Additional paid-in capital | 93,197 | | | 92,631 | | |
| 46 | Treasury stock | (114,757) | | | (114,487) | | |
| 47 | Retained earnings | 116,596 | | | 118,353 | | |
| 48 | Accumulated other comprehensive loss | (7,816) | | | (7,961) | | |
| 49 | Total Pfizer Inc. shareholders' equity | 87,700 | | | 89,014 | | |
| 50 | Equity attributable to noncontrolling interests | 275 | | | 274 | | |
| 51 | Total equity | 87,975 | | | 89,288 | | |
| 52 | Total liabilities and equity | $ | 216,193 | | | $ | 226,501 |
See Accompanying Notes.
7
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 7:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(MILLIONS)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3">(Unaudited)</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td colspan="3"></td><td>$</td><td>1,052 </td><td></td><td colspan="3"></td><td>$</td><td>2,853 </td><td></td></tr><tr><td colspan="3">Short-term investments</td><td colspan="3"></td><td colspan="2">6,048 </td><td></td><td colspan="3"></td><td colspan="2">9,837 </td><td></td></tr><tr><td colspan="3">Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470</td><td colspan="3"></td><td colspan="2">11,393 </td><td></td><td colspan="3"></td><td colspan="2">11,566 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="3"></td><td colspan="2">11,447 </td><td></td><td colspan="3"></td><td colspan="2">10,189 </td><td></td></tr><tr><td colspan="3">Current tax assets</td><td colspan="3"></td><td colspan="2">3,694 </td><td></td><td colspan="3"></td><td colspan="2">3,978 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="3"></td><td colspan="2">4,190 </td><td></td><td colspan="3"></td><td colspan="2">4,911 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="3"></td><td colspan="2">37,825 </td><td></td><td colspan="3"></td><td colspan="2">43,333 </td><td></td></tr><tr><td colspan="3">Equity-method investments</td><td colspan="3"></td><td colspan="2">8,029 </td><td></td><td colspan="3"></td><td colspan="2">11,637 </td><td></td></tr><tr><td colspan="3">Long-term investments</td><td colspan="3"></td><td colspan="2">3,119 </td><td></td><td colspan="3"></td><td colspan="2">3,731 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045</td><td colspan="3"></td><td colspan="2">18,957 </td><td></td><td colspan="3"></td><td colspan="2">18,940 </td><td></td></tr><tr><td colspan="3">Identifiable intangible assets</td><td colspan="3"></td><td colspan="2">61,240 </td><td></td><td colspan="3"></td><td colspan="2">64,900 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="3"></td><td colspan="2">68,445 </td><td></td><td colspan="3"></td><td colspan="2">67,783 </td><td></td></tr><tr><td colspan="3">Noncurrent deferred tax assets and other noncurrent tax assets</td><td colspan="3"></td><td colspan="2">7,867 </td><td></td><td colspan="3"></td><td colspan="2">3,706 </td><td></td></tr><tr><td colspan="3">Other noncurrent assets</td><td colspan="3"></td><td colspan="2">10,710 </td><td></td><td colspan="3"></td><td colspan="2">12,471 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total assets</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and Equity</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254</td><td colspan="3"></td><td>$</td><td>11,944 </td><td></td><td colspan="3"></td><td>$</td><td>10,350 </td><td></td></tr><tr><td colspan="3">Trade accounts payable</td><td colspan="3"></td><td colspan="2">5,106 </td><td></td><td colspan="3"></td><td colspan="2">6,710 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="3"></td><td colspan="2">2,380 </td><td></td><td colspan="3"></td><td colspan="2">2,372 </td><td></td></tr><tr><td colspan="3">Income taxes payable</td><td colspan="3"></td><td colspan="2">2,884 </td><td></td><td colspan="3"></td><td colspan="2">2,349 </td><td></td></tr><tr><td colspan="3">Accrued compensation and related items</td><td colspan="3"></td><td colspan="2">2,566 </td><td></td><td colspan="3"></td><td colspan="2">2,776 </td><td></td></tr><tr><td colspan="3">Deferred revenues</td><td colspan="3"></td><td colspan="2">2,528 </td><td></td><td colspan="3"></td><td colspan="2">2,700 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="3"></td><td colspan="2">16,410 </td><td></td><td colspan="3"></td><td colspan="2">20,537 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="3"></td><td colspan="2">43,819 </td><td></td><td colspan="3"></td><td colspan="2">47,794 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="3"></td><td colspan="2">57,506 </td><td></td><td colspan="3"></td><td colspan="2">61,538 </td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit obligations</td><td colspan="3"></td><td colspan="2">2,040 </td><td></td><td colspan="3"></td><td colspan="2">2,167 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noncurrent deferred tax liabilities</td><td colspan="3"></td><td colspan="2">2,227 </td><td></td><td colspan="3"></td><td colspan="2">640 </td><td></td></tr><tr><td colspan="3">Other taxes payable</td><td colspan="3"></td><td colspan="2">6,532 </td><td></td><td colspan="3"></td><td colspan="2">8,534 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="3"></td><td colspan="2">16,095 </td><td></td><td colspan="3"></td><td colspan="2">16,539 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="3"></td><td colspan="2">128,218 </td><td></td><td colspan="3"></td><td colspan="2">137,213 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and Contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="2">480 </td><td></td><td colspan="3"></td><td colspan="2">478 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="3"></td><td colspan="2">93,197 </td><td></td><td colspan="3"></td><td colspan="2">92,631 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Treasury stock</td><td colspan="3"></td><td colspan="2">(114,757)</td><td></td><td colspan="3"></td><td colspan="2">(114,487)</td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="3"></td><td colspan="2">116,596 </td><td></td><td colspan="3"></td><td colspan="2">118,353 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="3"></td><td colspan="2">(7,816)</td><td></td><td colspan="3"></td><td colspan="2">(7,961)</td><td></td></tr><tr><td colspan="3">Total Pfizer Inc. shareholders' equity</td><td colspan="3"></td><td colspan="2">87,700 </td><td></td><td colspan="3"></td><td colspan="2">89,014 </td><td></td></tr><tr><td colspan="3">Equity attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">275 </td><td></td><td colspan="3"></td><td colspan="2">274 </td><td></td></tr><tr><td colspan="3">Total equity</td><td colspan="3"></td><td colspan="2">87,975 </td><td></td><td colspan="3"></td><td colspan="2">89,288 </td><td></td></tr><tr><td colspan="3">Total liabilities and equity</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr></table>
See Accompanying Notes.
7
|
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(MILLIONS)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3">(Unaudited)</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td colspan="3"></td><td>$</td><td>1,052 </td><td></td><td colspan="3"></td><td>$</td><td>2,853 </td><td></td></tr><tr><td colspan="3">Short-term investments</td><td colspan="3"></td><td colspan="2">6,048 </td><td></td><td colspan="3"></td><td colspan="2">9,837 </td><td></td></tr><tr><td colspan="3">Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470</td><td colspan="3"></td><td colspan="2">11,393 </td><td></td><td colspan="3"></td><td colspan="2">11,566 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="3"></td><td colspan="2">11,447 </td><td></td><td colspan="3"></td><td colspan="2">10,189 </td><td></td></tr><tr><td colspan="3">Current tax assets</td><td colspan="3"></td><td colspan="2">3,694 </td><td></td><td colspan="3"></td><td colspan="2">3,978 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="3"></td><td colspan="2">4,190 </td><td></td><td colspan="3"></td><td colspan="2">4,911 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="3"></td><td colspan="2">37,825 </td><td></td><td colspan="3"></td><td colspan="2">43,333 </td><td></td></tr><tr><td colspan="3">Equity-method investments</td><td colspan="3"></td><td colspan="2">8,029 </td><td></td><td colspan="3"></td><td colspan="2">11,637 </td><td></td></tr><tr><td colspan="3">Long-term investments</td><td colspan="3"></td><td colspan="2">3,119 </td><td></td><td colspan="3"></td><td colspan="2">3,731 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045</td><td colspan="3"></td><td colspan="2">18,957 </td><td></td><td colspan="3"></td><td colspan="2">18,940 </td><td></td></tr><tr><td colspan="3">Identifiable intangible assets</td><td colspan="3"></td><td colspan="2">61,240 </td><td></td><td colspan="3"></td><td colspan="2">64,900 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="3"></td><td colspan="2">68,445 </td><td></td><td colspan="3"></td><td colspan="2">67,783 </td><td></td></tr><tr><td colspan="3">Noncurrent deferred tax assets and other noncurrent tax assets</td><td colspan="3"></td><td colspan="2">7,867 </td><td></td><td colspan="3"></td><td colspan="2">3,706 </td><td></td></tr><tr><td colspan="3">Other noncurrent assets</td><td colspan="3"></td><td colspan="2">10,710 </td><td></td><td colspan="3"></td><td colspan="2">12,471 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total assets</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and Equity</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254</td><td colspan="3"></td><td>$</td><td>11,944 </td><td></td><td colspan="3"></td><td>$</td><td>10,350 </td><td></td></tr><tr><td colspan="3">Trade accounts payable</td><td colspan="3"></td><td colspan="2">5,106 </td><td></td><td colspan="3"></td><td colspan="2">6,710 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="3"></td><td colspan="2">2,380 </td><td></td><td colspan="3"></td><td colspan="2">2,372 </td><td></td></tr><tr><td colspan="3">Income taxes payable</td><td colspan="3"></td><td colspan="2">2,884 </td><td></td><td colspan="3"></td><td colspan="2">2,349 </td><td></td></tr><tr><td colspan="3">Accrued compensation and related items</td><td colspan="3"></td><td colspan="2">2,566 </td><td></td><td colspan="3"></td><td colspan="2">2,776 </td><td></td></tr><tr><td colspan="3">Deferred revenues</td><td colspan="3"></td><td colspan="2">2,528 </td><td></td><td colspan="3"></td><td colspan="2">2,700 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="3"></td><td colspan="2">16,410 </td><td></td><td colspan="3"></td><td colspan="2">20,537 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="3"></td><td colspan="2">43,819 </td><td></td><td colspan="3"></td><td colspan="2">47,794 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="3"></td><td colspan="2">57,506 </td><td></td><td colspan="3"></td><td colspan="2">61,538 </td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit obligations</td><td colspan="3"></td><td colspan="2">2,040 </td><td></td><td colspan="3"></td><td colspan="2">2,167 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noncurrent deferred tax liabilities</td><td colspan="3"></td><td colspan="2">2,227 </td><td></td><td colspan="3"></td><td colspan="2">640 </td><td></td></tr><tr><td colspan="3">Other taxes payable</td><td colspan="3"></td><td colspan="2">6,532 </td><td></td><td colspan="3"></td><td colspan="2">8,534 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="3"></td><td colspan="2">16,095 </td><td></td><td colspan="3"></td><td colspan="2">16,539 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="3"></td><td colspan="2">128,218 </td><td></td><td colspan="3"></td><td colspan="2">137,213 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and Contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="2">480 </td><td></td><td colspan="3"></td><td colspan="2">478 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="3"></td><td colspan="2">93,197 </td><td></td><td colspan="3"></td><td colspan="2">92,631 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Treasury stock</td><td colspan="3"></td><td colspan="2">(114,757)</td><td></td><td colspan="3"></td><td colspan="2">(114,487)</td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="3"></td><td colspan="2">116,596 </td><td></td><td colspan="3"></td><td colspan="2">118,353 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="3"></td><td colspan="2">(7,816)</td><td></td><td colspan="3"></td><td colspan="2">(7,961)</td><td></td></tr><tr><td colspan="3">Total Pfizer Inc. shareholders' equity</td><td colspan="3"></td><td colspan="2">87,700 </td><td></td><td colspan="3"></td><td colspan="2">89,014 </td><td></td></tr><tr><td colspan="3">Equity attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">275 </td><td></td><td colspan="3"></td><td colspan="2">274 </td><td></td></tr><tr><td colspan="3">Total equity</td><td colspan="3"></td><td colspan="2">87,975 </td><td></td><td colspan="3"></td><td colspan="2">89,288 </td><td></td></tr><tr><td colspan="3">Total liabilities and equity</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr></table>
See Accompanying Notes.
7
|
q_com171
|
How did Pfizer's research and development (R&D) expenses change between the quarters ending June 30, 2024, and July 2, 2023?
|
Pfizer’s R&D expenses for the quarter ending June 30, 2024, were $2,696 million, compared to $2,648 million for the quarter ending July 2, 2023. This represents an increase of $48 million or 1.81%, reflecting a slight rise in research investment.
Calculation:
Change in R&D expenses = 2,696 - 2,648 = 48 million
Percentage change = (48 / 2,648) * 100 = 1.81%
|
Comparison
|
5
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0000078003-24-000166
|
ITEM 1. FINANCIAL STATEMENTS
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
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PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
q_com172
|
How did Pfizer's total shareholders' equity change between December 31, 2023, and June 30, 2024?
|
Pfizer’s shareholders’ equity decreased from $89,288 million as of December 31, 2023, to $87,975 million as of June 30, 2024. This reflects a decline of $1,313 million or 1.47%, indicating a slight reduction in equity during the period.
Calculation:
Change in equity = 87,975 - 89,288 = -1,313 million
Percentage change = (-1,313 / 89,288) * 100 = -1.47%
|
Comparison
|
7
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0000078003-24-000166
|
ITEM 1. FINANCIAL STATEMENTS
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 7:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:----------|:---|:--------|
| 1 | (MILLIONS) | June 30,2024 | | December 31, 2023 | | | |
| 2 | | (Unaudited) | | | | | |
| 3 | Assets | | | | | | |
| 4 | Cash and cash equivalents | $ | 1,052 | | | $ | 2,853 |
| 5 | Short-term investments | 6,048 | | | 9,837 | | |
| 6 | Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470 | 11,393 | | | 11,566 | | |
| 7 | Inventories | 11,447 | | | 10,189 | | |
| 8 | Current tax assets | 3,694 | | | 3,978 | | |
| 9 | Other current assets | 4,190 | | | 4,911 | | |
| 10 | Total current assets | 37,825 | | | 43,333 | | |
| 11 | Equity-method investments | 8,029 | | | 11,637 | | |
| 12 | Long-term investments | 3,119 | | | 3,731 | | |
| 13 | Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045 | 18,957 | | | 18,940 | | |
| 14 | Identifiable intangible assets | 61,240 | | | 64,900 | | |
| 15 | Goodwill | 68,445 | | | 67,783 | | |
| 16 | Noncurrent deferred tax assets and other noncurrent tax assets | 7,867 | | | 3,706 | | |
| 17 | Other noncurrent assets | 10,710 | | | 12,471 | | |
| 19 | Total assets | $ | 216,193 | | | $ | 226,501 |
| 21 | Liabilities and Equity | | | | | | |
| 22 | Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254 | $ | 11,944 | | | $ | 10,350 |
| 23 | Trade accounts payable | 5,106 | | | 6,710 | | |
| 24 | Dividends payable | 2,380 | | | 2,372 | | |
| 25 | Income taxes payable | 2,884 | | | 2,349 | | |
| 26 | Accrued compensation and related items | 2,566 | | | 2,776 | | |
| 27 | Deferred revenues | 2,528 | | | 2,700 | | |
| 28 | Other current liabilities | 16,410 | | | 20,537 | | |
| 30 | Total current liabilities | 43,819 | | | 47,794 | | |
| 32 | Long-term debt | 57,506 | | | 61,538 | | |
| 33 | Pension and postretirement benefit obligations | 2,040 | | | 2,167 | | |
| 35 | Noncurrent deferred tax liabilities | 2,227 | | | 640 | | |
| 36 | Other taxes payable | 6,532 | | | 8,534 | | |
| 37 | Other noncurrent liabilities | 16,095 | | | 16,539 | | |
| 38 | Total liabilities | 128,218 | | | 137,213 | | |
| 40 | Commitments and Contingencies | | | | | | |
| 43 | Common stock | 480 | | | 478 | | |
| 44 | Additional paid-in capital | 93,197 | | | 92,631 | | |
| 46 | Treasury stock | (114,757) | | | (114,487) | | |
| 47 | Retained earnings | 116,596 | | | 118,353 | | |
| 48 | Accumulated other comprehensive loss | (7,816) | | | (7,961) | | |
| 49 | Total Pfizer Inc. shareholders' equity | 87,700 | | | 89,014 | | |
| 50 | Equity attributable to noncontrolling interests | 275 | | | 274 | | |
| 51 | Total equity | 87,975 | | | 89,288 | | |
| 52 | Total liabilities and equity | $ | 216,193 | | | $ | 226,501 |
See Accompanying Notes.
7
|
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:----------|:---|:--------|
| 1 | (MILLIONS) | June 30,2024 | | December 31, 2023 | | | |
| 2 | | (Unaudited) | | | | | |
| 3 | Assets | | | | | | |
| 4 | Cash and cash equivalents | $ | 1,052 | | | $ | 2,853 |
| 5 | Short-term investments | 6,048 | | | 9,837 | | |
| 6 | Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470 | 11,393 | | | 11,566 | | |
| 7 | Inventories | 11,447 | | | 10,189 | | |
| 8 | Current tax assets | 3,694 | | | 3,978 | | |
| 9 | Other current assets | 4,190 | | | 4,911 | | |
| 10 | Total current assets | 37,825 | | | 43,333 | | |
| 11 | Equity-method investments | 8,029 | | | 11,637 | | |
| 12 | Long-term investments | 3,119 | | | 3,731 | | |
| 13 | Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045 | 18,957 | | | 18,940 | | |
| 14 | Identifiable intangible assets | 61,240 | | | 64,900 | | |
| 15 | Goodwill | 68,445 | | | 67,783 | | |
| 16 | Noncurrent deferred tax assets and other noncurrent tax assets | 7,867 | | | 3,706 | | |
| 17 | Other noncurrent assets | 10,710 | | | 12,471 | | |
| 19 | Total assets | $ | 216,193 | | | $ | 226,501 |
| 21 | Liabilities and Equity | | | | | | |
| 22 | Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254 | $ | 11,944 | | | $ | 10,350 |
| 23 | Trade accounts payable | 5,106 | | | 6,710 | | |
| 24 | Dividends payable | 2,380 | | | 2,372 | | |
| 25 | Income taxes payable | 2,884 | | | 2,349 | | |
| 26 | Accrued compensation and related items | 2,566 | | | 2,776 | | |
| 27 | Deferred revenues | 2,528 | | | 2,700 | | |
| 28 | Other current liabilities | 16,410 | | | 20,537 | | |
| 30 | Total current liabilities | 43,819 | | | 47,794 | | |
| 32 | Long-term debt | 57,506 | | | 61,538 | | |
| 33 | Pension and postretirement benefit obligations | 2,040 | | | 2,167 | | |
| 35 | Noncurrent deferred tax liabilities | 2,227 | | | 640 | | |
| 36 | Other taxes payable | 6,532 | | | 8,534 | | |
| 37 | Other noncurrent liabilities | 16,095 | | | 16,539 | | |
| 38 | Total liabilities | 128,218 | | | 137,213 | | |
| 40 | Commitments and Contingencies | | | | | | |
| 43 | Common stock | 480 | | | 478 | | |
| 44 | Additional paid-in capital | 93,197 | | | 92,631 | | |
| 46 | Treasury stock | (114,757) | | | (114,487) | | |
| 47 | Retained earnings | 116,596 | | | 118,353 | | |
| 48 | Accumulated other comprehensive loss | (7,816) | | | (7,961) | | |
| 49 | Total Pfizer Inc. shareholders' equity | 87,700 | | | 89,014 | | |
| 50 | Equity attributable to noncontrolling interests | 275 | | | 274 | | |
| 51 | Total equity | 87,975 | | | 89,288 | | |
| 52 | Total liabilities and equity | $ | 216,193 | | | $ | 226,501 |
See Accompanying Notes.
7
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 7:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(MILLIONS)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3">(Unaudited)</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td colspan="3"></td><td>$</td><td>1,052 </td><td></td><td colspan="3"></td><td>$</td><td>2,853 </td><td></td></tr><tr><td colspan="3">Short-term investments</td><td colspan="3"></td><td colspan="2">6,048 </td><td></td><td colspan="3"></td><td colspan="2">9,837 </td><td></td></tr><tr><td colspan="3">Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470</td><td colspan="3"></td><td colspan="2">11,393 </td><td></td><td colspan="3"></td><td colspan="2">11,566 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="3"></td><td colspan="2">11,447 </td><td></td><td colspan="3"></td><td colspan="2">10,189 </td><td></td></tr><tr><td colspan="3">Current tax assets</td><td colspan="3"></td><td colspan="2">3,694 </td><td></td><td colspan="3"></td><td colspan="2">3,978 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="3"></td><td colspan="2">4,190 </td><td></td><td colspan="3"></td><td colspan="2">4,911 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="3"></td><td colspan="2">37,825 </td><td></td><td colspan="3"></td><td colspan="2">43,333 </td><td></td></tr><tr><td colspan="3">Equity-method investments</td><td colspan="3"></td><td colspan="2">8,029 </td><td></td><td colspan="3"></td><td colspan="2">11,637 </td><td></td></tr><tr><td colspan="3">Long-term investments</td><td colspan="3"></td><td colspan="2">3,119 </td><td></td><td colspan="3"></td><td colspan="2">3,731 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045</td><td colspan="3"></td><td colspan="2">18,957 </td><td></td><td colspan="3"></td><td colspan="2">18,940 </td><td></td></tr><tr><td colspan="3">Identifiable intangible assets</td><td colspan="3"></td><td colspan="2">61,240 </td><td></td><td colspan="3"></td><td colspan="2">64,900 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="3"></td><td colspan="2">68,445 </td><td></td><td colspan="3"></td><td colspan="2">67,783 </td><td></td></tr><tr><td colspan="3">Noncurrent deferred tax assets and other noncurrent tax assets</td><td colspan="3"></td><td colspan="2">7,867 </td><td></td><td colspan="3"></td><td colspan="2">3,706 </td><td></td></tr><tr><td colspan="3">Other noncurrent assets</td><td colspan="3"></td><td colspan="2">10,710 </td><td></td><td colspan="3"></td><td colspan="2">12,471 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total assets</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and Equity</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254</td><td colspan="3"></td><td>$</td><td>11,944 </td><td></td><td colspan="3"></td><td>$</td><td>10,350 </td><td></td></tr><tr><td colspan="3">Trade accounts payable</td><td colspan="3"></td><td colspan="2">5,106 </td><td></td><td colspan="3"></td><td colspan="2">6,710 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="3"></td><td colspan="2">2,380 </td><td></td><td colspan="3"></td><td colspan="2">2,372 </td><td></td></tr><tr><td colspan="3">Income taxes payable</td><td colspan="3"></td><td colspan="2">2,884 </td><td></td><td colspan="3"></td><td colspan="2">2,349 </td><td></td></tr><tr><td colspan="3">Accrued compensation and related items</td><td colspan="3"></td><td colspan="2">2,566 </td><td></td><td colspan="3"></td><td colspan="2">2,776 </td><td></td></tr><tr><td colspan="3">Deferred revenues</td><td colspan="3"></td><td colspan="2">2,528 </td><td></td><td colspan="3"></td><td colspan="2">2,700 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="3"></td><td colspan="2">16,410 </td><td></td><td colspan="3"></td><td colspan="2">20,537 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="3"></td><td colspan="2">43,819 </td><td></td><td colspan="3"></td><td colspan="2">47,794 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="3"></td><td colspan="2">57,506 </td><td></td><td colspan="3"></td><td colspan="2">61,538 </td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit obligations</td><td colspan="3"></td><td colspan="2">2,040 </td><td></td><td colspan="3"></td><td colspan="2">2,167 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noncurrent deferred tax liabilities</td><td colspan="3"></td><td colspan="2">2,227 </td><td></td><td colspan="3"></td><td colspan="2">640 </td><td></td></tr><tr><td colspan="3">Other taxes payable</td><td colspan="3"></td><td colspan="2">6,532 </td><td></td><td colspan="3"></td><td colspan="2">8,534 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="3"></td><td colspan="2">16,095 </td><td></td><td colspan="3"></td><td colspan="2">16,539 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="3"></td><td colspan="2">128,218 </td><td></td><td colspan="3"></td><td colspan="2">137,213 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and Contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="2">480 </td><td></td><td colspan="3"></td><td colspan="2">478 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="3"></td><td colspan="2">93,197 </td><td></td><td colspan="3"></td><td colspan="2">92,631 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Treasury stock</td><td colspan="3"></td><td colspan="2">(114,757)</td><td></td><td colspan="3"></td><td colspan="2">(114,487)</td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="3"></td><td colspan="2">116,596 </td><td></td><td colspan="3"></td><td colspan="2">118,353 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="3"></td><td colspan="2">(7,816)</td><td></td><td colspan="3"></td><td colspan="2">(7,961)</td><td></td></tr><tr><td colspan="3">Total Pfizer Inc. shareholders' equity</td><td colspan="3"></td><td colspan="2">87,700 </td><td></td><td colspan="3"></td><td colspan="2">89,014 </td><td></td></tr><tr><td colspan="3">Equity attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">275 </td><td></td><td colspan="3"></td><td colspan="2">274 </td><td></td></tr><tr><td colspan="3">Total equity</td><td colspan="3"></td><td colspan="2">87,975 </td><td></td><td colspan="3"></td><td colspan="2">89,288 </td><td></td></tr><tr><td colspan="3">Total liabilities and equity</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr></table>
See Accompanying Notes.
7
|
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(MILLIONS)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3">(Unaudited)</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td colspan="3"></td><td>$</td><td>1,052 </td><td></td><td colspan="3"></td><td>$</td><td>2,853 </td><td></td></tr><tr><td colspan="3">Short-term investments</td><td colspan="3"></td><td colspan="2">6,048 </td><td></td><td colspan="3"></td><td colspan="2">9,837 </td><td></td></tr><tr><td colspan="3">Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470</td><td colspan="3"></td><td colspan="2">11,393 </td><td></td><td colspan="3"></td><td colspan="2">11,566 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="3"></td><td colspan="2">11,447 </td><td></td><td colspan="3"></td><td colspan="2">10,189 </td><td></td></tr><tr><td colspan="3">Current tax assets</td><td colspan="3"></td><td colspan="2">3,694 </td><td></td><td colspan="3"></td><td colspan="2">3,978 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="3"></td><td colspan="2">4,190 </td><td></td><td colspan="3"></td><td colspan="2">4,911 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="3"></td><td colspan="2">37,825 </td><td></td><td colspan="3"></td><td colspan="2">43,333 </td><td></td></tr><tr><td colspan="3">Equity-method investments</td><td colspan="3"></td><td colspan="2">8,029 </td><td></td><td colspan="3"></td><td colspan="2">11,637 </td><td></td></tr><tr><td colspan="3">Long-term investments</td><td colspan="3"></td><td colspan="2">3,119 </td><td></td><td colspan="3"></td><td colspan="2">3,731 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045</td><td colspan="3"></td><td colspan="2">18,957 </td><td></td><td colspan="3"></td><td colspan="2">18,940 </td><td></td></tr><tr><td colspan="3">Identifiable intangible assets</td><td colspan="3"></td><td colspan="2">61,240 </td><td></td><td colspan="3"></td><td colspan="2">64,900 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="3"></td><td colspan="2">68,445 </td><td></td><td colspan="3"></td><td colspan="2">67,783 </td><td></td></tr><tr><td colspan="3">Noncurrent deferred tax assets and other noncurrent tax assets</td><td colspan="3"></td><td colspan="2">7,867 </td><td></td><td colspan="3"></td><td colspan="2">3,706 </td><td></td></tr><tr><td colspan="3">Other noncurrent assets</td><td colspan="3"></td><td colspan="2">10,710 </td><td></td><td colspan="3"></td><td colspan="2">12,471 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total assets</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and Equity</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254</td><td colspan="3"></td><td>$</td><td>11,944 </td><td></td><td colspan="3"></td><td>$</td><td>10,350 </td><td></td></tr><tr><td colspan="3">Trade accounts payable</td><td colspan="3"></td><td colspan="2">5,106 </td><td></td><td colspan="3"></td><td colspan="2">6,710 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="3"></td><td colspan="2">2,380 </td><td></td><td colspan="3"></td><td colspan="2">2,372 </td><td></td></tr><tr><td colspan="3">Income taxes payable</td><td colspan="3"></td><td colspan="2">2,884 </td><td></td><td colspan="3"></td><td colspan="2">2,349 </td><td></td></tr><tr><td colspan="3">Accrued compensation and related items</td><td colspan="3"></td><td colspan="2">2,566 </td><td></td><td colspan="3"></td><td colspan="2">2,776 </td><td></td></tr><tr><td colspan="3">Deferred revenues</td><td colspan="3"></td><td colspan="2">2,528 </td><td></td><td colspan="3"></td><td colspan="2">2,700 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="3"></td><td colspan="2">16,410 </td><td></td><td colspan="3"></td><td colspan="2">20,537 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="3"></td><td colspan="2">43,819 </td><td></td><td colspan="3"></td><td colspan="2">47,794 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="3"></td><td colspan="2">57,506 </td><td></td><td colspan="3"></td><td colspan="2">61,538 </td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit obligations</td><td colspan="3"></td><td colspan="2">2,040 </td><td></td><td colspan="3"></td><td colspan="2">2,167 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noncurrent deferred tax liabilities</td><td colspan="3"></td><td colspan="2">2,227 </td><td></td><td colspan="3"></td><td colspan="2">640 </td><td></td></tr><tr><td colspan="3">Other taxes payable</td><td colspan="3"></td><td colspan="2">6,532 </td><td></td><td colspan="3"></td><td colspan="2">8,534 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="3"></td><td colspan="2">16,095 </td><td></td><td colspan="3"></td><td colspan="2">16,539 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="3"></td><td colspan="2">128,218 </td><td></td><td colspan="3"></td><td colspan="2">137,213 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and Contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="2">480 </td><td></td><td colspan="3"></td><td colspan="2">478 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="3"></td><td colspan="2">93,197 </td><td></td><td colspan="3"></td><td colspan="2">92,631 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Treasury stock</td><td colspan="3"></td><td colspan="2">(114,757)</td><td></td><td colspan="3"></td><td colspan="2">(114,487)</td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="3"></td><td colspan="2">116,596 </td><td></td><td colspan="3"></td><td colspan="2">118,353 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="3"></td><td colspan="2">(7,816)</td><td></td><td colspan="3"></td><td colspan="2">(7,961)</td><td></td></tr><tr><td colspan="3">Total Pfizer Inc. shareholders' equity</td><td colspan="3"></td><td colspan="2">87,700 </td><td></td><td colspan="3"></td><td colspan="2">89,014 </td><td></td></tr><tr><td colspan="3">Equity attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">275 </td><td></td><td colspan="3"></td><td colspan="2">274 </td><td></td></tr><tr><td colspan="3">Total equity</td><td colspan="3"></td><td colspan="2">87,975 </td><td></td><td colspan="3"></td><td colspan="2">89,288 </td><td></td></tr><tr><td colspan="3">Total liabilities and equity</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr></table>
See Accompanying Notes.
7
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q_com173
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How did Pfizer's total comprehensive income change between the quarters ending June 30, 2024, and July 2, 2023?
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Pfizer’s total comprehensive income for the quarter ending June 30, 2024, was a loss of $17 million, compared to $2,514 million for the quarter ending July 2, 2023. This represents a decline of $2,531 million or 100.68%, indicating a significant downturn in overall income.
Calculation:
Change in comprehensive income = -17 - 2,514 = -2,531 million
Percentage change = (-2,531 / 2,514) * 100 = -100.68%
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Comparison
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6
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0000078003-24-000166
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ITEM 1. FINANCIAL STATEMENTS
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 6:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------|:-------------------|:-----|:-----------------|:------|:-------------|:------|:------------|:---|:------|:---|:------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Net income before allocation to noncontrolling interests | $ | 48 | | | $ | 2,338 | | $ | 3,171 | $ | 7,894 |
| 5 | Foreign currency translation adjustments, net | (70) | | | 242 | | | 70 | | 343 | | |
| 8 | Unrealized holding gains/(losses) on derivative financial instruments, net | 127 | | | 109 | | | 343 | | 112 | | |
| 9 | Reclassification adjustments for (gains)/losses included in net income(a) | (147) | | | (163) | | | (159) | | 140 | | |
| 10 | | (21) | | | (54) | | | 184 | | 251 | | |
| 11 | Unrealized holding gains/(losses) on available-for-sale securities, net | (25) | | | 26 | | | (77) | | 113 | | |
| 12 | Reclassification adjustments for (gains)/losses included in net income(b) | 100 | | | 16 | | | 86 | | (493) | | |
| 14 | | 74 | | | 42 | | | 9 | | (379) | | |
| 16 | Reclassification adjustments related to amortization of prior service costs and other, net | (28) | | | (30) | | | (56) | | (59) | | |
| 17 | Reclassification adjustments related to curtailments of prior service costs and other, net | - | | | (7) | | | - | | (12) | | |
| 18 | | (28) | | | (37) | | | (56) | | (72) | | |
| 19 | Other comprehensive income/(loss), before tax | (44) | | | 193 | | | 207 | | 143 | | |
| 20 | Tax provision/(benefit) on other comprehensive income/(loss) | 22 | | | 9 | | | 76 | | (53) | | |
| 21 | Other comprehensive income/(loss) before allocation to noncontrolling interests | $ | (67) | | | $ | 184 | | $ | 131 | $ | 196 |
| 23 | Comprehensive income/(loss) before allocation to noncontrolling interests | $ | (19) | | | $ | 2,522 | | $ | 3,302 | $ | 8,091 |
| 24 | Less: Comprehensive income/(loss) attributable to noncontrolling interests | (2) | | | 8 | | | 1 | | 18 | | |
| 25 | Comprehensive income/(loss) attributable to Pfizer Inc. | $ | (17) | | | $ | 2,514 | | $ | 3,302 | $ | 8,072 |
(a)Reclassified into Other (income)/deductions-net and Cost of sales. See Note 7E.
(b)Reclassified into Other (income)/deductions-net.
See Accompanying Notes.
6
|
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------|:-------------------|:-----|:-----------------|:------|:-------------|:------|:------------|:---|:------|:---|:------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Net income before allocation to noncontrolling interests | $ | 48 | | | $ | 2,338 | | $ | 3,171 | $ | 7,894 |
| 5 | Foreign currency translation adjustments, net | (70) | | | 242 | | | 70 | | 343 | | |
| 8 | Unrealized holding gains/(losses) on derivative financial instruments, net | 127 | | | 109 | | | 343 | | 112 | | |
| 9 | Reclassification adjustments for (gains)/losses included in net income(a) | (147) | | | (163) | | | (159) | | 140 | | |
| 10 | | (21) | | | (54) | | | 184 | | 251 | | |
| 11 | Unrealized holding gains/(losses) on available-for-sale securities, net | (25) | | | 26 | | | (77) | | 113 | | |
| 12 | Reclassification adjustments for (gains)/losses included in net income(b) | 100 | | | 16 | | | 86 | | (493) | | |
| 14 | | 74 | | | 42 | | | 9 | | (379) | | |
| 16 | Reclassification adjustments related to amortization of prior service costs and other, net | (28) | | | (30) | | | (56) | | (59) | | |
| 17 | Reclassification adjustments related to curtailments of prior service costs and other, net | - | | | (7) | | | - | | (12) | | |
| 18 | | (28) | | | (37) | | | (56) | | (72) | | |
| 19 | Other comprehensive income/(loss), before tax | (44) | | | 193 | | | 207 | | 143 | | |
| 20 | Tax provision/(benefit) on other comprehensive income/(loss) | 22 | | | 9 | | | 76 | | (53) | | |
| 21 | Other comprehensive income/(loss) before allocation to noncontrolling interests | $ | (67) | | | $ | 184 | | $ | 131 | $ | 196 |
| 23 | Comprehensive income/(loss) before allocation to noncontrolling interests | $ | (19) | | | $ | 2,522 | | $ | 3,302 | $ | 8,091 |
| 24 | Less: Comprehensive income/(loss) attributable to noncontrolling interests | (2) | | | 8 | | | 1 | | 18 | | |
| 25 | Comprehensive income/(loss) attributable to Pfizer Inc. | $ | (17) | | | $ | 2,514 | | $ | 3,302 | $ | 8,072 |
(a)Reclassified into Other (income)/deductions-net and Cost of sales. See Note 7E.
(b)Reclassified into Other (income)/deductions-net.
See Accompanying Notes.
6
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PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 6:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td>$</td><td>48 </td><td></td><td colspan="3"></td><td>$</td><td>2,338 </td><td></td><td colspan="3"></td><td>$</td><td>3,171 </td><td></td><td colspan="3"></td><td>$</td><td>7,894 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Foreign currency translation adjustments, net</td><td colspan="3"></td><td colspan="2">(70)</td><td></td><td colspan="3"></td><td colspan="2">242 </td><td></td><td colspan="3"></td><td colspan="2">70 </td><td></td><td colspan="3"></td><td colspan="2">343 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Unrealized holding gains/(losses) on derivative financial instruments, net</td><td colspan="3"></td><td colspan="2">127 </td><td></td><td colspan="3"></td><td colspan="2">109 </td><td></td><td colspan="3"></td><td colspan="2">343 </td><td></td><td colspan="3"></td><td colspan="2">112 </td><td></td></tr><tr><td colspan="3">Reclassification adjustments for (gains)/losses included in net income(a)</td><td colspan="3"></td><td colspan="2">(147)</td><td></td><td colspan="3"></td><td colspan="2">(163)</td><td></td><td colspan="3"></td><td colspan="2">(159)</td><td></td><td colspan="3"></td><td colspan="2">140 </td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="2">(21)</td><td></td><td colspan="3"></td><td colspan="2">(54)</td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="3"></td><td colspan="2">251 </td><td></td></tr><tr><td colspan="3">Unrealized holding gains/(losses) on available-for-sale securities, net</td><td colspan="3"></td><td colspan="2">(25)</td><td></td><td colspan="3"></td><td colspan="2">26 </td><td></td><td colspan="3"></td><td colspan="2">(77)</td><td></td><td colspan="3"></td><td colspan="2">113 </td><td></td></tr><tr><td colspan="3">Reclassification adjustments for (gains)/losses included in net income(b)</td><td colspan="3"></td><td colspan="2">100 </td><td></td><td colspan="3"></td><td colspan="2">16 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="3"></td><td colspan="2">(493)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="2">74 </td><td></td><td colspan="3"></td><td colspan="2">42 </td><td></td><td colspan="3"></td><td colspan="2">9 </td><td></td><td colspan="3"></td><td colspan="2">(379)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Reclassification adjustments related to amortization of prior service costs and other, net</td><td colspan="3"></td><td colspan="2">(28)</td><td></td><td colspan="3"></td><td colspan="2">(30)</td><td></td><td colspan="3"></td><td colspan="2">(56)</td><td></td><td colspan="3"></td><td colspan="2">(59)</td><td></td></tr><tr><td colspan="3">Reclassification adjustments related to curtailments of prior service costs and other, net</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(7)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="2">(28)</td><td></td><td colspan="3"></td><td colspan="2">(37)</td><td></td><td colspan="3"></td><td colspan="2">(56)</td><td></td><td colspan="3"></td><td colspan="2">(72)</td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss), before tax</td><td colspan="3"></td><td colspan="2">(44)</td><td></td><td colspan="3"></td><td colspan="2">193 </td><td></td><td colspan="3"></td><td colspan="2">207 </td><td></td><td colspan="3"></td><td colspan="2">143 </td><td></td></tr><tr><td colspan="3">Tax provision/(benefit) on other comprehensive income/(loss)</td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">9 </td><td></td><td colspan="3"></td><td colspan="2">76 </td><td></td><td colspan="3"></td><td colspan="2">(53)</td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) before allocation to noncontrolling interests</td><td colspan="3"></td><td>$</td><td>(67)</td><td></td><td colspan="3"></td><td>$</td><td>184 </td><td></td><td colspan="3"></td><td>$</td><td>131 </td><td></td><td colspan="3"></td><td>$</td><td>196 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Comprehensive income/(loss) before allocation to noncontrolling interests</td><td colspan="3"></td><td>$</td><td>(19)</td><td></td><td colspan="3"></td><td>$</td><td>2,522 </td><td></td><td colspan="3"></td><td>$</td><td>3,302 </td><td></td><td colspan="3"></td><td>$</td><td>8,091 </td><td></td></tr><tr><td colspan="3">Less: Comprehensive income/(loss) attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">8 </td><td></td><td colspan="3"></td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td></tr><tr><td colspan="3">Comprehensive income/(loss) attributable to Pfizer Inc.</td><td colspan="3"></td><td>$</td><td>(17)</td><td></td><td colspan="3"></td><td>$</td><td>2,514 </td><td></td><td colspan="3"></td><td>$</td><td>3,302 </td><td></td><td colspan="3"></td><td>$</td><td>8,072 </td><td></td></tr></table>
(a)Reclassified into Other (income)/deductions-net and Cost of sales. See Note 7E.
(b)Reclassified into Other (income)/deductions-net.
See Accompanying Notes.
6
|
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td>$</td><td>48 </td><td></td><td colspan="3"></td><td>$</td><td>2,338 </td><td></td><td colspan="3"></td><td>$</td><td>3,171 </td><td></td><td colspan="3"></td><td>$</td><td>7,894 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Foreign currency translation adjustments, net</td><td colspan="3"></td><td colspan="2">(70)</td><td></td><td colspan="3"></td><td colspan="2">242 </td><td></td><td colspan="3"></td><td colspan="2">70 </td><td></td><td colspan="3"></td><td colspan="2">343 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Unrealized holding gains/(losses) on derivative financial instruments, net</td><td colspan="3"></td><td colspan="2">127 </td><td></td><td colspan="3"></td><td colspan="2">109 </td><td></td><td colspan="3"></td><td colspan="2">343 </td><td></td><td colspan="3"></td><td colspan="2">112 </td><td></td></tr><tr><td colspan="3">Reclassification adjustments for (gains)/losses included in net income(a)</td><td colspan="3"></td><td colspan="2">(147)</td><td></td><td colspan="3"></td><td colspan="2">(163)</td><td></td><td colspan="3"></td><td colspan="2">(159)</td><td></td><td colspan="3"></td><td colspan="2">140 </td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="2">(21)</td><td></td><td colspan="3"></td><td colspan="2">(54)</td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td><td colspan="3"></td><td colspan="2">251 </td><td></td></tr><tr><td colspan="3">Unrealized holding gains/(losses) on available-for-sale securities, net</td><td colspan="3"></td><td colspan="2">(25)</td><td></td><td colspan="3"></td><td colspan="2">26 </td><td></td><td colspan="3"></td><td colspan="2">(77)</td><td></td><td colspan="3"></td><td colspan="2">113 </td><td></td></tr><tr><td colspan="3">Reclassification adjustments for (gains)/losses included in net income(b)</td><td colspan="3"></td><td colspan="2">100 </td><td></td><td colspan="3"></td><td colspan="2">16 </td><td></td><td colspan="3"></td><td colspan="2">86 </td><td></td><td colspan="3"></td><td colspan="2">(493)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="2">74 </td><td></td><td colspan="3"></td><td colspan="2">42 </td><td></td><td colspan="3"></td><td colspan="2">9 </td><td></td><td colspan="3"></td><td colspan="2">(379)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Reclassification adjustments related to amortization of prior service costs and other, net</td><td colspan="3"></td><td colspan="2">(28)</td><td></td><td colspan="3"></td><td colspan="2">(30)</td><td></td><td colspan="3"></td><td colspan="2">(56)</td><td></td><td colspan="3"></td><td colspan="2">(59)</td><td></td></tr><tr><td colspan="3">Reclassification adjustments related to curtailments of prior service costs and other, net</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(7)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="2">(28)</td><td></td><td colspan="3"></td><td colspan="2">(37)</td><td></td><td colspan="3"></td><td colspan="2">(56)</td><td></td><td colspan="3"></td><td colspan="2">(72)</td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss), before tax</td><td colspan="3"></td><td colspan="2">(44)</td><td></td><td colspan="3"></td><td colspan="2">193 </td><td></td><td colspan="3"></td><td colspan="2">207 </td><td></td><td colspan="3"></td><td colspan="2">143 </td><td></td></tr><tr><td colspan="3">Tax provision/(benefit) on other comprehensive income/(loss)</td><td colspan="3"></td><td colspan="2">22 </td><td></td><td colspan="3"></td><td colspan="2">9 </td><td></td><td colspan="3"></td><td colspan="2">76 </td><td></td><td colspan="3"></td><td colspan="2">(53)</td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss) before allocation to noncontrolling interests</td><td colspan="3"></td><td>$</td><td>(67)</td><td></td><td colspan="3"></td><td>$</td><td>184 </td><td></td><td colspan="3"></td><td>$</td><td>131 </td><td></td><td colspan="3"></td><td>$</td><td>196 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Comprehensive income/(loss) before allocation to noncontrolling interests</td><td colspan="3"></td><td>$</td><td>(19)</td><td></td><td colspan="3"></td><td>$</td><td>2,522 </td><td></td><td colspan="3"></td><td>$</td><td>3,302 </td><td></td><td colspan="3"></td><td>$</td><td>8,091 </td><td></td></tr><tr><td colspan="3">Less: Comprehensive income/(loss) attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">8 </td><td></td><td colspan="3"></td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td></tr><tr><td colspan="3">Comprehensive income/(loss) attributable to Pfizer Inc.</td><td colspan="3"></td><td>$</td><td>(17)</td><td></td><td colspan="3"></td><td>$</td><td>2,514 </td><td></td><td colspan="3"></td><td>$</td><td>3,302 </td><td></td><td colspan="3"></td><td>$</td><td>8,072 </td><td></td></tr></table>
(a)Reclassified into Other (income)/deductions-net and Cost of sales. See Note 7E.
(b)Reclassified into Other (income)/deductions-net.
See Accompanying Notes.
6
|
q_com174
|
How did Pfizer's short-term investments change between December 31, 2023, and June 30, 2024?
|
Pfizer’s short-term investments as of June 30, 2024, were $6,048 million, compared to $9,837 million as of December 31, 2023. This reflects a decrease of $3,789 million or 38.52%, suggesting significant liquidations or reallocations.
Calculation:
Change in short-term investments = 6,048 - 9,837 = -3,789 million
Percentage change = (-3,789 / 9,837) * 100 = -38.52%
|
Comparison
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7
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0000078003-24-000166
|
ITEM 1. FINANCIAL STATEMENTS
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 7:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:----------|:---|:--------|
| 1 | (MILLIONS) | June 30,2024 | | December 31, 2023 | | | |
| 2 | | (Unaudited) | | | | | |
| 3 | Assets | | | | | | |
| 4 | Cash and cash equivalents | $ | 1,052 | | | $ | 2,853 |
| 5 | Short-term investments | 6,048 | | | 9,837 | | |
| 6 | Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470 | 11,393 | | | 11,566 | | |
| 7 | Inventories | 11,447 | | | 10,189 | | |
| 8 | Current tax assets | 3,694 | | | 3,978 | | |
| 9 | Other current assets | 4,190 | | | 4,911 | | |
| 10 | Total current assets | 37,825 | | | 43,333 | | |
| 11 | Equity-method investments | 8,029 | | | 11,637 | | |
| 12 | Long-term investments | 3,119 | | | 3,731 | | |
| 13 | Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045 | 18,957 | | | 18,940 | | |
| 14 | Identifiable intangible assets | 61,240 | | | 64,900 | | |
| 15 | Goodwill | 68,445 | | | 67,783 | | |
| 16 | Noncurrent deferred tax assets and other noncurrent tax assets | 7,867 | | | 3,706 | | |
| 17 | Other noncurrent assets | 10,710 | | | 12,471 | | |
| 19 | Total assets | $ | 216,193 | | | $ | 226,501 |
| 21 | Liabilities and Equity | | | | | | |
| 22 | Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254 | $ | 11,944 | | | $ | 10,350 |
| 23 | Trade accounts payable | 5,106 | | | 6,710 | | |
| 24 | Dividends payable | 2,380 | | | 2,372 | | |
| 25 | Income taxes payable | 2,884 | | | 2,349 | | |
| 26 | Accrued compensation and related items | 2,566 | | | 2,776 | | |
| 27 | Deferred revenues | 2,528 | | | 2,700 | | |
| 28 | Other current liabilities | 16,410 | | | 20,537 | | |
| 30 | Total current liabilities | 43,819 | | | 47,794 | | |
| 32 | Long-term debt | 57,506 | | | 61,538 | | |
| 33 | Pension and postretirement benefit obligations | 2,040 | | | 2,167 | | |
| 35 | Noncurrent deferred tax liabilities | 2,227 | | | 640 | | |
| 36 | Other taxes payable | 6,532 | | | 8,534 | | |
| 37 | Other noncurrent liabilities | 16,095 | | | 16,539 | | |
| 38 | Total liabilities | 128,218 | | | 137,213 | | |
| 40 | Commitments and Contingencies | | | | | | |
| 43 | Common stock | 480 | | | 478 | | |
| 44 | Additional paid-in capital | 93,197 | | | 92,631 | | |
| 46 | Treasury stock | (114,757) | | | (114,487) | | |
| 47 | Retained earnings | 116,596 | | | 118,353 | | |
| 48 | Accumulated other comprehensive loss | (7,816) | | | (7,961) | | |
| 49 | Total Pfizer Inc. shareholders' equity | 87,700 | | | 89,014 | | |
| 50 | Equity attributable to noncontrolling interests | 275 | | | 274 | | |
| 51 | Total equity | 87,975 | | | 89,288 | | |
| 52 | Total liabilities and equity | $ | 216,193 | | | $ | 226,501 |
See Accompanying Notes.
7
|
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------|:-------------|:--------|:------------------|:----------|:---|:--------|
| 1 | (MILLIONS) | June 30,2024 | | December 31, 2023 | | | |
| 2 | | (Unaudited) | | | | | |
| 3 | Assets | | | | | | |
| 4 | Cash and cash equivalents | $ | 1,052 | | | $ | 2,853 |
| 5 | Short-term investments | 6,048 | | | 9,837 | | |
| 6 | Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470 | 11,393 | | | 11,566 | | |
| 7 | Inventories | 11,447 | | | 10,189 | | |
| 8 | Current tax assets | 3,694 | | | 3,978 | | |
| 9 | Other current assets | 4,190 | | | 4,911 | | |
| 10 | Total current assets | 37,825 | | | 43,333 | | |
| 11 | Equity-method investments | 8,029 | | | 11,637 | | |
| 12 | Long-term investments | 3,119 | | | 3,731 | | |
| 13 | Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045 | 18,957 | | | 18,940 | | |
| 14 | Identifiable intangible assets | 61,240 | | | 64,900 | | |
| 15 | Goodwill | 68,445 | | | 67,783 | | |
| 16 | Noncurrent deferred tax assets and other noncurrent tax assets | 7,867 | | | 3,706 | | |
| 17 | Other noncurrent assets | 10,710 | | | 12,471 | | |
| 19 | Total assets | $ | 216,193 | | | $ | 226,501 |
| 21 | Liabilities and Equity | | | | | | |
| 22 | Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254 | $ | 11,944 | | | $ | 10,350 |
| 23 | Trade accounts payable | 5,106 | | | 6,710 | | |
| 24 | Dividends payable | 2,380 | | | 2,372 | | |
| 25 | Income taxes payable | 2,884 | | | 2,349 | | |
| 26 | Accrued compensation and related items | 2,566 | | | 2,776 | | |
| 27 | Deferred revenues | 2,528 | | | 2,700 | | |
| 28 | Other current liabilities | 16,410 | | | 20,537 | | |
| 30 | Total current liabilities | 43,819 | | | 47,794 | | |
| 32 | Long-term debt | 57,506 | | | 61,538 | | |
| 33 | Pension and postretirement benefit obligations | 2,040 | | | 2,167 | | |
| 35 | Noncurrent deferred tax liabilities | 2,227 | | | 640 | | |
| 36 | Other taxes payable | 6,532 | | | 8,534 | | |
| 37 | Other noncurrent liabilities | 16,095 | | | 16,539 | | |
| 38 | Total liabilities | 128,218 | | | 137,213 | | |
| 40 | Commitments and Contingencies | | | | | | |
| 43 | Common stock | 480 | | | 478 | | |
| 44 | Additional paid-in capital | 93,197 | | | 92,631 | | |
| 46 | Treasury stock | (114,757) | | | (114,487) | | |
| 47 | Retained earnings | 116,596 | | | 118,353 | | |
| 48 | Accumulated other comprehensive loss | (7,816) | | | (7,961) | | |
| 49 | Total Pfizer Inc. shareholders' equity | 87,700 | | | 89,014 | | |
| 50 | Equity attributable to noncontrolling interests | 275 | | | 274 | | |
| 51 | Total equity | 87,975 | | | 89,288 | | |
| 52 | Total liabilities and equity | $ | 216,193 | | | $ | 226,501 |
See Accompanying Notes.
7
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 7:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(MILLIONS)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3">(Unaudited)</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td colspan="3"></td><td>$</td><td>1,052 </td><td></td><td colspan="3"></td><td>$</td><td>2,853 </td><td></td></tr><tr><td colspan="3">Short-term investments</td><td colspan="3"></td><td colspan="2">6,048 </td><td></td><td colspan="3"></td><td colspan="2">9,837 </td><td></td></tr><tr><td colspan="3">Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470</td><td colspan="3"></td><td colspan="2">11,393 </td><td></td><td colspan="3"></td><td colspan="2">11,566 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="3"></td><td colspan="2">11,447 </td><td></td><td colspan="3"></td><td colspan="2">10,189 </td><td></td></tr><tr><td colspan="3">Current tax assets</td><td colspan="3"></td><td colspan="2">3,694 </td><td></td><td colspan="3"></td><td colspan="2">3,978 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="3"></td><td colspan="2">4,190 </td><td></td><td colspan="3"></td><td colspan="2">4,911 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="3"></td><td colspan="2">37,825 </td><td></td><td colspan="3"></td><td colspan="2">43,333 </td><td></td></tr><tr><td colspan="3">Equity-method investments</td><td colspan="3"></td><td colspan="2">8,029 </td><td></td><td colspan="3"></td><td colspan="2">11,637 </td><td></td></tr><tr><td colspan="3">Long-term investments</td><td colspan="3"></td><td colspan="2">3,119 </td><td></td><td colspan="3"></td><td colspan="2">3,731 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045</td><td colspan="3"></td><td colspan="2">18,957 </td><td></td><td colspan="3"></td><td colspan="2">18,940 </td><td></td></tr><tr><td colspan="3">Identifiable intangible assets</td><td colspan="3"></td><td colspan="2">61,240 </td><td></td><td colspan="3"></td><td colspan="2">64,900 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="3"></td><td colspan="2">68,445 </td><td></td><td colspan="3"></td><td colspan="2">67,783 </td><td></td></tr><tr><td colspan="3">Noncurrent deferred tax assets and other noncurrent tax assets</td><td colspan="3"></td><td colspan="2">7,867 </td><td></td><td colspan="3"></td><td colspan="2">3,706 </td><td></td></tr><tr><td colspan="3">Other noncurrent assets</td><td colspan="3"></td><td colspan="2">10,710 </td><td></td><td colspan="3"></td><td colspan="2">12,471 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total assets</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and Equity</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254</td><td colspan="3"></td><td>$</td><td>11,944 </td><td></td><td colspan="3"></td><td>$</td><td>10,350 </td><td></td></tr><tr><td colspan="3">Trade accounts payable</td><td colspan="3"></td><td colspan="2">5,106 </td><td></td><td colspan="3"></td><td colspan="2">6,710 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="3"></td><td colspan="2">2,380 </td><td></td><td colspan="3"></td><td colspan="2">2,372 </td><td></td></tr><tr><td colspan="3">Income taxes payable</td><td colspan="3"></td><td colspan="2">2,884 </td><td></td><td colspan="3"></td><td colspan="2">2,349 </td><td></td></tr><tr><td colspan="3">Accrued compensation and related items</td><td colspan="3"></td><td colspan="2">2,566 </td><td></td><td colspan="3"></td><td colspan="2">2,776 </td><td></td></tr><tr><td colspan="3">Deferred revenues</td><td colspan="3"></td><td colspan="2">2,528 </td><td></td><td colspan="3"></td><td colspan="2">2,700 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="3"></td><td colspan="2">16,410 </td><td></td><td colspan="3"></td><td colspan="2">20,537 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="3"></td><td colspan="2">43,819 </td><td></td><td colspan="3"></td><td colspan="2">47,794 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="3"></td><td colspan="2">57,506 </td><td></td><td colspan="3"></td><td colspan="2">61,538 </td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit obligations</td><td colspan="3"></td><td colspan="2">2,040 </td><td></td><td colspan="3"></td><td colspan="2">2,167 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noncurrent deferred tax liabilities</td><td colspan="3"></td><td colspan="2">2,227 </td><td></td><td colspan="3"></td><td colspan="2">640 </td><td></td></tr><tr><td colspan="3">Other taxes payable</td><td colspan="3"></td><td colspan="2">6,532 </td><td></td><td colspan="3"></td><td colspan="2">8,534 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="3"></td><td colspan="2">16,095 </td><td></td><td colspan="3"></td><td colspan="2">16,539 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="3"></td><td colspan="2">128,218 </td><td></td><td colspan="3"></td><td colspan="2">137,213 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and Contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="2">480 </td><td></td><td colspan="3"></td><td colspan="2">478 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="3"></td><td colspan="2">93,197 </td><td></td><td colspan="3"></td><td colspan="2">92,631 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Treasury stock</td><td colspan="3"></td><td colspan="2">(114,757)</td><td></td><td colspan="3"></td><td colspan="2">(114,487)</td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="3"></td><td colspan="2">116,596 </td><td></td><td colspan="3"></td><td colspan="2">118,353 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="3"></td><td colspan="2">(7,816)</td><td></td><td colspan="3"></td><td colspan="2">(7,961)</td><td></td></tr><tr><td colspan="3">Total Pfizer Inc. shareholders' equity</td><td colspan="3"></td><td colspan="2">87,700 </td><td></td><td colspan="3"></td><td colspan="2">89,014 </td><td></td></tr><tr><td colspan="3">Equity attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">275 </td><td></td><td colspan="3"></td><td colspan="2">274 </td><td></td></tr><tr><td colspan="3">Total equity</td><td colspan="3"></td><td colspan="2">87,975 </td><td></td><td colspan="3"></td><td colspan="2">89,288 </td><td></td></tr><tr><td colspan="3">Total liabilities and equity</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr></table>
See Accompanying Notes.
7
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PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(MILLIONS)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3">(Unaudited)</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td colspan="3"></td><td>$</td><td>1,052 </td><td></td><td colspan="3"></td><td>$</td><td>2,853 </td><td></td></tr><tr><td colspan="3">Short-term investments</td><td colspan="3"></td><td colspan="2">6,048 </td><td></td><td colspan="3"></td><td colspan="2">9,837 </td><td></td></tr><tr><td colspan="3">Trade accounts receivable, less allowance for doubtful accounts: 2024-$468; 2023-$470</td><td colspan="3"></td><td colspan="2">11,393 </td><td></td><td colspan="3"></td><td colspan="2">11,566 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="3"></td><td colspan="2">11,447 </td><td></td><td colspan="3"></td><td colspan="2">10,189 </td><td></td></tr><tr><td colspan="3">Current tax assets</td><td colspan="3"></td><td colspan="2">3,694 </td><td></td><td colspan="3"></td><td colspan="2">3,978 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="3"></td><td colspan="2">4,190 </td><td></td><td colspan="3"></td><td colspan="2">4,911 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="3"></td><td colspan="2">37,825 </td><td></td><td colspan="3"></td><td colspan="2">43,333 </td><td></td></tr><tr><td colspan="3">Equity-method investments</td><td colspan="3"></td><td colspan="2">8,029 </td><td></td><td colspan="3"></td><td colspan="2">11,637 </td><td></td></tr><tr><td colspan="3">Long-term investments</td><td colspan="3"></td><td colspan="2">3,119 </td><td></td><td colspan="3"></td><td colspan="2">3,731 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, less accumulated depreciation: 2024-$16,572; 2023-$16,045</td><td colspan="3"></td><td colspan="2">18,957 </td><td></td><td colspan="3"></td><td colspan="2">18,940 </td><td></td></tr><tr><td colspan="3">Identifiable intangible assets</td><td colspan="3"></td><td colspan="2">61,240 </td><td></td><td colspan="3"></td><td colspan="2">64,900 </td><td></td></tr><tr><td colspan="3">Goodwill</td><td colspan="3"></td><td colspan="2">68,445 </td><td></td><td colspan="3"></td><td colspan="2">67,783 </td><td></td></tr><tr><td colspan="3">Noncurrent deferred tax assets and other noncurrent tax assets</td><td colspan="3"></td><td colspan="2">7,867 </td><td></td><td colspan="3"></td><td colspan="2">3,706 </td><td></td></tr><tr><td colspan="3">Other noncurrent assets</td><td colspan="3"></td><td colspan="2">10,710 </td><td></td><td colspan="3"></td><td colspan="2">12,471 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total assets</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and Equity</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Short-term borrowings, including current portion of long-term debt: 2024-$3,745; 2023-$2,254</td><td colspan="3"></td><td>$</td><td>11,944 </td><td></td><td colspan="3"></td><td>$</td><td>10,350 </td><td></td></tr><tr><td colspan="3">Trade accounts payable</td><td colspan="3"></td><td colspan="2">5,106 </td><td></td><td colspan="3"></td><td colspan="2">6,710 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="3"></td><td colspan="2">2,380 </td><td></td><td colspan="3"></td><td colspan="2">2,372 </td><td></td></tr><tr><td colspan="3">Income taxes payable</td><td colspan="3"></td><td colspan="2">2,884 </td><td></td><td colspan="3"></td><td colspan="2">2,349 </td><td></td></tr><tr><td colspan="3">Accrued compensation and related items</td><td colspan="3"></td><td colspan="2">2,566 </td><td></td><td colspan="3"></td><td colspan="2">2,776 </td><td></td></tr><tr><td colspan="3">Deferred revenues</td><td colspan="3"></td><td colspan="2">2,528 </td><td></td><td colspan="3"></td><td colspan="2">2,700 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="3"></td><td colspan="2">16,410 </td><td></td><td colspan="3"></td><td colspan="2">20,537 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="3"></td><td colspan="2">43,819 </td><td></td><td colspan="3"></td><td colspan="2">47,794 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Long-term debt</td><td colspan="3"></td><td colspan="2">57,506 </td><td></td><td colspan="3"></td><td colspan="2">61,538 </td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit obligations</td><td colspan="3"></td><td colspan="2">2,040 </td><td></td><td colspan="3"></td><td colspan="2">2,167 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noncurrent deferred tax liabilities</td><td colspan="3"></td><td colspan="2">2,227 </td><td></td><td colspan="3"></td><td colspan="2">640 </td><td></td></tr><tr><td colspan="3">Other taxes payable</td><td colspan="3"></td><td colspan="2">6,532 </td><td></td><td colspan="3"></td><td colspan="2">8,534 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="3"></td><td colspan="2">16,095 </td><td></td><td colspan="3"></td><td colspan="2">16,539 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="3"></td><td colspan="2">128,218 </td><td></td><td colspan="3"></td><td colspan="2">137,213 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and Contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="2">480 </td><td></td><td colspan="3"></td><td colspan="2">478 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="3"></td><td colspan="2">93,197 </td><td></td><td colspan="3"></td><td colspan="2">92,631 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Treasury stock</td><td colspan="3"></td><td colspan="2">(114,757)</td><td></td><td colspan="3"></td><td colspan="2">(114,487)</td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="3"></td><td colspan="2">116,596 </td><td></td><td colspan="3"></td><td colspan="2">118,353 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="3"></td><td colspan="2">(7,816)</td><td></td><td colspan="3"></td><td colspan="2">(7,961)</td><td></td></tr><tr><td colspan="3">Total Pfizer Inc. shareholders' equity</td><td colspan="3"></td><td colspan="2">87,700 </td><td></td><td colspan="3"></td><td colspan="2">89,014 </td><td></td></tr><tr><td colspan="3">Equity attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">275 </td><td></td><td colspan="3"></td><td colspan="2">274 </td><td></td></tr><tr><td colspan="3">Total equity</td><td colspan="3"></td><td colspan="2">87,975 </td><td></td><td colspan="3"></td><td colspan="2">89,288 </td><td></td></tr><tr><td colspan="3">Total liabilities and equity</td><td colspan="3"></td><td>$</td><td>216,193 </td><td></td><td colspan="3"></td><td>$</td><td>226,501 </td><td></td></tr></table>
See Accompanying Notes.
7
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q_com175
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How did Pfizer's dividends declared per share change between the quarters ending June 30, 2024, and July 2, 2023?
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Pfizer declared dividends of $0.84 per share for the quarter ending June 30, 2024, compared to $0.82 per share for the quarter ending July 2, 2023. This represents an increase of $0.02 or 2.44%.
Calculation:
Change in dividends per share = 0.84 - 0.82 = 0.02
Percentage change = (0.02 / 0.82) * 100 = 2.44%
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Comparison
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8
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0000078003-24-000166
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ITEM 1. FINANCIAL STATEMENTS
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PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 8:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---:|:----------------------------------------------|:-------------|:-------------------------|:---------------|:---|:----------------------|:-------|:---|:-------|:---|:------------------|:--------|:------------------------|:---|:----------------------|:----------|:--------------------------|:-------------|:--------|:--------|:------|:---|:--------|:---|:----|:---|:--------|:---|:----|:---|:--------|
| 1 | | | PFIZER INC. SHAREHOLDERS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2 | | Common Stock | | Treasury Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3 | (MILLIONS, EXCEPT PER SHARE DATA) | | Shares | Par Value | | Add'l Paid-In Capital | Shares | | Cost | | Retained Earnings | | Accum. Other Comp. Loss | | Share-holders' Equity | | Non-controlling interests | Total Equity | | | | | | | | | | | | | |
| 4 | Balance, March 31, 2024 | | 9,592 | | $ | 480 | | $ | 92,997 | | | (3,925) | | | $ | (114,755) | | $ | 121,318 | | | $ | (7,758) | | | $ | 92,282 | $ | 276 | $ | 92,558 |
| 5 | Net income/(loss) | | | | | | | | | | 41 | | | | | 41 | | 7 | | | 48 | | | | | | | | | | |
| 6 | Other comprehensive income/(loss), net of tax | | | | | | | | | | | | (58) | | | (58) | | (9) | | | (67) | | | | | | | | | | |
| 7 | Cash dividends declared, per share: $0.84 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 8 | Common stock | | | | | | | | | | (4,760) | | | | | (4,760) | | | | (4,760) | | | | | | | | | | | |
| 11 | Share-based payment transactions | | - | | - | | 200 | | | - | | | (2) | | | (2) | | | | 196 | | | | | 196 | | | | | | |
| 14 | Other | | | | | - | | - | | | - | | | - | | | | - | | | - | | | - | | | | | | | |
| 15 | Balance, June 30, 2024 | | 9,592 | | $ | 480 | | $ | 93,197 | | | (3,925) | | | $ | (114,757) | | $ | 116,596 | | | $ | (7,816) | | | $ | 87,700 | $ | 275 | $ | 87,975 |
| 17 | | | PFIZER INC. SHAREHOLDERS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 18 | | Common Stock | | Treasury Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 19 | (MILLIONS, EXCEPT PER SHARE DATA) | | Shares | Par Value | | Add'l Paid-In Capital | Shares | | Cost | | Retained Earnings | | Accum. Other Comp. Loss | | Share-holders' Equity | | Non-controlling interests | Total Equity | | | | | | | | | | | | | |
| 20 | Balance, April 2, 2023 | | 9,560 | | $ | 478 | | $ | 92,153 | | | (3,915) | | | $ | (114,473) | | $ | 131,101 | | | $ | (8,289) | | | $ | 100,970 | $ | 266 | $ | 101,236 |
| 21 | Net income/(loss) | | | | | | | | | | 2,327 | | | | | 2,327 | | 11 | | | 2,338 | | | | | | | | | | |
| 22 | Other comprehensive income/(loss), net of tax | | | | | | | | | | | | 187 | | | 187 | | (3) | | | 184 | | | | | | | | | | |
| 23 | Cash dividends declared, per share: $0.82 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 24 | Common stock | | | | | | | | | | (4,630) | | | | | (4,630) | | | | (4,630) | | | | | | | | | | | |
| 27 | Share-based payment transactions | | 1 | | - | | 176 | | | - | | | (8) | | | (4) | | | | 164 | | | | | 164 | | | | | | |
| 30 | Other | | | | | - | | - | | | - | | | - | | | | - | | | - | | | - | | | | | | | |
| 31 | Balance, July 2, 2023 | | 9,561 | | $ | 478 | | $ | 92,329 | | | (3,916) | | | $ | (114,482) | | $ | 128,796 | | | $ | (8,102) | | | $ | 99,019 | $ | 274 | $ | 99,293 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---:|:----------------------------------------------|:-------------|:-------------------------|:---------------|:---|:---------------------|:-------|:---|:-------|:-----|:------------------|:--------|:-----------------------|:---|:----------------------|:----------|:--------------------------|:---|:-------------|:--------|:--------|:------|:---|:--------|:---|:-----|:---|:-------|:---|:----|:---|:-------|
| 1 | | | PFIZER INC. SHAREHOLDERS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2 | | Common Stock | | Treasury Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3 | (MILLIONS, EXCEPT PER SHARE DATA) | | Shares | Par Value | | Add'lPaid-In Capital | Shares | | Cost | | Retained Earnings | | Accum. Other Comp.Loss | | Share-holders' Equity | | Non-controlling interests | | Total Equity | | | | | | | | | | | | | |
| 4 | Balance, January 1, 2024 | | 9,562 | | $ | 478 | | $ | 92,631 | | | (3,916) | | | $ | (114,487) | | | $ | 118,353 | | | $ | (7,961) | | | $ | 89,014 | $ | 274 | $ | 89,288 |
| 5 | Net income | | | | | | | | | | 3,156 | | | | | 3,156 | | | 15 | | | 3,171 | | | | | | | | | | |
| 6 | Other comprehensive income/(loss), net of tax | | | | | | | | | | | | 145 | | | 145 | | | (14) | | | 131 | | | | | | | | | | |
| 7 | Cash dividends declared, per share: $0.84 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 8 | Common stock | | | | | | | | | | (4,760) | | | | | (4,760) | | | | | (4,760) | | | | | | | | | | | |
| 11 | Share-based payment transactions | | 30 | | 1 | | 566 | | | (10) | | | (270) | | | (153) | | | | | 144 | | | | | 144 | | | | | | |
| 14 | Other | | | | | - | | - | | | - | | | | | | | - | | | - | | | - | | | | | | | | |
| 15 | Balance, June 30, 2024 | | 9,592 | | $ | 480 | | $ | 93,197 | | | (3,925) | | | $ | (114,757) | | | $ | 116,596 | | | $ | (7,816) | | | $ | 87,700 | $ | 275 | $ | 87,975 |
| 17 | | | PFIZER INC. SHAREHOLDERS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 18 | | Common Stock | | Treasury Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 19 | (MILLIONS, EXCEPT PER SHARE DATA) | | Shares | Par Value | | Add'lPaid-In Capital | Shares | | Cost | | Retained Earnings | | Accum. Other Comp.Loss | | Share-holders' Equity | | Non-controlling interests | | Total Equity | | | | | | | | | | | | | |
| 20 | Balance, January 1, 2023 | | 9,519 | | $ | 476 | | $ | 91,802 | | | (3,903) | | | $ | (113,969) | | | $ | 125,656 | | | $ | (8,304) | | | $ | 95,661 | $ | 256 | $ | 95,916 |
| 21 | Net income | | | | | | | | | | 7,870 | | | | | 7,870 | | | 24 | | | 7,894 | | | | | | | | | | |
| 22 | Other comprehensive income/(loss), net of tax | | | | | | | | | | | | 202 | | | 202 | | | (6) | | | 196 | | | | | | | | | | |
| 23 | Cash dividends declared, per share: $0.82 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 24 | Common stock | | | | | | | | | | (4,630) | | | | | (4,630) | | | | | (4,630) | | | | | | | | | | | |
| 27 | Share-based payment transactions | | 42 | | 2 | | 527 | | | (12) | | | (512) | | | (101) | | | | | (85) | | | | | (85) | | | | | | |
| 30 | Other | | | | | - | | - | | | - | | | - | | | | | - | | | - | | | - | | | | | | | |
| 31 | Balance, July 2, 2023 | | 9,561 | | $ | 478 | | $ | 92,329 | | | (3,916) | | | $ | (114,482) | | | $ | 128,796 | | | $ | (8,102) | | | $ | 99,019 | $ | 274 | $ | 99,293 |
See Accompanying Notes.
8
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PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---:|:----------------------------------------------|:-------------|:-------------------------|:---------------|:---|:----------------------|:-------|:---|:-------|:---|:------------------|:--------|:------------------------|:---|:----------------------|:----------|:--------------------------|:-------------|:--------|:--------|:------|:---|:--------|:---|:----|:---|:--------|:---|:----|:---|:--------|
| 1 | | | PFIZER INC. SHAREHOLDERS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2 | | Common Stock | | Treasury Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3 | (MILLIONS, EXCEPT PER SHARE DATA) | | Shares | Par Value | | Add'l Paid-In Capital | Shares | | Cost | | Retained Earnings | | Accum. Other Comp. Loss | | Share-holders' Equity | | Non-controlling interests | Total Equity | | | | | | | | | | | | | |
| 4 | Balance, March 31, 2024 | | 9,592 | | $ | 480 | | $ | 92,997 | | | (3,925) | | | $ | (114,755) | | $ | 121,318 | | | $ | (7,758) | | | $ | 92,282 | $ | 276 | $ | 92,558 |
| 5 | Net income/(loss) | | | | | | | | | | 41 | | | | | 41 | | 7 | | | 48 | | | | | | | | | | |
| 6 | Other comprehensive income/(loss), net of tax | | | | | | | | | | | | (58) | | | (58) | | (9) | | | (67) | | | | | | | | | | |
| 7 | Cash dividends declared, per share: $0.84 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 8 | Common stock | | | | | | | | | | (4,760) | | | | | (4,760) | | | | (4,760) | | | | | | | | | | | |
| 11 | Share-based payment transactions | | - | | - | | 200 | | | - | | | (2) | | | (2) | | | | 196 | | | | | 196 | | | | | | |
| 14 | Other | | | | | - | | - | | | - | | | - | | | | - | | | - | | | - | | | | | | | |
| 15 | Balance, June 30, 2024 | | 9,592 | | $ | 480 | | $ | 93,197 | | | (3,925) | | | $ | (114,757) | | $ | 116,596 | | | $ | (7,816) | | | $ | 87,700 | $ | 275 | $ | 87,975 |
| 17 | | | PFIZER INC. SHAREHOLDERS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 18 | | Common Stock | | Treasury Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 19 | (MILLIONS, EXCEPT PER SHARE DATA) | | Shares | Par Value | | Add'l Paid-In Capital | Shares | | Cost | | Retained Earnings | | Accum. Other Comp. Loss | | Share-holders' Equity | | Non-controlling interests | Total Equity | | | | | | | | | | | | | |
| 20 | Balance, April 2, 2023 | | 9,560 | | $ | 478 | | $ | 92,153 | | | (3,915) | | | $ | (114,473) | | $ | 131,101 | | | $ | (8,289) | | | $ | 100,970 | $ | 266 | $ | 101,236 |
| 21 | Net income/(loss) | | | | | | | | | | 2,327 | | | | | 2,327 | | 11 | | | 2,338 | | | | | | | | | | |
| 22 | Other comprehensive income/(loss), net of tax | | | | | | | | | | | | 187 | | | 187 | | (3) | | | 184 | | | | | | | | | | |
| 23 | Cash dividends declared, per share: $0.82 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 24 | Common stock | | | | | | | | | | (4,630) | | | | | (4,630) | | | | (4,630) | | | | | | | | | | | |
| 27 | Share-based payment transactions | | 1 | | - | | 176 | | | - | | | (8) | | | (4) | | | | 164 | | | | | 164 | | | | | | |
| 30 | Other | | | | | - | | - | | | - | | | - | | | | - | | | - | | | - | | | | | | | |
| 31 | Balance, July 2, 2023 | | 9,561 | | $ | 478 | | $ | 92,329 | | | (3,916) | | | $ | (114,482) | | $ | 128,796 | | | $ | (8,102) | | | $ | 99,019 | $ | 274 | $ | 99,293 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---:|:----------------------------------------------|:-------------|:-------------------------|:---------------|:---|:---------------------|:-------|:---|:-------|:-----|:------------------|:--------|:-----------------------|:---|:----------------------|:----------|:--------------------------|:---|:-------------|:--------|:--------|:------|:---|:--------|:---|:-----|:---|:-------|:---|:----|:---|:-------|
| 1 | | | PFIZER INC. SHAREHOLDERS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2 | | Common Stock | | Treasury Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3 | (MILLIONS, EXCEPT PER SHARE DATA) | | Shares | Par Value | | Add'lPaid-In Capital | Shares | | Cost | | Retained Earnings | | Accum. Other Comp.Loss | | Share-holders' Equity | | Non-controlling interests | | Total Equity | | | | | | | | | | | | | |
| 4 | Balance, January 1, 2024 | | 9,562 | | $ | 478 | | $ | 92,631 | | | (3,916) | | | $ | (114,487) | | | $ | 118,353 | | | $ | (7,961) | | | $ | 89,014 | $ | 274 | $ | 89,288 |
| 5 | Net income | | | | | | | | | | 3,156 | | | | | 3,156 | | | 15 | | | 3,171 | | | | | | | | | | |
| 6 | Other comprehensive income/(loss), net of tax | | | | | | | | | | | | 145 | | | 145 | | | (14) | | | 131 | | | | | | | | | | |
| 7 | Cash dividends declared, per share: $0.84 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 8 | Common stock | | | | | | | | | | (4,760) | | | | | (4,760) | | | | | (4,760) | | | | | | | | | | | |
| 11 | Share-based payment transactions | | 30 | | 1 | | 566 | | | (10) | | | (270) | | | (153) | | | | | 144 | | | | | 144 | | | | | | |
| 14 | Other | | | | | - | | - | | | - | | | | | | | - | | | - | | | - | | | | | | | | |
| 15 | Balance, June 30, 2024 | | 9,592 | | $ | 480 | | $ | 93,197 | | | (3,925) | | | $ | (114,757) | | | $ | 116,596 | | | $ | (7,816) | | | $ | 87,700 | $ | 275 | $ | 87,975 |
| 17 | | | PFIZER INC. SHAREHOLDERS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 18 | | Common Stock | | Treasury Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 19 | (MILLIONS, EXCEPT PER SHARE DATA) | | Shares | Par Value | | Add'lPaid-In Capital | Shares | | Cost | | Retained Earnings | | Accum. Other Comp.Loss | | Share-holders' Equity | | Non-controlling interests | | Total Equity | | | | | | | | | | | | | |
| 20 | Balance, January 1, 2023 | | 9,519 | | $ | 476 | | $ | 91,802 | | | (3,903) | | | $ | (113,969) | | | $ | 125,656 | | | $ | (8,304) | | | $ | 95,661 | $ | 256 | $ | 95,916 |
| 21 | Net income | | | | | | | | | | 7,870 | | | | | 7,870 | | | 24 | | | 7,894 | | | | | | | | | | |
| 22 | Other comprehensive income/(loss), net of tax | | | | | | | | | | | | 202 | | | 202 | | | (6) | | | 196 | | | | | | | | | | |
| 23 | Cash dividends declared, per share: $0.82 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 24 | Common stock | | | | | | | | | | (4,630) | | | | | (4,630) | | | | | (4,630) | | | | | | | | | | | |
| 27 | Share-based payment transactions | | 42 | | 2 | | 527 | | | (12) | | | (512) | | | (101) | | | | | (85) | | | | | (85) | | | | | | |
| 30 | Other | | | | | - | | - | | | - | | | - | | | | | - | | | - | | | - | | | | | | | |
| 31 | Balance, July 2, 2023 | | 9,561 | | $ | 478 | | $ | 92,329 | | | (3,916) | | | $ | (114,482) | | | $ | 128,796 | | | $ | (8,102) | | | $ | 99,019 | $ | 274 | $ | 99,293 |
See Accompanying Notes.
8
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PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 8:
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="45">PFIZER INC. SHAREHOLDERS</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Common Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Treasury Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Par Value</td><td colspan="3"></td><td colspan="3">Add'l Paid-In Capital</td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Cost</td><td colspan="3"></td><td colspan="3">Retained Earnings</td><td colspan="3"></td><td colspan="3">Accum. Other Comp. Loss</td><td colspan="3"></td><td colspan="3">Share-holders' Equity</td><td colspan="3"></td><td colspan="3">Non-controlling interests</td><td colspan="3"></td><td colspan="3">Total Equity</td></tr><tr><td colspan="3">Balance, March 31, 2024</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,592 </td><td></td><td colspan="3"></td><td>$</td><td>480 </td><td></td><td colspan="3"></td><td>$</td><td>92,997 </td><td></td><td colspan="3"></td><td colspan="2">(3,925)</td><td></td><td colspan="3"></td><td>$</td><td>(114,755)</td><td></td><td colspan="3"></td><td>$</td><td>121,318 </td><td></td><td colspan="3"></td><td>$</td><td>(7,758)</td><td></td><td colspan="3"></td><td>$</td><td>92,282 </td><td></td><td colspan="3"></td><td>$</td><td>276 </td><td></td><td colspan="3"></td><td>$</td><td>92,558 </td><td></td></tr><tr><td colspan="3">Net income/(loss)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">48 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss), net of tax</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(58)</td><td></td><td colspan="3"></td><td colspan="2">(58)</td><td></td><td colspan="3"></td><td colspan="2">(9)</td><td></td><td colspan="3"></td><td colspan="2">(67)</td><td></td></tr><tr><td colspan="3">Cash dividends declared, per share: $0.84</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Share-based payment transactions</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">196 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">196 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Balance, June 30, 2024</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,592 </td><td></td><td colspan="3"></td><td>$</td><td>480 </td><td></td><td colspan="3"></td><td>$</td><td>93,197 </td><td></td><td colspan="3"></td><td colspan="2">(3,925)</td><td></td><td colspan="3"></td><td>$</td><td>(114,757)</td><td></td><td colspan="3"></td><td>$</td><td>116,596 </td><td></td><td colspan="3"></td><td>$</td><td>(7,816)</td><td></td><td colspan="3"></td><td>$</td><td>87,700 </td><td></td><td colspan="3"></td><td>$</td><td>275 </td><td></td><td colspan="3"></td><td>$</td><td>87,975 </td><td></td></tr><tr><td colspan="63"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="45">PFIZER INC. SHAREHOLDERS</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Common Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Treasury Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Par Value</td><td colspan="3"></td><td colspan="3">Add'l Paid-In Capital</td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Cost</td><td colspan="3"></td><td colspan="3">Retained Earnings</td><td colspan="3"></td><td colspan="3">Accum. Other Comp. Loss</td><td colspan="3"></td><td colspan="3">Share-holders' Equity</td><td colspan="3"></td><td colspan="3">Non-controlling interests</td><td colspan="3"></td><td colspan="3">Total Equity</td></tr><tr><td colspan="3">Balance, April 2, 2023</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,560 </td><td></td><td colspan="3"></td><td>$</td><td>478 </td><td></td><td colspan="3"></td><td>$</td><td>92,153 </td><td></td><td colspan="3"></td><td colspan="2">(3,915)</td><td></td><td colspan="3"></td><td>$</td><td>(114,473)</td><td></td><td colspan="3"></td><td>$</td><td>131,101 </td><td></td><td colspan="3"></td><td>$</td><td>(8,289)</td><td></td><td colspan="3"></td><td>$</td><td>100,970 </td><td></td><td colspan="3"></td><td>$</td><td>266 </td><td></td><td colspan="3"></td><td>$</td><td>101,236 </td><td></td></tr><tr><td colspan="3">Net income/(loss)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">2,327 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">2,327 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss), net of tax</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">187 </td><td></td><td colspan="3"></td><td colspan="2">187 </td><td></td><td colspan="3"></td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td></tr><tr><td colspan="3">Cash dividends declared, per share: $0.82</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Share-based payment transactions</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">176 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(8)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">164 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">164 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Balance, July 2, 2023</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,561 </td><td></td><td colspan="3"></td><td>$</td><td>478 </td><td></td><td colspan="3"></td><td>$</td><td>92,329 </td><td></td><td colspan="3"></td><td colspan="2">(3,916)</td><td></td><td colspan="3"></td><td>$</td><td>(114,482)</td><td></td><td colspan="3"></td><td>$</td><td>128,796 </td><td></td><td colspan="3"></td><td>$</td><td>(8,102)</td><td></td><td colspan="3"></td><td>$</td><td>99,019 </td><td></td><td colspan="3"></td><td>$</td><td>274 </td><td></td><td colspan="3"></td><td>$</td><td>99,293 </td><td></td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="45">PFIZER INC. SHAREHOLDERS</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Common Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Treasury Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Par Value</td><td colspan="3"></td><td colspan="3">Add'lPaid-In Capital</td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Cost</td><td colspan="3"></td><td colspan="3">Retained Earnings</td><td colspan="3"></td><td colspan="3">Accum. Other Comp.Loss</td><td colspan="3"></td><td colspan="3">Share-holders' Equity</td><td colspan="3"></td><td colspan="3">Non-controlling interests</td><td colspan="3"></td><td colspan="3">Total Equity</td></tr><tr><td colspan="3">Balance, January 1, 2024</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,562 </td><td></td><td colspan="3"></td><td>$</td><td>478 </td><td></td><td colspan="3"></td><td>$</td><td>92,631 </td><td></td><td colspan="3"></td><td colspan="2">(3,916)</td><td></td><td colspan="3"></td><td>$</td><td>(114,487)</td><td></td><td colspan="3"></td><td>$</td><td>118,353 </td><td></td><td colspan="3"></td><td>$</td><td>(7,961)</td><td></td><td colspan="3"></td><td>$</td><td>89,014 </td><td></td><td colspan="3"></td><td>$</td><td>274 </td><td></td><td colspan="3"></td><td>$</td><td>89,288 </td><td></td></tr><tr><td colspan="3">Net income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">3,156 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">3,156 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss), net of tax</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">(14)</td><td></td><td colspan="3"></td><td colspan="2">131 </td><td></td></tr><tr><td colspan="3">Cash dividends declared, per share: $0.84</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Share-based payment transactions</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">30 </td><td></td><td colspan="3"></td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">566 </td><td></td><td colspan="3"></td><td colspan="2">(10)</td><td></td><td colspan="3"></td><td colspan="2">(270)</td><td></td><td colspan="3"></td><td colspan="2">(153)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">144 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">144 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Balance, June 30, 2024</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,592 </td><td></td><td colspan="3"></td><td>$</td><td>480 </td><td></td><td colspan="3"></td><td>$</td><td>93,197 </td><td></td><td colspan="3"></td><td colspan="2">(3,925)</td><td></td><td colspan="3"></td><td>$</td><td>(114,757)</td><td></td><td colspan="3"></td><td>$</td><td>116,596 </td><td></td><td colspan="3"></td><td>$</td><td>(7,816)</td><td></td><td colspan="3"></td><td>$</td><td>87,700 </td><td></td><td colspan="3"></td><td>$</td><td>275 </td><td></td><td colspan="3"></td><td>$</td><td>87,975 </td><td></td></tr><tr><td colspan="63"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="45">PFIZER INC. SHAREHOLDERS</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Common Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Treasury Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Par Value</td><td colspan="3"></td><td colspan="3">Add'lPaid-In Capital</td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Cost</td><td colspan="3"></td><td colspan="3">Retained Earnings</td><td colspan="3"></td><td colspan="3">Accum. Other Comp.Loss</td><td colspan="3"></td><td colspan="3">Share-holders' Equity</td><td colspan="3"></td><td colspan="3">Non-controlling interests</td><td colspan="3"></td><td colspan="3">Total Equity</td></tr><tr><td colspan="3">Balance, January 1, 2023</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,519 </td><td></td><td colspan="3"></td><td>$</td><td>476 </td><td></td><td colspan="3"></td><td>$</td><td>91,802 </td><td></td><td colspan="3"></td><td colspan="2">(3,903)</td><td></td><td colspan="3"></td><td>$</td><td>(113,969)</td><td></td><td colspan="3"></td><td>$</td><td>125,656 </td><td></td><td colspan="3"></td><td>$</td><td>(8,304)</td><td></td><td colspan="3"></td><td>$</td><td>95,661 </td><td></td><td colspan="3"></td><td>$</td><td>256 </td><td></td><td colspan="3"></td><td>$</td><td>95,916 </td><td></td></tr><tr><td colspan="3">Net income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">7,870 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">7,870 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss), net of tax</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">202 </td><td></td><td colspan="3"></td><td colspan="2">202 </td><td></td><td colspan="3"></td><td colspan="2">(6)</td><td></td><td colspan="3"></td><td colspan="2">196 </td><td></td></tr><tr><td colspan="3">Cash dividends declared, per share: $0.82</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Share-based payment transactions</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">42 </td><td></td><td colspan="3"></td><td colspan="2">2 </td><td></td><td colspan="3"></td><td colspan="2">527 </td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">(512)</td><td></td><td colspan="3"></td><td colspan="2">(101)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(85)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(85)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Balance, July 2, 2023</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,561 </td><td></td><td colspan="3"></td><td>$</td><td>478 </td><td></td><td colspan="3"></td><td>$</td><td>92,329 </td><td></td><td colspan="3"></td><td colspan="2">(3,916)</td><td></td><td colspan="3"></td><td>$</td><td>(114,482)</td><td></td><td colspan="3"></td><td>$</td><td>128,796 </td><td></td><td colspan="3"></td><td>$</td><td>(8,102)</td><td></td><td colspan="3"></td><td>$</td><td>99,019 </td><td></td><td colspan="3"></td><td>$</td><td>274 </td><td></td><td colspan="3"></td><td>$</td><td>99,293 </td><td></td></tr></table>
See Accompanying Notes.
8
|
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="45">PFIZER INC. SHAREHOLDERS</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Common Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Treasury Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Par Value</td><td colspan="3"></td><td colspan="3">Add'l Paid-In Capital</td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Cost</td><td colspan="3"></td><td colspan="3">Retained Earnings</td><td colspan="3"></td><td colspan="3">Accum. Other Comp. Loss</td><td colspan="3"></td><td colspan="3">Share-holders' Equity</td><td colspan="3"></td><td colspan="3">Non-controlling interests</td><td colspan="3"></td><td colspan="3">Total Equity</td></tr><tr><td colspan="3">Balance, March 31, 2024</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,592 </td><td></td><td colspan="3"></td><td>$</td><td>480 </td><td></td><td colspan="3"></td><td>$</td><td>92,997 </td><td></td><td colspan="3"></td><td colspan="2">(3,925)</td><td></td><td colspan="3"></td><td>$</td><td>(114,755)</td><td></td><td colspan="3"></td><td>$</td><td>121,318 </td><td></td><td colspan="3"></td><td>$</td><td>(7,758)</td><td></td><td colspan="3"></td><td>$</td><td>92,282 </td><td></td><td colspan="3"></td><td>$</td><td>276 </td><td></td><td colspan="3"></td><td>$</td><td>92,558 </td><td></td></tr><tr><td colspan="3">Net income/(loss)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">41 </td><td></td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">48 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss), net of tax</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(58)</td><td></td><td colspan="3"></td><td colspan="2">(58)</td><td></td><td colspan="3"></td><td colspan="2">(9)</td><td></td><td colspan="3"></td><td colspan="2">(67)</td><td></td></tr><tr><td colspan="3">Cash dividends declared, per share: $0.84</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Share-based payment transactions</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">196 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">196 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Balance, June 30, 2024</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,592 </td><td></td><td colspan="3"></td><td>$</td><td>480 </td><td></td><td colspan="3"></td><td>$</td><td>93,197 </td><td></td><td colspan="3"></td><td colspan="2">(3,925)</td><td></td><td colspan="3"></td><td>$</td><td>(114,757)</td><td></td><td colspan="3"></td><td>$</td><td>116,596 </td><td></td><td colspan="3"></td><td>$</td><td>(7,816)</td><td></td><td colspan="3"></td><td>$</td><td>87,700 </td><td></td><td colspan="3"></td><td>$</td><td>275 </td><td></td><td colspan="3"></td><td>$</td><td>87,975 </td><td></td></tr><tr><td colspan="63"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="45">PFIZER INC. SHAREHOLDERS</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Common Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Treasury Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Par Value</td><td colspan="3"></td><td colspan="3">Add'l Paid-In Capital</td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Cost</td><td colspan="3"></td><td colspan="3">Retained Earnings</td><td colspan="3"></td><td colspan="3">Accum. Other Comp. Loss</td><td colspan="3"></td><td colspan="3">Share-holders' Equity</td><td colspan="3"></td><td colspan="3">Non-controlling interests</td><td colspan="3"></td><td colspan="3">Total Equity</td></tr><tr><td colspan="3">Balance, April 2, 2023</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,560 </td><td></td><td colspan="3"></td><td>$</td><td>478 </td><td></td><td colspan="3"></td><td>$</td><td>92,153 </td><td></td><td colspan="3"></td><td colspan="2">(3,915)</td><td></td><td colspan="3"></td><td>$</td><td>(114,473)</td><td></td><td colspan="3"></td><td>$</td><td>131,101 </td><td></td><td colspan="3"></td><td>$</td><td>(8,289)</td><td></td><td colspan="3"></td><td>$</td><td>100,970 </td><td></td><td colspan="3"></td><td>$</td><td>266 </td><td></td><td colspan="3"></td><td>$</td><td>101,236 </td><td></td></tr><tr><td colspan="3">Net income/(loss)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">2,327 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">2,327 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss), net of tax</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">187 </td><td></td><td colspan="3"></td><td colspan="2">187 </td><td></td><td colspan="3"></td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">184 </td><td></td></tr><tr><td colspan="3">Cash dividends declared, per share: $0.82</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Share-based payment transactions</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">176 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(8)</td><td></td><td colspan="3"></td><td colspan="2">(4)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">164 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">164 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Balance, July 2, 2023</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,561 </td><td></td><td colspan="3"></td><td>$</td><td>478 </td><td></td><td colspan="3"></td><td>$</td><td>92,329 </td><td></td><td colspan="3"></td><td colspan="2">(3,916)</td><td></td><td colspan="3"></td><td>$</td><td>(114,482)</td><td></td><td colspan="3"></td><td>$</td><td>128,796 </td><td></td><td colspan="3"></td><td>$</td><td>(8,102)</td><td></td><td colspan="3"></td><td>$</td><td>99,019 </td><td></td><td colspan="3"></td><td>$</td><td>274 </td><td></td><td colspan="3"></td><td>$</td><td>99,293 </td><td></td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="45">PFIZER INC. SHAREHOLDERS</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Common Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Treasury Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Par Value</td><td colspan="3"></td><td colspan="3">Add'lPaid-In Capital</td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Cost</td><td colspan="3"></td><td colspan="3">Retained Earnings</td><td colspan="3"></td><td colspan="3">Accum. Other Comp.Loss</td><td colspan="3"></td><td colspan="3">Share-holders' Equity</td><td colspan="3"></td><td colspan="3">Non-controlling interests</td><td colspan="3"></td><td colspan="3">Total Equity</td></tr><tr><td colspan="3">Balance, January 1, 2024</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,562 </td><td></td><td colspan="3"></td><td>$</td><td>478 </td><td></td><td colspan="3"></td><td>$</td><td>92,631 </td><td></td><td colspan="3"></td><td colspan="2">(3,916)</td><td></td><td colspan="3"></td><td>$</td><td>(114,487)</td><td></td><td colspan="3"></td><td>$</td><td>118,353 </td><td></td><td colspan="3"></td><td>$</td><td>(7,961)</td><td></td><td colspan="3"></td><td>$</td><td>89,014 </td><td></td><td colspan="3"></td><td>$</td><td>274 </td><td></td><td colspan="3"></td><td>$</td><td>89,288 </td><td></td></tr><tr><td colspan="3">Net income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">3,156 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">3,156 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss), net of tax</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">145 </td><td></td><td colspan="3"></td><td colspan="2">(14)</td><td></td><td colspan="3"></td><td colspan="2">131 </td><td></td></tr><tr><td colspan="3">Cash dividends declared, per share: $0.84</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,760)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Share-based payment transactions</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">30 </td><td></td><td colspan="3"></td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">566 </td><td></td><td colspan="3"></td><td colspan="2">(10)</td><td></td><td colspan="3"></td><td colspan="2">(270)</td><td></td><td colspan="3"></td><td colspan="2">(153)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">144 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">144 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Balance, June 30, 2024</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,592 </td><td></td><td colspan="3"></td><td>$</td><td>480 </td><td></td><td colspan="3"></td><td>$</td><td>93,197 </td><td></td><td colspan="3"></td><td colspan="2">(3,925)</td><td></td><td colspan="3"></td><td>$</td><td>(114,757)</td><td></td><td colspan="3"></td><td>$</td><td>116,596 </td><td></td><td colspan="3"></td><td>$</td><td>(7,816)</td><td></td><td colspan="3"></td><td>$</td><td>87,700 </td><td></td><td colspan="3"></td><td>$</td><td>275 </td><td></td><td colspan="3"></td><td>$</td><td>87,975 </td><td></td></tr><tr><td colspan="63"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="45">PFIZER INC. SHAREHOLDERS</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Common Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="9">Treasury Stock</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Par Value</td><td colspan="3"></td><td colspan="3">Add'lPaid-In Capital</td><td colspan="3"></td><td colspan="3">Shares</td><td colspan="3"></td><td colspan="3">Cost</td><td colspan="3"></td><td colspan="3">Retained Earnings</td><td colspan="3"></td><td colspan="3">Accum. Other Comp.Loss</td><td colspan="3"></td><td colspan="3">Share-holders' Equity</td><td colspan="3"></td><td colspan="3">Non-controlling interests</td><td colspan="3"></td><td colspan="3">Total Equity</td></tr><tr><td colspan="3">Balance, January 1, 2023</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,519 </td><td></td><td colspan="3"></td><td>$</td><td>476 </td><td></td><td colspan="3"></td><td>$</td><td>91,802 </td><td></td><td colspan="3"></td><td colspan="2">(3,903)</td><td></td><td colspan="3"></td><td>$</td><td>(113,969)</td><td></td><td colspan="3"></td><td>$</td><td>125,656 </td><td></td><td colspan="3"></td><td>$</td><td>(8,304)</td><td></td><td colspan="3"></td><td>$</td><td>95,661 </td><td></td><td colspan="3"></td><td>$</td><td>256 </td><td></td><td colspan="3"></td><td>$</td><td>95,916 </td><td></td></tr><tr><td colspan="3">Net income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">7,870 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">7,870 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss), net of tax</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">202 </td><td></td><td colspan="3"></td><td colspan="2">202 </td><td></td><td colspan="3"></td><td colspan="2">(6)</td><td></td><td colspan="3"></td><td colspan="2">196 </td><td></td></tr><tr><td colspan="3">Cash dividends declared, per share: $0.82</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock </td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(4,630)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Share-based payment transactions</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">42 </td><td></td><td colspan="3"></td><td colspan="2">2 </td><td></td><td colspan="3"></td><td colspan="2">527 </td><td></td><td colspan="3"></td><td colspan="2">(12)</td><td></td><td colspan="3"></td><td colspan="2">(512)</td><td></td><td colspan="3"></td><td colspan="2">(101)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(85)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">(85)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Balance, July 2, 2023</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="2">9,561 </td><td></td><td colspan="3"></td><td>$</td><td>478 </td><td></td><td colspan="3"></td><td>$</td><td>92,329 </td><td></td><td colspan="3"></td><td colspan="2">(3,916)</td><td></td><td colspan="3"></td><td>$</td><td>(114,482)</td><td></td><td colspan="3"></td><td>$</td><td>128,796 </td><td></td><td colspan="3"></td><td>$</td><td>(8,102)</td><td></td><td colspan="3"></td><td>$</td><td>99,019 </td><td></td><td colspan="3"></td><td>$</td><td>274 </td><td></td><td colspan="3"></td><td>$</td><td>99,293 </td><td></td></tr></table>
See Accompanying Notes.
8
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q_com176
|
What is the change in selling, informational, and administrative expenses for Pfizer Inc. for the six months ended June 30, 2023, and June 30, 2024?
|
The selling, informational, and administrative expenses for Pfizer Inc. for the six months ended June 30, 2023, were $6,914 million, and for the six months ended June 30, 2024, they were $7,212 million. This represents an increase of $298 million, or approximately 4.31%.
|
Comparison
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5
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0000078003-24-000166
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ITEM 1. FINANCIAL STATEMENTS
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
q_com177
|
What is the change in amortization of intangible assets for Pfizer Inc. for the six months ended June 30, 2023, and June 30, 2024?
|
The amortization of intangible assets for Pfizer Inc. for the six months ended June 30, 2023, was $2,287 million, and for the six months ended June 30, 2024, it was $2,615 million. This represents an increase of $328 million, or approximately 14.34%.
|
Comparison
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5
|
0000078003-24-000166
|
ITEM 1. FINANCIAL STATEMENTS
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| | | | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------------------------|:-------------------|:-------|:-----------------|:-------|:-------------|:-------|:------------|:---|:-------|:---|:-------|
| 1 | | Three Months Ended | | Six Months Ended | | | | | | | | |
| 2 | (MILLIONS, EXCEPT PER SHARE DATA) | June 30,2024 | | July 2,2023 | | June 30,2024 | | July 2,2023 | | | | |
| 3 | Revenues: | | | | | | | | | | | |
| 4 | Product revenues(a) | $ | 10,871 | | | $ | 10,766 | | $ | 23,314 | $ | 26,988 |
| 5 | Alliance revenues(a) | 2,067 | | | 1,967 | | | 4,240 | | 4,028 | | |
| 6 | Royalty revenues(a) | 345 | | | 273 | | | 608 | | 477 | | |
| 7 | Total revenues | 13,283 | | | 13,007 | | | 28,162 | | 31,492 | | |
| 8 | Costs and expenses: | | | | | | | | | | | |
| 9 | Cost of sales(b) | 3,300 | | | 3,237 | | | 6,679 | | 8,122 | | |
| 10 | Selling, informational and administrative expenses(b) | 3,717 | | | 3,497 | | | 7,212 | | 6,914 | | |
| 11 | Research and development expenses(b) | 2,696 | | | 2,648 | | | 5,189 | | 5,153 | | |
| 12 | Acquired in-process research and development expenses | 6 | | | 33 | | | 6 | | 55 | | |
| 13 | Amortization of intangible assets | 1,307 | | | 1,184 | | | 2,615 | | 2,287 | | |
| 14 | Restructuring charges and certain acquisition-related costs | 1,254 | | | 214 | | | 1,356 | | 222 | | |
| 16 | Other (income)/deductions––net | 1,107 | | | (75) | | | 1,787 | | 200 | | |
| 17 | Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss) | (103) | | | 2,269 | | | 3,318 | | 8,539 | | |
| 18 | Provision/(benefit) for taxes on income/(loss) | (134) | | | (71) | | | 159 | | 644 | | |
| 19 | Income from continuing operations | 31 | | | 2,340 | | | 3,159 | | 7,895 | | |
| 21 | Discontinued operations––net of tax | 17 | | | (2) | | | 12 | | (1) | | |
| 24 | Net income before allocation to noncontrolling interests | 48 | | | 2,338 | | | 3,171 | | 7,894 | | |
| 25 | Less: Net income attributable to noncontrolling interests | 7 | | | 11 | | | 15 | | 24 | | |
| 26 | Net income attributable to Pfizer Inc. common shareholders | $ | 41 | | | $ | 2,327 | | $ | 3,156 | $ | 7,870 |
| 28 | Earnings per common share––basic: | | | | | | | | | | | |
| 29 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 30 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 31 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.56 | $ | 1.40 |
| 33 | Earnings per common share––diluted: | | | | | | | | | | | |
| 34 | Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 35 | Discontinued operations––net of tax | - | | | - | | | - | | - | | |
| 36 | Net income attributable to Pfizer Inc. common shareholders | $ | 0.01 | | | $ | 0.41 | | $ | 0.55 | $ | 1.38 |
| 38 | Weighted-average shares––basic | 5,666 | | | 5,646 | | | 5,662 | | 5,640 | | |
| 39 | Weighted-average shares––diluted | 5,696 | | | 5,713 | | | 5,696 | | 5,720 | | |
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
PFIZER INC 10-Q form for quarterly period ended 2024-06-30, page 5:
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
|
ITEM 1. FINANCIAL STATEMENTS
PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"> </td><td colspan="3"></td><td colspan="9">Three Months Ended</td><td colspan="3"></td><td colspan="9">Six Months Ended</td></tr><tr><td colspan="3">(MILLIONS, EXCEPT PER SHARE DATA)</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td><td colspan="3"></td><td colspan="3">June 30,2024</td><td colspan="3"></td><td colspan="3">July 2,2023</td></tr><tr><td colspan="3">Revenues:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Product revenues(a)</td><td colspan="3"></td><td>$</td><td>10,871 </td><td></td><td colspan="3"></td><td>$</td><td>10,766 </td><td></td><td colspan="3"></td><td>$</td><td>23,314 </td><td></td><td colspan="3"></td><td>$</td><td>26,988 </td><td></td></tr><tr><td colspan="3">Alliance revenues(a)</td><td colspan="3"></td><td colspan="2">2,067 </td><td></td><td colspan="3"></td><td colspan="2">1,967 </td><td></td><td colspan="3"></td><td colspan="2">4,240 </td><td></td><td colspan="3"></td><td colspan="2">4,028 </td><td></td></tr><tr><td colspan="3">Royalty revenues(a)</td><td colspan="3"></td><td colspan="2">345 </td><td></td><td colspan="3"></td><td colspan="2">273 </td><td></td><td colspan="3"></td><td colspan="2">608 </td><td></td><td colspan="3"></td><td colspan="2">477 </td><td></td></tr><tr><td colspan="3">Total revenues</td><td colspan="3"></td><td colspan="2">13,283 </td><td></td><td colspan="3"></td><td colspan="2">13,007 </td><td></td><td colspan="3"></td><td colspan="2">28,162 </td><td></td><td colspan="3"></td><td colspan="2">31,492 </td><td></td></tr><tr><td colspan="3">Costs and expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales(b)</td><td colspan="3"></td><td colspan="2">3,300 </td><td></td><td colspan="3"></td><td colspan="2">3,237 </td><td></td><td colspan="3"></td><td colspan="2">6,679 </td><td></td><td colspan="3"></td><td colspan="2">8,122 </td><td></td></tr><tr><td colspan="3">Selling, informational and administrative expenses(b)</td><td colspan="3"></td><td colspan="2">3,717 </td><td></td><td colspan="3"></td><td colspan="2">3,497 </td><td></td><td colspan="3"></td><td colspan="2">7,212 </td><td></td><td colspan="3"></td><td colspan="2">6,914 </td><td></td></tr><tr><td colspan="3">Research and development expenses(b)</td><td colspan="3"></td><td colspan="2">2,696 </td><td></td><td colspan="3"></td><td colspan="2">2,648 </td><td></td><td colspan="3"></td><td colspan="2">5,189 </td><td></td><td colspan="3"></td><td colspan="2">5,153 </td><td></td></tr><tr><td colspan="3">Acquired in-process research and development expenses</td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td><td colspan="3"></td><td colspan="2">55 </td><td></td></tr><tr><td colspan="3">Amortization of intangible assets</td><td colspan="3"></td><td colspan="2">1,307 </td><td></td><td colspan="3"></td><td colspan="2">1,184 </td><td></td><td colspan="3"></td><td colspan="2">2,615 </td><td></td><td colspan="3"></td><td colspan="2">2,287 </td><td></td></tr><tr><td colspan="3">Restructuring charges and certain acquisition-related costs</td><td colspan="3"></td><td colspan="2">1,254 </td><td></td><td colspan="3"></td><td colspan="2">214 </td><td></td><td colspan="3"></td><td colspan="2">1,356 </td><td></td><td colspan="3"></td><td colspan="2">222 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other (income)/deductions––net</td><td colspan="3"></td><td colspan="2">1,107 </td><td></td><td colspan="3"></td><td colspan="2">(75)</td><td></td><td colspan="3"></td><td colspan="2">1,787 </td><td></td><td colspan="3"></td><td colspan="2">200 </td><td></td></tr><tr><td colspan="3">Income/(loss) from continuing operations before provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(103)</td><td></td><td colspan="3"></td><td colspan="2">2,269 </td><td></td><td colspan="3"></td><td colspan="2">3,318 </td><td></td><td colspan="3"></td><td colspan="2">8,539 </td><td></td></tr><tr><td colspan="3">Provision/(benefit) for taxes on income/(loss)</td><td colspan="3"></td><td colspan="2">(134)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">159 </td><td></td><td colspan="3"></td><td colspan="2">644 </td><td></td></tr><tr><td colspan="3">Income from continuing operations</td><td colspan="3"></td><td colspan="2">31 </td><td></td><td colspan="3"></td><td colspan="2">2,340 </td><td></td><td colspan="3"></td><td colspan="2">3,159 </td><td></td><td colspan="3"></td><td colspan="2">7,895 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">17 </td><td></td><td colspan="3"></td><td colspan="2">(2)</td><td></td><td colspan="3"></td><td colspan="2">12 </td><td></td><td colspan="3"></td><td colspan="2">(1)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income before allocation to noncontrolling interests</td><td colspan="3"></td><td colspan="2">48 </td><td></td><td colspan="3"></td><td colspan="2">2,338 </td><td></td><td colspan="3"></td><td colspan="2">3,171 </td><td></td><td colspan="3"></td><td colspan="2">7,894 </td><td></td></tr><tr><td colspan="3">Less: Net income attributable to noncontrolling interests</td><td colspan="3"></td><td colspan="2">7 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td></td><td colspan="3"></td><td colspan="2">15 </td><td></td><td colspan="3"></td><td colspan="2">24 </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>41 </td><td></td><td colspan="3"></td><td>$</td><td>2,327 </td><td></td><td colspan="3"></td><td>$</td><td>3,156 </td><td></td><td colspan="3"></td><td>$</td><td>7,870 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––basic:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.56 </td><td></td><td colspan="3"></td><td>$</td><td>1.40 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per common share––diluted:</td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td><td colspan="3"></td><td colspan="3"> </td></tr><tr><td colspan="3">Income from continuing operations attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3">Discontinued operations––net of tax</td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Net income attributable to Pfizer Inc. common shareholders</td><td colspan="3"></td><td>$</td><td>0.01 </td><td></td><td colspan="3"></td><td>$</td><td>0.41 </td><td></td><td colspan="3"></td><td>$</td><td>0.55 </td><td></td><td colspan="3"></td><td>$</td><td>1.38 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average shares––basic</td><td colspan="3"></td><td colspan="2">5,666 </td><td></td><td colspan="3"></td><td colspan="2">5,646 </td><td></td><td colspan="3"></td><td colspan="2">5,662 </td><td></td><td colspan="3"></td><td colspan="2">5,640 </td><td></td></tr><tr><td colspan="3">Weighted-average shares––diluted</td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,713 </td><td></td><td colspan="3"></td><td colspan="2">5,696 </td><td></td><td colspan="3"></td><td colspan="2">5,720 </td><td></td></tr></table>
(a)See Note 1A.
(b)Exclusive of amortization of intangible assets.
See Accompanying Notes.
5
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q_com178
|
How much has cash and cash equivalents changed, in percentage terms, for AT&T Inc. and Frontier Communications Parent, Inc. between 2022 and 2023?
|
The percentage change in cash and cash equivalents is calculated as (Current Year Cash and Cash Equivalents - Previous Year Cash and Cash Equivalents) / Previous Year Cash and Cash Equivalents * 100.
For AT&T Inc.:
- 2023 Cash and Cash Equivalents: $6,722 million.
- 2022 Cash and Cash Equivalents: $3,701 million.
Percentage Change in Cash and Cash Equivalents for AT&T Inc. = ($6,722 million - $3,701 million) / $3,701 million * 100 = 81.65%.
For Frontier Communications Parent, Inc.:
- 2023 Cash and Cash Equivalents: $1,125 million.
- 2022 Cash and Cash Equivalents: $322 million.
Percentage Change in Cash and Cash Equivalents for Frontier Communications Parent, Inc. = ($1,125 million - $322 million) / $322 million * 100 = 249.07%.
|
Comparison
|
45;6
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
| | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
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AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
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<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
q_com179
|
What is the year-over-year percentage change in stockholders' equity for AT&T Inc. and Frontier Communications Parent, Inc. from 2022 to 2023?
|
The percentage change in stockholders' equity is calculated as (Current Year Stockholders' Equity - Previous Year Stockholders' Equity) / Previous Year Stockholders' Equity * 100.
For AT&T Inc.:
- 2023 Stockholders' Equity: $117,442 million.
- 2022 Stockholders' Equity: $106,457 million.
Percentage Change in Stockholders' Equity for AT&T Inc. = ($117,442 million - $106,457 million) / $106,457 million * 100 = 10.32%.
For Frontier Communications Parent, Inc.:
- 2023 Stockholders' Equity: $5,279 million.
- 2022 Stockholders' Equity: $5,134 million.
Percentage Change in Stockholders' Equity for Frontier Communications Parent, Inc. = ($5,279 million - $5,134 million) / $5,134 million * 100 = 2.82%.
|
Comparison
|
45;6
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
| | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
q_com180
|
Can you calculate the Net Working Capital Turnover Ratio for AT&T Inc. and Frontier Communications Parent, Inc. for the fiscal year 2023?
|
The Net Working Capital Turnover Ratio is calculated as Net Sales / Average Working Capital.
For AT&T Inc.:
- Net Sales (Total Operating Revenues): $122,428 million.
- Average Working Capital: (Current Assets - Current Liabilities) = ($36,458 million - $51,127 million) = -$14,669 million.
- Average Working Capital: (($36,458 million - $51,127 million) + ($33,108 million - $56,173 million)) / 2 = (-$14,669 million + -$23,065 million) / 2 = -$18,867 million.
Net Working Capital Turnover Ratio for AT&T Inc. = $122,428 million / -$18,867 million = -6.49.
For Frontier Communications Parent, Inc.:
- Net Sales (Revenue): $5,751 million.
- Average Working Capital: (Current Assets - Current Liabilities) = ($2,781 million - $2,275 million) = $506 million.
- Average Working Capital: (($2,781 million - $2,275 million) + ($2,597 million - $2,295 million)) / 2 = ($506 million + $302 million) / 2 = $404 million.
Net Working Capital Turnover Ratio for Frontier Communications Parent, Inc. = $5,751 million / $404 million = 14.23.
|
Comparison
|
43, 45;6,7
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
q_com181
|
What is the asset turnover ratio recorded by AT&T Inc. and Frontier Communications Parent, Inc. for 2023?
|
The asset turnover ratio is calculated as Net Sales / Average Total Assets.
For AT&T Inc.:
- Net Sales (Total Operating Revenues): $122,428 million.
- Average Total Assets: ($407,060 million + $402,853 million) / 2 = $404,956.5 million.
Asset Turnover Ratio for AT&T Inc. = $122,428 million / $404,956.5 million = 0.30.
For Frontier Communications Parent, Inc.:
- Net Sales (Revenue): $5,751 million.
- Average Total Assets: ($20,693 million + $18,624 million) / 2 = $19,658.5 million.
Asset Turnover Ratio for Frontier Communications Parent, Inc. = $5,751 million / $19,658.5 million = 0.29.
|
Comparison
|
43, 45;6,7
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
q_com182
|
How does the creditors turnover ratio for AT&T Inc. compare to that of Frontier Communications Parent, Inc. in 2023?
|
The creditors turnover ratio is calculated as Cost of Goods Sold / Average Accounts Payable.
For AT&T Inc.:
- Cost of Goods Sold (Cost of Revenues): $50,123 million.
- Average Accounts Payable: ($35,852 million + $42,644 million) / 2 = $39,248 million.
Creditors Turnover Ratio for AT&T Inc. = $50,123 million / $39,248 million = 1.28.
For Frontier Communications Parent, Inc.:
- Cost of Goods Sold (Cost of Service): $2,125 million.
- Average Accounts Payable: ($1,103 million + $1,410 million) / 2 = $1,256.5 million.
Creditors Turnover Ratio for Frontier Communications Parent, Inc. = $2,125 million / $1,256.5 million = 1.69.
|
Comparison
|
43, 45;6,7
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
q_com183
|
What is the debtors turnover ratio for AT&T Inc. and Frontier Communications Parent, Inc. for the year 2023?
|
The debtors turnover ratio is calculated as Net Sales / Average Accounts Receivable.
For AT&T Inc.:
- Net Sales (Total Operating Revenues): $122,428 million.
- Average Accounts Receivable: ($10,289 million + $11,466 million) / 2 = $10,877.5 million.
Debtors Turnover Ratio for AT&T Inc. = $122,428 million / $10,877.5 million = 11.25.
For Frontier Communications Parent, Inc.:
- Net Sales (Revenue): $5,751 million.
- Average Accounts Receivable: ($446 million + $438 million) / 2 = $442 million.
Debtors Turnover Ratio for Frontier Communications Parent, Inc. = $5,751 million / $442 million = 13.01.
|
Comparison
|
43, 45;6,7
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
q_com184
|
What was the growth rate in costs for AT&T Inc. and Frontier Communications Parent, Inc. from 2022 to 2023?
|
The cost growth rate is calculated as (Current Year Cost - Previous Year Cost) / Previous Year Cost * 100.
For AT&T Inc.:
- 2023 Cost of Revenues: $23,136 million (equipment) + $26,987 million (other) = $50,123 million.
- 2022 Cost of Revenues: $24,009 million (equipment) + $26,839 million (other) = $50,848 million.
Cost Growth Rate for AT&T Inc. = ($50,123 million - $50,848 million) / $50,848 million * 100 = -1.42%.
For Frontier Communications Parent, Inc.:
- 2023 Cost of Service: $2,125 million.
- 2022 Cost of Service: $2,169 million.
Cost Growth Rate for Frontier Communications Parent, Inc. = ($2,125 million - $2,169 million) / $2,169 million * 100 = -2.03%.
|
Comparison
|
43;7
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0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com185
|
How did revenue grow for AT&T Inc. and Frontier Communications Parent, Inc. from 2022 to 2023, expressed as a percentage?
|
The revenue growth rate is calculated as (Current Year Revenue - Previous Year Revenue) / Previous Year Revenue * 100.
For AT&T Inc.:
- 2023 Revenue: $122,428 million.
- 2022 Revenue: $120,741 million.
Revenue Growth Rate for AT&T Inc. = ($122,428 million - $120,741 million) / $120,741 million * 100 = 1.40%.
For Frontier Communications Parent, Inc.:
- 2023 Revenue: $5,751 million.
- 2022 Revenue: $5,787 million.
Revenue Growth Rate for Frontier Communications Parent, Inc. = ($5,751 million - $5,787 million) / $5,787 million * 100 = -0.62%.
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Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com186
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How did net income for AT&T Inc. and Frontier Communications change between 2022 and 2023?
|
In 2023, AT&T Inc. achieved a net income of $15,623 million, recovering significantly from a net loss of $7,055 million in 2022, an increase of approximately 321.4%. Frontier Communications, however, reported a decline in net income to $29 million in 2023 from $441 million in 2022, a decrease of roughly 93.4%. This demonstrates AT&T's strong recovery and Frontier's notable drop in profitability.
|
Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com187
|
What are the differences in year-over-year total operating revenues for AT&T Inc. and Frontier Communications in 2022 and 2023?
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AT&T reported total operating revenues of $122,428 million in 2023, a 1.4% increase from $120,741 million in 2022. In contrast, Frontier Communications saw a slight decrease in total revenues, reporting $5,751 million in 2023 compared to $5,787 million in 2022, reflecting a 0.6% decline.
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Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
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AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com188
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How does the change in operating income for AT&T Inc. compare to Frontier Communications between 2022 and 2023?
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AT&T's operating income in 2023 reached $23,461 million, a significant improvement from the $4,587 million operating loss recorded in 2022, representing a 611.4% turnaround. Frontier Communications experienced a 16.9% decrease in operating income, falling to $492 million in 2023 from $592 million in 2022.
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Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com189
|
What is the year-over-year variation in cash and cash equivalents for AT&T Inc. and Frontier Communications from 2022 to 2023?
|
At the end of 2023, AT&T reported cash and cash equivalents of $6,722 million, an 81.6% increase from $3,701 million in 2022. Frontier Communications' cash and cash equivalents also grew significantly, rising by 249.7% to $1,125 million in 2023 from $322 million in 2022.
|
Comparison
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43;6
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
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q_com190
|
How have total assets for AT&T Inc. and Frontier Communications shifted year-over-year from 2022 to 2023?
|
AT&T's total assets grew to $407,060 million by the end of 2023, up by 1.0% from $402,853 million in 2022. Frontier Communications reported a larger growth rate, with total assets increasing by 11.1%, from $18,624 million in 2022 to $20,693 million in 2023.
|
Comparison
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43;6
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0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
q_com191
|
What trends are visible in the change of total liabilities for AT&T Inc. and Frontier Communications between 2022 and 2023?
|
AT&T reported a 3.0% reduction in total liabilities, decreasing from $296,396 million in 2022 to $287,645 million in 2023. In contrast, Frontier Communications saw its total liabilities rise by 14.3%, increasing from $13,490 million in 2022 to $15,414 million in 2023.
|
Comparison
|
43;6
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
q_com192
|
How does the year-over-year change in equity differ between AT&T Inc. and Frontier Communications from 2022 to 2023?
|
AT&T's total stockholders' equity increased by 10.3% in 2023, reaching $117,442 million compared to $106,457 million in 2022. Frontier Communications also reported an increase in equity, up by 2.8% to $5,279 million in 2023 from $5,134 million in 2022.
|
Comparison
|
43;6
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
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q_com193
|
Compare the performance of Apple in Europe and Asia-Pacific regions from 2020 to 2021.
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Apple's performance in Europe and the Asia-Pacific regions showed varied growth patterns. In Europe, revenue increased from approximately $68.6 billion in 2020 to about $89.3 billion in 2021, reflecting a growth rate of around 30.2%. In contrast, the Asia-Pacific region (excluding Greater China and Japan) saw revenue grow from about $19.6 billion in 2020 to approximately $26.4 billion in 2021, a growth rate of around 34.7%.
|
Comparison
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22
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0000320193-22-000108
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Apple Inc. 10-K form for the fiscal year ended 2022-09-24, page 22:
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company's reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company's other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company's customers and distribution partners and the unique market dynamics of each geographic region. Further information regarding the Company's reportable segments can be found in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, "Segment Information and Geographic Data."
The following table shows net sales by reportable segment for 2022, 2021 and 2020 (dollars in millions):
| | | | | | | | | | | | | | | | | |
|---:|:---------------------------------|:-------|:--------|:-------|:----|:-----|:---|:-------|:---|:--------|:---|:---|:---|:-------|:---|:--------|
| 1 | | 2022 | | Change | | 2021 | | Change | | 2020 | | | | | | |
| 2 | Net sales by reportable segment: | | | | | | | | | | | | | | | |
| 3 | Americas | $ | 169,658 | | | 11 | % | | $ | 153,306 | | | 23 | % | $ | 124,556 |
| 4 | Europe | 95,118 | | | 7 | % | | 89,307 | | | 30 | % | | 68,640 | | |
| 5 | Greater China | 74,200 | | | 9 | % | | 68,366 | | | 70 | % | | 40,308 | | |
| 6 | Japan | 25,977 | | | (9) | % | | 28,482 | | | 33 | % | | 21,418 | | |
| 7 | Rest of Asia Pacific | 29,375 | | | 11 | % | | 26,356 | | | 35 | % | | 19,593 | | |
| 8 | Total net sales | $ | 394,328 | | | 8 | % | | $ | 365,817 | | | 33 | % | $ | 274,515 |
Americas
Americas net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Services and Mac.
Europe
Europe net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during 2022.
Greater China
Greater China net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The strength of the renminbi relative to the U.S. dollar had a favorable year-over-year impact on Greater China net sales during 2022.
Japan
Japan net sales decreased during 2022 compared to 2021 due to the weakness of the yen relative to the U.S. dollar.
Rest of Asia Pacific
Rest of Asia Pacific net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Mac and Services. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific net sales during 2022.
Apple Inc. | 2022 Form 10-K | 22
|
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company's reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company's other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company's customers and distribution partners and the unique market dynamics of each geographic region. Further information regarding the Company's reportable segments can be found in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, "Segment Information and Geographic Data."
The following table shows net sales by reportable segment for 2022, 2021 and 2020 (dollars in millions):
| | | | | | | | | | | | | | | | | |
|---:|:---------------------------------|:-------|:--------|:-------|:----|:-----|:---|:-------|:---|:--------|:---|:---|:---|:-------|:---|:--------|
| 1 | | 2022 | | Change | | 2021 | | Change | | 2020 | | | | | | |
| 2 | Net sales by reportable segment: | | | | | | | | | | | | | | | |
| 3 | Americas | $ | 169,658 | | | 11 | % | | $ | 153,306 | | | 23 | % | $ | 124,556 |
| 4 | Europe | 95,118 | | | 7 | % | | 89,307 | | | 30 | % | | 68,640 | | |
| 5 | Greater China | 74,200 | | | 9 | % | | 68,366 | | | 70 | % | | 40,308 | | |
| 6 | Japan | 25,977 | | | (9) | % | | 28,482 | | | 33 | % | | 21,418 | | |
| 7 | Rest of Asia Pacific | 29,375 | | | 11 | % | | 26,356 | | | 35 | % | | 19,593 | | |
| 8 | Total net sales | $ | 394,328 | | | 8 | % | | $ | 365,817 | | | 33 | % | $ | 274,515 |
Americas
Americas net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Services and Mac.
Europe
Europe net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during 2022.
Greater China
Greater China net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The strength of the renminbi relative to the U.S. dollar had a favorable year-over-year impact on Greater China net sales during 2022.
Japan
Japan net sales decreased during 2022 compared to 2021 due to the weakness of the yen relative to the U.S. dollar.
Rest of Asia Pacific
Rest of Asia Pacific net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Mac and Services. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific net sales during 2022.
Apple Inc. | 2022 Form 10-K | 22
|
Apple Inc. 10-K form for the fiscal year ended 2022-09-24, page 22:
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company's reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company's other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company's customers and distribution partners and the unique market dynamics of each geographic region. Further information regarding the Company's reportable segments can be found in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, "Segment Information and Geographic Data."
The following table shows net sales by reportable segment for 2022, 2021 and 2020 (dollars in millions):
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">Change</td><td colspan="3"></td><td colspan="3">2021</td><td colspan="3"></td><td colspan="3">Change</td><td colspan="3"></td><td colspan="3">2020</td></tr><tr><td colspan="3">Net sales by reportable segment:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Americas</td><td>$</td><td>169,658 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td>%</td><td colspan="3"></td><td>$</td><td>153,306 </td><td></td><td colspan="3"></td><td colspan="2">23 </td><td>%</td><td colspan="3"></td><td>$</td><td>124,556 </td><td></td></tr><tr><td colspan="3">Europe</td><td colspan="2">95,118 </td><td></td><td colspan="3"></td><td colspan="2">7 </td><td>%</td><td colspan="3"></td><td colspan="2">89,307 </td><td></td><td colspan="3"></td><td colspan="2">30 </td><td>%</td><td colspan="3"></td><td colspan="2">68,640 </td><td></td></tr><tr><td colspan="3">Greater China</td><td colspan="2">74,200 </td><td></td><td colspan="3"></td><td colspan="2">9 </td><td>%</td><td colspan="3"></td><td colspan="2">68,366 </td><td></td><td colspan="3"></td><td colspan="2">70 </td><td>%</td><td colspan="3"></td><td colspan="2">40,308 </td><td></td></tr><tr><td colspan="3">Japan</td><td colspan="2">25,977 </td><td></td><td colspan="3"></td><td colspan="2">(9)</td><td>%</td><td colspan="3"></td><td colspan="2">28,482 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td>%</td><td colspan="3"></td><td colspan="2">21,418 </td><td></td></tr><tr><td colspan="3">Rest of Asia Pacific</td><td colspan="2">29,375 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td>%</td><td colspan="3"></td><td colspan="2">26,356 </td><td></td><td colspan="3"></td><td colspan="2">35 </td><td>%</td><td colspan="3"></td><td colspan="2">19,593 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td>$</td><td>394,328 </td><td></td><td colspan="3"></td><td colspan="2">8 </td><td>%</td><td colspan="3"></td><td>$</td><td>365,817 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td>%</td><td colspan="3"></td><td>$</td><td>274,515 </td><td></td></tr></table>
Americas
Americas net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Services and Mac.
Europe
Europe net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during 2022.
Greater China
Greater China net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The strength of the renminbi relative to the U.S. dollar had a favorable year-over-year impact on Greater China net sales during 2022.
Japan
Japan net sales decreased during 2022 compared to 2021 due to the weakness of the yen relative to the U.S. dollar.
Rest of Asia Pacific
Rest of Asia Pacific net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Mac and Services. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific net sales during 2022.
Apple Inc. | 2022 Form 10-K | 22
|
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company's reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company's other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company's customers and distribution partners and the unique market dynamics of each geographic region. Further information regarding the Company's reportable segments can be found in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, "Segment Information and Geographic Data."
The following table shows net sales by reportable segment for 2022, 2021 and 2020 (dollars in millions):
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">Change</td><td colspan="3"></td><td colspan="3">2021</td><td colspan="3"></td><td colspan="3">Change</td><td colspan="3"></td><td colspan="3">2020</td></tr><tr><td colspan="3">Net sales by reportable segment:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Americas</td><td>$</td><td>169,658 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td>%</td><td colspan="3"></td><td>$</td><td>153,306 </td><td></td><td colspan="3"></td><td colspan="2">23 </td><td>%</td><td colspan="3"></td><td>$</td><td>124,556 </td><td></td></tr><tr><td colspan="3">Europe</td><td colspan="2">95,118 </td><td></td><td colspan="3"></td><td colspan="2">7 </td><td>%</td><td colspan="3"></td><td colspan="2">89,307 </td><td></td><td colspan="3"></td><td colspan="2">30 </td><td>%</td><td colspan="3"></td><td colspan="2">68,640 </td><td></td></tr><tr><td colspan="3">Greater China</td><td colspan="2">74,200 </td><td></td><td colspan="3"></td><td colspan="2">9 </td><td>%</td><td colspan="3"></td><td colspan="2">68,366 </td><td></td><td colspan="3"></td><td colspan="2">70 </td><td>%</td><td colspan="3"></td><td colspan="2">40,308 </td><td></td></tr><tr><td colspan="3">Japan</td><td colspan="2">25,977 </td><td></td><td colspan="3"></td><td colspan="2">(9)</td><td>%</td><td colspan="3"></td><td colspan="2">28,482 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td>%</td><td colspan="3"></td><td colspan="2">21,418 </td><td></td></tr><tr><td colspan="3">Rest of Asia Pacific</td><td colspan="2">29,375 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td>%</td><td colspan="3"></td><td colspan="2">26,356 </td><td></td><td colspan="3"></td><td colspan="2">35 </td><td>%</td><td colspan="3"></td><td colspan="2">19,593 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td>$</td><td>394,328 </td><td></td><td colspan="3"></td><td colspan="2">8 </td><td>%</td><td colspan="3"></td><td>$</td><td>365,817 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td>%</td><td colspan="3"></td><td>$</td><td>274,515 </td><td></td></tr></table>
Americas
Americas net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Services and Mac.
Europe
Europe net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during 2022.
Greater China
Greater China net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The strength of the renminbi relative to the U.S. dollar had a favorable year-over-year impact on Greater China net sales during 2022.
Japan
Japan net sales decreased during 2022 compared to 2021 due to the weakness of the yen relative to the U.S. dollar.
Rest of Asia Pacific
Rest of Asia Pacific net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Mac and Services. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific net sales during 2022.
Apple Inc. | 2022 Form 10-K | 22
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q_com194
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How have operating expenses evolved for AT&T Inc. and Frontier Communications between 2022 and 2023?
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AT&T saw a 21.1% reduction in total operating expenses, which dropped to $98,967 million in 2023 from $125,328 million in 2022. Meanwhile, Frontier Communications reported a 1.2% increase in operating expenses, rising to $5,259 million in 2023 from $5,195 million in 2022.
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Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com195
|
How has interest expense for AT&T Inc. and Frontier Communications changed year-over-year between 2022 and 2023?
|
AT&T's interest expense grew by 9.8%, reaching $6,704 million in 2023 compared to $6,108 million in 2022. Similarly, Frontier Communications saw a 32.7% rise in interest expense, increasing to $653 million in 2023 from $492 million in 2022.
|
Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com196
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What is the difference in year-over-year depreciation and amortization expenses for AT&T Inc. and Frontier Communications in 2022 and 2023?
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Depreciation and amortization expenses for AT&T increased by 4.2% or $756 million to $18,777 million in 2023 from $18,021 million in 2022. Frontier Communications experienced a higher increase of 19.7% or $233 million , with expenses rising to $1,415 million in 2023 from $1,182 million in 2022.
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Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
q_com197
|
How has cash flow from operating activities shifted for AT&T Inc. and Frontier Communications from 2022 to 2023?
|
AT&T's net cash provided by operating activities rose by 7.0% to $38,314 million in 2023, compared to $35,812 million in 2022. On the other hand, Frontier Communications saw a 4.1% decrease, with net cash from operating activities falling to $1,344 million in 2023 from $1,401 million in 2022.
|
Comparison
|
46;9
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 46: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------|:---------|:-------|:-----|:---------|:-----|:--------|:---------|:---|:-------|
| 1 | Consolidated Statements of Cash Flows | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Activities | | | | | | | | | |
| 4 | Income (loss) from continuing operations | $ | 15,623 | | | $ | (6,874) | | $ | 23,776 |
| 5 | Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: | | | | | | | | | |
| 6 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 9 | Provision for uncollectible accounts | 1,969 | | | 1,865 | | | 1,241 | | |
| 10 | Deferred income tax expense | 3,037 | | | 2,975 | | | 7,412 | | |
| 11 | Net (gain) loss on investments, net of impairments | 441 | | | 381 | | | (369) | | |
| 12 | Pension and postretirement benefit expense (credit) | (2,552) | | | (3,237) | | | (3,857) | | |
| 13 | Actuarial and settlement (gain) loss on pension and postretirement benefits - net | 1,594 | | | (1,999) | | | (4,143) | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Changes in operating assets and liabilities: | | | | | | | | | |
| 16 | Receivables | 82 | | | 727 | | | (1,125) | | |
| 17 | Other current assets | (642) | | | (674) | | | (1,288) | | |
| 18 | Accounts payable and other accrued liabilities | (1,764) | | | (1,109) | | | (1,570) | | |
| 19 | Equipment installment receivables and related sales | (133) | | | 154 | | | (271) | | |
| 20 | Deferred customer contract acquisition and fulfillment costs | 1 | | | (947) | | | 18 | | |
| 21 | Postretirement claims and contributions | (735) | | | (823) | | | (822) | | |
| 22 | Other – net | 1,423 | | | (146) | | | 103 | | |
| 23 | Total adjustments | 22,691 | | | 42,686 | | | 13,394 | | |
| 24 | Net Cash Provided by Operating Activities from Continuing Operations | 38,314 | | | 35,812 | | | 37,170 | | |
| 25 | Investing Activities | | | | | | | | | |
| 26 | Capital expenditures | (17,853) | | | (19,626) | | | (15,545) | | |
| 27 | Acquisitions, net of cash acquired | (2,942) | | | (10,200) | | | (25,453) | | |
| 28 | Dispositions | 72 | | | 199 | | | 7,136 | | |
| 29 | Distributions from DIRECTV in excess of cumulative equity in earnings | 2,049 | | | 2,649 | | | 1,323 | | |
| 30 | (Purchases), sales and settlements of securities and investments - net | (902) | | | 82 | | | 44 | | |
| 31 | Other – net | (84) | | | (3) | | | 6 | | |
| 35 | Net Cash Used in Investing Activities from Continuing Operations | (19,660) | | | (26,899) | | | (32,489) | | |
| 36 | Financing Activities | | | | | | | | | |
| 37 | Net change in short-term borrowings with original maturities of three months or less | (914) | | | (519) | | | 1,316 | | |
| 38 | Issuance of other short-term borrowings | 5,406 | | | 3,955 | | | 21,856 | | |
| 39 | Repayment of other short-term borrowings | (3,415) | | | (18,345) | | | (7,510) | | |
| 40 | Issuance of long-term debt | 10,004 | | | 2,979 | | | 9,931 | | |
| 41 | Repayment of long-term debt | (12,044) | | | (25,118) | | | (3,039) | | |
| 42 | Note payable to DIRECTV, net of payments | (130) | | | (1,211) | | | 1,341 | | |
| 43 | Payment of vendor financing | (5,742) | | | (4,697) | | | (4,596) | | |
| 45 | Purchase of treasury stock | (194) | | | (890) | | | (202) | | |
| 46 | Issuance of treasury stock | 3 | | | 28 | | | 96 | | |
| 47 | Issuance of preferred interests in subsidiary | 7,151 | | | - | | | - | | |
| 48 | Redemption of preferred interests in subsidiary | (5,333) | | | (2,665) | | | - | | |
| 49 | Dividends paid | (8,136) | | | (9,859) | | | (15,068) | | |
| 50 | Other – net | (2,270) | | | (3,222) | | | (2,231) | | |
| 51 | Net Cash (Used in) Provided by Financing Activities from Continuing Operations | (15,614) | | | (59,564) | | | 1,894 | | |
| 52 | Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations | 3,040 | | | (50,651) | | | 6,575 | | |
| 53 | Cash flows from Discontinued Operations: | | | | | | | | | |
| 54 | Cash (used in) provided by operating activities | - | | | (3,789) | | | 4,788 | | |
| 55 | Cash provided by investing activities | - | | | 1,094 | | | 399 | | |
| 56 | Cash provided by (used in) financing activities | - | | | 35,823 | | | (316) | | |
| 57 | Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations | - | | | 33,128 | | | 4,871 | | |
| 58 | Net increase (decrease) in cash and cash equivalents and restricted cash | 3,040 | | | (17,523) | | | 11,446 | | |
| 59 | Cash and cash equivalents and restricted cash beginning of year | 3,793 | | | 21,316 | | | 9,870 | | |
| 60 | Cash and Cash Equivalents and Restricted Cash End of Year | $ | 6,833 | | | $ | 3,793 | | $ | 21,316 |
The accompanying notes are an integral part of the consolidated financial statements.
46
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 9:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 5 | Cash flows provided from (used by) operating activities: | | | | | | | | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Adjustments to reconcile net loss to net cash provided | | | | | | | | | |
| 8 | from (used by) operating activities: | | | | | | | | | |
| 9 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 10 | Pension settlement costs | | - | | | 55 | | - | | - |
| 11 | Stock-based compensation expense | | 108 | | | 82 | | 18 | | (1) |
| 12 | Non-cash reorganization items | | - | | | - | | - | | (5,467) |
| 13 | Amortization of (premium) discount | | (25) | | | (28) | | (18) | | 1 |
| 14 | Lease Impairment | | - | | | 44 | | - | | - |
| 15 | Bad debt expense | | 35 | | | 26 | | 14 | | - |
| 16 | Other adjustments | | 12 | | | - | | - | | - |
| 17 | Deferred income taxes | | 78 | | | 164 | | 81 | | (148) |
| 18 | Change in accounts receivable | | (43) | | | (7) | | 45 | | 36 |
| 19 | Change in long-term pension and other post-retirement liabilities | | (325) | | | (656) | | 21 | | (12) |
| 20 | Change in accounts payable and other liabilities | | 55 | | | 51 | | 94 | | (156) |
| 21 | Change in prepaid expenses, income taxes, and other assets | | 5 | | | | | | | 46 |
| 22 | Net cash provided from (used by) operating activities | | 1,344 | | | 1,401 | | 1,451 | | (654) |
| 24 | Cash flows provided from (used by) investing activities: | | | | | | | | | |
| 25 | Capital expenditures | | (3,211) | | | (2,738) | | (1,205) | | (500) |
| 26 | Purchase of short-term investments | | (2,275) | | | (4,350) | | - | | - |
| 27 | Sale of short-term investments | | 2,950 | | | 2,600 | | - | | - |
| 28 | Purchase of long-term investments | | (62) | | | - | | - | | - |
| 29 | Proceeds on sale of assets | | 36 | | | 13 | | 7 | | 9 |
| 30 | Other | | | | | | | 5 | | 1 |
| 31 | Net cash used by investing activities | | (2,556) | | | (4,468) | | (1,193) | | (490) |
| 33 | Cash flows provided from (used by) financing activities: | | | | | | | | | |
| 34 | Long-term debt principal payments | | (68) | | | (14) | | (17) | | (1) |
| 35 | Net proceeds from long-term debt borrowings | | 2,278 | | | 1,200 | | 1,000 | | 225 |
| 36 | Payments of vendor financing | | (5) | | | - | | - | | - |
| 37 | Premium paid to retire debt | | (10) | | | - | | - | | - |
| 38 | Financing costs paid | | (62) | | | (17) | | (13) | | (4) |
| 39 | Finance lease obligation payments | | (25) | | | (19) | | (13) | | (7) |
| 40 | Proceeds from financing lease transactions | | 30 | | | 70 | | 23 | | - |
| 41 | Taxes paid on behalf of employees for shares withheld | | (9) | | | (8) | | - | | - |
| 42 | Other | | - | | | (1) | | - | | (16) |
| 43 | Net cash provided from financing activities | | 2,129 | | | 1,211 | | 980 | | 197 |
| 45 | Increase (Decrease) in cash, cash equivalents, and restricted cash | | 917 | | | (1,856) | | 1,238 | | (947) |
| 46 | Cash, cash equivalents and restricted cash | | | | | | | | | |
| 47 | at the beginning of the period | | 322 | | | 2,178 | | 940 | | 1,887 |
| 48 | Cash, cash equivalents, and restricted cash at the end of the period | $ | 1,239 | | $ | 322 | $ | 2,178 | $ | 940 |
| 50 | Supplemental cash flow information: | | | | | | | | | |
| 51 | Cash paid during the period for: | | | | | | | | | |
| 52 | Interest | $ | 711 | | $ | 512 | $ | 281 | $ | 84 |
| 53 | Income tax payments, net | $ | - | | $ | 8 | $ | 28 | $ | 9 |
| 54 | Reorganization items, net | $ | - | | $ | - | $ | - | $ | 1,397 |
| 56 | Non-cash investing activities: | | | | | | | | | |
| 57 | Increase (Decrease) in capital expenditures due to | | | | | | | | | |
| 58 | changes in accounts payable and accrued liabilities | $ | (326) | | $ | 797 | $ | (26) | $ | (5) |
| 59 | Increase in capital expenditures due to | | | | | | | | | |
| 60 | changes in vendor financing | $ | 255 | | $ | - | $ | - | $ | - |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
|
| | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------|:---------|:-------|:-----|:---------|:-----|:--------|:---------|:---|:-------|
| 1 | Consolidated Statements of Cash Flows | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Activities | | | | | | | | | |
| 4 | Income (loss) from continuing operations | $ | 15,623 | | | $ | (6,874) | | $ | 23,776 |
| 5 | Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: | | | | | | | | | |
| 6 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 9 | Provision for uncollectible accounts | 1,969 | | | 1,865 | | | 1,241 | | |
| 10 | Deferred income tax expense | 3,037 | | | 2,975 | | | 7,412 | | |
| 11 | Net (gain) loss on investments, net of impairments | 441 | | | 381 | | | (369) | | |
| 12 | Pension and postretirement benefit expense (credit) | (2,552) | | | (3,237) | | | (3,857) | | |
| 13 | Actuarial and settlement (gain) loss on pension and postretirement benefits - net | 1,594 | | | (1,999) | | | (4,143) | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Changes in operating assets and liabilities: | | | | | | | | | |
| 16 | Receivables | 82 | | | 727 | | | (1,125) | | |
| 17 | Other current assets | (642) | | | (674) | | | (1,288) | | |
| 18 | Accounts payable and other accrued liabilities | (1,764) | | | (1,109) | | | (1,570) | | |
| 19 | Equipment installment receivables and related sales | (133) | | | 154 | | | (271) | | |
| 20 | Deferred customer contract acquisition and fulfillment costs | 1 | | | (947) | | | 18 | | |
| 21 | Postretirement claims and contributions | (735) | | | (823) | | | (822) | | |
| 22 | Other – net | 1,423 | | | (146) | | | 103 | | |
| 23 | Total adjustments | 22,691 | | | 42,686 | | | 13,394 | | |
| 24 | Net Cash Provided by Operating Activities from Continuing Operations | 38,314 | | | 35,812 | | | 37,170 | | |
| 25 | Investing Activities | | | | | | | | | |
| 26 | Capital expenditures | (17,853) | | | (19,626) | | | (15,545) | | |
| 27 | Acquisitions, net of cash acquired | (2,942) | | | (10,200) | | | (25,453) | | |
| 28 | Dispositions | 72 | | | 199 | | | 7,136 | | |
| 29 | Distributions from DIRECTV in excess of cumulative equity in earnings | 2,049 | | | 2,649 | | | 1,323 | | |
| 30 | (Purchases), sales and settlements of securities and investments - net | (902) | | | 82 | | | 44 | | |
| 31 | Other – net | (84) | | | (3) | | | 6 | | |
| 35 | Net Cash Used in Investing Activities from Continuing Operations | (19,660) | | | (26,899) | | | (32,489) | | |
| 36 | Financing Activities | | | | | | | | | |
| 37 | Net change in short-term borrowings with original maturities of three months or less | (914) | | | (519) | | | 1,316 | | |
| 38 | Issuance of other short-term borrowings | 5,406 | | | 3,955 | | | 21,856 | | |
| 39 | Repayment of other short-term borrowings | (3,415) | | | (18,345) | | | (7,510) | | |
| 40 | Issuance of long-term debt | 10,004 | | | 2,979 | | | 9,931 | | |
| 41 | Repayment of long-term debt | (12,044) | | | (25,118) | | | (3,039) | | |
| 42 | Note payable to DIRECTV, net of payments | (130) | | | (1,211) | | | 1,341 | | |
| 43 | Payment of vendor financing | (5,742) | | | (4,697) | | | (4,596) | | |
| 45 | Purchase of treasury stock | (194) | | | (890) | | | (202) | | |
| 46 | Issuance of treasury stock | 3 | | | 28 | | | 96 | | |
| 47 | Issuance of preferred interests in subsidiary | 7,151 | | | - | | | - | | |
| 48 | Redemption of preferred interests in subsidiary | (5,333) | | | (2,665) | | | - | | |
| 49 | Dividends paid | (8,136) | | | (9,859) | | | (15,068) | | |
| 50 | Other – net | (2,270) | | | (3,222) | | | (2,231) | | |
| 51 | Net Cash (Used in) Provided by Financing Activities from Continuing Operations | (15,614) | | | (59,564) | | | 1,894 | | |
| 52 | Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations | 3,040 | | | (50,651) | | | 6,575 | | |
| 53 | Cash flows from Discontinued Operations: | | | | | | | | | |
| 54 | Cash (used in) provided by operating activities | - | | | (3,789) | | | 4,788 | | |
| 55 | Cash provided by investing activities | - | | | 1,094 | | | 399 | | |
| 56 | Cash provided by (used in) financing activities | - | | | 35,823 | | | (316) | | |
| 57 | Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations | - | | | 33,128 | | | 4,871 | | |
| 58 | Net increase (decrease) in cash and cash equivalents and restricted cash | 3,040 | | | (17,523) | | | 11,446 | | |
| 59 | Cash and cash equivalents and restricted cash beginning of year | 3,793 | | | 21,316 | | | 9,870 | | |
| 60 | Cash and Cash Equivalents and Restricted Cash End of Year | $ | 6,833 | | | $ | 3,793 | | $ | 21,316 |
The accompanying notes are an integral part of the consolidated financial statements.
46
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 5 | Cash flows provided from (used by) operating activities: | | | | | | | | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Adjustments to reconcile net loss to net cash provided | | | | | | | | | |
| 8 | from (used by) operating activities: | | | | | | | | | |
| 9 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 10 | Pension settlement costs | | - | | | 55 | | - | | - |
| 11 | Stock-based compensation expense | | 108 | | | 82 | | 18 | | (1) |
| 12 | Non-cash reorganization items | | - | | | - | | - | | (5,467) |
| 13 | Amortization of (premium) discount | | (25) | | | (28) | | (18) | | 1 |
| 14 | Lease Impairment | | - | | | 44 | | - | | - |
| 15 | Bad debt expense | | 35 | | | 26 | | 14 | | - |
| 16 | Other adjustments | | 12 | | | - | | - | | - |
| 17 | Deferred income taxes | | 78 | | | 164 | | 81 | | (148) |
| 18 | Change in accounts receivable | | (43) | | | (7) | | 45 | | 36 |
| 19 | Change in long-term pension and other post-retirement liabilities | | (325) | | | (656) | | 21 | | (12) |
| 20 | Change in accounts payable and other liabilities | | 55 | | | 51 | | 94 | | (156) |
| 21 | Change in prepaid expenses, income taxes, and other assets | | 5 | | | | | | | 46 |
| 22 | Net cash provided from (used by) operating activities | | 1,344 | | | 1,401 | | 1,451 | | (654) |
| 24 | Cash flows provided from (used by) investing activities: | | | | | | | | | |
| 25 | Capital expenditures | | (3,211) | | | (2,738) | | (1,205) | | (500) |
| 26 | Purchase of short-term investments | | (2,275) | | | (4,350) | | - | | - |
| 27 | Sale of short-term investments | | 2,950 | | | 2,600 | | - | | - |
| 28 | Purchase of long-term investments | | (62) | | | - | | - | | - |
| 29 | Proceeds on sale of assets | | 36 | | | 13 | | 7 | | 9 |
| 30 | Other | | | | | | | 5 | | 1 |
| 31 | Net cash used by investing activities | | (2,556) | | | (4,468) | | (1,193) | | (490) |
| 33 | Cash flows provided from (used by) financing activities: | | | | | | | | | |
| 34 | Long-term debt principal payments | | (68) | | | (14) | | (17) | | (1) |
| 35 | Net proceeds from long-term debt borrowings | | 2,278 | | | 1,200 | | 1,000 | | 225 |
| 36 | Payments of vendor financing | | (5) | | | - | | - | | - |
| 37 | Premium paid to retire debt | | (10) | | | - | | - | | - |
| 38 | Financing costs paid | | (62) | | | (17) | | (13) | | (4) |
| 39 | Finance lease obligation payments | | (25) | | | (19) | | (13) | | (7) |
| 40 | Proceeds from financing lease transactions | | 30 | | | 70 | | 23 | | - |
| 41 | Taxes paid on behalf of employees for shares withheld | | (9) | | | (8) | | - | | - |
| 42 | Other | | - | | | (1) | | - | | (16) |
| 43 | Net cash provided from financing activities | | 2,129 | | | 1,211 | | 980 | | 197 |
| 45 | Increase (Decrease) in cash, cash equivalents, and restricted cash | | 917 | | | (1,856) | | 1,238 | | (947) |
| 46 | Cash, cash equivalents and restricted cash | | | | | | | | | |
| 47 | at the beginning of the period | | 322 | | | 2,178 | | 940 | | 1,887 |
| 48 | Cash, cash equivalents, and restricted cash at the end of the period | $ | 1,239 | | $ | 322 | $ | 2,178 | $ | 940 |
| 50 | Supplemental cash flow information: | | | | | | | | | |
| 51 | Cash paid during the period for: | | | | | | | | | |
| 52 | Interest | $ | 711 | | $ | 512 | $ | 281 | $ | 84 |
| 53 | Income tax payments, net | $ | - | | $ | 8 | $ | 28 | $ | 9 |
| 54 | Reorganization items, net | $ | - | | $ | - | $ | - | $ | 1,397 |
| 56 | Non-cash investing activities: | | | | | | | | | |
| 57 | Increase (Decrease) in capital expenditures due to | | | | | | | | | |
| 58 | changes in accounts payable and accrued liabilities | $ | (326) | | $ | 797 | $ | (26) | $ | (5) |
| 59 | Increase in capital expenditures due to | | | | | | | | | |
| 60 | changes in vendor financing | $ | 255 | | $ | - | $ | - | $ | - |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 46: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Cash Flows</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income (loss) from continuing operations</td><td>$</td><td>15,623 </td><td></td><td colspan="3"></td><td>$</td><td>(6,874)</td><td></td><td colspan="3"></td><td>$</td><td>23,776 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Provision for uncollectible accounts</td><td colspan="2">1,969 </td><td></td><td colspan="3"></td><td colspan="2">1,865 </td><td></td><td colspan="3"></td><td colspan="2">1,241 </td><td></td></tr><tr><td colspan="3">Deferred income tax expense</td><td colspan="2">3,037 </td><td></td><td colspan="3"></td><td colspan="2">2,975 </td><td></td><td colspan="3"></td><td colspan="2">7,412 </td><td></td></tr><tr><td colspan="3">Net (gain) loss on investments, net of impairments</td><td colspan="2">441 </td><td></td><td colspan="3"></td><td colspan="2">381 </td><td></td><td colspan="3"></td><td colspan="2">(369)</td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit expense (credit)</td><td colspan="2">(2,552)</td><td></td><td colspan="3"></td><td colspan="2">(3,237)</td><td></td><td colspan="3"></td><td colspan="2">(3,857)</td><td></td></tr><tr><td colspan="3">Actuarial and settlement (gain) loss on pension and postretirement benefits - net</td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">(1,999)</td><td></td><td colspan="3"></td><td colspan="2">(4,143)</td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Receivables</td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">727 </td><td></td><td colspan="3"></td><td colspan="2">(1,125)</td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">(642)</td><td></td><td colspan="3"></td><td colspan="2">(674)</td><td></td><td colspan="3"></td><td colspan="2">(1,288)</td><td></td></tr><tr><td colspan="3">Accounts payable and other accrued liabilities</td><td colspan="2">(1,764)</td><td></td><td colspan="3"></td><td colspan="2">(1,109)</td><td></td><td colspan="3"></td><td colspan="2">(1,570)</td><td></td></tr><tr><td colspan="3">Equipment installment receivables and related sales</td><td colspan="2">(133)</td><td></td><td colspan="3"></td><td colspan="2">154 </td><td></td><td colspan="3"></td><td colspan="2">(271)</td><td></td></tr><tr><td colspan="3">Deferred customer contract acquisition and fulfillment costs</td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">(947)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td></tr><tr><td colspan="3">Postretirement claims and contributions</td><td colspan="2">(735)</td><td></td><td colspan="3"></td><td colspan="2">(823)</td><td></td><td colspan="3"></td><td colspan="2">(822)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">1,423 </td><td></td><td colspan="3"></td><td colspan="2">(146)</td><td></td><td colspan="3"></td><td colspan="2">103 </td><td></td></tr><tr><td colspan="3">Total adjustments</td><td colspan="2">22,691 </td><td></td><td colspan="3"></td><td colspan="2">42,686 </td><td></td><td colspan="3"></td><td colspan="2">13,394 </td><td></td></tr><tr><td colspan="3">Net Cash Provided by Operating Activities from Continuing Operations</td><td colspan="2">38,314 </td><td></td><td colspan="3"></td><td colspan="2">35,812 </td><td></td><td colspan="3"></td><td colspan="2">37,170 </td><td></td></tr><tr><td colspan="3">Investing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Capital expenditures</td><td colspan="2">(17,853)</td><td></td><td colspan="3"></td><td colspan="2">(19,626)</td><td></td><td colspan="3"></td><td colspan="2">(15,545)</td><td></td></tr><tr><td colspan="3">Acquisitions, net of cash acquired</td><td colspan="2">(2,942)</td><td></td><td colspan="3"></td><td colspan="2">(10,200)</td><td></td><td colspan="3"></td><td colspan="2">(25,453)</td><td></td></tr><tr><td colspan="3">Dispositions</td><td colspan="2">72 </td><td></td><td colspan="3"></td><td colspan="2">199 </td><td></td><td colspan="3"></td><td colspan="2">7,136 </td><td></td></tr><tr><td colspan="3">Distributions from DIRECTV in excess of cumulative equity in earnings</td><td colspan="2">2,049 </td><td></td><td colspan="3"></td><td colspan="2">2,649 </td><td></td><td colspan="3"></td><td colspan="2">1,323 </td><td></td></tr><tr><td colspan="3">(Purchases), sales and settlements of securities and investments - net</td><td colspan="2">(902)</td><td></td><td colspan="3"></td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">44 </td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(84)</td><td></td><td colspan="3"></td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net Cash Used in Investing Activities from Continuing Operations</td><td colspan="2">(19,660)</td><td></td><td colspan="3"></td><td colspan="2">(26,899)</td><td></td><td colspan="3"></td><td colspan="2">(32,489)</td><td></td></tr><tr><td colspan="3">Financing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net change in short-term borrowings with original maturities of three months or less</td><td colspan="2">(914)</td><td></td><td colspan="3"></td><td colspan="2">(519)</td><td></td><td colspan="3"></td><td colspan="2">1,316 </td><td></td></tr><tr><td colspan="3">Issuance of other short-term borrowings</td><td colspan="2">5,406 </td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">21,856 </td><td></td></tr><tr><td colspan="3">Repayment of other short-term borrowings</td><td colspan="2">(3,415)</td><td></td><td colspan="3"></td><td colspan="2">(18,345)</td><td></td><td colspan="3"></td><td colspan="2">(7,510)</td><td></td></tr><tr><td colspan="3">Issuance of long-term debt</td><td colspan="2">10,004 </td><td></td><td colspan="3"></td><td colspan="2">2,979 </td><td></td><td colspan="3"></td><td colspan="2">9,931 </td><td></td></tr><tr><td colspan="3">Repayment of long-term debt</td><td colspan="2">(12,044)</td><td></td><td colspan="3"></td><td colspan="2">(25,118)</td><td></td><td colspan="3"></td><td colspan="2">(3,039)</td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV, net of payments</td><td colspan="2">(130)</td><td></td><td colspan="3"></td><td colspan="2">(1,211)</td><td></td><td colspan="3"></td><td colspan="2">1,341 </td><td></td></tr><tr><td colspan="3">Payment of vendor financing</td><td colspan="2">(5,742)</td><td></td><td colspan="3"></td><td colspan="2">(4,697)</td><td></td><td colspan="3"></td><td colspan="2">(4,596)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchase of treasury stock</td><td colspan="2">(194)</td><td></td><td colspan="3"></td><td colspan="2">(890)</td><td></td><td colspan="3"></td><td colspan="2">(202)</td><td></td></tr><tr><td colspan="3">Issuance of treasury stock</td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2">28 </td><td></td><td colspan="3"></td><td colspan="2">96 </td><td></td></tr><tr><td colspan="3">Issuance of preferred interests in subsidiary</td><td colspan="2">7,151 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Redemption of preferred interests in subsidiary</td><td colspan="2">(5,333)</td><td></td><td colspan="3"></td><td colspan="2">(2,665)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Dividends paid</td><td colspan="2">(8,136)</td><td></td><td colspan="3"></td><td colspan="2">(9,859)</td><td></td><td colspan="3"></td><td colspan="2">(15,068)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(2,270)</td><td></td><td colspan="3"></td><td colspan="2">(3,222)</td><td></td><td colspan="3"></td><td colspan="2">(2,231)</td><td></td></tr><tr><td colspan="3">Net Cash (Used in) Provided by Financing Activities from Continuing Operations</td><td colspan="2">(15,614)</td><td></td><td colspan="3"></td><td colspan="2">(59,564)</td><td></td><td colspan="3"></td><td colspan="2">1,894 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(50,651)</td><td></td><td colspan="3"></td><td colspan="2">6,575 </td><td></td></tr><tr><td colspan="3">Cash flows from Discontinued Operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash (used in) provided by operating activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(3,789)</td><td></td><td colspan="3"></td><td colspan="2">4,788 </td><td></td></tr><tr><td colspan="3">Cash provided by investing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">1,094 </td><td></td><td colspan="3"></td><td colspan="2">399 </td><td></td></tr><tr><td colspan="3">Cash provided by (used in) financing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">35,823 </td><td></td><td colspan="3"></td><td colspan="2">(316)</td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">33,128 </td><td></td><td colspan="3"></td><td colspan="2">4,871 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(17,523)</td><td></td><td colspan="3"></td><td colspan="2">11,446 </td><td></td></tr><tr><td colspan="3">Cash and cash equivalents and restricted cash beginning of year</td><td colspan="2">3,793 </td><td></td><td colspan="3"></td><td colspan="2">21,316 </td><td></td><td colspan="3"></td><td colspan="2">9,870 </td><td></td></tr><tr><td colspan="3">Cash and Cash Equivalents and Restricted Cash End of Year</td><td>$</td><td>6,833 </td><td></td><td colspan="3"></td><td>$</td><td>3,793 </td><td></td><td colspan="3"></td><td>$</td><td>21,316 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
46
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 9:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended</td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Adjustments to reconcile net loss to net cash provided</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Stock-based compensation expense</td><td> </td><td> </td><td> 108 </td><td> </td><td> </td><td> 82 </td><td> </td><td> </td><td> 18 </td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Non-cash reorganization items</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (5,467)</td><td> </td></tr><tr><td> </td><td>Amortization of (premium) discount</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (28)</td><td> </td><td> </td><td> (18)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Lease Impairment</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 44 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Bad debt expense</td><td> </td><td> </td><td> 35 </td><td> </td><td> </td><td> 26 </td><td> </td><td> </td><td> 14 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other adjustments</td><td> </td><td> </td><td> 12 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Deferred income taxes </td><td> </td><td> </td><td> 78 </td><td> </td><td> </td><td> 164 </td><td> </td><td> </td><td> 81 </td><td> </td><td> </td><td> </td><td> (148)</td><td> </td></tr><tr><td> </td><td>Change in accounts receivable</td><td> </td><td> </td><td> (43)</td><td> </td><td> </td><td> (7)</td><td> </td><td> </td><td> 45 </td><td> </td><td> </td><td> </td><td> 36 </td><td> </td></tr><tr><td> </td><td>Change in long-term pension and other post-retirement liabilities</td><td> </td><td> </td><td> (325)</td><td> </td><td> </td><td> (656)</td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> (12)</td><td> </td></tr><tr><td> </td><td>Change in accounts payable and other liabilities</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> 51 </td><td> </td><td> </td><td> 94 </td><td> </td><td> </td><td> </td><td> (156)</td><td> </td></tr><tr><td> </td><td>Change in prepaid expenses, income taxes, and other assets</td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 46 </td><td> </td></tr><tr><td> </td><td>Net cash provided from (used by) operating activities</td><td> </td><td> </td><td> 1,344 </td><td> </td><td> </td><td> 1,401 </td><td> </td><td> </td><td> 1,451 </td><td> </td><td> </td><td> </td><td> (654)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Capital expenditures </td><td> </td><td> </td><td> (3,211)</td><td> </td><td> </td><td> (2,738)</td><td> </td><td> </td><td> (1,205)</td><td> </td><td> </td><td> </td><td> (500)</td><td> </td></tr><tr><td> </td><td>Purchase of short-term investments</td><td> </td><td> </td><td> (2,275)</td><td> </td><td> </td><td> (4,350)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Sale of short-term investments</td><td> </td><td> </td><td> 2,950 </td><td> </td><td> </td><td> 2,600 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Purchase of long-term investments</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Proceeds on sale of assets</td><td> </td><td> </td><td> 36 </td><td> </td><td> </td><td> 13 </td><td> </td><td> </td><td> 7 </td><td> </td><td> </td><td> </td><td> 9 </td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Net cash used by investing activities</td><td> </td><td> </td><td> (2,556)</td><td> </td><td> </td><td> (4,468)</td><td> </td><td> </td><td> (1,193)</td><td> </td><td> </td><td> </td><td> (490)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) financing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt principal payments</td><td> </td><td> </td><td> (68)</td><td> </td><td> </td><td> (14)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Net proceeds from long-term debt borrowings</td><td> </td><td> </td><td> 2,278 </td><td> </td><td> </td><td> 1,200 </td><td> </td><td> </td><td> 1,000 </td><td> </td><td> </td><td> </td><td> 225 </td><td> </td></tr><tr><td> </td><td>Payments of vendor financing</td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Premium paid to retire debt</td><td> </td><td> </td><td> (10)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Financing costs paid</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (4)</td><td> </td></tr><tr><td> </td><td>Finance lease obligation payments</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (19)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (7)</td><td> </td></tr><tr><td> </td><td>Proceeds from financing lease transactions</td><td> </td><td> </td><td> 30 </td><td> </td><td> </td><td> 70 </td><td> </td><td> </td><td> 23 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Taxes paid on behalf of employees for shares withheld</td><td> </td><td> </td><td> (9)</td><td> </td><td> </td><td> (8)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (1)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (16)</td><td> </td></tr><tr><td> </td><td>Net cash provided from financing activities</td><td> </td><td> </td><td> 2,129 </td><td> </td><td> </td><td> 1,211 </td><td> </td><td> </td><td> 980 </td><td> </td><td> </td><td> </td><td> 197 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in cash, cash equivalents, and restricted cash</td><td> </td><td> </td><td> 917 </td><td> </td><td> </td><td> (1,856)</td><td> </td><td> </td><td> 1,238 </td><td> </td><td> </td><td> </td><td> (947)</td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents and restricted cash </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> at the beginning of the period</td><td> </td><td> </td><td> 322 </td><td> </td><td> </td><td> 2,178 </td><td> </td><td> </td><td> 940 </td><td> </td><td> </td><td> </td><td> 1,887 </td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents, and restricted cash at the end of the period</td><td> </td><td>$</td><td> 1,239 </td><td> </td><td>$</td><td> 322 </td><td> </td><td>$</td><td> 2,178 </td><td> </td><td> </td><td>$</td><td> 940 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Supplemental cash flow information:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash paid during the period for:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Interest</td><td> </td><td>$</td><td> 711 </td><td> </td><td>$</td><td> 512 </td><td> </td><td>$</td><td> 281 </td><td> </td><td> </td><td>$</td><td>84</td><td> </td></tr><tr><td> </td><td>Income tax payments, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> 8 </td><td> </td><td>$</td><td> 28 </td><td> </td><td> </td><td>$</td><td>9</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td>1,397</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Non-cash investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in accounts payable and accrued liabilities</td><td> </td><td>$</td><td> (326)</td><td> </td><td>$</td><td> 797 </td><td> </td><td>$</td><td> (26)</td><td> </td><td> </td><td>$</td><td> (5)</td><td> </td></tr><tr><td> </td><td>Increase in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in vendor financing</td><td> </td><td>$</td><td> 255 </td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td> -</td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
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<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Cash Flows</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income (loss) from continuing operations</td><td>$</td><td>15,623 </td><td></td><td colspan="3"></td><td>$</td><td>(6,874)</td><td></td><td colspan="3"></td><td>$</td><td>23,776 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Provision for uncollectible accounts</td><td colspan="2">1,969 </td><td></td><td colspan="3"></td><td colspan="2">1,865 </td><td></td><td colspan="3"></td><td colspan="2">1,241 </td><td></td></tr><tr><td colspan="3">Deferred income tax expense</td><td colspan="2">3,037 </td><td></td><td colspan="3"></td><td colspan="2">2,975 </td><td></td><td colspan="3"></td><td colspan="2">7,412 </td><td></td></tr><tr><td colspan="3">Net (gain) loss on investments, net of impairments</td><td colspan="2">441 </td><td></td><td colspan="3"></td><td colspan="2">381 </td><td></td><td colspan="3"></td><td colspan="2">(369)</td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit expense (credit)</td><td colspan="2">(2,552)</td><td></td><td colspan="3"></td><td colspan="2">(3,237)</td><td></td><td colspan="3"></td><td colspan="2">(3,857)</td><td></td></tr><tr><td colspan="3">Actuarial and settlement (gain) loss on pension and postretirement benefits - net</td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">(1,999)</td><td></td><td colspan="3"></td><td colspan="2">(4,143)</td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Receivables</td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">727 </td><td></td><td colspan="3"></td><td colspan="2">(1,125)</td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">(642)</td><td></td><td colspan="3"></td><td colspan="2">(674)</td><td></td><td colspan="3"></td><td colspan="2">(1,288)</td><td></td></tr><tr><td colspan="3">Accounts payable and other accrued liabilities</td><td colspan="2">(1,764)</td><td></td><td colspan="3"></td><td colspan="2">(1,109)</td><td></td><td colspan="3"></td><td colspan="2">(1,570)</td><td></td></tr><tr><td colspan="3">Equipment installment receivables and related sales</td><td colspan="2">(133)</td><td></td><td colspan="3"></td><td colspan="2">154 </td><td></td><td colspan="3"></td><td colspan="2">(271)</td><td></td></tr><tr><td colspan="3">Deferred customer contract acquisition and fulfillment costs</td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">(947)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td></tr><tr><td colspan="3">Postretirement claims and contributions</td><td colspan="2">(735)</td><td></td><td colspan="3"></td><td colspan="2">(823)</td><td></td><td colspan="3"></td><td colspan="2">(822)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">1,423 </td><td></td><td colspan="3"></td><td colspan="2">(146)</td><td></td><td colspan="3"></td><td colspan="2">103 </td><td></td></tr><tr><td colspan="3">Total adjustments</td><td colspan="2">22,691 </td><td></td><td colspan="3"></td><td colspan="2">42,686 </td><td></td><td colspan="3"></td><td colspan="2">13,394 </td><td></td></tr><tr><td colspan="3">Net Cash Provided by Operating Activities from Continuing Operations</td><td colspan="2">38,314 </td><td></td><td colspan="3"></td><td colspan="2">35,812 </td><td></td><td colspan="3"></td><td colspan="2">37,170 </td><td></td></tr><tr><td colspan="3">Investing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Capital expenditures</td><td colspan="2">(17,853)</td><td></td><td colspan="3"></td><td colspan="2">(19,626)</td><td></td><td colspan="3"></td><td colspan="2">(15,545)</td><td></td></tr><tr><td colspan="3">Acquisitions, net of cash acquired</td><td colspan="2">(2,942)</td><td></td><td colspan="3"></td><td colspan="2">(10,200)</td><td></td><td colspan="3"></td><td colspan="2">(25,453)</td><td></td></tr><tr><td colspan="3">Dispositions</td><td colspan="2">72 </td><td></td><td colspan="3"></td><td colspan="2">199 </td><td></td><td colspan="3"></td><td colspan="2">7,136 </td><td></td></tr><tr><td colspan="3">Distributions from DIRECTV in excess of cumulative equity in earnings</td><td colspan="2">2,049 </td><td></td><td colspan="3"></td><td colspan="2">2,649 </td><td></td><td colspan="3"></td><td colspan="2">1,323 </td><td></td></tr><tr><td colspan="3">(Purchases), sales and settlements of securities and investments - net</td><td colspan="2">(902)</td><td></td><td colspan="3"></td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">44 </td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(84)</td><td></td><td colspan="3"></td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net Cash Used in Investing Activities from Continuing Operations</td><td colspan="2">(19,660)</td><td></td><td colspan="3"></td><td colspan="2">(26,899)</td><td></td><td colspan="3"></td><td colspan="2">(32,489)</td><td></td></tr><tr><td colspan="3">Financing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net change in short-term borrowings with original maturities of three months or less</td><td colspan="2">(914)</td><td></td><td colspan="3"></td><td colspan="2">(519)</td><td></td><td colspan="3"></td><td colspan="2">1,316 </td><td></td></tr><tr><td colspan="3">Issuance of other short-term borrowings</td><td colspan="2">5,406 </td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">21,856 </td><td></td></tr><tr><td colspan="3">Repayment of other short-term borrowings</td><td colspan="2">(3,415)</td><td></td><td colspan="3"></td><td colspan="2">(18,345)</td><td></td><td colspan="3"></td><td colspan="2">(7,510)</td><td></td></tr><tr><td colspan="3">Issuance of long-term debt</td><td colspan="2">10,004 </td><td></td><td colspan="3"></td><td colspan="2">2,979 </td><td></td><td colspan="3"></td><td colspan="2">9,931 </td><td></td></tr><tr><td colspan="3">Repayment of long-term debt</td><td colspan="2">(12,044)</td><td></td><td colspan="3"></td><td colspan="2">(25,118)</td><td></td><td colspan="3"></td><td colspan="2">(3,039)</td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV, net of payments</td><td colspan="2">(130)</td><td></td><td colspan="3"></td><td colspan="2">(1,211)</td><td></td><td colspan="3"></td><td colspan="2">1,341 </td><td></td></tr><tr><td colspan="3">Payment of vendor financing</td><td colspan="2">(5,742)</td><td></td><td colspan="3"></td><td colspan="2">(4,697)</td><td></td><td colspan="3"></td><td colspan="2">(4,596)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchase of treasury stock</td><td colspan="2">(194)</td><td></td><td colspan="3"></td><td colspan="2">(890)</td><td></td><td colspan="3"></td><td colspan="2">(202)</td><td></td></tr><tr><td colspan="3">Issuance of treasury stock</td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2">28 </td><td></td><td colspan="3"></td><td colspan="2">96 </td><td></td></tr><tr><td colspan="3">Issuance of preferred interests in subsidiary</td><td colspan="2">7,151 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Redemption of preferred interests in subsidiary</td><td colspan="2">(5,333)</td><td></td><td colspan="3"></td><td colspan="2">(2,665)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Dividends paid</td><td colspan="2">(8,136)</td><td></td><td colspan="3"></td><td colspan="2">(9,859)</td><td></td><td colspan="3"></td><td colspan="2">(15,068)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(2,270)</td><td></td><td colspan="3"></td><td colspan="2">(3,222)</td><td></td><td colspan="3"></td><td colspan="2">(2,231)</td><td></td></tr><tr><td colspan="3">Net Cash (Used in) Provided by Financing Activities from Continuing Operations</td><td colspan="2">(15,614)</td><td></td><td colspan="3"></td><td colspan="2">(59,564)</td><td></td><td colspan="3"></td><td colspan="2">1,894 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(50,651)</td><td></td><td colspan="3"></td><td colspan="2">6,575 </td><td></td></tr><tr><td colspan="3">Cash flows from Discontinued Operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash (used in) provided by operating activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(3,789)</td><td></td><td colspan="3"></td><td colspan="2">4,788 </td><td></td></tr><tr><td colspan="3">Cash provided by investing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">1,094 </td><td></td><td colspan="3"></td><td colspan="2">399 </td><td></td></tr><tr><td colspan="3">Cash provided by (used in) financing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">35,823 </td><td></td><td colspan="3"></td><td colspan="2">(316)</td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">33,128 </td><td></td><td colspan="3"></td><td colspan="2">4,871 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(17,523)</td><td></td><td colspan="3"></td><td colspan="2">11,446 </td><td></td></tr><tr><td colspan="3">Cash and cash equivalents and restricted cash beginning of year</td><td colspan="2">3,793 </td><td></td><td colspan="3"></td><td colspan="2">21,316 </td><td></td><td colspan="3"></td><td colspan="2">9,870 </td><td></td></tr><tr><td colspan="3">Cash and Cash Equivalents and Restricted Cash End of Year</td><td>$</td><td>6,833 </td><td></td><td colspan="3"></td><td>$</td><td>3,793 </td><td></td><td colspan="3"></td><td>$</td><td>21,316 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
46
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended</td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Adjustments to reconcile net loss to net cash provided</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Stock-based compensation expense</td><td> </td><td> </td><td> 108 </td><td> </td><td> </td><td> 82 </td><td> </td><td> </td><td> 18 </td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Non-cash reorganization items</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (5,467)</td><td> </td></tr><tr><td> </td><td>Amortization of (premium) discount</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (28)</td><td> </td><td> </td><td> (18)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Lease Impairment</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 44 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Bad debt expense</td><td> </td><td> </td><td> 35 </td><td> </td><td> </td><td> 26 </td><td> </td><td> </td><td> 14 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other adjustments</td><td> </td><td> </td><td> 12 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Deferred income taxes </td><td> </td><td> </td><td> 78 </td><td> </td><td> </td><td> 164 </td><td> </td><td> </td><td> 81 </td><td> </td><td> </td><td> </td><td> (148)</td><td> </td></tr><tr><td> </td><td>Change in accounts receivable</td><td> </td><td> </td><td> (43)</td><td> </td><td> </td><td> (7)</td><td> </td><td> </td><td> 45 </td><td> </td><td> </td><td> </td><td> 36 </td><td> </td></tr><tr><td> </td><td>Change in long-term pension and other post-retirement liabilities</td><td> </td><td> </td><td> (325)</td><td> </td><td> </td><td> (656)</td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> (12)</td><td> </td></tr><tr><td> </td><td>Change in accounts payable and other liabilities</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> 51 </td><td> </td><td> </td><td> 94 </td><td> </td><td> </td><td> </td><td> (156)</td><td> </td></tr><tr><td> </td><td>Change in prepaid expenses, income taxes, and other assets</td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 46 </td><td> </td></tr><tr><td> </td><td>Net cash provided from (used by) operating activities</td><td> </td><td> </td><td> 1,344 </td><td> </td><td> </td><td> 1,401 </td><td> </td><td> </td><td> 1,451 </td><td> </td><td> </td><td> </td><td> (654)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Capital expenditures </td><td> </td><td> </td><td> (3,211)</td><td> </td><td> </td><td> (2,738)</td><td> </td><td> </td><td> (1,205)</td><td> </td><td> </td><td> </td><td> (500)</td><td> </td></tr><tr><td> </td><td>Purchase of short-term investments</td><td> </td><td> </td><td> (2,275)</td><td> </td><td> </td><td> (4,350)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Sale of short-term investments</td><td> </td><td> </td><td> 2,950 </td><td> </td><td> </td><td> 2,600 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Purchase of long-term investments</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Proceeds on sale of assets</td><td> </td><td> </td><td> 36 </td><td> </td><td> </td><td> 13 </td><td> </td><td> </td><td> 7 </td><td> </td><td> </td><td> </td><td> 9 </td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Net cash used by investing activities</td><td> </td><td> </td><td> (2,556)</td><td> </td><td> </td><td> (4,468)</td><td> </td><td> </td><td> (1,193)</td><td> </td><td> </td><td> </td><td> (490)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) financing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt principal payments</td><td> </td><td> </td><td> (68)</td><td> </td><td> </td><td> (14)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Net proceeds from long-term debt borrowings</td><td> </td><td> </td><td> 2,278 </td><td> </td><td> </td><td> 1,200 </td><td> </td><td> </td><td> 1,000 </td><td> </td><td> </td><td> </td><td> 225 </td><td> </td></tr><tr><td> </td><td>Payments of vendor financing</td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Premium paid to retire debt</td><td> </td><td> </td><td> (10)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Financing costs paid</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (4)</td><td> </td></tr><tr><td> </td><td>Finance lease obligation payments</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (19)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (7)</td><td> </td></tr><tr><td> </td><td>Proceeds from financing lease transactions</td><td> </td><td> </td><td> 30 </td><td> </td><td> </td><td> 70 </td><td> </td><td> </td><td> 23 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Taxes paid on behalf of employees for shares withheld</td><td> </td><td> </td><td> (9)</td><td> </td><td> </td><td> (8)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (1)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (16)</td><td> </td></tr><tr><td> </td><td>Net cash provided from financing activities</td><td> </td><td> </td><td> 2,129 </td><td> </td><td> </td><td> 1,211 </td><td> </td><td> </td><td> 980 </td><td> </td><td> </td><td> </td><td> 197 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in cash, cash equivalents, and restricted cash</td><td> </td><td> </td><td> 917 </td><td> </td><td> </td><td> (1,856)</td><td> </td><td> </td><td> 1,238 </td><td> </td><td> </td><td> </td><td> (947)</td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents and restricted cash </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> at the beginning of the period</td><td> </td><td> </td><td> 322 </td><td> </td><td> </td><td> 2,178 </td><td> </td><td> </td><td> 940 </td><td> </td><td> </td><td> </td><td> 1,887 </td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents, and restricted cash at the end of the period</td><td> </td><td>$</td><td> 1,239 </td><td> </td><td>$</td><td> 322 </td><td> </td><td>$</td><td> 2,178 </td><td> </td><td> </td><td>$</td><td> 940 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Supplemental cash flow information:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash paid during the period for:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Interest</td><td> </td><td>$</td><td> 711 </td><td> </td><td>$</td><td> 512 </td><td> </td><td>$</td><td> 281 </td><td> </td><td> </td><td>$</td><td>84</td><td> </td></tr><tr><td> </td><td>Income tax payments, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> 8 </td><td> </td><td>$</td><td> 28 </td><td> </td><td> </td><td>$</td><td>9</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td>1,397</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Non-cash investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in accounts payable and accrued liabilities</td><td> </td><td>$</td><td> (326)</td><td> </td><td>$</td><td> 797 </td><td> </td><td>$</td><td> (26)</td><td> </td><td> </td><td>$</td><td> (5)</td><td> </td></tr><tr><td> </td><td>Increase in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in vendor financing</td><td> </td><td>$</td><td> 255 </td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td> -</td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
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q_com198
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What is the year-over-year change in cash flow from investing activities for AT&T Inc. and Frontier Communications between 2022 and 2023?
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AT&T reported a 26.9% reduction in net cash used in investing activities, which dropped to $19,660 million in 2023 from $26,899 million in 2022. Frontier Communications recorded a larger decrease of 42.8%, with cash used in investing activities declining to $2,556 million in 2023 from $4,468 million in 2022.
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Comparison
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46;9
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 46: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------|:---------|:-------|:-----|:---------|:-----|:--------|:---------|:---|:-------|
| 1 | Consolidated Statements of Cash Flows | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Activities | | | | | | | | | |
| 4 | Income (loss) from continuing operations | $ | 15,623 | | | $ | (6,874) | | $ | 23,776 |
| 5 | Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: | | | | | | | | | |
| 6 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 9 | Provision for uncollectible accounts | 1,969 | | | 1,865 | | | 1,241 | | |
| 10 | Deferred income tax expense | 3,037 | | | 2,975 | | | 7,412 | | |
| 11 | Net (gain) loss on investments, net of impairments | 441 | | | 381 | | | (369) | | |
| 12 | Pension and postretirement benefit expense (credit) | (2,552) | | | (3,237) | | | (3,857) | | |
| 13 | Actuarial and settlement (gain) loss on pension and postretirement benefits - net | 1,594 | | | (1,999) | | | (4,143) | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Changes in operating assets and liabilities: | | | | | | | | | |
| 16 | Receivables | 82 | | | 727 | | | (1,125) | | |
| 17 | Other current assets | (642) | | | (674) | | | (1,288) | | |
| 18 | Accounts payable and other accrued liabilities | (1,764) | | | (1,109) | | | (1,570) | | |
| 19 | Equipment installment receivables and related sales | (133) | | | 154 | | | (271) | | |
| 20 | Deferred customer contract acquisition and fulfillment costs | 1 | | | (947) | | | 18 | | |
| 21 | Postretirement claims and contributions | (735) | | | (823) | | | (822) | | |
| 22 | Other – net | 1,423 | | | (146) | | | 103 | | |
| 23 | Total adjustments | 22,691 | | | 42,686 | | | 13,394 | | |
| 24 | Net Cash Provided by Operating Activities from Continuing Operations | 38,314 | | | 35,812 | | | 37,170 | | |
| 25 | Investing Activities | | | | | | | | | |
| 26 | Capital expenditures | (17,853) | | | (19,626) | | | (15,545) | | |
| 27 | Acquisitions, net of cash acquired | (2,942) | | | (10,200) | | | (25,453) | | |
| 28 | Dispositions | 72 | | | 199 | | | 7,136 | | |
| 29 | Distributions from DIRECTV in excess of cumulative equity in earnings | 2,049 | | | 2,649 | | | 1,323 | | |
| 30 | (Purchases), sales and settlements of securities and investments - net | (902) | | | 82 | | | 44 | | |
| 31 | Other – net | (84) | | | (3) | | | 6 | | |
| 35 | Net Cash Used in Investing Activities from Continuing Operations | (19,660) | | | (26,899) | | | (32,489) | | |
| 36 | Financing Activities | | | | | | | | | |
| 37 | Net change in short-term borrowings with original maturities of three months or less | (914) | | | (519) | | | 1,316 | | |
| 38 | Issuance of other short-term borrowings | 5,406 | | | 3,955 | | | 21,856 | | |
| 39 | Repayment of other short-term borrowings | (3,415) | | | (18,345) | | | (7,510) | | |
| 40 | Issuance of long-term debt | 10,004 | | | 2,979 | | | 9,931 | | |
| 41 | Repayment of long-term debt | (12,044) | | | (25,118) | | | (3,039) | | |
| 42 | Note payable to DIRECTV, net of payments | (130) | | | (1,211) | | | 1,341 | | |
| 43 | Payment of vendor financing | (5,742) | | | (4,697) | | | (4,596) | | |
| 45 | Purchase of treasury stock | (194) | | | (890) | | | (202) | | |
| 46 | Issuance of treasury stock | 3 | | | 28 | | | 96 | | |
| 47 | Issuance of preferred interests in subsidiary | 7,151 | | | - | | | - | | |
| 48 | Redemption of preferred interests in subsidiary | (5,333) | | | (2,665) | | | - | | |
| 49 | Dividends paid | (8,136) | | | (9,859) | | | (15,068) | | |
| 50 | Other – net | (2,270) | | | (3,222) | | | (2,231) | | |
| 51 | Net Cash (Used in) Provided by Financing Activities from Continuing Operations | (15,614) | | | (59,564) | | | 1,894 | | |
| 52 | Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations | 3,040 | | | (50,651) | | | 6,575 | | |
| 53 | Cash flows from Discontinued Operations: | | | | | | | | | |
| 54 | Cash (used in) provided by operating activities | - | | | (3,789) | | | 4,788 | | |
| 55 | Cash provided by investing activities | - | | | 1,094 | | | 399 | | |
| 56 | Cash provided by (used in) financing activities | - | | | 35,823 | | | (316) | | |
| 57 | Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations | - | | | 33,128 | | | 4,871 | | |
| 58 | Net increase (decrease) in cash and cash equivalents and restricted cash | 3,040 | | | (17,523) | | | 11,446 | | |
| 59 | Cash and cash equivalents and restricted cash beginning of year | 3,793 | | | 21,316 | | | 9,870 | | |
| 60 | Cash and Cash Equivalents and Restricted Cash End of Year | $ | 6,833 | | | $ | 3,793 | | $ | 21,316 |
The accompanying notes are an integral part of the consolidated financial statements.
46
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 9:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 5 | Cash flows provided from (used by) operating activities: | | | | | | | | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Adjustments to reconcile net loss to net cash provided | | | | | | | | | |
| 8 | from (used by) operating activities: | | | | | | | | | |
| 9 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 10 | Pension settlement costs | | - | | | 55 | | - | | - |
| 11 | Stock-based compensation expense | | 108 | | | 82 | | 18 | | (1) |
| 12 | Non-cash reorganization items | | - | | | - | | - | | (5,467) |
| 13 | Amortization of (premium) discount | | (25) | | | (28) | | (18) | | 1 |
| 14 | Lease Impairment | | - | | | 44 | | - | | - |
| 15 | Bad debt expense | | 35 | | | 26 | | 14 | | - |
| 16 | Other adjustments | | 12 | | | - | | - | | - |
| 17 | Deferred income taxes | | 78 | | | 164 | | 81 | | (148) |
| 18 | Change in accounts receivable | | (43) | | | (7) | | 45 | | 36 |
| 19 | Change in long-term pension and other post-retirement liabilities | | (325) | | | (656) | | 21 | | (12) |
| 20 | Change in accounts payable and other liabilities | | 55 | | | 51 | | 94 | | (156) |
| 21 | Change in prepaid expenses, income taxes, and other assets | | 5 | | | | | | | 46 |
| 22 | Net cash provided from (used by) operating activities | | 1,344 | | | 1,401 | | 1,451 | | (654) |
| 24 | Cash flows provided from (used by) investing activities: | | | | | | | | | |
| 25 | Capital expenditures | | (3,211) | | | (2,738) | | (1,205) | | (500) |
| 26 | Purchase of short-term investments | | (2,275) | | | (4,350) | | - | | - |
| 27 | Sale of short-term investments | | 2,950 | | | 2,600 | | - | | - |
| 28 | Purchase of long-term investments | | (62) | | | - | | - | | - |
| 29 | Proceeds on sale of assets | | 36 | | | 13 | | 7 | | 9 |
| 30 | Other | | | | | | | 5 | | 1 |
| 31 | Net cash used by investing activities | | (2,556) | | | (4,468) | | (1,193) | | (490) |
| 33 | Cash flows provided from (used by) financing activities: | | | | | | | | | |
| 34 | Long-term debt principal payments | | (68) | | | (14) | | (17) | | (1) |
| 35 | Net proceeds from long-term debt borrowings | | 2,278 | | | 1,200 | | 1,000 | | 225 |
| 36 | Payments of vendor financing | | (5) | | | - | | - | | - |
| 37 | Premium paid to retire debt | | (10) | | | - | | - | | - |
| 38 | Financing costs paid | | (62) | | | (17) | | (13) | | (4) |
| 39 | Finance lease obligation payments | | (25) | | | (19) | | (13) | | (7) |
| 40 | Proceeds from financing lease transactions | | 30 | | | 70 | | 23 | | - |
| 41 | Taxes paid on behalf of employees for shares withheld | | (9) | | | (8) | | - | | - |
| 42 | Other | | - | | | (1) | | - | | (16) |
| 43 | Net cash provided from financing activities | | 2,129 | | | 1,211 | | 980 | | 197 |
| 45 | Increase (Decrease) in cash, cash equivalents, and restricted cash | | 917 | | | (1,856) | | 1,238 | | (947) |
| 46 | Cash, cash equivalents and restricted cash | | | | | | | | | |
| 47 | at the beginning of the period | | 322 | | | 2,178 | | 940 | | 1,887 |
| 48 | Cash, cash equivalents, and restricted cash at the end of the period | $ | 1,239 | | $ | 322 | $ | 2,178 | $ | 940 |
| 50 | Supplemental cash flow information: | | | | | | | | | |
| 51 | Cash paid during the period for: | | | | | | | | | |
| 52 | Interest | $ | 711 | | $ | 512 | $ | 281 | $ | 84 |
| 53 | Income tax payments, net | $ | - | | $ | 8 | $ | 28 | $ | 9 |
| 54 | Reorganization items, net | $ | - | | $ | - | $ | - | $ | 1,397 |
| 56 | Non-cash investing activities: | | | | | | | | | |
| 57 | Increase (Decrease) in capital expenditures due to | | | | | | | | | |
| 58 | changes in accounts payable and accrued liabilities | $ | (326) | | $ | 797 | $ | (26) | $ | (5) |
| 59 | Increase in capital expenditures due to | | | | | | | | | |
| 60 | changes in vendor financing | $ | 255 | | $ | - | $ | - | $ | - |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
|
| | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------|:---------|:-------|:-----|:---------|:-----|:--------|:---------|:---|:-------|
| 1 | Consolidated Statements of Cash Flows | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Activities | | | | | | | | | |
| 4 | Income (loss) from continuing operations | $ | 15,623 | | | $ | (6,874) | | $ | 23,776 |
| 5 | Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: | | | | | | | | | |
| 6 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 9 | Provision for uncollectible accounts | 1,969 | | | 1,865 | | | 1,241 | | |
| 10 | Deferred income tax expense | 3,037 | | | 2,975 | | | 7,412 | | |
| 11 | Net (gain) loss on investments, net of impairments | 441 | | | 381 | | | (369) | | |
| 12 | Pension and postretirement benefit expense (credit) | (2,552) | | | (3,237) | | | (3,857) | | |
| 13 | Actuarial and settlement (gain) loss on pension and postretirement benefits - net | 1,594 | | | (1,999) | | | (4,143) | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Changes in operating assets and liabilities: | | | | | | | | | |
| 16 | Receivables | 82 | | | 727 | | | (1,125) | | |
| 17 | Other current assets | (642) | | | (674) | | | (1,288) | | |
| 18 | Accounts payable and other accrued liabilities | (1,764) | | | (1,109) | | | (1,570) | | |
| 19 | Equipment installment receivables and related sales | (133) | | | 154 | | | (271) | | |
| 20 | Deferred customer contract acquisition and fulfillment costs | 1 | | | (947) | | | 18 | | |
| 21 | Postretirement claims and contributions | (735) | | | (823) | | | (822) | | |
| 22 | Other – net | 1,423 | | | (146) | | | 103 | | |
| 23 | Total adjustments | 22,691 | | | 42,686 | | | 13,394 | | |
| 24 | Net Cash Provided by Operating Activities from Continuing Operations | 38,314 | | | 35,812 | | | 37,170 | | |
| 25 | Investing Activities | | | | | | | | | |
| 26 | Capital expenditures | (17,853) | | | (19,626) | | | (15,545) | | |
| 27 | Acquisitions, net of cash acquired | (2,942) | | | (10,200) | | | (25,453) | | |
| 28 | Dispositions | 72 | | | 199 | | | 7,136 | | |
| 29 | Distributions from DIRECTV in excess of cumulative equity in earnings | 2,049 | | | 2,649 | | | 1,323 | | |
| 30 | (Purchases), sales and settlements of securities and investments - net | (902) | | | 82 | | | 44 | | |
| 31 | Other – net | (84) | | | (3) | | | 6 | | |
| 35 | Net Cash Used in Investing Activities from Continuing Operations | (19,660) | | | (26,899) | | | (32,489) | | |
| 36 | Financing Activities | | | | | | | | | |
| 37 | Net change in short-term borrowings with original maturities of three months or less | (914) | | | (519) | | | 1,316 | | |
| 38 | Issuance of other short-term borrowings | 5,406 | | | 3,955 | | | 21,856 | | |
| 39 | Repayment of other short-term borrowings | (3,415) | | | (18,345) | | | (7,510) | | |
| 40 | Issuance of long-term debt | 10,004 | | | 2,979 | | | 9,931 | | |
| 41 | Repayment of long-term debt | (12,044) | | | (25,118) | | | (3,039) | | |
| 42 | Note payable to DIRECTV, net of payments | (130) | | | (1,211) | | | 1,341 | | |
| 43 | Payment of vendor financing | (5,742) | | | (4,697) | | | (4,596) | | |
| 45 | Purchase of treasury stock | (194) | | | (890) | | | (202) | | |
| 46 | Issuance of treasury stock | 3 | | | 28 | | | 96 | | |
| 47 | Issuance of preferred interests in subsidiary | 7,151 | | | - | | | - | | |
| 48 | Redemption of preferred interests in subsidiary | (5,333) | | | (2,665) | | | - | | |
| 49 | Dividends paid | (8,136) | | | (9,859) | | | (15,068) | | |
| 50 | Other – net | (2,270) | | | (3,222) | | | (2,231) | | |
| 51 | Net Cash (Used in) Provided by Financing Activities from Continuing Operations | (15,614) | | | (59,564) | | | 1,894 | | |
| 52 | Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations | 3,040 | | | (50,651) | | | 6,575 | | |
| 53 | Cash flows from Discontinued Operations: | | | | | | | | | |
| 54 | Cash (used in) provided by operating activities | - | | | (3,789) | | | 4,788 | | |
| 55 | Cash provided by investing activities | - | | | 1,094 | | | 399 | | |
| 56 | Cash provided by (used in) financing activities | - | | | 35,823 | | | (316) | | |
| 57 | Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations | - | | | 33,128 | | | 4,871 | | |
| 58 | Net increase (decrease) in cash and cash equivalents and restricted cash | 3,040 | | | (17,523) | | | 11,446 | | |
| 59 | Cash and cash equivalents and restricted cash beginning of year | 3,793 | | | 21,316 | | | 9,870 | | |
| 60 | Cash and Cash Equivalents and Restricted Cash End of Year | $ | 6,833 | | | $ | 3,793 | | $ | 21,316 |
The accompanying notes are an integral part of the consolidated financial statements.
46
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 5 | Cash flows provided from (used by) operating activities: | | | | | | | | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Adjustments to reconcile net loss to net cash provided | | | | | | | | | |
| 8 | from (used by) operating activities: | | | | | | | | | |
| 9 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 10 | Pension settlement costs | | - | | | 55 | | - | | - |
| 11 | Stock-based compensation expense | | 108 | | | 82 | | 18 | | (1) |
| 12 | Non-cash reorganization items | | - | | | - | | - | | (5,467) |
| 13 | Amortization of (premium) discount | | (25) | | | (28) | | (18) | | 1 |
| 14 | Lease Impairment | | - | | | 44 | | - | | - |
| 15 | Bad debt expense | | 35 | | | 26 | | 14 | | - |
| 16 | Other adjustments | | 12 | | | - | | - | | - |
| 17 | Deferred income taxes | | 78 | | | 164 | | 81 | | (148) |
| 18 | Change in accounts receivable | | (43) | | | (7) | | 45 | | 36 |
| 19 | Change in long-term pension and other post-retirement liabilities | | (325) | | | (656) | | 21 | | (12) |
| 20 | Change in accounts payable and other liabilities | | 55 | | | 51 | | 94 | | (156) |
| 21 | Change in prepaid expenses, income taxes, and other assets | | 5 | | | | | | | 46 |
| 22 | Net cash provided from (used by) operating activities | | 1,344 | | | 1,401 | | 1,451 | | (654) |
| 24 | Cash flows provided from (used by) investing activities: | | | | | | | | | |
| 25 | Capital expenditures | | (3,211) | | | (2,738) | | (1,205) | | (500) |
| 26 | Purchase of short-term investments | | (2,275) | | | (4,350) | | - | | - |
| 27 | Sale of short-term investments | | 2,950 | | | 2,600 | | - | | - |
| 28 | Purchase of long-term investments | | (62) | | | - | | - | | - |
| 29 | Proceeds on sale of assets | | 36 | | | 13 | | 7 | | 9 |
| 30 | Other | | | | | | | 5 | | 1 |
| 31 | Net cash used by investing activities | | (2,556) | | | (4,468) | | (1,193) | | (490) |
| 33 | Cash flows provided from (used by) financing activities: | | | | | | | | | |
| 34 | Long-term debt principal payments | | (68) | | | (14) | | (17) | | (1) |
| 35 | Net proceeds from long-term debt borrowings | | 2,278 | | | 1,200 | | 1,000 | | 225 |
| 36 | Payments of vendor financing | | (5) | | | - | | - | | - |
| 37 | Premium paid to retire debt | | (10) | | | - | | - | | - |
| 38 | Financing costs paid | | (62) | | | (17) | | (13) | | (4) |
| 39 | Finance lease obligation payments | | (25) | | | (19) | | (13) | | (7) |
| 40 | Proceeds from financing lease transactions | | 30 | | | 70 | | 23 | | - |
| 41 | Taxes paid on behalf of employees for shares withheld | | (9) | | | (8) | | - | | - |
| 42 | Other | | - | | | (1) | | - | | (16) |
| 43 | Net cash provided from financing activities | | 2,129 | | | 1,211 | | 980 | | 197 |
| 45 | Increase (Decrease) in cash, cash equivalents, and restricted cash | | 917 | | | (1,856) | | 1,238 | | (947) |
| 46 | Cash, cash equivalents and restricted cash | | | | | | | | | |
| 47 | at the beginning of the period | | 322 | | | 2,178 | | 940 | | 1,887 |
| 48 | Cash, cash equivalents, and restricted cash at the end of the period | $ | 1,239 | | $ | 322 | $ | 2,178 | $ | 940 |
| 50 | Supplemental cash flow information: | | | | | | | | | |
| 51 | Cash paid during the period for: | | | | | | | | | |
| 52 | Interest | $ | 711 | | $ | 512 | $ | 281 | $ | 84 |
| 53 | Income tax payments, net | $ | - | | $ | 8 | $ | 28 | $ | 9 |
| 54 | Reorganization items, net | $ | - | | $ | - | $ | - | $ | 1,397 |
| 56 | Non-cash investing activities: | | | | | | | | | |
| 57 | Increase (Decrease) in capital expenditures due to | | | | | | | | | |
| 58 | changes in accounts payable and accrued liabilities | $ | (326) | | $ | 797 | $ | (26) | $ | (5) |
| 59 | Increase in capital expenditures due to | | | | | | | | | |
| 60 | changes in vendor financing | $ | 255 | | $ | - | $ | - | $ | - |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 46: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Cash Flows</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income (loss) from continuing operations</td><td>$</td><td>15,623 </td><td></td><td colspan="3"></td><td>$</td><td>(6,874)</td><td></td><td colspan="3"></td><td>$</td><td>23,776 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Provision for uncollectible accounts</td><td colspan="2">1,969 </td><td></td><td colspan="3"></td><td colspan="2">1,865 </td><td></td><td colspan="3"></td><td colspan="2">1,241 </td><td></td></tr><tr><td colspan="3">Deferred income tax expense</td><td colspan="2">3,037 </td><td></td><td colspan="3"></td><td colspan="2">2,975 </td><td></td><td colspan="3"></td><td colspan="2">7,412 </td><td></td></tr><tr><td colspan="3">Net (gain) loss on investments, net of impairments</td><td colspan="2">441 </td><td></td><td colspan="3"></td><td colspan="2">381 </td><td></td><td colspan="3"></td><td colspan="2">(369)</td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit expense (credit)</td><td colspan="2">(2,552)</td><td></td><td colspan="3"></td><td colspan="2">(3,237)</td><td></td><td colspan="3"></td><td colspan="2">(3,857)</td><td></td></tr><tr><td colspan="3">Actuarial and settlement (gain) loss on pension and postretirement benefits - net</td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">(1,999)</td><td></td><td colspan="3"></td><td colspan="2">(4,143)</td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Receivables</td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">727 </td><td></td><td colspan="3"></td><td colspan="2">(1,125)</td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">(642)</td><td></td><td colspan="3"></td><td colspan="2">(674)</td><td></td><td colspan="3"></td><td colspan="2">(1,288)</td><td></td></tr><tr><td colspan="3">Accounts payable and other accrued liabilities</td><td colspan="2">(1,764)</td><td></td><td colspan="3"></td><td colspan="2">(1,109)</td><td></td><td colspan="3"></td><td colspan="2">(1,570)</td><td></td></tr><tr><td colspan="3">Equipment installment receivables and related sales</td><td colspan="2">(133)</td><td></td><td colspan="3"></td><td colspan="2">154 </td><td></td><td colspan="3"></td><td colspan="2">(271)</td><td></td></tr><tr><td colspan="3">Deferred customer contract acquisition and fulfillment costs</td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">(947)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td></tr><tr><td colspan="3">Postretirement claims and contributions</td><td colspan="2">(735)</td><td></td><td colspan="3"></td><td colspan="2">(823)</td><td></td><td colspan="3"></td><td colspan="2">(822)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">1,423 </td><td></td><td colspan="3"></td><td colspan="2">(146)</td><td></td><td colspan="3"></td><td colspan="2">103 </td><td></td></tr><tr><td colspan="3">Total adjustments</td><td colspan="2">22,691 </td><td></td><td colspan="3"></td><td colspan="2">42,686 </td><td></td><td colspan="3"></td><td colspan="2">13,394 </td><td></td></tr><tr><td colspan="3">Net Cash Provided by Operating Activities from Continuing Operations</td><td colspan="2">38,314 </td><td></td><td colspan="3"></td><td colspan="2">35,812 </td><td></td><td colspan="3"></td><td colspan="2">37,170 </td><td></td></tr><tr><td colspan="3">Investing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Capital expenditures</td><td colspan="2">(17,853)</td><td></td><td colspan="3"></td><td colspan="2">(19,626)</td><td></td><td colspan="3"></td><td colspan="2">(15,545)</td><td></td></tr><tr><td colspan="3">Acquisitions, net of cash acquired</td><td colspan="2">(2,942)</td><td></td><td colspan="3"></td><td colspan="2">(10,200)</td><td></td><td colspan="3"></td><td colspan="2">(25,453)</td><td></td></tr><tr><td colspan="3">Dispositions</td><td colspan="2">72 </td><td></td><td colspan="3"></td><td colspan="2">199 </td><td></td><td colspan="3"></td><td colspan="2">7,136 </td><td></td></tr><tr><td colspan="3">Distributions from DIRECTV in excess of cumulative equity in earnings</td><td colspan="2">2,049 </td><td></td><td colspan="3"></td><td colspan="2">2,649 </td><td></td><td colspan="3"></td><td colspan="2">1,323 </td><td></td></tr><tr><td colspan="3">(Purchases), sales and settlements of securities and investments - net</td><td colspan="2">(902)</td><td></td><td colspan="3"></td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">44 </td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(84)</td><td></td><td colspan="3"></td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net Cash Used in Investing Activities from Continuing Operations</td><td colspan="2">(19,660)</td><td></td><td colspan="3"></td><td colspan="2">(26,899)</td><td></td><td colspan="3"></td><td colspan="2">(32,489)</td><td></td></tr><tr><td colspan="3">Financing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net change in short-term borrowings with original maturities of three months or less</td><td colspan="2">(914)</td><td></td><td colspan="3"></td><td colspan="2">(519)</td><td></td><td colspan="3"></td><td colspan="2">1,316 </td><td></td></tr><tr><td colspan="3">Issuance of other short-term borrowings</td><td colspan="2">5,406 </td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">21,856 </td><td></td></tr><tr><td colspan="3">Repayment of other short-term borrowings</td><td colspan="2">(3,415)</td><td></td><td colspan="3"></td><td colspan="2">(18,345)</td><td></td><td colspan="3"></td><td colspan="2">(7,510)</td><td></td></tr><tr><td colspan="3">Issuance of long-term debt</td><td colspan="2">10,004 </td><td></td><td colspan="3"></td><td colspan="2">2,979 </td><td></td><td colspan="3"></td><td colspan="2">9,931 </td><td></td></tr><tr><td colspan="3">Repayment of long-term debt</td><td colspan="2">(12,044)</td><td></td><td colspan="3"></td><td colspan="2">(25,118)</td><td></td><td colspan="3"></td><td colspan="2">(3,039)</td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV, net of payments</td><td colspan="2">(130)</td><td></td><td colspan="3"></td><td colspan="2">(1,211)</td><td></td><td colspan="3"></td><td colspan="2">1,341 </td><td></td></tr><tr><td colspan="3">Payment of vendor financing</td><td colspan="2">(5,742)</td><td></td><td colspan="3"></td><td colspan="2">(4,697)</td><td></td><td colspan="3"></td><td colspan="2">(4,596)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchase of treasury stock</td><td colspan="2">(194)</td><td></td><td colspan="3"></td><td colspan="2">(890)</td><td></td><td colspan="3"></td><td colspan="2">(202)</td><td></td></tr><tr><td colspan="3">Issuance of treasury stock</td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2">28 </td><td></td><td colspan="3"></td><td colspan="2">96 </td><td></td></tr><tr><td colspan="3">Issuance of preferred interests in subsidiary</td><td colspan="2">7,151 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Redemption of preferred interests in subsidiary</td><td colspan="2">(5,333)</td><td></td><td colspan="3"></td><td colspan="2">(2,665)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Dividends paid</td><td colspan="2">(8,136)</td><td></td><td colspan="3"></td><td colspan="2">(9,859)</td><td></td><td colspan="3"></td><td colspan="2">(15,068)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(2,270)</td><td></td><td colspan="3"></td><td colspan="2">(3,222)</td><td></td><td colspan="3"></td><td colspan="2">(2,231)</td><td></td></tr><tr><td colspan="3">Net Cash (Used in) Provided by Financing Activities from Continuing Operations</td><td colspan="2">(15,614)</td><td></td><td colspan="3"></td><td colspan="2">(59,564)</td><td></td><td colspan="3"></td><td colspan="2">1,894 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(50,651)</td><td></td><td colspan="3"></td><td colspan="2">6,575 </td><td></td></tr><tr><td colspan="3">Cash flows from Discontinued Operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash (used in) provided by operating activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(3,789)</td><td></td><td colspan="3"></td><td colspan="2">4,788 </td><td></td></tr><tr><td colspan="3">Cash provided by investing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">1,094 </td><td></td><td colspan="3"></td><td colspan="2">399 </td><td></td></tr><tr><td colspan="3">Cash provided by (used in) financing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">35,823 </td><td></td><td colspan="3"></td><td colspan="2">(316)</td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">33,128 </td><td></td><td colspan="3"></td><td colspan="2">4,871 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(17,523)</td><td></td><td colspan="3"></td><td colspan="2">11,446 </td><td></td></tr><tr><td colspan="3">Cash and cash equivalents and restricted cash beginning of year</td><td colspan="2">3,793 </td><td></td><td colspan="3"></td><td colspan="2">21,316 </td><td></td><td colspan="3"></td><td colspan="2">9,870 </td><td></td></tr><tr><td colspan="3">Cash and Cash Equivalents and Restricted Cash End of Year</td><td>$</td><td>6,833 </td><td></td><td colspan="3"></td><td>$</td><td>3,793 </td><td></td><td colspan="3"></td><td>$</td><td>21,316 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
46
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 9:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended</td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Adjustments to reconcile net loss to net cash provided</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Stock-based compensation expense</td><td> </td><td> </td><td> 108 </td><td> </td><td> </td><td> 82 </td><td> </td><td> </td><td> 18 </td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Non-cash reorganization items</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (5,467)</td><td> </td></tr><tr><td> </td><td>Amortization of (premium) discount</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (28)</td><td> </td><td> </td><td> (18)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Lease Impairment</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 44 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Bad debt expense</td><td> </td><td> </td><td> 35 </td><td> </td><td> </td><td> 26 </td><td> </td><td> </td><td> 14 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other adjustments</td><td> </td><td> </td><td> 12 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Deferred income taxes </td><td> </td><td> </td><td> 78 </td><td> </td><td> </td><td> 164 </td><td> </td><td> </td><td> 81 </td><td> </td><td> </td><td> </td><td> (148)</td><td> </td></tr><tr><td> </td><td>Change in accounts receivable</td><td> </td><td> </td><td> (43)</td><td> </td><td> </td><td> (7)</td><td> </td><td> </td><td> 45 </td><td> </td><td> </td><td> </td><td> 36 </td><td> </td></tr><tr><td> </td><td>Change in long-term pension and other post-retirement liabilities</td><td> </td><td> </td><td> (325)</td><td> </td><td> </td><td> (656)</td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> (12)</td><td> </td></tr><tr><td> </td><td>Change in accounts payable and other liabilities</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> 51 </td><td> </td><td> </td><td> 94 </td><td> </td><td> </td><td> </td><td> (156)</td><td> </td></tr><tr><td> </td><td>Change in prepaid expenses, income taxes, and other assets</td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 46 </td><td> </td></tr><tr><td> </td><td>Net cash provided from (used by) operating activities</td><td> </td><td> </td><td> 1,344 </td><td> </td><td> </td><td> 1,401 </td><td> </td><td> </td><td> 1,451 </td><td> </td><td> </td><td> </td><td> (654)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Capital expenditures </td><td> </td><td> </td><td> (3,211)</td><td> </td><td> </td><td> (2,738)</td><td> </td><td> </td><td> (1,205)</td><td> </td><td> </td><td> </td><td> (500)</td><td> </td></tr><tr><td> </td><td>Purchase of short-term investments</td><td> </td><td> </td><td> (2,275)</td><td> </td><td> </td><td> (4,350)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Sale of short-term investments</td><td> </td><td> </td><td> 2,950 </td><td> </td><td> </td><td> 2,600 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Purchase of long-term investments</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Proceeds on sale of assets</td><td> </td><td> </td><td> 36 </td><td> </td><td> </td><td> 13 </td><td> </td><td> </td><td> 7 </td><td> </td><td> </td><td> </td><td> 9 </td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Net cash used by investing activities</td><td> </td><td> </td><td> (2,556)</td><td> </td><td> </td><td> (4,468)</td><td> </td><td> </td><td> (1,193)</td><td> </td><td> </td><td> </td><td> (490)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) financing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt principal payments</td><td> </td><td> </td><td> (68)</td><td> </td><td> </td><td> (14)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Net proceeds from long-term debt borrowings</td><td> </td><td> </td><td> 2,278 </td><td> </td><td> </td><td> 1,200 </td><td> </td><td> </td><td> 1,000 </td><td> </td><td> </td><td> </td><td> 225 </td><td> </td></tr><tr><td> </td><td>Payments of vendor financing</td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Premium paid to retire debt</td><td> </td><td> </td><td> (10)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Financing costs paid</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (4)</td><td> </td></tr><tr><td> </td><td>Finance lease obligation payments</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (19)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (7)</td><td> </td></tr><tr><td> </td><td>Proceeds from financing lease transactions</td><td> </td><td> </td><td> 30 </td><td> </td><td> </td><td> 70 </td><td> </td><td> </td><td> 23 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Taxes paid on behalf of employees for shares withheld</td><td> </td><td> </td><td> (9)</td><td> </td><td> </td><td> (8)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (1)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (16)</td><td> </td></tr><tr><td> </td><td>Net cash provided from financing activities</td><td> </td><td> </td><td> 2,129 </td><td> </td><td> </td><td> 1,211 </td><td> </td><td> </td><td> 980 </td><td> </td><td> </td><td> </td><td> 197 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in cash, cash equivalents, and restricted cash</td><td> </td><td> </td><td> 917 </td><td> </td><td> </td><td> (1,856)</td><td> </td><td> </td><td> 1,238 </td><td> </td><td> </td><td> </td><td> (947)</td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents and restricted cash </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> at the beginning of the period</td><td> </td><td> </td><td> 322 </td><td> </td><td> </td><td> 2,178 </td><td> </td><td> </td><td> 940 </td><td> </td><td> </td><td> </td><td> 1,887 </td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents, and restricted cash at the end of the period</td><td> </td><td>$</td><td> 1,239 </td><td> </td><td>$</td><td> 322 </td><td> </td><td>$</td><td> 2,178 </td><td> </td><td> </td><td>$</td><td> 940 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Supplemental cash flow information:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash paid during the period for:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Interest</td><td> </td><td>$</td><td> 711 </td><td> </td><td>$</td><td> 512 </td><td> </td><td>$</td><td> 281 </td><td> </td><td> </td><td>$</td><td>84</td><td> </td></tr><tr><td> </td><td>Income tax payments, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> 8 </td><td> </td><td>$</td><td> 28 </td><td> </td><td> </td><td>$</td><td>9</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td>1,397</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Non-cash investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in accounts payable and accrued liabilities</td><td> </td><td>$</td><td> (326)</td><td> </td><td>$</td><td> 797 </td><td> </td><td>$</td><td> (26)</td><td> </td><td> </td><td>$</td><td> (5)</td><td> </td></tr><tr><td> </td><td>Increase in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in vendor financing</td><td> </td><td>$</td><td> 255 </td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td> -</td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
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<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Cash Flows</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income (loss) from continuing operations</td><td>$</td><td>15,623 </td><td></td><td colspan="3"></td><td>$</td><td>(6,874)</td><td></td><td colspan="3"></td><td>$</td><td>23,776 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Provision for uncollectible accounts</td><td colspan="2">1,969 </td><td></td><td colspan="3"></td><td colspan="2">1,865 </td><td></td><td colspan="3"></td><td colspan="2">1,241 </td><td></td></tr><tr><td colspan="3">Deferred income tax expense</td><td colspan="2">3,037 </td><td></td><td colspan="3"></td><td colspan="2">2,975 </td><td></td><td colspan="3"></td><td colspan="2">7,412 </td><td></td></tr><tr><td colspan="3">Net (gain) loss on investments, net of impairments</td><td colspan="2">441 </td><td></td><td colspan="3"></td><td colspan="2">381 </td><td></td><td colspan="3"></td><td colspan="2">(369)</td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit expense (credit)</td><td colspan="2">(2,552)</td><td></td><td colspan="3"></td><td colspan="2">(3,237)</td><td></td><td colspan="3"></td><td colspan="2">(3,857)</td><td></td></tr><tr><td colspan="3">Actuarial and settlement (gain) loss on pension and postretirement benefits - net</td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">(1,999)</td><td></td><td colspan="3"></td><td colspan="2">(4,143)</td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Receivables</td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">727 </td><td></td><td colspan="3"></td><td colspan="2">(1,125)</td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">(642)</td><td></td><td colspan="3"></td><td colspan="2">(674)</td><td></td><td colspan="3"></td><td colspan="2">(1,288)</td><td></td></tr><tr><td colspan="3">Accounts payable and other accrued liabilities</td><td colspan="2">(1,764)</td><td></td><td colspan="3"></td><td colspan="2">(1,109)</td><td></td><td colspan="3"></td><td colspan="2">(1,570)</td><td></td></tr><tr><td colspan="3">Equipment installment receivables and related sales</td><td colspan="2">(133)</td><td></td><td colspan="3"></td><td colspan="2">154 </td><td></td><td colspan="3"></td><td colspan="2">(271)</td><td></td></tr><tr><td colspan="3">Deferred customer contract acquisition and fulfillment costs</td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">(947)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td></tr><tr><td colspan="3">Postretirement claims and contributions</td><td colspan="2">(735)</td><td></td><td colspan="3"></td><td colspan="2">(823)</td><td></td><td colspan="3"></td><td colspan="2">(822)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">1,423 </td><td></td><td colspan="3"></td><td colspan="2">(146)</td><td></td><td colspan="3"></td><td colspan="2">103 </td><td></td></tr><tr><td colspan="3">Total adjustments</td><td colspan="2">22,691 </td><td></td><td colspan="3"></td><td colspan="2">42,686 </td><td></td><td colspan="3"></td><td colspan="2">13,394 </td><td></td></tr><tr><td colspan="3">Net Cash Provided by Operating Activities from Continuing Operations</td><td colspan="2">38,314 </td><td></td><td colspan="3"></td><td colspan="2">35,812 </td><td></td><td colspan="3"></td><td colspan="2">37,170 </td><td></td></tr><tr><td colspan="3">Investing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Capital expenditures</td><td colspan="2">(17,853)</td><td></td><td colspan="3"></td><td colspan="2">(19,626)</td><td></td><td colspan="3"></td><td colspan="2">(15,545)</td><td></td></tr><tr><td colspan="3">Acquisitions, net of cash acquired</td><td colspan="2">(2,942)</td><td></td><td colspan="3"></td><td colspan="2">(10,200)</td><td></td><td colspan="3"></td><td colspan="2">(25,453)</td><td></td></tr><tr><td colspan="3">Dispositions</td><td colspan="2">72 </td><td></td><td colspan="3"></td><td colspan="2">199 </td><td></td><td colspan="3"></td><td colspan="2">7,136 </td><td></td></tr><tr><td colspan="3">Distributions from DIRECTV in excess of cumulative equity in earnings</td><td colspan="2">2,049 </td><td></td><td colspan="3"></td><td colspan="2">2,649 </td><td></td><td colspan="3"></td><td colspan="2">1,323 </td><td></td></tr><tr><td colspan="3">(Purchases), sales and settlements of securities and investments - net</td><td colspan="2">(902)</td><td></td><td colspan="3"></td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">44 </td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(84)</td><td></td><td colspan="3"></td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net Cash Used in Investing Activities from Continuing Operations</td><td colspan="2">(19,660)</td><td></td><td colspan="3"></td><td colspan="2">(26,899)</td><td></td><td colspan="3"></td><td colspan="2">(32,489)</td><td></td></tr><tr><td colspan="3">Financing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net change in short-term borrowings with original maturities of three months or less</td><td colspan="2">(914)</td><td></td><td colspan="3"></td><td colspan="2">(519)</td><td></td><td colspan="3"></td><td colspan="2">1,316 </td><td></td></tr><tr><td colspan="3">Issuance of other short-term borrowings</td><td colspan="2">5,406 </td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">21,856 </td><td></td></tr><tr><td colspan="3">Repayment of other short-term borrowings</td><td colspan="2">(3,415)</td><td></td><td colspan="3"></td><td colspan="2">(18,345)</td><td></td><td colspan="3"></td><td colspan="2">(7,510)</td><td></td></tr><tr><td colspan="3">Issuance of long-term debt</td><td colspan="2">10,004 </td><td></td><td colspan="3"></td><td colspan="2">2,979 </td><td></td><td colspan="3"></td><td colspan="2">9,931 </td><td></td></tr><tr><td colspan="3">Repayment of long-term debt</td><td colspan="2">(12,044)</td><td></td><td colspan="3"></td><td colspan="2">(25,118)</td><td></td><td colspan="3"></td><td colspan="2">(3,039)</td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV, net of payments</td><td colspan="2">(130)</td><td></td><td colspan="3"></td><td colspan="2">(1,211)</td><td></td><td colspan="3"></td><td colspan="2">1,341 </td><td></td></tr><tr><td colspan="3">Payment of vendor financing</td><td colspan="2">(5,742)</td><td></td><td colspan="3"></td><td colspan="2">(4,697)</td><td></td><td colspan="3"></td><td colspan="2">(4,596)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchase of treasury stock</td><td colspan="2">(194)</td><td></td><td colspan="3"></td><td colspan="2">(890)</td><td></td><td colspan="3"></td><td colspan="2">(202)</td><td></td></tr><tr><td colspan="3">Issuance of treasury stock</td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2">28 </td><td></td><td colspan="3"></td><td colspan="2">96 </td><td></td></tr><tr><td colspan="3">Issuance of preferred interests in subsidiary</td><td colspan="2">7,151 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Redemption of preferred interests in subsidiary</td><td colspan="2">(5,333)</td><td></td><td colspan="3"></td><td colspan="2">(2,665)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Dividends paid</td><td colspan="2">(8,136)</td><td></td><td colspan="3"></td><td colspan="2">(9,859)</td><td></td><td colspan="3"></td><td colspan="2">(15,068)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(2,270)</td><td></td><td colspan="3"></td><td colspan="2">(3,222)</td><td></td><td colspan="3"></td><td colspan="2">(2,231)</td><td></td></tr><tr><td colspan="3">Net Cash (Used in) Provided by Financing Activities from Continuing Operations</td><td colspan="2">(15,614)</td><td></td><td colspan="3"></td><td colspan="2">(59,564)</td><td></td><td colspan="3"></td><td colspan="2">1,894 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(50,651)</td><td></td><td colspan="3"></td><td colspan="2">6,575 </td><td></td></tr><tr><td colspan="3">Cash flows from Discontinued Operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash (used in) provided by operating activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(3,789)</td><td></td><td colspan="3"></td><td colspan="2">4,788 </td><td></td></tr><tr><td colspan="3">Cash provided by investing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">1,094 </td><td></td><td colspan="3"></td><td colspan="2">399 </td><td></td></tr><tr><td colspan="3">Cash provided by (used in) financing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">35,823 </td><td></td><td colspan="3"></td><td colspan="2">(316)</td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">33,128 </td><td></td><td colspan="3"></td><td colspan="2">4,871 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(17,523)</td><td></td><td colspan="3"></td><td colspan="2">11,446 </td><td></td></tr><tr><td colspan="3">Cash and cash equivalents and restricted cash beginning of year</td><td colspan="2">3,793 </td><td></td><td colspan="3"></td><td colspan="2">21,316 </td><td></td><td colspan="3"></td><td colspan="2">9,870 </td><td></td></tr><tr><td colspan="3">Cash and Cash Equivalents and Restricted Cash End of Year</td><td>$</td><td>6,833 </td><td></td><td colspan="3"></td><td>$</td><td>3,793 </td><td></td><td colspan="3"></td><td>$</td><td>21,316 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
46
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended</td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Adjustments to reconcile net loss to net cash provided</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Stock-based compensation expense</td><td> </td><td> </td><td> 108 </td><td> </td><td> </td><td> 82 </td><td> </td><td> </td><td> 18 </td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Non-cash reorganization items</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (5,467)</td><td> </td></tr><tr><td> </td><td>Amortization of (premium) discount</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (28)</td><td> </td><td> </td><td> (18)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Lease Impairment</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 44 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Bad debt expense</td><td> </td><td> </td><td> 35 </td><td> </td><td> </td><td> 26 </td><td> </td><td> </td><td> 14 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other adjustments</td><td> </td><td> </td><td> 12 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Deferred income taxes </td><td> </td><td> </td><td> 78 </td><td> </td><td> </td><td> 164 </td><td> </td><td> </td><td> 81 </td><td> </td><td> </td><td> </td><td> (148)</td><td> </td></tr><tr><td> </td><td>Change in accounts receivable</td><td> </td><td> </td><td> (43)</td><td> </td><td> </td><td> (7)</td><td> </td><td> </td><td> 45 </td><td> </td><td> </td><td> </td><td> 36 </td><td> </td></tr><tr><td> </td><td>Change in long-term pension and other post-retirement liabilities</td><td> </td><td> </td><td> (325)</td><td> </td><td> </td><td> (656)</td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> (12)</td><td> </td></tr><tr><td> </td><td>Change in accounts payable and other liabilities</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> 51 </td><td> </td><td> </td><td> 94 </td><td> </td><td> </td><td> </td><td> (156)</td><td> </td></tr><tr><td> </td><td>Change in prepaid expenses, income taxes, and other assets</td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 46 </td><td> </td></tr><tr><td> </td><td>Net cash provided from (used by) operating activities</td><td> </td><td> </td><td> 1,344 </td><td> </td><td> </td><td> 1,401 </td><td> </td><td> </td><td> 1,451 </td><td> </td><td> </td><td> </td><td> (654)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Capital expenditures </td><td> </td><td> </td><td> (3,211)</td><td> </td><td> </td><td> (2,738)</td><td> </td><td> </td><td> (1,205)</td><td> </td><td> </td><td> </td><td> (500)</td><td> </td></tr><tr><td> </td><td>Purchase of short-term investments</td><td> </td><td> </td><td> (2,275)</td><td> </td><td> </td><td> (4,350)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Sale of short-term investments</td><td> </td><td> </td><td> 2,950 </td><td> </td><td> </td><td> 2,600 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Purchase of long-term investments</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Proceeds on sale of assets</td><td> </td><td> </td><td> 36 </td><td> </td><td> </td><td> 13 </td><td> </td><td> </td><td> 7 </td><td> </td><td> </td><td> </td><td> 9 </td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Net cash used by investing activities</td><td> </td><td> </td><td> (2,556)</td><td> </td><td> </td><td> (4,468)</td><td> </td><td> </td><td> (1,193)</td><td> </td><td> </td><td> </td><td> (490)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) financing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt principal payments</td><td> </td><td> </td><td> (68)</td><td> </td><td> </td><td> (14)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Net proceeds from long-term debt borrowings</td><td> </td><td> </td><td> 2,278 </td><td> </td><td> </td><td> 1,200 </td><td> </td><td> </td><td> 1,000 </td><td> </td><td> </td><td> </td><td> 225 </td><td> </td></tr><tr><td> </td><td>Payments of vendor financing</td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Premium paid to retire debt</td><td> </td><td> </td><td> (10)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Financing costs paid</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (4)</td><td> </td></tr><tr><td> </td><td>Finance lease obligation payments</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (19)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (7)</td><td> </td></tr><tr><td> </td><td>Proceeds from financing lease transactions</td><td> </td><td> </td><td> 30 </td><td> </td><td> </td><td> 70 </td><td> </td><td> </td><td> 23 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Taxes paid on behalf of employees for shares withheld</td><td> </td><td> </td><td> (9)</td><td> </td><td> </td><td> (8)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (1)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (16)</td><td> </td></tr><tr><td> </td><td>Net cash provided from financing activities</td><td> </td><td> </td><td> 2,129 </td><td> </td><td> </td><td> 1,211 </td><td> </td><td> </td><td> 980 </td><td> </td><td> </td><td> </td><td> 197 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in cash, cash equivalents, and restricted cash</td><td> </td><td> </td><td> 917 </td><td> </td><td> </td><td> (1,856)</td><td> </td><td> </td><td> 1,238 </td><td> </td><td> </td><td> </td><td> (947)</td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents and restricted cash </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> at the beginning of the period</td><td> </td><td> </td><td> 322 </td><td> </td><td> </td><td> 2,178 </td><td> </td><td> </td><td> 940 </td><td> </td><td> </td><td> </td><td> 1,887 </td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents, and restricted cash at the end of the period</td><td> </td><td>$</td><td> 1,239 </td><td> </td><td>$</td><td> 322 </td><td> </td><td>$</td><td> 2,178 </td><td> </td><td> </td><td>$</td><td> 940 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Supplemental cash flow information:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash paid during the period for:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Interest</td><td> </td><td>$</td><td> 711 </td><td> </td><td>$</td><td> 512 </td><td> </td><td>$</td><td> 281 </td><td> </td><td> </td><td>$</td><td>84</td><td> </td></tr><tr><td> </td><td>Income tax payments, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> 8 </td><td> </td><td>$</td><td> 28 </td><td> </td><td> </td><td>$</td><td>9</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td>1,397</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Non-cash investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in accounts payable and accrued liabilities</td><td> </td><td>$</td><td> (326)</td><td> </td><td>$</td><td> 797 </td><td> </td><td>$</td><td> (26)</td><td> </td><td> </td><td>$</td><td> (5)</td><td> </td></tr><tr><td> </td><td>Increase in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in vendor financing</td><td> </td><td>$</td><td> 255 </td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td> -</td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
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q_com199
|
Compare the annual performance of the service revenue segment for AT&T Inc. and Frontier Communications between 2023 and 2022.
|
AT&T Inc.’s service revenues reached $99,649 million in 2023, reflecting a rise from $97,831 million in 2022. This marks a year-over-year growth of approximately 1.9%. However, Frontier Communications does not disclose specific figures for service revenues, making a direct comparison impossible.
|
Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com200
|
Assess the year-over-year variation in equipment revenue for AT&T Inc. and its comparable segment for Frontier Communications for 2023 and 2022.
|
For equipment revenues, AT&T Inc. posted $22,779 million in 2023, slightly lower than $22,910 million in 2022—a decline of around 0.6%. Similar to the service revenue segment, Frontier Communications does not provide detailed equipment revenue data, precluding any comparative analysis.
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Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
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AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com201
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Contrast the yearly changes in the cost of service for AT&T Inc. and Frontier Communications between 2023 and 2022.
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While AT&T Inc. does not break down its cost of service figures, Frontier Communications reported $2,125 million in 2023, down from $2,169 million in 2022. This represents a decrease of roughly 2.0%. Consequently, a direct comparison with AT&T is not possible.
|
Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com202
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Evaluate the year-over-year shifts in selling, general, and administrative expenses for AT&T Inc. and Frontier Communications from 2022 to 2023.
|
Selling, general, and administrative expenses for AT&T Inc. were $28,874 million in 2023, marginally lower than the $28,961 million recorded in 2022, reflecting a 0.3% decline. Frontier Communications reported $1,646 million in 2023, down from $1,745 million in 2022, a sharper decline of about 5.7%. Both companies reduced their expenses, but Frontier showed a larger percentage decrease.
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Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com203
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Compare the changes in depreciation and amortization costs for AT&T Inc. and Frontier Communications between 2023 and 2022.
|
Depreciation and amortization expenses for AT&T Inc. increased to $18,777 million in 2023 from $18,021 million in 2022, marking a growth of approximately 4.2%. Meanwhile, Frontier Communications saw a more pronounced rise, with expenses climbing from $1,182 million in 2022 to $1,415 million in 2023—a year-over-year surge of about 19.7%.
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Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com204
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What was the year-over-year growth in Apple's revenue from the Americas in 2022?
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In 2022, Apple’s revenue from the Americas was approximately $169.7 billion. This represented a year-over-year growth of about 10.69% from 2021, where the revenue was around $153.3 billion. The growth in the Americas was supported by strong demand for the iPhone 13 and continued growth in the Services segment.
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Comparison
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22
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0000320193-22-000108
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Apple Inc. 10-K form for the fiscal year ended 2022-09-24, page 22:
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company's reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company's other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company's customers and distribution partners and the unique market dynamics of each geographic region. Further information regarding the Company's reportable segments can be found in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, "Segment Information and Geographic Data."
The following table shows net sales by reportable segment for 2022, 2021 and 2020 (dollars in millions):
| | | | | | | | | | | | | | | | | |
|---:|:---------------------------------|:-------|:--------|:-------|:----|:-----|:---|:-------|:---|:--------|:---|:---|:---|:-------|:---|:--------|
| 1 | | 2022 | | Change | | 2021 | | Change | | 2020 | | | | | | |
| 2 | Net sales by reportable segment: | | | | | | | | | | | | | | | |
| 3 | Americas | $ | 169,658 | | | 11 | % | | $ | 153,306 | | | 23 | % | $ | 124,556 |
| 4 | Europe | 95,118 | | | 7 | % | | 89,307 | | | 30 | % | | 68,640 | | |
| 5 | Greater China | 74,200 | | | 9 | % | | 68,366 | | | 70 | % | | 40,308 | | |
| 6 | Japan | 25,977 | | | (9) | % | | 28,482 | | | 33 | % | | 21,418 | | |
| 7 | Rest of Asia Pacific | 29,375 | | | 11 | % | | 26,356 | | | 35 | % | | 19,593 | | |
| 8 | Total net sales | $ | 394,328 | | | 8 | % | | $ | 365,817 | | | 33 | % | $ | 274,515 |
Americas
Americas net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Services and Mac.
Europe
Europe net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during 2022.
Greater China
Greater China net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The strength of the renminbi relative to the U.S. dollar had a favorable year-over-year impact on Greater China net sales during 2022.
Japan
Japan net sales decreased during 2022 compared to 2021 due to the weakness of the yen relative to the U.S. dollar.
Rest of Asia Pacific
Rest of Asia Pacific net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Mac and Services. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific net sales during 2022.
Apple Inc. | 2022 Form 10-K | 22
|
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company's reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company's other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company's customers and distribution partners and the unique market dynamics of each geographic region. Further information regarding the Company's reportable segments can be found in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, "Segment Information and Geographic Data."
The following table shows net sales by reportable segment for 2022, 2021 and 2020 (dollars in millions):
| | | | | | | | | | | | | | | | | |
|---:|:---------------------------------|:-------|:--------|:-------|:----|:-----|:---|:-------|:---|:--------|:---|:---|:---|:-------|:---|:--------|
| 1 | | 2022 | | Change | | 2021 | | Change | | 2020 | | | | | | |
| 2 | Net sales by reportable segment: | | | | | | | | | | | | | | | |
| 3 | Americas | $ | 169,658 | | | 11 | % | | $ | 153,306 | | | 23 | % | $ | 124,556 |
| 4 | Europe | 95,118 | | | 7 | % | | 89,307 | | | 30 | % | | 68,640 | | |
| 5 | Greater China | 74,200 | | | 9 | % | | 68,366 | | | 70 | % | | 40,308 | | |
| 6 | Japan | 25,977 | | | (9) | % | | 28,482 | | | 33 | % | | 21,418 | | |
| 7 | Rest of Asia Pacific | 29,375 | | | 11 | % | | 26,356 | | | 35 | % | | 19,593 | | |
| 8 | Total net sales | $ | 394,328 | | | 8 | % | | $ | 365,817 | | | 33 | % | $ | 274,515 |
Americas
Americas net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Services and Mac.
Europe
Europe net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during 2022.
Greater China
Greater China net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The strength of the renminbi relative to the U.S. dollar had a favorable year-over-year impact on Greater China net sales during 2022.
Japan
Japan net sales decreased during 2022 compared to 2021 due to the weakness of the yen relative to the U.S. dollar.
Rest of Asia Pacific
Rest of Asia Pacific net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Mac and Services. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific net sales during 2022.
Apple Inc. | 2022 Form 10-K | 22
|
Apple Inc. 10-K form for the fiscal year ended 2022-09-24, page 22:
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company's reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company's other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company's customers and distribution partners and the unique market dynamics of each geographic region. Further information regarding the Company's reportable segments can be found in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, "Segment Information and Geographic Data."
The following table shows net sales by reportable segment for 2022, 2021 and 2020 (dollars in millions):
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">Change</td><td colspan="3"></td><td colspan="3">2021</td><td colspan="3"></td><td colspan="3">Change</td><td colspan="3"></td><td colspan="3">2020</td></tr><tr><td colspan="3">Net sales by reportable segment:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Americas</td><td>$</td><td>169,658 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td>%</td><td colspan="3"></td><td>$</td><td>153,306 </td><td></td><td colspan="3"></td><td colspan="2">23 </td><td>%</td><td colspan="3"></td><td>$</td><td>124,556 </td><td></td></tr><tr><td colspan="3">Europe</td><td colspan="2">95,118 </td><td></td><td colspan="3"></td><td colspan="2">7 </td><td>%</td><td colspan="3"></td><td colspan="2">89,307 </td><td></td><td colspan="3"></td><td colspan="2">30 </td><td>%</td><td colspan="3"></td><td colspan="2">68,640 </td><td></td></tr><tr><td colspan="3">Greater China</td><td colspan="2">74,200 </td><td></td><td colspan="3"></td><td colspan="2">9 </td><td>%</td><td colspan="3"></td><td colspan="2">68,366 </td><td></td><td colspan="3"></td><td colspan="2">70 </td><td>%</td><td colspan="3"></td><td colspan="2">40,308 </td><td></td></tr><tr><td colspan="3">Japan</td><td colspan="2">25,977 </td><td></td><td colspan="3"></td><td colspan="2">(9)</td><td>%</td><td colspan="3"></td><td colspan="2">28,482 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td>%</td><td colspan="3"></td><td colspan="2">21,418 </td><td></td></tr><tr><td colspan="3">Rest of Asia Pacific</td><td colspan="2">29,375 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td>%</td><td colspan="3"></td><td colspan="2">26,356 </td><td></td><td colspan="3"></td><td colspan="2">35 </td><td>%</td><td colspan="3"></td><td colspan="2">19,593 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td>$</td><td>394,328 </td><td></td><td colspan="3"></td><td colspan="2">8 </td><td>%</td><td colspan="3"></td><td>$</td><td>365,817 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td>%</td><td colspan="3"></td><td>$</td><td>274,515 </td><td></td></tr></table>
Americas
Americas net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Services and Mac.
Europe
Europe net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during 2022.
Greater China
Greater China net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The strength of the renminbi relative to the U.S. dollar had a favorable year-over-year impact on Greater China net sales during 2022.
Japan
Japan net sales decreased during 2022 compared to 2021 due to the weakness of the yen relative to the U.S. dollar.
Rest of Asia Pacific
Rest of Asia Pacific net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Mac and Services. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific net sales during 2022.
Apple Inc. | 2022 Form 10-K | 22
|
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company's reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company's other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company's customers and distribution partners and the unique market dynamics of each geographic region. Further information regarding the Company's reportable segments can be found in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, "Segment Information and Geographic Data."
The following table shows net sales by reportable segment for 2022, 2021 and 2020 (dollars in millions):
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">Change</td><td colspan="3"></td><td colspan="3">2021</td><td colspan="3"></td><td colspan="3">Change</td><td colspan="3"></td><td colspan="3">2020</td></tr><tr><td colspan="3">Net sales by reportable segment:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Americas</td><td>$</td><td>169,658 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td>%</td><td colspan="3"></td><td>$</td><td>153,306 </td><td></td><td colspan="3"></td><td colspan="2">23 </td><td>%</td><td colspan="3"></td><td>$</td><td>124,556 </td><td></td></tr><tr><td colspan="3">Europe</td><td colspan="2">95,118 </td><td></td><td colspan="3"></td><td colspan="2">7 </td><td>%</td><td colspan="3"></td><td colspan="2">89,307 </td><td></td><td colspan="3"></td><td colspan="2">30 </td><td>%</td><td colspan="3"></td><td colspan="2">68,640 </td><td></td></tr><tr><td colspan="3">Greater China</td><td colspan="2">74,200 </td><td></td><td colspan="3"></td><td colspan="2">9 </td><td>%</td><td colspan="3"></td><td colspan="2">68,366 </td><td></td><td colspan="3"></td><td colspan="2">70 </td><td>%</td><td colspan="3"></td><td colspan="2">40,308 </td><td></td></tr><tr><td colspan="3">Japan</td><td colspan="2">25,977 </td><td></td><td colspan="3"></td><td colspan="2">(9)</td><td>%</td><td colspan="3"></td><td colspan="2">28,482 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td>%</td><td colspan="3"></td><td colspan="2">21,418 </td><td></td></tr><tr><td colspan="3">Rest of Asia Pacific</td><td colspan="2">29,375 </td><td></td><td colspan="3"></td><td colspan="2">11 </td><td>%</td><td colspan="3"></td><td colspan="2">26,356 </td><td></td><td colspan="3"></td><td colspan="2">35 </td><td>%</td><td colspan="3"></td><td colspan="2">19,593 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td>$</td><td>394,328 </td><td></td><td colspan="3"></td><td colspan="2">8 </td><td>%</td><td colspan="3"></td><td>$</td><td>365,817 </td><td></td><td colspan="3"></td><td colspan="2">33 </td><td>%</td><td colspan="3"></td><td>$</td><td>274,515 </td><td></td></tr></table>
Americas
Americas net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Services and Mac.
Europe
Europe net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during 2022.
Greater China
Greater China net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The strength of the renminbi relative to the U.S. dollar had a favorable year-over-year impact on Greater China net sales during 2022.
Japan
Japan net sales decreased during 2022 compared to 2021 due to the weakness of the yen relative to the U.S. dollar.
Rest of Asia Pacific
Rest of Asia Pacific net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Mac and Services. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific net sales during 2022.
Apple Inc. | 2022 Form 10-K | 22
|
q_com205
|
Analyze the annual differences in restructuring costs and other charges for AT&T Inc. and Frontier Communications for the years 2023 and 2022.
|
AT&T Inc.’s restructuring costs and other charges significantly dropped from $27,498 million in 2022 to $1,193 million in 2023, a staggering reduction of approximately 95.7%. Frontier Communications also recorded a decrease, with charges falling from $99 million in 2022 to $73 million in 2023, translating to a 26.3% reduction. AT&T’s decline, however, was far more dramatic.
|
Comparison
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43;7
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com206
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Contrast the year-over-year fluctuations in total operating expenses for AT&T Inc. and Frontier Communications for 2023 and 2022.
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Total operating expenses for AT&T Inc. were reduced from $125,328 million in 2022 to $98,967 million in 2023, a notable decrease of approximately 21.1%. In contrast, Frontier Communications experienced a slight increase in operating expenses, reporting $5,259 million in 2023 compared to $5,195 million in 2022, an uptick of about 1.2%.
|
Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com207
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Examine the annual variations in operating income for AT&T Inc. and Frontier Communications between 2023 and 2022.
|
AT&T Inc. made a remarkable turnaround in operating income, achieving $23,461 million in 2023 compared to an operating loss of $4,587 million in 2022—an improvement of roughly 611.4%. On the other hand, Frontier Communications’ operating income declined from $592 million in 2022 to $492 million in 2023, a drop of about 16.9%.
|
Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com208
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Compare the changes in net income for AT&T Inc. and Frontier Communications over the years 2023 and 2022.
|
Net income for AT&T Inc. soared to $15,623 million in 2023, a significant rebound from a net loss of $7,055 million in 2022—an impressive increase of 321.4%. Frontier Communications, in contrast, saw its net income plummet from $441 million in 2022 to $29 million in 2023, a substantial decline of 93.4%.
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Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com209
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Analyze the year-over-year increase or decrease in interest expenses for AT&T Inc. and Frontier Communications for 2023 and 2022.
|
AT&T Inc.’s interest expenses rose from $6,108 million in 2022 to $6,704 million in 2023, reflecting an increase of approximately 9.8%. Frontier Communications also reported an uptick, with interest expenses rising from $492 million in 2022 to $653 million in 2023, a significant growth of about 32.7%.
|
Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
q_com210
|
Contrast the annual changes in cash flow from operating activities for AT&T Inc. and Frontier Communications for 2023 and 2022.
|
Net cash generated from operating activities by AT&T Inc. climbed to $38,314 million in 2023, up 7.0% from $35,812 million in 2022. In contrast, Frontier Communications saw a reduction in cash flow, reporting $1,344 million in 2023 compared to $1,401 million in 2022, a decrease of around 4.1%.
|
Comparison
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46;9
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 46: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------|:---------|:-------|:-----|:---------|:-----|:--------|:---------|:---|:-------|
| 1 | Consolidated Statements of Cash Flows | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Activities | | | | | | | | | |
| 4 | Income (loss) from continuing operations | $ | 15,623 | | | $ | (6,874) | | $ | 23,776 |
| 5 | Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: | | | | | | | | | |
| 6 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 9 | Provision for uncollectible accounts | 1,969 | | | 1,865 | | | 1,241 | | |
| 10 | Deferred income tax expense | 3,037 | | | 2,975 | | | 7,412 | | |
| 11 | Net (gain) loss on investments, net of impairments | 441 | | | 381 | | | (369) | | |
| 12 | Pension and postretirement benefit expense (credit) | (2,552) | | | (3,237) | | | (3,857) | | |
| 13 | Actuarial and settlement (gain) loss on pension and postretirement benefits - net | 1,594 | | | (1,999) | | | (4,143) | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Changes in operating assets and liabilities: | | | | | | | | | |
| 16 | Receivables | 82 | | | 727 | | | (1,125) | | |
| 17 | Other current assets | (642) | | | (674) | | | (1,288) | | |
| 18 | Accounts payable and other accrued liabilities | (1,764) | | | (1,109) | | | (1,570) | | |
| 19 | Equipment installment receivables and related sales | (133) | | | 154 | | | (271) | | |
| 20 | Deferred customer contract acquisition and fulfillment costs | 1 | | | (947) | | | 18 | | |
| 21 | Postretirement claims and contributions | (735) | | | (823) | | | (822) | | |
| 22 | Other – net | 1,423 | | | (146) | | | 103 | | |
| 23 | Total adjustments | 22,691 | | | 42,686 | | | 13,394 | | |
| 24 | Net Cash Provided by Operating Activities from Continuing Operations | 38,314 | | | 35,812 | | | 37,170 | | |
| 25 | Investing Activities | | | | | | | | | |
| 26 | Capital expenditures | (17,853) | | | (19,626) | | | (15,545) | | |
| 27 | Acquisitions, net of cash acquired | (2,942) | | | (10,200) | | | (25,453) | | |
| 28 | Dispositions | 72 | | | 199 | | | 7,136 | | |
| 29 | Distributions from DIRECTV in excess of cumulative equity in earnings | 2,049 | | | 2,649 | | | 1,323 | | |
| 30 | (Purchases), sales and settlements of securities and investments - net | (902) | | | 82 | | | 44 | | |
| 31 | Other – net | (84) | | | (3) | | | 6 | | |
| 35 | Net Cash Used in Investing Activities from Continuing Operations | (19,660) | | | (26,899) | | | (32,489) | | |
| 36 | Financing Activities | | | | | | | | | |
| 37 | Net change in short-term borrowings with original maturities of three months or less | (914) | | | (519) | | | 1,316 | | |
| 38 | Issuance of other short-term borrowings | 5,406 | | | 3,955 | | | 21,856 | | |
| 39 | Repayment of other short-term borrowings | (3,415) | | | (18,345) | | | (7,510) | | |
| 40 | Issuance of long-term debt | 10,004 | | | 2,979 | | | 9,931 | | |
| 41 | Repayment of long-term debt | (12,044) | | | (25,118) | | | (3,039) | | |
| 42 | Note payable to DIRECTV, net of payments | (130) | | | (1,211) | | | 1,341 | | |
| 43 | Payment of vendor financing | (5,742) | | | (4,697) | | | (4,596) | | |
| 45 | Purchase of treasury stock | (194) | | | (890) | | | (202) | | |
| 46 | Issuance of treasury stock | 3 | | | 28 | | | 96 | | |
| 47 | Issuance of preferred interests in subsidiary | 7,151 | | | - | | | - | | |
| 48 | Redemption of preferred interests in subsidiary | (5,333) | | | (2,665) | | | - | | |
| 49 | Dividends paid | (8,136) | | | (9,859) | | | (15,068) | | |
| 50 | Other – net | (2,270) | | | (3,222) | | | (2,231) | | |
| 51 | Net Cash (Used in) Provided by Financing Activities from Continuing Operations | (15,614) | | | (59,564) | | | 1,894 | | |
| 52 | Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations | 3,040 | | | (50,651) | | | 6,575 | | |
| 53 | Cash flows from Discontinued Operations: | | | | | | | | | |
| 54 | Cash (used in) provided by operating activities | - | | | (3,789) | | | 4,788 | | |
| 55 | Cash provided by investing activities | - | | | 1,094 | | | 399 | | |
| 56 | Cash provided by (used in) financing activities | - | | | 35,823 | | | (316) | | |
| 57 | Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations | - | | | 33,128 | | | 4,871 | | |
| 58 | Net increase (decrease) in cash and cash equivalents and restricted cash | 3,040 | | | (17,523) | | | 11,446 | | |
| 59 | Cash and cash equivalents and restricted cash beginning of year | 3,793 | | | 21,316 | | | 9,870 | | |
| 60 | Cash and Cash Equivalents and Restricted Cash End of Year | $ | 6,833 | | | $ | 3,793 | | $ | 21,316 |
The accompanying notes are an integral part of the consolidated financial statements.
46
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 9:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 5 | Cash flows provided from (used by) operating activities: | | | | | | | | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Adjustments to reconcile net loss to net cash provided | | | | | | | | | |
| 8 | from (used by) operating activities: | | | | | | | | | |
| 9 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 10 | Pension settlement costs | | - | | | 55 | | - | | - |
| 11 | Stock-based compensation expense | | 108 | | | 82 | | 18 | | (1) |
| 12 | Non-cash reorganization items | | - | | | - | | - | | (5,467) |
| 13 | Amortization of (premium) discount | | (25) | | | (28) | | (18) | | 1 |
| 14 | Lease Impairment | | - | | | 44 | | - | | - |
| 15 | Bad debt expense | | 35 | | | 26 | | 14 | | - |
| 16 | Other adjustments | | 12 | | | - | | - | | - |
| 17 | Deferred income taxes | | 78 | | | 164 | | 81 | | (148) |
| 18 | Change in accounts receivable | | (43) | | | (7) | | 45 | | 36 |
| 19 | Change in long-term pension and other post-retirement liabilities | | (325) | | | (656) | | 21 | | (12) |
| 20 | Change in accounts payable and other liabilities | | 55 | | | 51 | | 94 | | (156) |
| 21 | Change in prepaid expenses, income taxes, and other assets | | 5 | | | | | | | 46 |
| 22 | Net cash provided from (used by) operating activities | | 1,344 | | | 1,401 | | 1,451 | | (654) |
| 24 | Cash flows provided from (used by) investing activities: | | | | | | | | | |
| 25 | Capital expenditures | | (3,211) | | | (2,738) | | (1,205) | | (500) |
| 26 | Purchase of short-term investments | | (2,275) | | | (4,350) | | - | | - |
| 27 | Sale of short-term investments | | 2,950 | | | 2,600 | | - | | - |
| 28 | Purchase of long-term investments | | (62) | | | - | | - | | - |
| 29 | Proceeds on sale of assets | | 36 | | | 13 | | 7 | | 9 |
| 30 | Other | | | | | | | 5 | | 1 |
| 31 | Net cash used by investing activities | | (2,556) | | | (4,468) | | (1,193) | | (490) |
| 33 | Cash flows provided from (used by) financing activities: | | | | | | | | | |
| 34 | Long-term debt principal payments | | (68) | | | (14) | | (17) | | (1) |
| 35 | Net proceeds from long-term debt borrowings | | 2,278 | | | 1,200 | | 1,000 | | 225 |
| 36 | Payments of vendor financing | | (5) | | | - | | - | | - |
| 37 | Premium paid to retire debt | | (10) | | | - | | - | | - |
| 38 | Financing costs paid | | (62) | | | (17) | | (13) | | (4) |
| 39 | Finance lease obligation payments | | (25) | | | (19) | | (13) | | (7) |
| 40 | Proceeds from financing lease transactions | | 30 | | | 70 | | 23 | | - |
| 41 | Taxes paid on behalf of employees for shares withheld | | (9) | | | (8) | | - | | - |
| 42 | Other | | - | | | (1) | | - | | (16) |
| 43 | Net cash provided from financing activities | | 2,129 | | | 1,211 | | 980 | | 197 |
| 45 | Increase (Decrease) in cash, cash equivalents, and restricted cash | | 917 | | | (1,856) | | 1,238 | | (947) |
| 46 | Cash, cash equivalents and restricted cash | | | | | | | | | |
| 47 | at the beginning of the period | | 322 | | | 2,178 | | 940 | | 1,887 |
| 48 | Cash, cash equivalents, and restricted cash at the end of the period | $ | 1,239 | | $ | 322 | $ | 2,178 | $ | 940 |
| 50 | Supplemental cash flow information: | | | | | | | | | |
| 51 | Cash paid during the period for: | | | | | | | | | |
| 52 | Interest | $ | 711 | | $ | 512 | $ | 281 | $ | 84 |
| 53 | Income tax payments, net | $ | - | | $ | 8 | $ | 28 | $ | 9 |
| 54 | Reorganization items, net | $ | - | | $ | - | $ | - | $ | 1,397 |
| 56 | Non-cash investing activities: | | | | | | | | | |
| 57 | Increase (Decrease) in capital expenditures due to | | | | | | | | | |
| 58 | changes in accounts payable and accrued liabilities | $ | (326) | | $ | 797 | $ | (26) | $ | (5) |
| 59 | Increase in capital expenditures due to | | | | | | | | | |
| 60 | changes in vendor financing | $ | 255 | | $ | - | $ | - | $ | - |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
|
| | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------|:---------|:-------|:-----|:---------|:-----|:--------|:---------|:---|:-------|
| 1 | Consolidated Statements of Cash Flows | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Activities | | | | | | | | | |
| 4 | Income (loss) from continuing operations | $ | 15,623 | | | $ | (6,874) | | $ | 23,776 |
| 5 | Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: | | | | | | | | | |
| 6 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 9 | Provision for uncollectible accounts | 1,969 | | | 1,865 | | | 1,241 | | |
| 10 | Deferred income tax expense | 3,037 | | | 2,975 | | | 7,412 | | |
| 11 | Net (gain) loss on investments, net of impairments | 441 | | | 381 | | | (369) | | |
| 12 | Pension and postretirement benefit expense (credit) | (2,552) | | | (3,237) | | | (3,857) | | |
| 13 | Actuarial and settlement (gain) loss on pension and postretirement benefits - net | 1,594 | | | (1,999) | | | (4,143) | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Changes in operating assets and liabilities: | | | | | | | | | |
| 16 | Receivables | 82 | | | 727 | | | (1,125) | | |
| 17 | Other current assets | (642) | | | (674) | | | (1,288) | | |
| 18 | Accounts payable and other accrued liabilities | (1,764) | | | (1,109) | | | (1,570) | | |
| 19 | Equipment installment receivables and related sales | (133) | | | 154 | | | (271) | | |
| 20 | Deferred customer contract acquisition and fulfillment costs | 1 | | | (947) | | | 18 | | |
| 21 | Postretirement claims and contributions | (735) | | | (823) | | | (822) | | |
| 22 | Other – net | 1,423 | | | (146) | | | 103 | | |
| 23 | Total adjustments | 22,691 | | | 42,686 | | | 13,394 | | |
| 24 | Net Cash Provided by Operating Activities from Continuing Operations | 38,314 | | | 35,812 | | | 37,170 | | |
| 25 | Investing Activities | | | | | | | | | |
| 26 | Capital expenditures | (17,853) | | | (19,626) | | | (15,545) | | |
| 27 | Acquisitions, net of cash acquired | (2,942) | | | (10,200) | | | (25,453) | | |
| 28 | Dispositions | 72 | | | 199 | | | 7,136 | | |
| 29 | Distributions from DIRECTV in excess of cumulative equity in earnings | 2,049 | | | 2,649 | | | 1,323 | | |
| 30 | (Purchases), sales and settlements of securities and investments - net | (902) | | | 82 | | | 44 | | |
| 31 | Other – net | (84) | | | (3) | | | 6 | | |
| 35 | Net Cash Used in Investing Activities from Continuing Operations | (19,660) | | | (26,899) | | | (32,489) | | |
| 36 | Financing Activities | | | | | | | | | |
| 37 | Net change in short-term borrowings with original maturities of three months or less | (914) | | | (519) | | | 1,316 | | |
| 38 | Issuance of other short-term borrowings | 5,406 | | | 3,955 | | | 21,856 | | |
| 39 | Repayment of other short-term borrowings | (3,415) | | | (18,345) | | | (7,510) | | |
| 40 | Issuance of long-term debt | 10,004 | | | 2,979 | | | 9,931 | | |
| 41 | Repayment of long-term debt | (12,044) | | | (25,118) | | | (3,039) | | |
| 42 | Note payable to DIRECTV, net of payments | (130) | | | (1,211) | | | 1,341 | | |
| 43 | Payment of vendor financing | (5,742) | | | (4,697) | | | (4,596) | | |
| 45 | Purchase of treasury stock | (194) | | | (890) | | | (202) | | |
| 46 | Issuance of treasury stock | 3 | | | 28 | | | 96 | | |
| 47 | Issuance of preferred interests in subsidiary | 7,151 | | | - | | | - | | |
| 48 | Redemption of preferred interests in subsidiary | (5,333) | | | (2,665) | | | - | | |
| 49 | Dividends paid | (8,136) | | | (9,859) | | | (15,068) | | |
| 50 | Other – net | (2,270) | | | (3,222) | | | (2,231) | | |
| 51 | Net Cash (Used in) Provided by Financing Activities from Continuing Operations | (15,614) | | | (59,564) | | | 1,894 | | |
| 52 | Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations | 3,040 | | | (50,651) | | | 6,575 | | |
| 53 | Cash flows from Discontinued Operations: | | | | | | | | | |
| 54 | Cash (used in) provided by operating activities | - | | | (3,789) | | | 4,788 | | |
| 55 | Cash provided by investing activities | - | | | 1,094 | | | 399 | | |
| 56 | Cash provided by (used in) financing activities | - | | | 35,823 | | | (316) | | |
| 57 | Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations | - | | | 33,128 | | | 4,871 | | |
| 58 | Net increase (decrease) in cash and cash equivalents and restricted cash | 3,040 | | | (17,523) | | | 11,446 | | |
| 59 | Cash and cash equivalents and restricted cash beginning of year | 3,793 | | | 21,316 | | | 9,870 | | |
| 60 | Cash and Cash Equivalents and Restricted Cash End of Year | $ | 6,833 | | | $ | 3,793 | | $ | 21,316 |
The accompanying notes are an integral part of the consolidated financial statements.
46
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 5 | Cash flows provided from (used by) operating activities: | | | | | | | | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Adjustments to reconcile net loss to net cash provided | | | | | | | | | |
| 8 | from (used by) operating activities: | | | | | | | | | |
| 9 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 10 | Pension settlement costs | | - | | | 55 | | - | | - |
| 11 | Stock-based compensation expense | | 108 | | | 82 | | 18 | | (1) |
| 12 | Non-cash reorganization items | | - | | | - | | - | | (5,467) |
| 13 | Amortization of (premium) discount | | (25) | | | (28) | | (18) | | 1 |
| 14 | Lease Impairment | | - | | | 44 | | - | | - |
| 15 | Bad debt expense | | 35 | | | 26 | | 14 | | - |
| 16 | Other adjustments | | 12 | | | - | | - | | - |
| 17 | Deferred income taxes | | 78 | | | 164 | | 81 | | (148) |
| 18 | Change in accounts receivable | | (43) | | | (7) | | 45 | | 36 |
| 19 | Change in long-term pension and other post-retirement liabilities | | (325) | | | (656) | | 21 | | (12) |
| 20 | Change in accounts payable and other liabilities | | 55 | | | 51 | | 94 | | (156) |
| 21 | Change in prepaid expenses, income taxes, and other assets | | 5 | | | | | | | 46 |
| 22 | Net cash provided from (used by) operating activities | | 1,344 | | | 1,401 | | 1,451 | | (654) |
| 24 | Cash flows provided from (used by) investing activities: | | | | | | | | | |
| 25 | Capital expenditures | | (3,211) | | | (2,738) | | (1,205) | | (500) |
| 26 | Purchase of short-term investments | | (2,275) | | | (4,350) | | - | | - |
| 27 | Sale of short-term investments | | 2,950 | | | 2,600 | | - | | - |
| 28 | Purchase of long-term investments | | (62) | | | - | | - | | - |
| 29 | Proceeds on sale of assets | | 36 | | | 13 | | 7 | | 9 |
| 30 | Other | | | | | | | 5 | | 1 |
| 31 | Net cash used by investing activities | | (2,556) | | | (4,468) | | (1,193) | | (490) |
| 33 | Cash flows provided from (used by) financing activities: | | | | | | | | | |
| 34 | Long-term debt principal payments | | (68) | | | (14) | | (17) | | (1) |
| 35 | Net proceeds from long-term debt borrowings | | 2,278 | | | 1,200 | | 1,000 | | 225 |
| 36 | Payments of vendor financing | | (5) | | | - | | - | | - |
| 37 | Premium paid to retire debt | | (10) | | | - | | - | | - |
| 38 | Financing costs paid | | (62) | | | (17) | | (13) | | (4) |
| 39 | Finance lease obligation payments | | (25) | | | (19) | | (13) | | (7) |
| 40 | Proceeds from financing lease transactions | | 30 | | | 70 | | 23 | | - |
| 41 | Taxes paid on behalf of employees for shares withheld | | (9) | | | (8) | | - | | - |
| 42 | Other | | - | | | (1) | | - | | (16) |
| 43 | Net cash provided from financing activities | | 2,129 | | | 1,211 | | 980 | | 197 |
| 45 | Increase (Decrease) in cash, cash equivalents, and restricted cash | | 917 | | | (1,856) | | 1,238 | | (947) |
| 46 | Cash, cash equivalents and restricted cash | | | | | | | | | |
| 47 | at the beginning of the period | | 322 | | | 2,178 | | 940 | | 1,887 |
| 48 | Cash, cash equivalents, and restricted cash at the end of the period | $ | 1,239 | | $ | 322 | $ | 2,178 | $ | 940 |
| 50 | Supplemental cash flow information: | | | | | | | | | |
| 51 | Cash paid during the period for: | | | | | | | | | |
| 52 | Interest | $ | 711 | | $ | 512 | $ | 281 | $ | 84 |
| 53 | Income tax payments, net | $ | - | | $ | 8 | $ | 28 | $ | 9 |
| 54 | Reorganization items, net | $ | - | | $ | - | $ | - | $ | 1,397 |
| 56 | Non-cash investing activities: | | | | | | | | | |
| 57 | Increase (Decrease) in capital expenditures due to | | | | | | | | | |
| 58 | changes in accounts payable and accrued liabilities | $ | (326) | | $ | 797 | $ | (26) | $ | (5) |
| 59 | Increase in capital expenditures due to | | | | | | | | | |
| 60 | changes in vendor financing | $ | 255 | | $ | - | $ | - | $ | - |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 46: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Cash Flows</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income (loss) from continuing operations</td><td>$</td><td>15,623 </td><td></td><td colspan="3"></td><td>$</td><td>(6,874)</td><td></td><td colspan="3"></td><td>$</td><td>23,776 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Provision for uncollectible accounts</td><td colspan="2">1,969 </td><td></td><td colspan="3"></td><td colspan="2">1,865 </td><td></td><td colspan="3"></td><td colspan="2">1,241 </td><td></td></tr><tr><td colspan="3">Deferred income tax expense</td><td colspan="2">3,037 </td><td></td><td colspan="3"></td><td colspan="2">2,975 </td><td></td><td colspan="3"></td><td colspan="2">7,412 </td><td></td></tr><tr><td colspan="3">Net (gain) loss on investments, net of impairments</td><td colspan="2">441 </td><td></td><td colspan="3"></td><td colspan="2">381 </td><td></td><td colspan="3"></td><td colspan="2">(369)</td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit expense (credit)</td><td colspan="2">(2,552)</td><td></td><td colspan="3"></td><td colspan="2">(3,237)</td><td></td><td colspan="3"></td><td colspan="2">(3,857)</td><td></td></tr><tr><td colspan="3">Actuarial and settlement (gain) loss on pension and postretirement benefits - net</td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">(1,999)</td><td></td><td colspan="3"></td><td colspan="2">(4,143)</td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Receivables</td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">727 </td><td></td><td colspan="3"></td><td colspan="2">(1,125)</td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">(642)</td><td></td><td colspan="3"></td><td colspan="2">(674)</td><td></td><td colspan="3"></td><td colspan="2">(1,288)</td><td></td></tr><tr><td colspan="3">Accounts payable and other accrued liabilities</td><td colspan="2">(1,764)</td><td></td><td colspan="3"></td><td colspan="2">(1,109)</td><td></td><td colspan="3"></td><td colspan="2">(1,570)</td><td></td></tr><tr><td colspan="3">Equipment installment receivables and related sales</td><td colspan="2">(133)</td><td></td><td colspan="3"></td><td colspan="2">154 </td><td></td><td colspan="3"></td><td colspan="2">(271)</td><td></td></tr><tr><td colspan="3">Deferred customer contract acquisition and fulfillment costs</td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">(947)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td></tr><tr><td colspan="3">Postretirement claims and contributions</td><td colspan="2">(735)</td><td></td><td colspan="3"></td><td colspan="2">(823)</td><td></td><td colspan="3"></td><td colspan="2">(822)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">1,423 </td><td></td><td colspan="3"></td><td colspan="2">(146)</td><td></td><td colspan="3"></td><td colspan="2">103 </td><td></td></tr><tr><td colspan="3">Total adjustments</td><td colspan="2">22,691 </td><td></td><td colspan="3"></td><td colspan="2">42,686 </td><td></td><td colspan="3"></td><td colspan="2">13,394 </td><td></td></tr><tr><td colspan="3">Net Cash Provided by Operating Activities from Continuing Operations</td><td colspan="2">38,314 </td><td></td><td colspan="3"></td><td colspan="2">35,812 </td><td></td><td colspan="3"></td><td colspan="2">37,170 </td><td></td></tr><tr><td colspan="3">Investing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Capital expenditures</td><td colspan="2">(17,853)</td><td></td><td colspan="3"></td><td colspan="2">(19,626)</td><td></td><td colspan="3"></td><td colspan="2">(15,545)</td><td></td></tr><tr><td colspan="3">Acquisitions, net of cash acquired</td><td colspan="2">(2,942)</td><td></td><td colspan="3"></td><td colspan="2">(10,200)</td><td></td><td colspan="3"></td><td colspan="2">(25,453)</td><td></td></tr><tr><td colspan="3">Dispositions</td><td colspan="2">72 </td><td></td><td colspan="3"></td><td colspan="2">199 </td><td></td><td colspan="3"></td><td colspan="2">7,136 </td><td></td></tr><tr><td colspan="3">Distributions from DIRECTV in excess of cumulative equity in earnings</td><td colspan="2">2,049 </td><td></td><td colspan="3"></td><td colspan="2">2,649 </td><td></td><td colspan="3"></td><td colspan="2">1,323 </td><td></td></tr><tr><td colspan="3">(Purchases), sales and settlements of securities and investments - net</td><td colspan="2">(902)</td><td></td><td colspan="3"></td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">44 </td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(84)</td><td></td><td colspan="3"></td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net Cash Used in Investing Activities from Continuing Operations</td><td colspan="2">(19,660)</td><td></td><td colspan="3"></td><td colspan="2">(26,899)</td><td></td><td colspan="3"></td><td colspan="2">(32,489)</td><td></td></tr><tr><td colspan="3">Financing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net change in short-term borrowings with original maturities of three months or less</td><td colspan="2">(914)</td><td></td><td colspan="3"></td><td colspan="2">(519)</td><td></td><td colspan="3"></td><td colspan="2">1,316 </td><td></td></tr><tr><td colspan="3">Issuance of other short-term borrowings</td><td colspan="2">5,406 </td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">21,856 </td><td></td></tr><tr><td colspan="3">Repayment of other short-term borrowings</td><td colspan="2">(3,415)</td><td></td><td colspan="3"></td><td colspan="2">(18,345)</td><td></td><td colspan="3"></td><td colspan="2">(7,510)</td><td></td></tr><tr><td colspan="3">Issuance of long-term debt</td><td colspan="2">10,004 </td><td></td><td colspan="3"></td><td colspan="2">2,979 </td><td></td><td colspan="3"></td><td colspan="2">9,931 </td><td></td></tr><tr><td colspan="3">Repayment of long-term debt</td><td colspan="2">(12,044)</td><td></td><td colspan="3"></td><td colspan="2">(25,118)</td><td></td><td colspan="3"></td><td colspan="2">(3,039)</td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV, net of payments</td><td colspan="2">(130)</td><td></td><td colspan="3"></td><td colspan="2">(1,211)</td><td></td><td colspan="3"></td><td colspan="2">1,341 </td><td></td></tr><tr><td colspan="3">Payment of vendor financing</td><td colspan="2">(5,742)</td><td></td><td colspan="3"></td><td colspan="2">(4,697)</td><td></td><td colspan="3"></td><td colspan="2">(4,596)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchase of treasury stock</td><td colspan="2">(194)</td><td></td><td colspan="3"></td><td colspan="2">(890)</td><td></td><td colspan="3"></td><td colspan="2">(202)</td><td></td></tr><tr><td colspan="3">Issuance of treasury stock</td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2">28 </td><td></td><td colspan="3"></td><td colspan="2">96 </td><td></td></tr><tr><td colspan="3">Issuance of preferred interests in subsidiary</td><td colspan="2">7,151 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Redemption of preferred interests in subsidiary</td><td colspan="2">(5,333)</td><td></td><td colspan="3"></td><td colspan="2">(2,665)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Dividends paid</td><td colspan="2">(8,136)</td><td></td><td colspan="3"></td><td colspan="2">(9,859)</td><td></td><td colspan="3"></td><td colspan="2">(15,068)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(2,270)</td><td></td><td colspan="3"></td><td colspan="2">(3,222)</td><td></td><td colspan="3"></td><td colspan="2">(2,231)</td><td></td></tr><tr><td colspan="3">Net Cash (Used in) Provided by Financing Activities from Continuing Operations</td><td colspan="2">(15,614)</td><td></td><td colspan="3"></td><td colspan="2">(59,564)</td><td></td><td colspan="3"></td><td colspan="2">1,894 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(50,651)</td><td></td><td colspan="3"></td><td colspan="2">6,575 </td><td></td></tr><tr><td colspan="3">Cash flows from Discontinued Operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash (used in) provided by operating activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(3,789)</td><td></td><td colspan="3"></td><td colspan="2">4,788 </td><td></td></tr><tr><td colspan="3">Cash provided by investing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">1,094 </td><td></td><td colspan="3"></td><td colspan="2">399 </td><td></td></tr><tr><td colspan="3">Cash provided by (used in) financing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">35,823 </td><td></td><td colspan="3"></td><td colspan="2">(316)</td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">33,128 </td><td></td><td colspan="3"></td><td colspan="2">4,871 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(17,523)</td><td></td><td colspan="3"></td><td colspan="2">11,446 </td><td></td></tr><tr><td colspan="3">Cash and cash equivalents and restricted cash beginning of year</td><td colspan="2">3,793 </td><td></td><td colspan="3"></td><td colspan="2">21,316 </td><td></td><td colspan="3"></td><td colspan="2">9,870 </td><td></td></tr><tr><td colspan="3">Cash and Cash Equivalents and Restricted Cash End of Year</td><td>$</td><td>6,833 </td><td></td><td colspan="3"></td><td>$</td><td>3,793 </td><td></td><td colspan="3"></td><td>$</td><td>21,316 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
46
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 9:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended</td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Adjustments to reconcile net loss to net cash provided</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Stock-based compensation expense</td><td> </td><td> </td><td> 108 </td><td> </td><td> </td><td> 82 </td><td> </td><td> </td><td> 18 </td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Non-cash reorganization items</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (5,467)</td><td> </td></tr><tr><td> </td><td>Amortization of (premium) discount</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (28)</td><td> </td><td> </td><td> (18)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Lease Impairment</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 44 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Bad debt expense</td><td> </td><td> </td><td> 35 </td><td> </td><td> </td><td> 26 </td><td> </td><td> </td><td> 14 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other adjustments</td><td> </td><td> </td><td> 12 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Deferred income taxes </td><td> </td><td> </td><td> 78 </td><td> </td><td> </td><td> 164 </td><td> </td><td> </td><td> 81 </td><td> </td><td> </td><td> </td><td> (148)</td><td> </td></tr><tr><td> </td><td>Change in accounts receivable</td><td> </td><td> </td><td> (43)</td><td> </td><td> </td><td> (7)</td><td> </td><td> </td><td> 45 </td><td> </td><td> </td><td> </td><td> 36 </td><td> </td></tr><tr><td> </td><td>Change in long-term pension and other post-retirement liabilities</td><td> </td><td> </td><td> (325)</td><td> </td><td> </td><td> (656)</td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> (12)</td><td> </td></tr><tr><td> </td><td>Change in accounts payable and other liabilities</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> 51 </td><td> </td><td> </td><td> 94 </td><td> </td><td> </td><td> </td><td> (156)</td><td> </td></tr><tr><td> </td><td>Change in prepaid expenses, income taxes, and other assets</td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 46 </td><td> </td></tr><tr><td> </td><td>Net cash provided from (used by) operating activities</td><td> </td><td> </td><td> 1,344 </td><td> </td><td> </td><td> 1,401 </td><td> </td><td> </td><td> 1,451 </td><td> </td><td> </td><td> </td><td> (654)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Capital expenditures </td><td> </td><td> </td><td> (3,211)</td><td> </td><td> </td><td> (2,738)</td><td> </td><td> </td><td> (1,205)</td><td> </td><td> </td><td> </td><td> (500)</td><td> </td></tr><tr><td> </td><td>Purchase of short-term investments</td><td> </td><td> </td><td> (2,275)</td><td> </td><td> </td><td> (4,350)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Sale of short-term investments</td><td> </td><td> </td><td> 2,950 </td><td> </td><td> </td><td> 2,600 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Purchase of long-term investments</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Proceeds on sale of assets</td><td> </td><td> </td><td> 36 </td><td> </td><td> </td><td> 13 </td><td> </td><td> </td><td> 7 </td><td> </td><td> </td><td> </td><td> 9 </td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Net cash used by investing activities</td><td> </td><td> </td><td> (2,556)</td><td> </td><td> </td><td> (4,468)</td><td> </td><td> </td><td> (1,193)</td><td> </td><td> </td><td> </td><td> (490)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) financing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt principal payments</td><td> </td><td> </td><td> (68)</td><td> </td><td> </td><td> (14)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Net proceeds from long-term debt borrowings</td><td> </td><td> </td><td> 2,278 </td><td> </td><td> </td><td> 1,200 </td><td> </td><td> </td><td> 1,000 </td><td> </td><td> </td><td> </td><td> 225 </td><td> </td></tr><tr><td> </td><td>Payments of vendor financing</td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Premium paid to retire debt</td><td> </td><td> </td><td> (10)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Financing costs paid</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (4)</td><td> </td></tr><tr><td> </td><td>Finance lease obligation payments</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (19)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (7)</td><td> </td></tr><tr><td> </td><td>Proceeds from financing lease transactions</td><td> </td><td> </td><td> 30 </td><td> </td><td> </td><td> 70 </td><td> </td><td> </td><td> 23 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Taxes paid on behalf of employees for shares withheld</td><td> </td><td> </td><td> (9)</td><td> </td><td> </td><td> (8)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (1)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (16)</td><td> </td></tr><tr><td> </td><td>Net cash provided from financing activities</td><td> </td><td> </td><td> 2,129 </td><td> </td><td> </td><td> 1,211 </td><td> </td><td> </td><td> 980 </td><td> </td><td> </td><td> </td><td> 197 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in cash, cash equivalents, and restricted cash</td><td> </td><td> </td><td> 917 </td><td> </td><td> </td><td> (1,856)</td><td> </td><td> </td><td> 1,238 </td><td> </td><td> </td><td> </td><td> (947)</td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents and restricted cash </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> at the beginning of the period</td><td> </td><td> </td><td> 322 </td><td> </td><td> </td><td> 2,178 </td><td> </td><td> </td><td> 940 </td><td> </td><td> </td><td> </td><td> 1,887 </td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents, and restricted cash at the end of the period</td><td> </td><td>$</td><td> 1,239 </td><td> </td><td>$</td><td> 322 </td><td> </td><td>$</td><td> 2,178 </td><td> </td><td> </td><td>$</td><td> 940 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Supplemental cash flow information:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash paid during the period for:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Interest</td><td> </td><td>$</td><td> 711 </td><td> </td><td>$</td><td> 512 </td><td> </td><td>$</td><td> 281 </td><td> </td><td> </td><td>$</td><td>84</td><td> </td></tr><tr><td> </td><td>Income tax payments, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> 8 </td><td> </td><td>$</td><td> 28 </td><td> </td><td> </td><td>$</td><td>9</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td>1,397</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Non-cash investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in accounts payable and accrued liabilities</td><td> </td><td>$</td><td> (326)</td><td> </td><td>$</td><td> 797 </td><td> </td><td>$</td><td> (26)</td><td> </td><td> </td><td>$</td><td> (5)</td><td> </td></tr><tr><td> </td><td>Increase in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in vendor financing</td><td> </td><td>$</td><td> 255 </td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td> -</td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
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<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Cash Flows</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income (loss) from continuing operations</td><td>$</td><td>15,623 </td><td></td><td colspan="3"></td><td>$</td><td>(6,874)</td><td></td><td colspan="3"></td><td>$</td><td>23,776 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Provision for uncollectible accounts</td><td colspan="2">1,969 </td><td></td><td colspan="3"></td><td colspan="2">1,865 </td><td></td><td colspan="3"></td><td colspan="2">1,241 </td><td></td></tr><tr><td colspan="3">Deferred income tax expense</td><td colspan="2">3,037 </td><td></td><td colspan="3"></td><td colspan="2">2,975 </td><td></td><td colspan="3"></td><td colspan="2">7,412 </td><td></td></tr><tr><td colspan="3">Net (gain) loss on investments, net of impairments</td><td colspan="2">441 </td><td></td><td colspan="3"></td><td colspan="2">381 </td><td></td><td colspan="3"></td><td colspan="2">(369)</td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit expense (credit)</td><td colspan="2">(2,552)</td><td></td><td colspan="3"></td><td colspan="2">(3,237)</td><td></td><td colspan="3"></td><td colspan="2">(3,857)</td><td></td></tr><tr><td colspan="3">Actuarial and settlement (gain) loss on pension and postretirement benefits - net</td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">(1,999)</td><td></td><td colspan="3"></td><td colspan="2">(4,143)</td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Receivables</td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">727 </td><td></td><td colspan="3"></td><td colspan="2">(1,125)</td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">(642)</td><td></td><td colspan="3"></td><td colspan="2">(674)</td><td></td><td colspan="3"></td><td colspan="2">(1,288)</td><td></td></tr><tr><td colspan="3">Accounts payable and other accrued liabilities</td><td colspan="2">(1,764)</td><td></td><td colspan="3"></td><td colspan="2">(1,109)</td><td></td><td colspan="3"></td><td colspan="2">(1,570)</td><td></td></tr><tr><td colspan="3">Equipment installment receivables and related sales</td><td colspan="2">(133)</td><td></td><td colspan="3"></td><td colspan="2">154 </td><td></td><td colspan="3"></td><td colspan="2">(271)</td><td></td></tr><tr><td colspan="3">Deferred customer contract acquisition and fulfillment costs</td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">(947)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td></tr><tr><td colspan="3">Postretirement claims and contributions</td><td colspan="2">(735)</td><td></td><td colspan="3"></td><td colspan="2">(823)</td><td></td><td colspan="3"></td><td colspan="2">(822)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">1,423 </td><td></td><td colspan="3"></td><td colspan="2">(146)</td><td></td><td colspan="3"></td><td colspan="2">103 </td><td></td></tr><tr><td colspan="3">Total adjustments</td><td colspan="2">22,691 </td><td></td><td colspan="3"></td><td colspan="2">42,686 </td><td></td><td colspan="3"></td><td colspan="2">13,394 </td><td></td></tr><tr><td colspan="3">Net Cash Provided by Operating Activities from Continuing Operations</td><td colspan="2">38,314 </td><td></td><td colspan="3"></td><td colspan="2">35,812 </td><td></td><td colspan="3"></td><td colspan="2">37,170 </td><td></td></tr><tr><td colspan="3">Investing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Capital expenditures</td><td colspan="2">(17,853)</td><td></td><td colspan="3"></td><td colspan="2">(19,626)</td><td></td><td colspan="3"></td><td colspan="2">(15,545)</td><td></td></tr><tr><td colspan="3">Acquisitions, net of cash acquired</td><td colspan="2">(2,942)</td><td></td><td colspan="3"></td><td colspan="2">(10,200)</td><td></td><td colspan="3"></td><td colspan="2">(25,453)</td><td></td></tr><tr><td colspan="3">Dispositions</td><td colspan="2">72 </td><td></td><td colspan="3"></td><td colspan="2">199 </td><td></td><td colspan="3"></td><td colspan="2">7,136 </td><td></td></tr><tr><td colspan="3">Distributions from DIRECTV in excess of cumulative equity in earnings</td><td colspan="2">2,049 </td><td></td><td colspan="3"></td><td colspan="2">2,649 </td><td></td><td colspan="3"></td><td colspan="2">1,323 </td><td></td></tr><tr><td colspan="3">(Purchases), sales and settlements of securities and investments - net</td><td colspan="2">(902)</td><td></td><td colspan="3"></td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">44 </td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(84)</td><td></td><td colspan="3"></td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net Cash Used in Investing Activities from Continuing Operations</td><td colspan="2">(19,660)</td><td></td><td colspan="3"></td><td colspan="2">(26,899)</td><td></td><td colspan="3"></td><td colspan="2">(32,489)</td><td></td></tr><tr><td colspan="3">Financing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net change in short-term borrowings with original maturities of three months or less</td><td colspan="2">(914)</td><td></td><td colspan="3"></td><td colspan="2">(519)</td><td></td><td colspan="3"></td><td colspan="2">1,316 </td><td></td></tr><tr><td colspan="3">Issuance of other short-term borrowings</td><td colspan="2">5,406 </td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">21,856 </td><td></td></tr><tr><td colspan="3">Repayment of other short-term borrowings</td><td colspan="2">(3,415)</td><td></td><td colspan="3"></td><td colspan="2">(18,345)</td><td></td><td colspan="3"></td><td colspan="2">(7,510)</td><td></td></tr><tr><td colspan="3">Issuance of long-term debt</td><td colspan="2">10,004 </td><td></td><td colspan="3"></td><td colspan="2">2,979 </td><td></td><td colspan="3"></td><td colspan="2">9,931 </td><td></td></tr><tr><td colspan="3">Repayment of long-term debt</td><td colspan="2">(12,044)</td><td></td><td colspan="3"></td><td colspan="2">(25,118)</td><td></td><td colspan="3"></td><td colspan="2">(3,039)</td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV, net of payments</td><td colspan="2">(130)</td><td></td><td colspan="3"></td><td colspan="2">(1,211)</td><td></td><td colspan="3"></td><td colspan="2">1,341 </td><td></td></tr><tr><td colspan="3">Payment of vendor financing</td><td colspan="2">(5,742)</td><td></td><td colspan="3"></td><td colspan="2">(4,697)</td><td></td><td colspan="3"></td><td colspan="2">(4,596)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchase of treasury stock</td><td colspan="2">(194)</td><td></td><td colspan="3"></td><td colspan="2">(890)</td><td></td><td colspan="3"></td><td colspan="2">(202)</td><td></td></tr><tr><td colspan="3">Issuance of treasury stock</td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2">28 </td><td></td><td colspan="3"></td><td colspan="2">96 </td><td></td></tr><tr><td colspan="3">Issuance of preferred interests in subsidiary</td><td colspan="2">7,151 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Redemption of preferred interests in subsidiary</td><td colspan="2">(5,333)</td><td></td><td colspan="3"></td><td colspan="2">(2,665)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Dividends paid</td><td colspan="2">(8,136)</td><td></td><td colspan="3"></td><td colspan="2">(9,859)</td><td></td><td colspan="3"></td><td colspan="2">(15,068)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(2,270)</td><td></td><td colspan="3"></td><td colspan="2">(3,222)</td><td></td><td colspan="3"></td><td colspan="2">(2,231)</td><td></td></tr><tr><td colspan="3">Net Cash (Used in) Provided by Financing Activities from Continuing Operations</td><td colspan="2">(15,614)</td><td></td><td colspan="3"></td><td colspan="2">(59,564)</td><td></td><td colspan="3"></td><td colspan="2">1,894 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(50,651)</td><td></td><td colspan="3"></td><td colspan="2">6,575 </td><td></td></tr><tr><td colspan="3">Cash flows from Discontinued Operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash (used in) provided by operating activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(3,789)</td><td></td><td colspan="3"></td><td colspan="2">4,788 </td><td></td></tr><tr><td colspan="3">Cash provided by investing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">1,094 </td><td></td><td colspan="3"></td><td colspan="2">399 </td><td></td></tr><tr><td colspan="3">Cash provided by (used in) financing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">35,823 </td><td></td><td colspan="3"></td><td colspan="2">(316)</td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">33,128 </td><td></td><td colspan="3"></td><td colspan="2">4,871 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(17,523)</td><td></td><td colspan="3"></td><td colspan="2">11,446 </td><td></td></tr><tr><td colspan="3">Cash and cash equivalents and restricted cash beginning of year</td><td colspan="2">3,793 </td><td></td><td colspan="3"></td><td colspan="2">21,316 </td><td></td><td colspan="3"></td><td colspan="2">9,870 </td><td></td></tr><tr><td colspan="3">Cash and Cash Equivalents and Restricted Cash End of Year</td><td>$</td><td>6,833 </td><td></td><td colspan="3"></td><td>$</td><td>3,793 </td><td></td><td colspan="3"></td><td>$</td><td>21,316 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
46
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended</td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Adjustments to reconcile net loss to net cash provided</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Stock-based compensation expense</td><td> </td><td> </td><td> 108 </td><td> </td><td> </td><td> 82 </td><td> </td><td> </td><td> 18 </td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Non-cash reorganization items</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (5,467)</td><td> </td></tr><tr><td> </td><td>Amortization of (premium) discount</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (28)</td><td> </td><td> </td><td> (18)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Lease Impairment</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 44 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Bad debt expense</td><td> </td><td> </td><td> 35 </td><td> </td><td> </td><td> 26 </td><td> </td><td> </td><td> 14 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other adjustments</td><td> </td><td> </td><td> 12 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Deferred income taxes </td><td> </td><td> </td><td> 78 </td><td> </td><td> </td><td> 164 </td><td> </td><td> </td><td> 81 </td><td> </td><td> </td><td> </td><td> (148)</td><td> </td></tr><tr><td> </td><td>Change in accounts receivable</td><td> </td><td> </td><td> (43)</td><td> </td><td> </td><td> (7)</td><td> </td><td> </td><td> 45 </td><td> </td><td> </td><td> </td><td> 36 </td><td> </td></tr><tr><td> </td><td>Change in long-term pension and other post-retirement liabilities</td><td> </td><td> </td><td> (325)</td><td> </td><td> </td><td> (656)</td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> (12)</td><td> </td></tr><tr><td> </td><td>Change in accounts payable and other liabilities</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> 51 </td><td> </td><td> </td><td> 94 </td><td> </td><td> </td><td> </td><td> (156)</td><td> </td></tr><tr><td> </td><td>Change in prepaid expenses, income taxes, and other assets</td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 46 </td><td> </td></tr><tr><td> </td><td>Net cash provided from (used by) operating activities</td><td> </td><td> </td><td> 1,344 </td><td> </td><td> </td><td> 1,401 </td><td> </td><td> </td><td> 1,451 </td><td> </td><td> </td><td> </td><td> (654)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Capital expenditures </td><td> </td><td> </td><td> (3,211)</td><td> </td><td> </td><td> (2,738)</td><td> </td><td> </td><td> (1,205)</td><td> </td><td> </td><td> </td><td> (500)</td><td> </td></tr><tr><td> </td><td>Purchase of short-term investments</td><td> </td><td> </td><td> (2,275)</td><td> </td><td> </td><td> (4,350)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Sale of short-term investments</td><td> </td><td> </td><td> 2,950 </td><td> </td><td> </td><td> 2,600 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Purchase of long-term investments</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Proceeds on sale of assets</td><td> </td><td> </td><td> 36 </td><td> </td><td> </td><td> 13 </td><td> </td><td> </td><td> 7 </td><td> </td><td> </td><td> </td><td> 9 </td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Net cash used by investing activities</td><td> </td><td> </td><td> (2,556)</td><td> </td><td> </td><td> (4,468)</td><td> </td><td> </td><td> (1,193)</td><td> </td><td> </td><td> </td><td> (490)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) financing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt principal payments</td><td> </td><td> </td><td> (68)</td><td> </td><td> </td><td> (14)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Net proceeds from long-term debt borrowings</td><td> </td><td> </td><td> 2,278 </td><td> </td><td> </td><td> 1,200 </td><td> </td><td> </td><td> 1,000 </td><td> </td><td> </td><td> </td><td> 225 </td><td> </td></tr><tr><td> </td><td>Payments of vendor financing</td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Premium paid to retire debt</td><td> </td><td> </td><td> (10)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Financing costs paid</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (4)</td><td> </td></tr><tr><td> </td><td>Finance lease obligation payments</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (19)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (7)</td><td> </td></tr><tr><td> </td><td>Proceeds from financing lease transactions</td><td> </td><td> </td><td> 30 </td><td> </td><td> </td><td> 70 </td><td> </td><td> </td><td> 23 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Taxes paid on behalf of employees for shares withheld</td><td> </td><td> </td><td> (9)</td><td> </td><td> </td><td> (8)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (1)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (16)</td><td> </td></tr><tr><td> </td><td>Net cash provided from financing activities</td><td> </td><td> </td><td> 2,129 </td><td> </td><td> </td><td> 1,211 </td><td> </td><td> </td><td> 980 </td><td> </td><td> </td><td> </td><td> 197 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in cash, cash equivalents, and restricted cash</td><td> </td><td> </td><td> 917 </td><td> </td><td> </td><td> (1,856)</td><td> </td><td> </td><td> 1,238 </td><td> </td><td> </td><td> </td><td> (947)</td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents and restricted cash </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> at the beginning of the period</td><td> </td><td> </td><td> 322 </td><td> </td><td> </td><td> 2,178 </td><td> </td><td> </td><td> 940 </td><td> </td><td> </td><td> </td><td> 1,887 </td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents, and restricted cash at the end of the period</td><td> </td><td>$</td><td> 1,239 </td><td> </td><td>$</td><td> 322 </td><td> </td><td>$</td><td> 2,178 </td><td> </td><td> </td><td>$</td><td> 940 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Supplemental cash flow information:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash paid during the period for:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Interest</td><td> </td><td>$</td><td> 711 </td><td> </td><td>$</td><td> 512 </td><td> </td><td>$</td><td> 281 </td><td> </td><td> </td><td>$</td><td>84</td><td> </td></tr><tr><td> </td><td>Income tax payments, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> 8 </td><td> </td><td>$</td><td> 28 </td><td> </td><td> </td><td>$</td><td>9</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td>1,397</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Non-cash investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in accounts payable and accrued liabilities</td><td> </td><td>$</td><td> (326)</td><td> </td><td>$</td><td> 797 </td><td> </td><td>$</td><td> (26)</td><td> </td><td> </td><td>$</td><td> (5)</td><td> </td></tr><tr><td> </td><td>Increase in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in vendor financing</td><td> </td><td>$</td><td> 255 </td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td> -</td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
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q_com211
|
Evaluate the yearly variation in cash flow from investing activities for AT&T Inc. and Frontier Communications between 2023 and 2022.
|
AT&T Inc. reduced its net cash used in investing activities from $26,899 million in 2022 to $19,660 million in 2023, a decrease of approximately 26.9%. Similarly, Frontier Communications lowered its cash used in investing activities, reporting $2,556 million in 2023 compared to $4,468 million in 2022, a steeper decline of around 42.8%.
|
Comparison
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46;9
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0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 46: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------|:---------|:-------|:-----|:---------|:-----|:--------|:---------|:---|:-------|
| 1 | Consolidated Statements of Cash Flows | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Activities | | | | | | | | | |
| 4 | Income (loss) from continuing operations | $ | 15,623 | | | $ | (6,874) | | $ | 23,776 |
| 5 | Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: | | | | | | | | | |
| 6 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 9 | Provision for uncollectible accounts | 1,969 | | | 1,865 | | | 1,241 | | |
| 10 | Deferred income tax expense | 3,037 | | | 2,975 | | | 7,412 | | |
| 11 | Net (gain) loss on investments, net of impairments | 441 | | | 381 | | | (369) | | |
| 12 | Pension and postretirement benefit expense (credit) | (2,552) | | | (3,237) | | | (3,857) | | |
| 13 | Actuarial and settlement (gain) loss on pension and postretirement benefits - net | 1,594 | | | (1,999) | | | (4,143) | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Changes in operating assets and liabilities: | | | | | | | | | |
| 16 | Receivables | 82 | | | 727 | | | (1,125) | | |
| 17 | Other current assets | (642) | | | (674) | | | (1,288) | | |
| 18 | Accounts payable and other accrued liabilities | (1,764) | | | (1,109) | | | (1,570) | | |
| 19 | Equipment installment receivables and related sales | (133) | | | 154 | | | (271) | | |
| 20 | Deferred customer contract acquisition and fulfillment costs | 1 | | | (947) | | | 18 | | |
| 21 | Postretirement claims and contributions | (735) | | | (823) | | | (822) | | |
| 22 | Other – net | 1,423 | | | (146) | | | 103 | | |
| 23 | Total adjustments | 22,691 | | | 42,686 | | | 13,394 | | |
| 24 | Net Cash Provided by Operating Activities from Continuing Operations | 38,314 | | | 35,812 | | | 37,170 | | |
| 25 | Investing Activities | | | | | | | | | |
| 26 | Capital expenditures | (17,853) | | | (19,626) | | | (15,545) | | |
| 27 | Acquisitions, net of cash acquired | (2,942) | | | (10,200) | | | (25,453) | | |
| 28 | Dispositions | 72 | | | 199 | | | 7,136 | | |
| 29 | Distributions from DIRECTV in excess of cumulative equity in earnings | 2,049 | | | 2,649 | | | 1,323 | | |
| 30 | (Purchases), sales and settlements of securities and investments - net | (902) | | | 82 | | | 44 | | |
| 31 | Other – net | (84) | | | (3) | | | 6 | | |
| 35 | Net Cash Used in Investing Activities from Continuing Operations | (19,660) | | | (26,899) | | | (32,489) | | |
| 36 | Financing Activities | | | | | | | | | |
| 37 | Net change in short-term borrowings with original maturities of three months or less | (914) | | | (519) | | | 1,316 | | |
| 38 | Issuance of other short-term borrowings | 5,406 | | | 3,955 | | | 21,856 | | |
| 39 | Repayment of other short-term borrowings | (3,415) | | | (18,345) | | | (7,510) | | |
| 40 | Issuance of long-term debt | 10,004 | | | 2,979 | | | 9,931 | | |
| 41 | Repayment of long-term debt | (12,044) | | | (25,118) | | | (3,039) | | |
| 42 | Note payable to DIRECTV, net of payments | (130) | | | (1,211) | | | 1,341 | | |
| 43 | Payment of vendor financing | (5,742) | | | (4,697) | | | (4,596) | | |
| 45 | Purchase of treasury stock | (194) | | | (890) | | | (202) | | |
| 46 | Issuance of treasury stock | 3 | | | 28 | | | 96 | | |
| 47 | Issuance of preferred interests in subsidiary | 7,151 | | | - | | | - | | |
| 48 | Redemption of preferred interests in subsidiary | (5,333) | | | (2,665) | | | - | | |
| 49 | Dividends paid | (8,136) | | | (9,859) | | | (15,068) | | |
| 50 | Other – net | (2,270) | | | (3,222) | | | (2,231) | | |
| 51 | Net Cash (Used in) Provided by Financing Activities from Continuing Operations | (15,614) | | | (59,564) | | | 1,894 | | |
| 52 | Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations | 3,040 | | | (50,651) | | | 6,575 | | |
| 53 | Cash flows from Discontinued Operations: | | | | | | | | | |
| 54 | Cash (used in) provided by operating activities | - | | | (3,789) | | | 4,788 | | |
| 55 | Cash provided by investing activities | - | | | 1,094 | | | 399 | | |
| 56 | Cash provided by (used in) financing activities | - | | | 35,823 | | | (316) | | |
| 57 | Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations | - | | | 33,128 | | | 4,871 | | |
| 58 | Net increase (decrease) in cash and cash equivalents and restricted cash | 3,040 | | | (17,523) | | | 11,446 | | |
| 59 | Cash and cash equivalents and restricted cash beginning of year | 3,793 | | | 21,316 | | | 9,870 | | |
| 60 | Cash and Cash Equivalents and Restricted Cash End of Year | $ | 6,833 | | | $ | 3,793 | | $ | 21,316 |
The accompanying notes are an integral part of the consolidated financial statements.
46
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 9:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 5 | Cash flows provided from (used by) operating activities: | | | | | | | | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Adjustments to reconcile net loss to net cash provided | | | | | | | | | |
| 8 | from (used by) operating activities: | | | | | | | | | |
| 9 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 10 | Pension settlement costs | | - | | | 55 | | - | | - |
| 11 | Stock-based compensation expense | | 108 | | | 82 | | 18 | | (1) |
| 12 | Non-cash reorganization items | | - | | | - | | - | | (5,467) |
| 13 | Amortization of (premium) discount | | (25) | | | (28) | | (18) | | 1 |
| 14 | Lease Impairment | | - | | | 44 | | - | | - |
| 15 | Bad debt expense | | 35 | | | 26 | | 14 | | - |
| 16 | Other adjustments | | 12 | | | - | | - | | - |
| 17 | Deferred income taxes | | 78 | | | 164 | | 81 | | (148) |
| 18 | Change in accounts receivable | | (43) | | | (7) | | 45 | | 36 |
| 19 | Change in long-term pension and other post-retirement liabilities | | (325) | | | (656) | | 21 | | (12) |
| 20 | Change in accounts payable and other liabilities | | 55 | | | 51 | | 94 | | (156) |
| 21 | Change in prepaid expenses, income taxes, and other assets | | 5 | | | | | | | 46 |
| 22 | Net cash provided from (used by) operating activities | | 1,344 | | | 1,401 | | 1,451 | | (654) |
| 24 | Cash flows provided from (used by) investing activities: | | | | | | | | | |
| 25 | Capital expenditures | | (3,211) | | | (2,738) | | (1,205) | | (500) |
| 26 | Purchase of short-term investments | | (2,275) | | | (4,350) | | - | | - |
| 27 | Sale of short-term investments | | 2,950 | | | 2,600 | | - | | - |
| 28 | Purchase of long-term investments | | (62) | | | - | | - | | - |
| 29 | Proceeds on sale of assets | | 36 | | | 13 | | 7 | | 9 |
| 30 | Other | | | | | | | 5 | | 1 |
| 31 | Net cash used by investing activities | | (2,556) | | | (4,468) | | (1,193) | | (490) |
| 33 | Cash flows provided from (used by) financing activities: | | | | | | | | | |
| 34 | Long-term debt principal payments | | (68) | | | (14) | | (17) | | (1) |
| 35 | Net proceeds from long-term debt borrowings | | 2,278 | | | 1,200 | | 1,000 | | 225 |
| 36 | Payments of vendor financing | | (5) | | | - | | - | | - |
| 37 | Premium paid to retire debt | | (10) | | | - | | - | | - |
| 38 | Financing costs paid | | (62) | | | (17) | | (13) | | (4) |
| 39 | Finance lease obligation payments | | (25) | | | (19) | | (13) | | (7) |
| 40 | Proceeds from financing lease transactions | | 30 | | | 70 | | 23 | | - |
| 41 | Taxes paid on behalf of employees for shares withheld | | (9) | | | (8) | | - | | - |
| 42 | Other | | - | | | (1) | | - | | (16) |
| 43 | Net cash provided from financing activities | | 2,129 | | | 1,211 | | 980 | | 197 |
| 45 | Increase (Decrease) in cash, cash equivalents, and restricted cash | | 917 | | | (1,856) | | 1,238 | | (947) |
| 46 | Cash, cash equivalents and restricted cash | | | | | | | | | |
| 47 | at the beginning of the period | | 322 | | | 2,178 | | 940 | | 1,887 |
| 48 | Cash, cash equivalents, and restricted cash at the end of the period | $ | 1,239 | | $ | 322 | $ | 2,178 | $ | 940 |
| 50 | Supplemental cash flow information: | | | | | | | | | |
| 51 | Cash paid during the period for: | | | | | | | | | |
| 52 | Interest | $ | 711 | | $ | 512 | $ | 281 | $ | 84 |
| 53 | Income tax payments, net | $ | - | | $ | 8 | $ | 28 | $ | 9 |
| 54 | Reorganization items, net | $ | - | | $ | - | $ | - | $ | 1,397 |
| 56 | Non-cash investing activities: | | | | | | | | | |
| 57 | Increase (Decrease) in capital expenditures due to | | | | | | | | | |
| 58 | changes in accounts payable and accrued liabilities | $ | (326) | | $ | 797 | $ | (26) | $ | (5) |
| 59 | Increase in capital expenditures due to | | | | | | | | | |
| 60 | changes in vendor financing | $ | 255 | | $ | - | $ | - | $ | - |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
|
| | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------|:---------|:-------|:-----|:---------|:-----|:--------|:---------|:---|:-------|
| 1 | Consolidated Statements of Cash Flows | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Activities | | | | | | | | | |
| 4 | Income (loss) from continuing operations | $ | 15,623 | | | $ | (6,874) | | $ | 23,776 |
| 5 | Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: | | | | | | | | | |
| 6 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 9 | Provision for uncollectible accounts | 1,969 | | | 1,865 | | | 1,241 | | |
| 10 | Deferred income tax expense | 3,037 | | | 2,975 | | | 7,412 | | |
| 11 | Net (gain) loss on investments, net of impairments | 441 | | | 381 | | | (369) | | |
| 12 | Pension and postretirement benefit expense (credit) | (2,552) | | | (3,237) | | | (3,857) | | |
| 13 | Actuarial and settlement (gain) loss on pension and postretirement benefits - net | 1,594 | | | (1,999) | | | (4,143) | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Changes in operating assets and liabilities: | | | | | | | | | |
| 16 | Receivables | 82 | | | 727 | | | (1,125) | | |
| 17 | Other current assets | (642) | | | (674) | | | (1,288) | | |
| 18 | Accounts payable and other accrued liabilities | (1,764) | | | (1,109) | | | (1,570) | | |
| 19 | Equipment installment receivables and related sales | (133) | | | 154 | | | (271) | | |
| 20 | Deferred customer contract acquisition and fulfillment costs | 1 | | | (947) | | | 18 | | |
| 21 | Postretirement claims and contributions | (735) | | | (823) | | | (822) | | |
| 22 | Other – net | 1,423 | | | (146) | | | 103 | | |
| 23 | Total adjustments | 22,691 | | | 42,686 | | | 13,394 | | |
| 24 | Net Cash Provided by Operating Activities from Continuing Operations | 38,314 | | | 35,812 | | | 37,170 | | |
| 25 | Investing Activities | | | | | | | | | |
| 26 | Capital expenditures | (17,853) | | | (19,626) | | | (15,545) | | |
| 27 | Acquisitions, net of cash acquired | (2,942) | | | (10,200) | | | (25,453) | | |
| 28 | Dispositions | 72 | | | 199 | | | 7,136 | | |
| 29 | Distributions from DIRECTV in excess of cumulative equity in earnings | 2,049 | | | 2,649 | | | 1,323 | | |
| 30 | (Purchases), sales and settlements of securities and investments - net | (902) | | | 82 | | | 44 | | |
| 31 | Other – net | (84) | | | (3) | | | 6 | | |
| 35 | Net Cash Used in Investing Activities from Continuing Operations | (19,660) | | | (26,899) | | | (32,489) | | |
| 36 | Financing Activities | | | | | | | | | |
| 37 | Net change in short-term borrowings with original maturities of three months or less | (914) | | | (519) | | | 1,316 | | |
| 38 | Issuance of other short-term borrowings | 5,406 | | | 3,955 | | | 21,856 | | |
| 39 | Repayment of other short-term borrowings | (3,415) | | | (18,345) | | | (7,510) | | |
| 40 | Issuance of long-term debt | 10,004 | | | 2,979 | | | 9,931 | | |
| 41 | Repayment of long-term debt | (12,044) | | | (25,118) | | | (3,039) | | |
| 42 | Note payable to DIRECTV, net of payments | (130) | | | (1,211) | | | 1,341 | | |
| 43 | Payment of vendor financing | (5,742) | | | (4,697) | | | (4,596) | | |
| 45 | Purchase of treasury stock | (194) | | | (890) | | | (202) | | |
| 46 | Issuance of treasury stock | 3 | | | 28 | | | 96 | | |
| 47 | Issuance of preferred interests in subsidiary | 7,151 | | | - | | | - | | |
| 48 | Redemption of preferred interests in subsidiary | (5,333) | | | (2,665) | | | - | | |
| 49 | Dividends paid | (8,136) | | | (9,859) | | | (15,068) | | |
| 50 | Other – net | (2,270) | | | (3,222) | | | (2,231) | | |
| 51 | Net Cash (Used in) Provided by Financing Activities from Continuing Operations | (15,614) | | | (59,564) | | | 1,894 | | |
| 52 | Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations | 3,040 | | | (50,651) | | | 6,575 | | |
| 53 | Cash flows from Discontinued Operations: | | | | | | | | | |
| 54 | Cash (used in) provided by operating activities | - | | | (3,789) | | | 4,788 | | |
| 55 | Cash provided by investing activities | - | | | 1,094 | | | 399 | | |
| 56 | Cash provided by (used in) financing activities | - | | | 35,823 | | | (316) | | |
| 57 | Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations | - | | | 33,128 | | | 4,871 | | |
| 58 | Net increase (decrease) in cash and cash equivalents and restricted cash | 3,040 | | | (17,523) | | | 11,446 | | |
| 59 | Cash and cash equivalents and restricted cash beginning of year | 3,793 | | | 21,316 | | | 9,870 | | |
| 60 | Cash and Cash Equivalents and Restricted Cash End of Year | $ | 6,833 | | | $ | 3,793 | | $ | 21,316 |
The accompanying notes are an integral part of the consolidated financial statements.
46
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 5 | Cash flows provided from (used by) operating activities: | | | | | | | | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Adjustments to reconcile net loss to net cash provided | | | | | | | | | |
| 8 | from (used by) operating activities: | | | | | | | | | |
| 9 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 10 | Pension settlement costs | | - | | | 55 | | - | | - |
| 11 | Stock-based compensation expense | | 108 | | | 82 | | 18 | | (1) |
| 12 | Non-cash reorganization items | | - | | | - | | - | | (5,467) |
| 13 | Amortization of (premium) discount | | (25) | | | (28) | | (18) | | 1 |
| 14 | Lease Impairment | | - | | | 44 | | - | | - |
| 15 | Bad debt expense | | 35 | | | 26 | | 14 | | - |
| 16 | Other adjustments | | 12 | | | - | | - | | - |
| 17 | Deferred income taxes | | 78 | | | 164 | | 81 | | (148) |
| 18 | Change in accounts receivable | | (43) | | | (7) | | 45 | | 36 |
| 19 | Change in long-term pension and other post-retirement liabilities | | (325) | | | (656) | | 21 | | (12) |
| 20 | Change in accounts payable and other liabilities | | 55 | | | 51 | | 94 | | (156) |
| 21 | Change in prepaid expenses, income taxes, and other assets | | 5 | | | | | | | 46 |
| 22 | Net cash provided from (used by) operating activities | | 1,344 | | | 1,401 | | 1,451 | | (654) |
| 24 | Cash flows provided from (used by) investing activities: | | | | | | | | | |
| 25 | Capital expenditures | | (3,211) | | | (2,738) | | (1,205) | | (500) |
| 26 | Purchase of short-term investments | | (2,275) | | | (4,350) | | - | | - |
| 27 | Sale of short-term investments | | 2,950 | | | 2,600 | | - | | - |
| 28 | Purchase of long-term investments | | (62) | | | - | | - | | - |
| 29 | Proceeds on sale of assets | | 36 | | | 13 | | 7 | | 9 |
| 30 | Other | | | | | | | 5 | | 1 |
| 31 | Net cash used by investing activities | | (2,556) | | | (4,468) | | (1,193) | | (490) |
| 33 | Cash flows provided from (used by) financing activities: | | | | | | | | | |
| 34 | Long-term debt principal payments | | (68) | | | (14) | | (17) | | (1) |
| 35 | Net proceeds from long-term debt borrowings | | 2,278 | | | 1,200 | | 1,000 | | 225 |
| 36 | Payments of vendor financing | | (5) | | | - | | - | | - |
| 37 | Premium paid to retire debt | | (10) | | | - | | - | | - |
| 38 | Financing costs paid | | (62) | | | (17) | | (13) | | (4) |
| 39 | Finance lease obligation payments | | (25) | | | (19) | | (13) | | (7) |
| 40 | Proceeds from financing lease transactions | | 30 | | | 70 | | 23 | | - |
| 41 | Taxes paid on behalf of employees for shares withheld | | (9) | | | (8) | | - | | - |
| 42 | Other | | - | | | (1) | | - | | (16) |
| 43 | Net cash provided from financing activities | | 2,129 | | | 1,211 | | 980 | | 197 |
| 45 | Increase (Decrease) in cash, cash equivalents, and restricted cash | | 917 | | | (1,856) | | 1,238 | | (947) |
| 46 | Cash, cash equivalents and restricted cash | | | | | | | | | |
| 47 | at the beginning of the period | | 322 | | | 2,178 | | 940 | | 1,887 |
| 48 | Cash, cash equivalents, and restricted cash at the end of the period | $ | 1,239 | | $ | 322 | $ | 2,178 | $ | 940 |
| 50 | Supplemental cash flow information: | | | | | | | | | |
| 51 | Cash paid during the period for: | | | | | | | | | |
| 52 | Interest | $ | 711 | | $ | 512 | $ | 281 | $ | 84 |
| 53 | Income tax payments, net | $ | - | | $ | 8 | $ | 28 | $ | 9 |
| 54 | Reorganization items, net | $ | - | | $ | - | $ | - | $ | 1,397 |
| 56 | Non-cash investing activities: | | | | | | | | | |
| 57 | Increase (Decrease) in capital expenditures due to | | | | | | | | | |
| 58 | changes in accounts payable and accrued liabilities | $ | (326) | | $ | 797 | $ | (26) | $ | (5) |
| 59 | Increase in capital expenditures due to | | | | | | | | | |
| 60 | changes in vendor financing | $ | 255 | | $ | - | $ | - | $ | - |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 46: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Cash Flows</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income (loss) from continuing operations</td><td>$</td><td>15,623 </td><td></td><td colspan="3"></td><td>$</td><td>(6,874)</td><td></td><td colspan="3"></td><td>$</td><td>23,776 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Provision for uncollectible accounts</td><td colspan="2">1,969 </td><td></td><td colspan="3"></td><td colspan="2">1,865 </td><td></td><td colspan="3"></td><td colspan="2">1,241 </td><td></td></tr><tr><td colspan="3">Deferred income tax expense</td><td colspan="2">3,037 </td><td></td><td colspan="3"></td><td colspan="2">2,975 </td><td></td><td colspan="3"></td><td colspan="2">7,412 </td><td></td></tr><tr><td colspan="3">Net (gain) loss on investments, net of impairments</td><td colspan="2">441 </td><td></td><td colspan="3"></td><td colspan="2">381 </td><td></td><td colspan="3"></td><td colspan="2">(369)</td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit expense (credit)</td><td colspan="2">(2,552)</td><td></td><td colspan="3"></td><td colspan="2">(3,237)</td><td></td><td colspan="3"></td><td colspan="2">(3,857)</td><td></td></tr><tr><td colspan="3">Actuarial and settlement (gain) loss on pension and postretirement benefits - net</td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">(1,999)</td><td></td><td colspan="3"></td><td colspan="2">(4,143)</td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Receivables</td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">727 </td><td></td><td colspan="3"></td><td colspan="2">(1,125)</td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">(642)</td><td></td><td colspan="3"></td><td colspan="2">(674)</td><td></td><td colspan="3"></td><td colspan="2">(1,288)</td><td></td></tr><tr><td colspan="3">Accounts payable and other accrued liabilities</td><td colspan="2">(1,764)</td><td></td><td colspan="3"></td><td colspan="2">(1,109)</td><td></td><td colspan="3"></td><td colspan="2">(1,570)</td><td></td></tr><tr><td colspan="3">Equipment installment receivables and related sales</td><td colspan="2">(133)</td><td></td><td colspan="3"></td><td colspan="2">154 </td><td></td><td colspan="3"></td><td colspan="2">(271)</td><td></td></tr><tr><td colspan="3">Deferred customer contract acquisition and fulfillment costs</td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">(947)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td></tr><tr><td colspan="3">Postretirement claims and contributions</td><td colspan="2">(735)</td><td></td><td colspan="3"></td><td colspan="2">(823)</td><td></td><td colspan="3"></td><td colspan="2">(822)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">1,423 </td><td></td><td colspan="3"></td><td colspan="2">(146)</td><td></td><td colspan="3"></td><td colspan="2">103 </td><td></td></tr><tr><td colspan="3">Total adjustments</td><td colspan="2">22,691 </td><td></td><td colspan="3"></td><td colspan="2">42,686 </td><td></td><td colspan="3"></td><td colspan="2">13,394 </td><td></td></tr><tr><td colspan="3">Net Cash Provided by Operating Activities from Continuing Operations</td><td colspan="2">38,314 </td><td></td><td colspan="3"></td><td colspan="2">35,812 </td><td></td><td colspan="3"></td><td colspan="2">37,170 </td><td></td></tr><tr><td colspan="3">Investing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Capital expenditures</td><td colspan="2">(17,853)</td><td></td><td colspan="3"></td><td colspan="2">(19,626)</td><td></td><td colspan="3"></td><td colspan="2">(15,545)</td><td></td></tr><tr><td colspan="3">Acquisitions, net of cash acquired</td><td colspan="2">(2,942)</td><td></td><td colspan="3"></td><td colspan="2">(10,200)</td><td></td><td colspan="3"></td><td colspan="2">(25,453)</td><td></td></tr><tr><td colspan="3">Dispositions</td><td colspan="2">72 </td><td></td><td colspan="3"></td><td colspan="2">199 </td><td></td><td colspan="3"></td><td colspan="2">7,136 </td><td></td></tr><tr><td colspan="3">Distributions from DIRECTV in excess of cumulative equity in earnings</td><td colspan="2">2,049 </td><td></td><td colspan="3"></td><td colspan="2">2,649 </td><td></td><td colspan="3"></td><td colspan="2">1,323 </td><td></td></tr><tr><td colspan="3">(Purchases), sales and settlements of securities and investments - net</td><td colspan="2">(902)</td><td></td><td colspan="3"></td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">44 </td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(84)</td><td></td><td colspan="3"></td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net Cash Used in Investing Activities from Continuing Operations</td><td colspan="2">(19,660)</td><td></td><td colspan="3"></td><td colspan="2">(26,899)</td><td></td><td colspan="3"></td><td colspan="2">(32,489)</td><td></td></tr><tr><td colspan="3">Financing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net change in short-term borrowings with original maturities of three months or less</td><td colspan="2">(914)</td><td></td><td colspan="3"></td><td colspan="2">(519)</td><td></td><td colspan="3"></td><td colspan="2">1,316 </td><td></td></tr><tr><td colspan="3">Issuance of other short-term borrowings</td><td colspan="2">5,406 </td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">21,856 </td><td></td></tr><tr><td colspan="3">Repayment of other short-term borrowings</td><td colspan="2">(3,415)</td><td></td><td colspan="3"></td><td colspan="2">(18,345)</td><td></td><td colspan="3"></td><td colspan="2">(7,510)</td><td></td></tr><tr><td colspan="3">Issuance of long-term debt</td><td colspan="2">10,004 </td><td></td><td colspan="3"></td><td colspan="2">2,979 </td><td></td><td colspan="3"></td><td colspan="2">9,931 </td><td></td></tr><tr><td colspan="3">Repayment of long-term debt</td><td colspan="2">(12,044)</td><td></td><td colspan="3"></td><td colspan="2">(25,118)</td><td></td><td colspan="3"></td><td colspan="2">(3,039)</td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV, net of payments</td><td colspan="2">(130)</td><td></td><td colspan="3"></td><td colspan="2">(1,211)</td><td></td><td colspan="3"></td><td colspan="2">1,341 </td><td></td></tr><tr><td colspan="3">Payment of vendor financing</td><td colspan="2">(5,742)</td><td></td><td colspan="3"></td><td colspan="2">(4,697)</td><td></td><td colspan="3"></td><td colspan="2">(4,596)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchase of treasury stock</td><td colspan="2">(194)</td><td></td><td colspan="3"></td><td colspan="2">(890)</td><td></td><td colspan="3"></td><td colspan="2">(202)</td><td></td></tr><tr><td colspan="3">Issuance of treasury stock</td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2">28 </td><td></td><td colspan="3"></td><td colspan="2">96 </td><td></td></tr><tr><td colspan="3">Issuance of preferred interests in subsidiary</td><td colspan="2">7,151 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Redemption of preferred interests in subsidiary</td><td colspan="2">(5,333)</td><td></td><td colspan="3"></td><td colspan="2">(2,665)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Dividends paid</td><td colspan="2">(8,136)</td><td></td><td colspan="3"></td><td colspan="2">(9,859)</td><td></td><td colspan="3"></td><td colspan="2">(15,068)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(2,270)</td><td></td><td colspan="3"></td><td colspan="2">(3,222)</td><td></td><td colspan="3"></td><td colspan="2">(2,231)</td><td></td></tr><tr><td colspan="3">Net Cash (Used in) Provided by Financing Activities from Continuing Operations</td><td colspan="2">(15,614)</td><td></td><td colspan="3"></td><td colspan="2">(59,564)</td><td></td><td colspan="3"></td><td colspan="2">1,894 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(50,651)</td><td></td><td colspan="3"></td><td colspan="2">6,575 </td><td></td></tr><tr><td colspan="3">Cash flows from Discontinued Operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash (used in) provided by operating activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(3,789)</td><td></td><td colspan="3"></td><td colspan="2">4,788 </td><td></td></tr><tr><td colspan="3">Cash provided by investing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">1,094 </td><td></td><td colspan="3"></td><td colspan="2">399 </td><td></td></tr><tr><td colspan="3">Cash provided by (used in) financing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">35,823 </td><td></td><td colspan="3"></td><td colspan="2">(316)</td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">33,128 </td><td></td><td colspan="3"></td><td colspan="2">4,871 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(17,523)</td><td></td><td colspan="3"></td><td colspan="2">11,446 </td><td></td></tr><tr><td colspan="3">Cash and cash equivalents and restricted cash beginning of year</td><td colspan="2">3,793 </td><td></td><td colspan="3"></td><td colspan="2">21,316 </td><td></td><td colspan="3"></td><td colspan="2">9,870 </td><td></td></tr><tr><td colspan="3">Cash and Cash Equivalents and Restricted Cash End of Year</td><td>$</td><td>6,833 </td><td></td><td colspan="3"></td><td>$</td><td>3,793 </td><td></td><td colspan="3"></td><td>$</td><td>21,316 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
46
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 9:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended</td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Adjustments to reconcile net loss to net cash provided</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Stock-based compensation expense</td><td> </td><td> </td><td> 108 </td><td> </td><td> </td><td> 82 </td><td> </td><td> </td><td> 18 </td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Non-cash reorganization items</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (5,467)</td><td> </td></tr><tr><td> </td><td>Amortization of (premium) discount</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (28)</td><td> </td><td> </td><td> (18)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Lease Impairment</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 44 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Bad debt expense</td><td> </td><td> </td><td> 35 </td><td> </td><td> </td><td> 26 </td><td> </td><td> </td><td> 14 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other adjustments</td><td> </td><td> </td><td> 12 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Deferred income taxes </td><td> </td><td> </td><td> 78 </td><td> </td><td> </td><td> 164 </td><td> </td><td> </td><td> 81 </td><td> </td><td> </td><td> </td><td> (148)</td><td> </td></tr><tr><td> </td><td>Change in accounts receivable</td><td> </td><td> </td><td> (43)</td><td> </td><td> </td><td> (7)</td><td> </td><td> </td><td> 45 </td><td> </td><td> </td><td> </td><td> 36 </td><td> </td></tr><tr><td> </td><td>Change in long-term pension and other post-retirement liabilities</td><td> </td><td> </td><td> (325)</td><td> </td><td> </td><td> (656)</td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> (12)</td><td> </td></tr><tr><td> </td><td>Change in accounts payable and other liabilities</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> 51 </td><td> </td><td> </td><td> 94 </td><td> </td><td> </td><td> </td><td> (156)</td><td> </td></tr><tr><td> </td><td>Change in prepaid expenses, income taxes, and other assets</td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 46 </td><td> </td></tr><tr><td> </td><td>Net cash provided from (used by) operating activities</td><td> </td><td> </td><td> 1,344 </td><td> </td><td> </td><td> 1,401 </td><td> </td><td> </td><td> 1,451 </td><td> </td><td> </td><td> </td><td> (654)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Capital expenditures </td><td> </td><td> </td><td> (3,211)</td><td> </td><td> </td><td> (2,738)</td><td> </td><td> </td><td> (1,205)</td><td> </td><td> </td><td> </td><td> (500)</td><td> </td></tr><tr><td> </td><td>Purchase of short-term investments</td><td> </td><td> </td><td> (2,275)</td><td> </td><td> </td><td> (4,350)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Sale of short-term investments</td><td> </td><td> </td><td> 2,950 </td><td> </td><td> </td><td> 2,600 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Purchase of long-term investments</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Proceeds on sale of assets</td><td> </td><td> </td><td> 36 </td><td> </td><td> </td><td> 13 </td><td> </td><td> </td><td> 7 </td><td> </td><td> </td><td> </td><td> 9 </td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Net cash used by investing activities</td><td> </td><td> </td><td> (2,556)</td><td> </td><td> </td><td> (4,468)</td><td> </td><td> </td><td> (1,193)</td><td> </td><td> </td><td> </td><td> (490)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) financing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt principal payments</td><td> </td><td> </td><td> (68)</td><td> </td><td> </td><td> (14)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Net proceeds from long-term debt borrowings</td><td> </td><td> </td><td> 2,278 </td><td> </td><td> </td><td> 1,200 </td><td> </td><td> </td><td> 1,000 </td><td> </td><td> </td><td> </td><td> 225 </td><td> </td></tr><tr><td> </td><td>Payments of vendor financing</td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Premium paid to retire debt</td><td> </td><td> </td><td> (10)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Financing costs paid</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (4)</td><td> </td></tr><tr><td> </td><td>Finance lease obligation payments</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (19)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (7)</td><td> </td></tr><tr><td> </td><td>Proceeds from financing lease transactions</td><td> </td><td> </td><td> 30 </td><td> </td><td> </td><td> 70 </td><td> </td><td> </td><td> 23 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Taxes paid on behalf of employees for shares withheld</td><td> </td><td> </td><td> (9)</td><td> </td><td> </td><td> (8)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (1)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (16)</td><td> </td></tr><tr><td> </td><td>Net cash provided from financing activities</td><td> </td><td> </td><td> 2,129 </td><td> </td><td> </td><td> 1,211 </td><td> </td><td> </td><td> 980 </td><td> </td><td> </td><td> </td><td> 197 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in cash, cash equivalents, and restricted cash</td><td> </td><td> </td><td> 917 </td><td> </td><td> </td><td> (1,856)</td><td> </td><td> </td><td> 1,238 </td><td> </td><td> </td><td> </td><td> (947)</td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents and restricted cash </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> at the beginning of the period</td><td> </td><td> </td><td> 322 </td><td> </td><td> </td><td> 2,178 </td><td> </td><td> </td><td> 940 </td><td> </td><td> </td><td> </td><td> 1,887 </td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents, and restricted cash at the end of the period</td><td> </td><td>$</td><td> 1,239 </td><td> </td><td>$</td><td> 322 </td><td> </td><td>$</td><td> 2,178 </td><td> </td><td> </td><td>$</td><td> 940 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Supplemental cash flow information:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash paid during the period for:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Interest</td><td> </td><td>$</td><td> 711 </td><td> </td><td>$</td><td> 512 </td><td> </td><td>$</td><td> 281 </td><td> </td><td> </td><td>$</td><td>84</td><td> </td></tr><tr><td> </td><td>Income tax payments, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> 8 </td><td> </td><td>$</td><td> 28 </td><td> </td><td> </td><td>$</td><td>9</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td>1,397</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Non-cash investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in accounts payable and accrued liabilities</td><td> </td><td>$</td><td> (326)</td><td> </td><td>$</td><td> 797 </td><td> </td><td>$</td><td> (26)</td><td> </td><td> </td><td>$</td><td> (5)</td><td> </td></tr><tr><td> </td><td>Increase in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in vendor financing</td><td> </td><td>$</td><td> 255 </td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td> -</td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
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<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Cash Flows</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income (loss) from continuing operations</td><td>$</td><td>15,623 </td><td></td><td colspan="3"></td><td>$</td><td>(6,874)</td><td></td><td colspan="3"></td><td>$</td><td>23,776 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Provision for uncollectible accounts</td><td colspan="2">1,969 </td><td></td><td colspan="3"></td><td colspan="2">1,865 </td><td></td><td colspan="3"></td><td colspan="2">1,241 </td><td></td></tr><tr><td colspan="3">Deferred income tax expense</td><td colspan="2">3,037 </td><td></td><td colspan="3"></td><td colspan="2">2,975 </td><td></td><td colspan="3"></td><td colspan="2">7,412 </td><td></td></tr><tr><td colspan="3">Net (gain) loss on investments, net of impairments</td><td colspan="2">441 </td><td></td><td colspan="3"></td><td colspan="2">381 </td><td></td><td colspan="3"></td><td colspan="2">(369)</td><td></td></tr><tr><td colspan="3">Pension and postretirement benefit expense (credit)</td><td colspan="2">(2,552)</td><td></td><td colspan="3"></td><td colspan="2">(3,237)</td><td></td><td colspan="3"></td><td colspan="2">(3,857)</td><td></td></tr><tr><td colspan="3">Actuarial and settlement (gain) loss on pension and postretirement benefits - net</td><td colspan="2">1,594 </td><td></td><td colspan="3"></td><td colspan="2">(1,999)</td><td></td><td colspan="3"></td><td colspan="2">(4,143)</td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Receivables</td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">727 </td><td></td><td colspan="3"></td><td colspan="2">(1,125)</td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">(642)</td><td></td><td colspan="3"></td><td colspan="2">(674)</td><td></td><td colspan="3"></td><td colspan="2">(1,288)</td><td></td></tr><tr><td colspan="3">Accounts payable and other accrued liabilities</td><td colspan="2">(1,764)</td><td></td><td colspan="3"></td><td colspan="2">(1,109)</td><td></td><td colspan="3"></td><td colspan="2">(1,570)</td><td></td></tr><tr><td colspan="3">Equipment installment receivables and related sales</td><td colspan="2">(133)</td><td></td><td colspan="3"></td><td colspan="2">154 </td><td></td><td colspan="3"></td><td colspan="2">(271)</td><td></td></tr><tr><td colspan="3">Deferred customer contract acquisition and fulfillment costs</td><td colspan="2">1 </td><td></td><td colspan="3"></td><td colspan="2">(947)</td><td></td><td colspan="3"></td><td colspan="2">18 </td><td></td></tr><tr><td colspan="3">Postretirement claims and contributions</td><td colspan="2">(735)</td><td></td><td colspan="3"></td><td colspan="2">(823)</td><td></td><td colspan="3"></td><td colspan="2">(822)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">1,423 </td><td></td><td colspan="3"></td><td colspan="2">(146)</td><td></td><td colspan="3"></td><td colspan="2">103 </td><td></td></tr><tr><td colspan="3">Total adjustments</td><td colspan="2">22,691 </td><td></td><td colspan="3"></td><td colspan="2">42,686 </td><td></td><td colspan="3"></td><td colspan="2">13,394 </td><td></td></tr><tr><td colspan="3">Net Cash Provided by Operating Activities from Continuing Operations</td><td colspan="2">38,314 </td><td></td><td colspan="3"></td><td colspan="2">35,812 </td><td></td><td colspan="3"></td><td colspan="2">37,170 </td><td></td></tr><tr><td colspan="3">Investing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Capital expenditures</td><td colspan="2">(17,853)</td><td></td><td colspan="3"></td><td colspan="2">(19,626)</td><td></td><td colspan="3"></td><td colspan="2">(15,545)</td><td></td></tr><tr><td colspan="3">Acquisitions, net of cash acquired</td><td colspan="2">(2,942)</td><td></td><td colspan="3"></td><td colspan="2">(10,200)</td><td></td><td colspan="3"></td><td colspan="2">(25,453)</td><td></td></tr><tr><td colspan="3">Dispositions</td><td colspan="2">72 </td><td></td><td colspan="3"></td><td colspan="2">199 </td><td></td><td colspan="3"></td><td colspan="2">7,136 </td><td></td></tr><tr><td colspan="3">Distributions from DIRECTV in excess of cumulative equity in earnings</td><td colspan="2">2,049 </td><td></td><td colspan="3"></td><td colspan="2">2,649 </td><td></td><td colspan="3"></td><td colspan="2">1,323 </td><td></td></tr><tr><td colspan="3">(Purchases), sales and settlements of securities and investments - net</td><td colspan="2">(902)</td><td></td><td colspan="3"></td><td colspan="2">82 </td><td></td><td colspan="3"></td><td colspan="2">44 </td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(84)</td><td></td><td colspan="3"></td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">6 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net Cash Used in Investing Activities from Continuing Operations</td><td colspan="2">(19,660)</td><td></td><td colspan="3"></td><td colspan="2">(26,899)</td><td></td><td colspan="3"></td><td colspan="2">(32,489)</td><td></td></tr><tr><td colspan="3">Financing Activities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net change in short-term borrowings with original maturities of three months or less</td><td colspan="2">(914)</td><td></td><td colspan="3"></td><td colspan="2">(519)</td><td></td><td colspan="3"></td><td colspan="2">1,316 </td><td></td></tr><tr><td colspan="3">Issuance of other short-term borrowings</td><td colspan="2">5,406 </td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">21,856 </td><td></td></tr><tr><td colspan="3">Repayment of other short-term borrowings</td><td colspan="2">(3,415)</td><td></td><td colspan="3"></td><td colspan="2">(18,345)</td><td></td><td colspan="3"></td><td colspan="2">(7,510)</td><td></td></tr><tr><td colspan="3">Issuance of long-term debt</td><td colspan="2">10,004 </td><td></td><td colspan="3"></td><td colspan="2">2,979 </td><td></td><td colspan="3"></td><td colspan="2">9,931 </td><td></td></tr><tr><td colspan="3">Repayment of long-term debt</td><td colspan="2">(12,044)</td><td></td><td colspan="3"></td><td colspan="2">(25,118)</td><td></td><td colspan="3"></td><td colspan="2">(3,039)</td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV, net of payments</td><td colspan="2">(130)</td><td></td><td colspan="3"></td><td colspan="2">(1,211)</td><td></td><td colspan="3"></td><td colspan="2">1,341 </td><td></td></tr><tr><td colspan="3">Payment of vendor financing</td><td colspan="2">(5,742)</td><td></td><td colspan="3"></td><td colspan="2">(4,697)</td><td></td><td colspan="3"></td><td colspan="2">(4,596)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchase of treasury stock</td><td colspan="2">(194)</td><td></td><td colspan="3"></td><td colspan="2">(890)</td><td></td><td colspan="3"></td><td colspan="2">(202)</td><td></td></tr><tr><td colspan="3">Issuance of treasury stock</td><td colspan="2">3 </td><td></td><td colspan="3"></td><td colspan="2">28 </td><td></td><td colspan="3"></td><td colspan="2">96 </td><td></td></tr><tr><td colspan="3">Issuance of preferred interests in subsidiary</td><td colspan="2">7,151 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Redemption of preferred interests in subsidiary</td><td colspan="2">(5,333)</td><td></td><td colspan="3"></td><td colspan="2">(2,665)</td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Dividends paid</td><td colspan="2">(8,136)</td><td></td><td colspan="3"></td><td colspan="2">(9,859)</td><td></td><td colspan="3"></td><td colspan="2">(15,068)</td><td></td></tr><tr><td colspan="3">Other – net</td><td colspan="2">(2,270)</td><td></td><td colspan="3"></td><td colspan="2">(3,222)</td><td></td><td colspan="3"></td><td colspan="2">(2,231)</td><td></td></tr><tr><td colspan="3">Net Cash (Used in) Provided by Financing Activities from Continuing Operations</td><td colspan="2">(15,614)</td><td></td><td colspan="3"></td><td colspan="2">(59,564)</td><td></td><td colspan="3"></td><td colspan="2">1,894 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(50,651)</td><td></td><td colspan="3"></td><td colspan="2">6,575 </td><td></td></tr><tr><td colspan="3">Cash flows from Discontinued Operations:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash (used in) provided by operating activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(3,789)</td><td></td><td colspan="3"></td><td colspan="2">4,788 </td><td></td></tr><tr><td colspan="3">Cash provided by investing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">1,094 </td><td></td><td colspan="3"></td><td colspan="2">399 </td><td></td></tr><tr><td colspan="3">Cash provided by (used in) financing activities</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">35,823 </td><td></td><td colspan="3"></td><td colspan="2">(316)</td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash from discontinued operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">33,128 </td><td></td><td colspan="3"></td><td colspan="2">4,871 </td><td></td></tr><tr><td colspan="3">Net increase (decrease) in cash and cash equivalents and restricted cash</td><td colspan="2">3,040 </td><td></td><td colspan="3"></td><td colspan="2">(17,523)</td><td></td><td colspan="3"></td><td colspan="2">11,446 </td><td></td></tr><tr><td colspan="3">Cash and cash equivalents and restricted cash beginning of year</td><td colspan="2">3,793 </td><td></td><td colspan="3"></td><td colspan="2">21,316 </td><td></td><td colspan="3"></td><td colspan="2">9,870 </td><td></td></tr><tr><td colspan="3">Cash and Cash Equivalents and Restricted Cash End of Year</td><td>$</td><td>6,833 </td><td></td><td colspan="3"></td><td>$</td><td>3,793 </td><td></td><td colspan="3"></td><td>$</td><td>21,316 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
46
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended</td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Adjustments to reconcile net loss to net cash provided</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>from (used by) operating activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Stock-based compensation expense</td><td> </td><td> </td><td> 108 </td><td> </td><td> </td><td> 82 </td><td> </td><td> </td><td> 18 </td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Non-cash reorganization items</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (5,467)</td><td> </td></tr><tr><td> </td><td>Amortization of (premium) discount</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (28)</td><td> </td><td> </td><td> (18)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Lease Impairment</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> 44 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Bad debt expense</td><td> </td><td> </td><td> 35 </td><td> </td><td> </td><td> 26 </td><td> </td><td> </td><td> 14 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other adjustments</td><td> </td><td> </td><td> 12 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Deferred income taxes </td><td> </td><td> </td><td> 78 </td><td> </td><td> </td><td> 164 </td><td> </td><td> </td><td> 81 </td><td> </td><td> </td><td> </td><td> (148)</td><td> </td></tr><tr><td> </td><td>Change in accounts receivable</td><td> </td><td> </td><td> (43)</td><td> </td><td> </td><td> (7)</td><td> </td><td> </td><td> 45 </td><td> </td><td> </td><td> </td><td> 36 </td><td> </td></tr><tr><td> </td><td>Change in long-term pension and other post-retirement liabilities</td><td> </td><td> </td><td> (325)</td><td> </td><td> </td><td> (656)</td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> (12)</td><td> </td></tr><tr><td> </td><td>Change in accounts payable and other liabilities</td><td> </td><td> </td><td> 55 </td><td> </td><td> </td><td> 51 </td><td> </td><td> </td><td> 94 </td><td> </td><td> </td><td> </td><td> (156)</td><td> </td></tr><tr><td> </td><td>Change in prepaid expenses, income taxes, and other assets</td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 46 </td><td> </td></tr><tr><td> </td><td>Net cash provided from (used by) operating activities</td><td> </td><td> </td><td> 1,344 </td><td> </td><td> </td><td> 1,401 </td><td> </td><td> </td><td> 1,451 </td><td> </td><td> </td><td> </td><td> (654)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Capital expenditures </td><td> </td><td> </td><td> (3,211)</td><td> </td><td> </td><td> (2,738)</td><td> </td><td> </td><td> (1,205)</td><td> </td><td> </td><td> </td><td> (500)</td><td> </td></tr><tr><td> </td><td>Purchase of short-term investments</td><td> </td><td> </td><td> (2,275)</td><td> </td><td> </td><td> (4,350)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Sale of short-term investments</td><td> </td><td> </td><td> 2,950 </td><td> </td><td> </td><td> 2,600 </td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Purchase of long-term investments</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Proceeds on sale of assets</td><td> </td><td> </td><td> 36 </td><td> </td><td> </td><td> 13 </td><td> </td><td> </td><td> 7 </td><td> </td><td> </td><td> </td><td> 9 </td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> 5 </td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Net cash used by investing activities</td><td> </td><td> </td><td> (2,556)</td><td> </td><td> </td><td> (4,468)</td><td> </td><td> </td><td> (1,193)</td><td> </td><td> </td><td> </td><td> (490)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash flows provided from (used by) financing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt principal payments</td><td> </td><td> </td><td> (68)</td><td> </td><td> </td><td> (14)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> </td><td> (1)</td><td> </td></tr><tr><td> </td><td>Net proceeds from long-term debt borrowings</td><td> </td><td> </td><td> 2,278 </td><td> </td><td> </td><td> 1,200 </td><td> </td><td> </td><td> 1,000 </td><td> </td><td> </td><td> </td><td> 225 </td><td> </td></tr><tr><td> </td><td>Payments of vendor financing</td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Premium paid to retire debt</td><td> </td><td> </td><td> (10)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Financing costs paid</td><td> </td><td> </td><td> (62)</td><td> </td><td> </td><td> (17)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (4)</td><td> </td></tr><tr><td> </td><td>Finance lease obligation payments</td><td> </td><td> </td><td> (25)</td><td> </td><td> </td><td> (19)</td><td> </td><td> </td><td> (13)</td><td> </td><td> </td><td> </td><td> (7)</td><td> </td></tr><tr><td> </td><td>Proceeds from financing lease transactions</td><td> </td><td> </td><td> 30 </td><td> </td><td> </td><td> 70 </td><td> </td><td> </td><td> 23 </td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Taxes paid on behalf of employees for shares withheld</td><td> </td><td> </td><td> (9)</td><td> </td><td> </td><td> (8)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Other</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (1)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> (16)</td><td> </td></tr><tr><td> </td><td>Net cash provided from financing activities</td><td> </td><td> </td><td> 2,129 </td><td> </td><td> </td><td> 1,211 </td><td> </td><td> </td><td> 980 </td><td> </td><td> </td><td> </td><td> 197 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in cash, cash equivalents, and restricted cash</td><td> </td><td> </td><td> 917 </td><td> </td><td> </td><td> (1,856)</td><td> </td><td> </td><td> 1,238 </td><td> </td><td> </td><td> </td><td> (947)</td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents and restricted cash </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> at the beginning of the period</td><td> </td><td> </td><td> 322 </td><td> </td><td> </td><td> 2,178 </td><td> </td><td> </td><td> 940 </td><td> </td><td> </td><td> </td><td> 1,887 </td><td> </td></tr><tr><td> </td><td>Cash, cash equivalents, and restricted cash at the end of the period</td><td> </td><td>$</td><td> 1,239 </td><td> </td><td>$</td><td> 322 </td><td> </td><td>$</td><td> 2,178 </td><td> </td><td> </td><td>$</td><td> 940 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Supplemental cash flow information:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash paid during the period for:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Interest</td><td> </td><td>$</td><td> 711 </td><td> </td><td>$</td><td> 512 </td><td> </td><td>$</td><td> 281 </td><td> </td><td> </td><td>$</td><td>84</td><td> </td></tr><tr><td> </td><td>Income tax payments, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> 8 </td><td> </td><td>$</td><td> 28 </td><td> </td><td> </td><td>$</td><td>9</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td>1,397</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Non-cash investing activities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Increase (Decrease) in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in accounts payable and accrued liabilities</td><td> </td><td>$</td><td> (326)</td><td> </td><td>$</td><td> 797 </td><td> </td><td>$</td><td> (26)</td><td> </td><td> </td><td>$</td><td> (5)</td><td> </td></tr><tr><td> </td><td>Increase in capital expenditures due to</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>changes in vendor financing</td><td> </td><td>$</td><td> 255 </td><td> </td><td>$</td><td> -</td><td> </td><td>$</td><td> -</td><td> </td><td> </td><td>$</td><td> -</td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-9
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q_com212
|
Compare the Return on Equity (ROE) for AT&T Inc. and Frontier Communications for the year 2023.
|
To calculate the Return on Equity (ROE) for both companies, we use the formula: ROE = (Net Income / Shareholder's Equity) * 100.
For AT&T Inc.:
Net Income (2023) = $14,400 million
Shareholder's Equity (2023) = $117,442 million
ROE = ($14,400 / $117,442) * 100 = 12.26%
For Frontier Communications:
Net Income (2023) = $29 million
Shareholder's Equity (2023) = $5,279 million
ROE = ($29 / $5,279) * 100 = 0.55%
AT&T Inc. has a significantly higher ROE compared to Frontier Communications, indicating a more efficient use of equity to generate profits.
|
Comparison
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43, 45;6, 7
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0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com213
|
Analyze the Net Profit Margin for AT&T Inc. and Frontier Communications for the year 2023.
|
To calculate the Net Profit Margin, we use the formula: Net Profit Margin = (Net Income / Revenue) * 100.
For AT&T Inc.:
Net Income (2023) = $14,400 million
Revenue (2023) = $122,428 million
Net Profit Margin = ($14,400 / $122,428) * 100 = 11.76%
For Frontier Communications:
Net Income (2023) = $29 million
Revenue (2023) = $5,751 million
Net Profit Margin = ($29 / $5,751) * 100 = 0.50%
AT&T Inc. has a higher Net Profit Margin compared to Frontier Communications, indicating better profitability relative to its revenue.
|
Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
q_com214
|
Compare the Debt Equity Ratio for AT&T Inc. and Frontier Communications for the year 2023.
|
To calculate the Debt Equity Ratio, we use the formula: Debt Equity Ratio = Total Debt / Shareholders' Equity.
For AT&T Inc.:
Total Debt (2023) = $9,477 million (current) + $127,854 million (long-term) = $137,331 million
Shareholders' Equity (2023) = $117,442 million
Debt Equity Ratio = $137,331 / $117,442 = 1.17
For Frontier Communications:
Total Debt (2023) = $15 million (current) + $11,246 million (long-term) = $11,261 million
Shareholders' Equity (2023) = $5,279 million
Debt Equity Ratio = $11,261 / $5,279 = 2.13
Frontier Communications has a higher Debt Equity Ratio compared to AT&T Inc., indicating a higher reliance on debt financing relative to equity.
|
Comparison
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45;6
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0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
| | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
q_com215
|
Evaluate the Financial Leverage Ratio for AT&T Inc. and Frontier Communications for the year 2023.
|
To calculate the Financial Leverage Ratio, we use the formula: Financial Leverage Ratio = Total Assets / Shareholders' Equity.
For AT&T Inc.:
Total Assets (2023) = $407,060 million
Shareholders' Equity (2023) = $117,442 million
Financial Leverage Ratio = $407,060 / $117,442 = 3.47
For Frontier Communications:
Total Assets (2023) = $20,693 million
Shareholders' Equity (2023) = $5,279 million
Financial Leverage Ratio = $20,693 / $5,279 = 3.92
Frontier Communications has a higher Financial Leverage Ratio compared to AT&T Inc., indicating a higher degree of financial leverage.
|
Comparison
|
45;6
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
| | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
q_com216
|
Compare the Current Ratio for AT&T Inc. and Frontier Communications for the year 2023.
|
To calculate the Current Ratio, we use the formula: Current Ratio = Current Assets / Current Liabilities.
For AT&T Inc.:
Current Assets (2023) = $36,458 million
Current Liabilities (2023) = $51,127 million
Current Ratio = $36,458 / $51,127 = 0.71
For Frontier Communications:
Current Assets (2023) = $2,781 million
Current Liabilities (2023) = $2,275 million
Current Ratio = $2,781 / $2,275 = 1.22
Frontier Communications has a higher Current Ratio compared to AT&T Inc., indicating a better ability to cover short-term liabilities with short-term assets.
|
Comparison
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45;6
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0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
| | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
q_com217
|
Evaluate the Working Capital for AT&T Inc. and Frontier Communications for the year 2023.
|
To calculate the Working Capital, we use the formula: Working Capital = Current Assets - Current Liabilities.
For AT&T Inc.:
Current Assets (2023) = $36,458 million
Current Liabilities (2023) = $51,127 million
Working Capital = $36,458 - $51,127 = -$14,669 million
For Frontier Communications:
Current Assets (2023) = $2,781 million
Current Liabilities (2023) = $2,275 million
Working Capital = $2,781 - $2,275 = $506 million
AT&T Inc. has negative Working Capital, indicating potential liquidity issues, while Frontier Communications has positive Working Capital, indicating a better short-term financial position.
|
Comparison
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45;6
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: | | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
| | |
|---:|:---------------------------------------------|
| 1 | AT&T Inc. |
| 2 | Dollars in millions except per share amounts |
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
| 1 | Consolidated Balance Sheets | | | | | | |
| 2 | | December 31, | | | | | |
| 3 | | 2023 | | 2022 | | | |
| 4 | Assets | | | | | | |
| 5 | Current Assets | | | | | | |
| 6 | Cash and cash equivalents | $ | 6,722 | | | $ | 3,701 |
| 7 | Accounts receivable – net of related allowance for credit loss of $499 and $588 | 10,289 | | | 11,466 | | |
| 8 | Inventories | 2,177 | | | 3,123 | | |
| 9 | Prepaid and other current assets | 17,270 | | | 14,818 | | |
| 10 | Total current assets | 36,458 | | | 33,108 | | |
| 11 | Property, Plant and Equipment – Net | 128,489 | | | 127,445 | | |
| 12 | Goodwill – Net | 67,854 | | | 67,895 | | |
| 13 | Licenses – Net | 127,219 | | | 124,092 | | |
| 14 | Other Intangible Assets – Net | 5,283 | | | 5,354 | | |
| 15 | Investments in and Advances to Equity Affiliates | 1,251 | | | 3,533 | | |
| 16 | Operating Lease Right-Of-Use Assets | 20,905 | | | 21,814 | | |
| 17 | Other Assets | 19,601 | | | 19,612 | | |
| 18 | Total Assets | $ | 407,060 | | | $ | 402,853 |
| 19 | Liabilities and Stockholders' Equity | | | | | | |
| 20 | Current Liabilities | | | | | | |
| 21 | Debt maturing within one year | $ | 9,477 | | | $ | 7,467 |
| 22 | Note payable to DIRECTV | - | | | 130 | | |
| 23 | Accounts payable and accrued liabilities | 35,852 | | | 42,644 | | |
| 24 | Advanced billings and customer deposits | 3,778 | | | 3,918 | | |
| 25 | Dividends payable | 2,020 | | | 2,014 | | |
| 26 | Total current liabilities | 51,127 | | | 56,173 | | |
| 27 | Long-Term Debt | 127,854 | | | 128,423 | | |
| 28 | Deferred Credits and Other Noncurrent Liabilities | | | | | | |
| 29 | Deferred income taxes | 58,666 | | | 57,032 | | |
| 30 | Postemployment benefit obligation | 8,734 | | | 7,260 | | |
| 31 | Operating lease liabilities | 17,568 | | | 18,659 | | |
| 32 | Other noncurrent liabilities | 23,696 | | | 28,849 | | |
| 33 | Total deferred credits and other noncurrent liabilities | 108,664 | | | 111,800 | | |
| 34 | Redeemable Noncontrolling Interest | 1,973 | | | - | | |
| 35 | Stockholders' Equity | | | | | | |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022): | | | | | | |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022) | - | | | - | | |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621 | | | 7,621 | | |
| 41 | Additional paid-in capital | 114,519 | | | 123,610 | | |
| 42 | Retained (deficit) earnings | (5,015) | | | (19,415) | | |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost) | (16,128) | | | (17,082) | | |
| 44 | Accumulated other comprehensive income | 2,300 | | | 2,766 | | |
| 45 | Noncontrolling interest | 14,145 | | | 8,957 | | |
| 46 | Total stockholders' equity | 117,442 | | | 106,457 | | |
| 47 | Total Liabilities and Stockholders' Equity | $ | 407,060 | | | $ | 402,853 |
The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
| 1 | | 2023 | | 2022 | | |
| 2 | ASSETS | | | | | |
| 3 | Current assets: | | | | | |
| 4 | Cash and cash equivalents | $ | 1,125 | | $ | 322 |
| 5 | Short-term investments | | 1,075 | | | 1,750 |
| 6 | Accounts receivable, less allowances of $53 and $47, respectively | | 446 | | | 438 |
| 7 | Prepaid expenses | | 67 | | | 57 |
| 8 | Income taxes and other current assets | | 68 | | | 30 |
| 9 | Total current assets | | 2,781 | | | 2,597 |
| 11 | Property, plant and equipment, net | | 13,933 | | | 11,850 |
| 12 | Intangibles, net | | 3,585 | | | 3,906 |
| 13 | Other assets | | 394 | | | 271 |
| 14 | Total assets | $ | 20,693 | | $ | 18,624 |
| 16 | LIABILITIES AND EQUITY | | | | | |
| 17 | Current liabilities: | | | | | |
| 18 | Long-term debt due within one year | $ | 15 | | $ | 15 |
| 19 | Accounts payable and accrued liabilities | | 1,103 | | | 1,410 |
| 20 | Advanced billings | | 182 | | | 194 |
| 21 | Accrued other taxes | | 118 | | | 137 |
| 22 | Accrued interest | | 126 | | | 104 |
| 23 | Pension and other postretirement benefits | | | | | |
| 24 | Other current liabilities | | 693 | | | 396 |
| 25 | Total current liabilities | | 2,275 | | | 2,295 |
| 27 | Deferred income taxes | | 643 | | | 558 |
| 28 | Pension and other postretirement benefits | | 697 | | | 1,044 |
| 29 | Other liabilities | | 553 | | | 483 |
| 30 | Long-term debt | | 11,246 | | | 9,110 |
| 31 | Total liabilities | | 15,414 | | | 13,490 |
| 33 | Equity: | | | | | |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, | | | | | |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023 | | | | | |
| 36 | and 2022, respectively) | | 2 | | | 2 |
| 37 | Additional paid-in capital | | 4,297 | | | 4,198 |
| 38 | Retained earnings | | 884 | | | 855 |
| 39 | Accumulated other comprehensive income, net of tax | | 96 | | | 79 |
| 40 | Total equity | | 5,279 | | | 5,134 |
| 41 | Total liabilities and equity | $ | 20,693 | | $ | 18,624 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: <table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="9">AT&T Inc.</td></tr><tr><td colspan="9">Dollars in millions except per share amounts</td></tr></table><table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Consolidated Balance Sheets</td></tr><tr><td colspan="3"></td><td colspan="9">December 31,</td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>6,722 </td><td></td><td colspan="3"></td><td>$</td><td>3,701 </td><td></td></tr><tr><td colspan="3">Accounts receivable – net of related allowance for credit loss of $499 and $588</td><td colspan="2">10,289 </td><td></td><td colspan="3"></td><td colspan="2">11,466 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">2,177 </td><td></td><td colspan="3"></td><td colspan="2">3,123 </td><td></td></tr><tr><td colspan="3">Prepaid and other current assets</td><td colspan="2">17,270 </td><td></td><td colspan="3"></td><td colspan="2">14,818 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">36,458 </td><td></td><td colspan="3"></td><td colspan="2">33,108 </td><td></td></tr><tr><td colspan="3">Property, Plant and Equipment – Net</td><td colspan="2">128,489 </td><td></td><td colspan="3"></td><td colspan="2">127,445 </td><td></td></tr><tr><td colspan="3">Goodwill – Net</td><td colspan="2">67,854 </td><td></td><td colspan="3"></td><td colspan="2">67,895 </td><td></td></tr><tr><td colspan="3">Licenses – Net</td><td colspan="2">127,219 </td><td></td><td colspan="3"></td><td colspan="2">124,092 </td><td></td></tr><tr><td colspan="3">Other Intangible Assets – Net</td><td colspan="2">5,283 </td><td></td><td colspan="3"></td><td colspan="2">5,354 </td><td></td></tr><tr><td colspan="3">Investments in and Advances to Equity Affiliates</td><td colspan="2">1,251 </td><td></td><td colspan="3"></td><td colspan="2">3,533 </td><td></td></tr><tr><td colspan="3">Operating Lease Right-Of-Use Assets</td><td colspan="2">20,905 </td><td></td><td colspan="3"></td><td colspan="2">21,814 </td><td></td></tr><tr><td colspan="3">Other Assets</td><td colspan="2">19,601 </td><td></td><td colspan="3"></td><td colspan="2">19,612 </td><td></td></tr><tr><td colspan="3">Total Assets</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr><tr><td colspan="3">Liabilities and Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Current Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Debt maturing within one year</td><td>$</td><td>9,477 </td><td></td><td colspan="3"></td><td>$</td><td>7,467 </td><td></td></tr><tr><td colspan="3">Note payable to DIRECTV</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">130 </td><td></td></tr><tr><td colspan="3">Accounts payable and accrued liabilities</td><td colspan="2">35,852 </td><td></td><td colspan="3"></td><td colspan="2">42,644 </td><td></td></tr><tr><td colspan="3">Advanced billings and customer deposits</td><td colspan="2">3,778 </td><td></td><td colspan="3"></td><td colspan="2">3,918 </td><td></td></tr><tr><td colspan="3">Dividends payable</td><td colspan="2">2,020 </td><td></td><td colspan="3"></td><td colspan="2">2,014 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">51,127 </td><td></td><td colspan="3"></td><td colspan="2">56,173 </td><td></td></tr><tr><td colspan="3">Long-Term Debt</td><td colspan="2">127,854 </td><td></td><td colspan="3"></td><td colspan="2">128,423 </td><td></td></tr><tr><td colspan="3">Deferred Credits and Other Noncurrent Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deferred income taxes</td><td colspan="2">58,666 </td><td></td><td colspan="3"></td><td colspan="2">57,032 </td><td></td></tr><tr><td colspan="3">Postemployment benefit obligation</td><td colspan="2">8,734 </td><td></td><td colspan="3"></td><td colspan="2">7,260 </td><td></td></tr><tr><td colspan="3">Operating lease liabilities</td><td colspan="2">17,568 </td><td></td><td colspan="3"></td><td colspan="2">18,659 </td><td></td></tr><tr><td colspan="3">Other noncurrent liabilities</td><td colspan="2">23,696 </td><td></td><td colspan="3"></td><td colspan="2">28,849 </td><td></td></tr><tr><td colspan="3">Total deferred credits and other noncurrent liabilities</td><td colspan="2">108,664 </td><td></td><td colspan="3"></td><td colspan="2">111,800 </td><td></td></tr><tr><td colspan="3">Redeemable Noncontrolling Interest</td><td colspan="2">1,973 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Stockholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022)</td><td colspan="2">7,621 </td><td></td><td colspan="3"></td><td colspan="2">7,621 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">114,519 </td><td></td><td colspan="3"></td><td colspan="2">123,610 </td><td></td></tr><tr><td colspan="3">Retained (deficit) earnings</td><td colspan="2">(5,015)</td><td></td><td colspan="3"></td><td colspan="2">(19,415)</td><td></td></tr><tr><td colspan="3">Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)</td><td colspan="2">(16,128)</td><td></td><td colspan="3"></td><td colspan="2">(17,082)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive income</td><td colspan="2">2,300 </td><td></td><td colspan="3"></td><td colspan="2">2,766 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">14,145 </td><td></td><td colspan="3"></td><td colspan="2">8,957 </td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">117,442 </td><td></td><td colspan="3"></td><td colspan="2">106,457 </td><td></td></tr><tr><td colspan="3">Total Liabilities and Stockholders' Equity</td><td>$</td><td>407,060 </td><td></td><td colspan="3"></td><td>$</td><td>402,853 </td><td></td></tr></table>The accompanying notes are an integral part of the consolidated financial statements.
45
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td> </td><td colspan="2">2022</td><td> </td></tr><tr><td> </td><td>ASSETS</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current assets:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cash and cash equivalents</td><td> </td><td>$</td><td>1,125</td><td> </td><td> </td><td>$</td><td> 322 </td><td> </td></tr><tr><td> </td><td>Short-term investments</td><td> </td><td> </td><td>1,075</td><td> </td><td> </td><td> </td><td> 1,750 </td><td> </td></tr><tr><td> </td><td>Accounts receivable, less allowances of $53 and $47, respectively</td><td> </td><td> </td><td>446</td><td> </td><td> </td><td> </td><td> 438 </td><td> </td></tr><tr><td> </td><td>Prepaid expenses </td><td> </td><td> </td><td>67</td><td> </td><td> </td><td> </td><td> 57 </td><td> </td></tr><tr><td> </td><td>Income taxes and other current assets</td><td> </td><td> </td><td>68</td><td> </td><td> </td><td> </td><td> 30 </td><td> </td></tr><tr><td> </td><td>Total current assets</td><td> </td><td> </td><td>2,781</td><td> </td><td> </td><td> </td><td> 2,597 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Property, plant and equipment, net</td><td> </td><td> </td><td>13,933</td><td> </td><td> </td><td> </td><td> 11,850 </td><td> </td></tr><tr><td> </td><td>Intangibles, net</td><td> </td><td> </td><td>3,585</td><td> </td><td> </td><td> </td><td> 3,906 </td><td> </td></tr><tr><td> </td><td>Other assets</td><td> </td><td> </td><td>394</td><td> </td><td> </td><td> </td><td> 271 </td><td> </td></tr><tr><td> </td><td>Total assets</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>LIABILITIES AND EQUITY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Current liabilities:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Long-term debt due within one year</td><td> </td><td>$</td><td>15</td><td> </td><td> </td><td>$</td><td> 15 </td><td> </td></tr><tr><td> </td><td>Accounts payable and accrued liabilities</td><td> </td><td> </td><td>1,103</td><td> </td><td> </td><td> </td><td> 1,410 </td><td> </td></tr><tr><td> </td><td>Advanced billings</td><td> </td><td> </td><td>182</td><td> </td><td> </td><td> </td><td> 194 </td><td> </td></tr><tr><td> </td><td>Accrued other taxes</td><td> </td><td> </td><td>118</td><td> </td><td> </td><td> </td><td> 137 </td><td> </td></tr><tr><td> </td><td>Accrued interest</td><td> </td><td> </td><td>126</td><td> </td><td> </td><td> </td><td> 104 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td></td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Other current liabilities</td><td> </td><td> </td><td>693</td><td> </td><td> </td><td> </td><td> 396 </td><td> </td></tr><tr><td> </td><td>Total current liabilities</td><td> </td><td> </td><td>2,275</td><td> </td><td> </td><td> </td><td> 2,295 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Deferred income taxes</td><td> </td><td> </td><td>643</td><td> </td><td> </td><td> </td><td> 558 </td><td> </td></tr><tr><td> </td><td>Pension and other postretirement benefits</td><td> </td><td> </td><td>697</td><td> </td><td> </td><td> </td><td> 1,044 </td><td> </td></tr><tr><td> </td><td>Other liabilities</td><td> </td><td> </td><td>553</td><td> </td><td> </td><td> </td><td> 483 </td><td> </td></tr><tr><td> </td><td>Long-term debt</td><td> </td><td> </td><td>11,246</td><td> </td><td> </td><td> </td><td> 9,110 </td><td> </td></tr><tr><td> </td><td>Total liabilities</td><td> </td><td> </td><td>15,414</td><td> </td><td> </td><td> </td><td> 13,490 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Equity:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Common stock, $0.01 par value per share (1,750,000 authorized shares, </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>245,813 and 245,021 issued and outstanding at December 31, 2023</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>and 2022, respectively)</td><td> </td><td> </td><td>2</td><td> </td><td> </td><td> </td><td> 2 </td><td> </td></tr><tr><td> </td><td>Additional paid-in capital</td><td> </td><td> </td><td>4,297</td><td> </td><td> </td><td> </td><td> 4,198 </td><td> </td></tr><tr><td> </td><td>Retained earnings</td><td> </td><td> </td><td>884</td><td> </td><td> </td><td> </td><td> 855 </td><td> </td></tr><tr><td> </td><td>Accumulated other comprehensive income, net of tax</td><td> </td><td> </td><td>96</td><td> </td><td> </td><td> </td><td> 79 </td><td> </td></tr><tr><td> </td><td>Total equity</td><td> </td><td> </td><td>5,279</td><td> </td><td> </td><td> </td><td> 5,134 </td><td> </td></tr><tr><td> </td><td>Total liabilities and equity</td><td> </td><td>$</td><td>20,693</td><td> </td><td> </td><td>$</td><td> 18,624 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6
|
q_com218
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Analyze the Operating Cash Flow Ratio for AT&T Inc. and Frontier Communications for the year 2023.
|
To calculate the Operating Cash Flow Ratio, we use the formula: Operating Cash Flow Ratio = Operating Cash Flow / Current Liabilities.
For AT&T Inc.:
Operating Cash Flow (2023) = $38,314 million
Current Liabilities (2023) = $51,127 million
Operating Cash Flow Ratio = $38,314 / $51,127 = 0.75
For Frontier Communications:
Operating Cash Flow (2023) = $1,344 million
Current Liabilities (2023) = $2,275 million
Operating Cash Flow Ratio = $1,344 / $2,275 = 0.59
AT&T Inc. has a higher Operating Cash Flow Ratio compared to Frontier Communications, indicating a better ability to cover short-term liabilities with cash generated from operations.
|
Comparison
|
43;7
|
0000732717-24-000009;0001562762-24-000034
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
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q_com219
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Evaluate the Operating Profit Margin for AT&T Inc. and Frontier Communications for the year 2023.
|
To calculate the Operating Profit Margin, we use the formula: Operating Profit Margin = (Operating Profit / Revenue) * 100.
For AT&T Inc.:
Operating Profit (2023) = $23,461 million
Revenue (2023) = $122,428 million
Operating Profit Margin = ($23,461 / $122,428) * 100 = 19.16%
For Frontier Communications:
Operating Profit (2023) = $492 million
Revenue (2023) = $5,751 million
Operating Profit Margin = ($492 / $5,751) * 100 = 8.55%
AT&T Inc. has a higher Operating Profit Margin compared to Frontier Communications, indicating better operational efficiency.
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Comparison
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43;7
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0000732717-24-000009;0001562762-24-000034
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA;Item 15. Exhibits and Financial Statement Schedules
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
| | | | | | | | | | | |
|---:|:------------------------------------------------------------------------------------------|:--------|:-------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
| 1 | Consolidated Statements of Income | | | | | | | | | |
| 2 | | 2023 | | 2022 | | 2021 | | | | |
| 3 | Operating Revenues | | | | | | | | | |
| 4 | Service | $ | 99,649 | | | $ | 97,831 | | $ | 111,565 |
| 5 | Equipment | 22,779 | | | 22,910 | | | 22,473 | | |
| 6 | Total operating revenues | 122,428 | | | 120,741 | | | 134,038 | | |
| 8 | Operating Expenses | | | | | | | | | |
| 9 | Cost of revenues | | | | | | | | | |
| 10 | Equipment | 23,136 | | | 24,009 | | | 23,685 | | |
| 11 | Broadcast, programming and operations | - | | | - | | | 8,106 | | |
| 12 | Other cost of revenues (exclusive of depreciationand amortization shown separately below) | 26,987 | | | 26,839 | | | 28,616 | | |
| 13 | Selling, general and administrative | 28,874 | | | 28,961 | | | 29,669 | | |
| 14 | Asset impairments and abandonments and restructuring | 1,193 | | | 27,498 | | | 213 | | |
| 15 | Depreciation and amortization | 18,777 | | | 18,021 | | | 17,852 | | |
| 16 | Total operating expenses | 98,967 | | | 125,328 | | | 108,141 | | |
| 17 | Operating Income (Loss) | 23,461 | | | (4,587) | | | 25,897 | | |
| 19 | Other Income (Expense) | | | | | | | | | |
| 20 | Interest expense | (6,704) | | | (6,108) | | | (6,716) | | |
| 21 | Equity in net income of affiliates | 1,675 | | | 1,791 | | | 603 | | |
| 22 | Other income (expense) – net | 1,416 | | | 5,810 | | | 9,387 | | |
| 23 | Total other income (expense) | (3,613) | | | 1,493 | | | 3,274 | | |
| 24 | Income (Loss) from Continuing Operations Before Income Taxes | 19,848 | | | (3,094) | | | 29,171 | | |
| 25 | Income tax expense on continuing operations | 4,225 | | | 3,780 | | | 5,395 | | |
| 26 | Income (Loss) from Continuing Operations | 15,623 | | | (6,874) | | | 23,776 | | |
| 27 | Loss from discontinued operations, net of tax | - | | | (181) | | | (2,297) | | |
| 28 | Net Income (Loss) | 15,623 | | | (7,055) | | | 21,479 | | |
| 29 | Less: Net Income Attributable to Noncontrolling Interest | (1,223) | | | (1,469) | | | (1,398) | | |
| 30 | Net Income (Loss) Attributable to AT&T | $ | 14,400 | | | $ | (8,524) | | $ | 20,081 |
| 31 | Less: Preferred Stock Dividends | (208) | | | (203) | | | (207) | | |
| 32 | Net Income (Loss) Attributable to Common Stock | $ | 14,192 | | | $ | (8,727) | | $ | 19,874 |
| 33 | Basic Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.07 |
| 34 | Basic Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.30) |
| 35 | Basic Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.77 |
| 36 | Diluted Earnings (Loss) Per Share from continuing operations | $ | 1.97 | | | $ | (1.10) | | $ | 3.02 |
| 37 | Diluted Loss Per Share from discontinued operations | $ | - | | | $ | (0.03) | | $ | (0.29) |
| 38 | Diluted Earnings (Loss) Per Share Attributable to Common Stock | $ | 1.97 | | | $ | (1.13) | | $ | 2.73 |
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
| | | | | | | | | | | |
|---:|:------------------------------------------------------|:-------------------|:--------|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:--------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Revenue | $ | 5,751 | | $ | 5,787 | $ | 4,180 | $ | 2,231 |
| 8 | Operating expenses: | | | | | | | | | |
| 9 | Cost of service | | 2,125 | | | 2,169 | | 1,532 | | 830 |
| 10 | Selling, general, and administrative expenses | | 1,646 | | | 1,745 | | 1,131 | | 537 |
| 11 | Depreciation and amortization | | 1,415 | | | 1,182 | | 734 | | 506 |
| 12 | Restructuring costs and other charges | | 73 | | | 99 | | 21 | | 7 |
| 13 | Total operating expenses | | 5,259 | | | 5,195 | | 3,418 | | 1,880 |
| 15 | Operating income | | 492 | | | 592 | | 762 | | 351 |
| 17 | Investment and other income (loss), net (See Note 12) | | 278 | | | 554 | | (5) | | 1 |
| 18 | Pension settlement costs | | - | | | (55) | | - | | - |
| 19 | Reorganization items, net | | - | | | - | | - | | 4,171 |
| 20 | Interest expense (See Note 9) | | (653) | | | (492) | | (257) | | (118) |
| 22 | Income before income taxes | | 117 | | | 599 | | 500 | | 4,405 |
| 23 | Income tax expense (benefit) | | 88 | | | 158 | | 86 | | (136) |
| 25 | Net Income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 27 | Basic net earnings per share | | | | | | | | | |
| 28 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.69 | $ | 43.42 |
| 29 | Diluted net earnings per share | | | | | | | | | |
| 30 | attributable to Frontier common shareholders | $ | 0.12 | | $ | 1.80 | $ | 1.68 | $ | 43.28 |
| 32 | Total weighted average shares outstanding – basic | | 245,517 | | | 244,781 | | 244,405 | | 104,584 |
| 34 | Total weighted average shares outstanding – diluted | | 248,459 | | | 245,280 | | 245,885 | | 104,924 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
| | | | | | | | | | | |
|---:|:---------------------------------------|:-------------------|:---|:-------------------|:------------|:---------------------|:---|:--------------------|:---|:------|
| 1 | | Successor | | | Predecessor | | | | | |
| 2 | | For the year ended | | For the year ended | | For the eight months | | For the four months | | |
| 3 | | December 31, | | December 31, | | ended December 31, | | ended April 30, | | |
| 4 | | 2023 | | 2022 | | 2021 | | 2021 | | |
| 6 | Net income | $ | 29 | | $ | 441 | $ | 414 | $ | 4,541 |
| 7 | Other comprehensive income, net of tax | | 17 | | | 19 | | 60 | | 359 |
| 9 | Comprehensive income | $ | 46 | | $ | 460 | $ | 474 | $ | 4,900 |
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 43:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 7:
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Consolidated Statements of Income</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Operating Revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Service</td><td>$</td><td>99,649 </td><td></td><td colspan="3"></td><td>$</td><td>97,831 </td><td></td><td colspan="3"></td><td>$</td><td>111,565 </td><td></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">22,779 </td><td></td><td colspan="3"></td><td colspan="2">22,910 </td><td></td><td colspan="3"></td><td colspan="2">22,473 </td><td></td></tr><tr><td colspan="3">Total operating revenues</td><td colspan="2">122,428 </td><td></td><td colspan="3"></td><td colspan="2">120,741 </td><td></td><td colspan="3"></td><td colspan="2">134,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating Expenses</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of revenues</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Equipment</td><td colspan="2">23,136 </td><td></td><td colspan="3"></td><td colspan="2">24,009 </td><td></td><td colspan="3"></td><td colspan="2">23,685 </td><td></td></tr><tr><td colspan="3">Broadcast, programming and operations</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">8,106 </td><td></td></tr><tr><td colspan="3">Other cost of revenues (exclusive of depreciationand amortization shown separately below)</td><td colspan="2">26,987 </td><td></td><td colspan="3"></td><td colspan="2">26,839 </td><td></td><td colspan="3"></td><td colspan="2">28,616 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">28,874 </td><td></td><td colspan="3"></td><td colspan="2">28,961 </td><td></td><td colspan="3"></td><td colspan="2">29,669 </td><td></td></tr><tr><td colspan="3">Asset impairments and abandonments and restructuring</td><td colspan="2">1,193 </td><td></td><td colspan="3"></td><td colspan="2">27,498 </td><td></td><td colspan="3"></td><td colspan="2">213 </td><td></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">18,777 </td><td></td><td colspan="3"></td><td colspan="2">18,021 </td><td></td><td colspan="3"></td><td colspan="2">17,852 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">98,967 </td><td></td><td colspan="3"></td><td colspan="2">125,328 </td><td></td><td colspan="3"></td><td colspan="2">108,141 </td><td></td></tr><tr><td colspan="3">Operating Income (Loss)</td><td colspan="2">23,461 </td><td></td><td colspan="3"></td><td colspan="2">(4,587)</td><td></td><td colspan="3"></td><td colspan="2">25,897 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other Income (Expense)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(6,704)</td><td></td><td colspan="3"></td><td colspan="2">(6,108)</td><td></td><td colspan="3"></td><td colspan="2">(6,716)</td><td></td></tr><tr><td colspan="3">Equity in net income of affiliates</td><td colspan="2">1,675 </td><td></td><td colspan="3"></td><td colspan="2">1,791 </td><td></td><td colspan="3"></td><td colspan="2">603 </td><td></td></tr><tr><td colspan="3">Other income (expense) – net</td><td colspan="2">1,416 </td><td></td><td colspan="3"></td><td colspan="2">5,810 </td><td></td><td colspan="3"></td><td colspan="2">9,387 </td><td></td></tr><tr><td colspan="3">Total other income (expense)</td><td colspan="2">(3,613)</td><td></td><td colspan="3"></td><td colspan="2">1,493 </td><td></td><td colspan="3"></td><td colspan="2">3,274 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations Before Income Taxes</td><td colspan="2">19,848 </td><td></td><td colspan="3"></td><td colspan="2">(3,094)</td><td></td><td colspan="3"></td><td colspan="2">29,171 </td><td></td></tr><tr><td colspan="3">Income tax expense on continuing operations</td><td colspan="2">4,225 </td><td></td><td colspan="3"></td><td colspan="2">3,780 </td><td></td><td colspan="3"></td><td colspan="2">5,395 </td><td></td></tr><tr><td colspan="3">Income (Loss) from Continuing Operations</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(6,874)</td><td></td><td colspan="3"></td><td colspan="2">23,776 </td><td></td></tr><tr><td colspan="3">Loss from discontinued operations, net of tax</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">(181)</td><td></td><td colspan="3"></td><td colspan="2">(2,297)</td><td></td></tr><tr><td colspan="3">Net Income (Loss)</td><td colspan="2">15,623 </td><td></td><td colspan="3"></td><td colspan="2">(7,055)</td><td></td><td colspan="3"></td><td colspan="2">21,479 </td><td></td></tr><tr><td colspan="3">Less: Net Income Attributable to Noncontrolling Interest</td><td colspan="2">(1,223)</td><td></td><td colspan="3"></td><td colspan="2">(1,469)</td><td></td><td colspan="3"></td><td colspan="2">(1,398)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to AT&T</td><td>$</td><td>14,400 </td><td></td><td colspan="3"></td><td>$</td><td>(8,524)</td><td></td><td colspan="3"></td><td>$</td><td>20,081 </td><td></td></tr><tr><td colspan="3">Less: Preferred Stock Dividends</td><td colspan="2">(208)</td><td></td><td colspan="3"></td><td colspan="2">(203)</td><td></td><td colspan="3"></td><td colspan="2">(207)</td><td></td></tr><tr><td colspan="3">Net Income (Loss) Attributable to Common Stock</td><td>$</td><td>14,192 </td><td></td><td colspan="3"></td><td>$</td><td>(8,727)</td><td></td><td colspan="3"></td><td>$</td><td>19,874 </td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.07 </td><td></td></tr><tr><td colspan="3">Basic Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.30)</td><td></td></tr><tr><td colspan="3">Basic Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.77 </td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share from continuing operations</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.10)</td><td></td><td colspan="3"></td><td>$</td><td>3.02 </td><td></td></tr><tr><td colspan="3">Diluted Loss Per Share from discontinued operations</td><td>$</td><td>- </td><td></td><td colspan="3"></td><td>$</td><td>(0.03)</td><td></td><td colspan="3"></td><td>$</td><td>(0.29)</td><td></td></tr><tr><td colspan="3">Diluted Earnings (Loss) Per Share Attributable to Common Stock</td><td>$</td><td>1.97 </td><td></td><td colspan="3"></td><td>$</td><td>(1.13)</td><td></td><td colspan="3"></td><td>$</td><td>2.73 </td><td></td></tr></table>
The accompanying notes are an integral part of the consolidated financial statements.
43
,
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions and shares in thousands, except for per-share amounts)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months </td><td> </td><td> </td><td colspan="2">For the four months </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">ended December 31, </td><td> </td><td> </td><td colspan="2">ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Revenue</td><td> </td><td>$</td><td> 5,751 </td><td> </td><td>$</td><td> 5,787 </td><td> </td><td>$</td><td> 4,180 </td><td> </td><td> </td><td>$</td><td> 2,231 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating expenses:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Cost of service</td><td> </td><td> </td><td> 2,125 </td><td> </td><td> </td><td> 2,169 </td><td> </td><td> </td><td> 1,532 </td><td> </td><td> </td><td> </td><td> 830 </td><td> </td></tr><tr><td> </td><td>Selling, general, and administrative expenses</td><td> </td><td> </td><td> 1,646 </td><td> </td><td> </td><td> 1,745 </td><td> </td><td> </td><td> 1,131 </td><td> </td><td> </td><td> </td><td> 537 </td><td> </td></tr><tr><td> </td><td>Depreciation and amortization</td><td> </td><td> </td><td> 1,415 </td><td> </td><td> </td><td> 1,182 </td><td> </td><td> </td><td> 734 </td><td> </td><td> </td><td> </td><td> 506 </td><td> </td></tr><tr><td> </td><td>Restructuring costs and other charges</td><td> </td><td> </td><td> 73 </td><td> </td><td> </td><td> 99 </td><td> </td><td> </td><td> 21 </td><td> </td><td> </td><td> </td><td> 7 </td><td> </td></tr><tr><td> </td><td>Total operating expenses</td><td> </td><td> </td><td> 5,259 </td><td> </td><td> </td><td> 5,195 </td><td> </td><td> </td><td> 3,418 </td><td> </td><td> </td><td> </td><td> 1,880 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Operating income</td><td> </td><td> </td><td> 492 </td><td> </td><td> </td><td> 592 </td><td> </td><td> </td><td> 762 </td><td> </td><td> </td><td> </td><td> 351 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Investment and other income (loss), net (See Note 12)</td><td> </td><td> </td><td> 278 </td><td> </td><td> </td><td> 554 </td><td> </td><td> </td><td> (5)</td><td> </td><td> </td><td> </td><td> 1 </td><td> </td></tr><tr><td> </td><td>Pension settlement costs</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> (55)</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> -</td><td> </td></tr><tr><td> </td><td>Reorganization items, net</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> -</td><td> </td><td> </td><td> </td><td> 4,171 </td><td> </td></tr><tr><td> </td><td>Interest expense (See Note 9)</td><td> </td><td> </td><td> (653)</td><td> </td><td> </td><td> (492)</td><td> </td><td> </td><td> (257)</td><td> </td><td> </td><td> </td><td> (118)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Income before income taxes </td><td> </td><td> </td><td> 117 </td><td> </td><td> </td><td> 599 </td><td> </td><td> </td><td> 500 </td><td> </td><td> </td><td> </td><td> 4,405 </td><td> </td></tr><tr><td> </td><td>Income tax expense (benefit)</td><td> </td><td> </td><td> 88 </td><td> </td><td> </td><td> 158 </td><td> </td><td> </td><td> 86 </td><td> </td><td> </td><td> </td><td> (136)</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net Income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Basic net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.69 </td><td> </td><td> </td><td>$</td><td> 43.42 </td><td> </td></tr><tr><td> </td><td>Diluted net earnings per share</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>attributable to Frontier common shareholders</td><td> </td><td>$</td><td> 0.12 </td><td> </td><td>$</td><td> 1.80 </td><td> </td><td>$</td><td> 1.68 </td><td> </td><td> </td><td>$</td><td> 43.28 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – basic </td><td> </td><td> </td><td> 245,517 </td><td> </td><td> </td><td> 244,781 </td><td> </td><td> </td><td> 244,405 </td><td> </td><td> </td><td> </td><td> 104,584 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Total weighted average shares outstanding – diluted</td><td> </td><td> </td><td> 248,459 </td><td> </td><td> </td><td> 245,280 </td><td> </td><td> </td><td> 245,885 </td><td> </td><td> </td><td> </td><td> 104,924 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in millions)
<table><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="8">Successor</td><td> </td><td> </td><td colspan="2">Predecessor</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the year ended </td><td> </td><td colspan="2">For the eight months</td><td> </td><td> </td><td colspan="2">For the four months</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">December 31,</td><td> </td><td colspan="2">December 31, </td><td> </td><td colspan="2"> ended December 31, </td><td> </td><td> </td><td colspan="2"> ended April 30,</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td colspan="2">2023</td><td> </td><td colspan="2">2022</td><td> </td><td colspan="2">2021</td><td> </td><td> </td><td colspan="2">2021</td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Net income</td><td> </td><td>$</td><td> 29 </td><td> </td><td>$</td><td> 441 </td><td> </td><td>$</td><td> 414 </td><td> </td><td> </td><td>$</td><td> 4,541 </td><td> </td></tr><tr><td> </td><td>Other comprehensive income, net of tax</td><td> </td><td> </td><td> 17 </td><td> </td><td> </td><td> 19 </td><td> </td><td> </td><td> 60 </td><td> </td><td> </td><td> </td><td> 359 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td> </td><td>Comprehensive income</td><td> </td><td>$</td><td> 46 </td><td> </td><td>$</td><td> 460 </td><td> </td><td>$</td><td> 474 </td><td> </td><td> </td><td>$</td><td> 4,900 </td><td> </td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr></table>
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-7
|
q_com220
|
What is the percentage change in the cost of sales from 2017 to 2018, and how does it compare to the change in revenues?
|
Cost of Sales 2018: $20,441 million
Cost of Sales 2017: $19,038 million
Revenues 2018: $36,397 million
Revenues 2017: $34,350 million
Formula:
Percentage Change = ((Value in 2018 - Value in 2017) / Value in 2017) × 100
Calculation for Cost of Sales:
Percentage Change = ((20,441 - 19,038) / 19,038) × 100
Percentage Change = (1,403 / 19,038) × 100 ≈ 7.37%
Calculation for Revenues:
Percentage Change = ((36,397 - 34,350) / 34,350) × 100
Percentage Change = (2,047 / 34,350) × 100 ≈ 5.96%
Answer:
The cost of sales increased by 7.37%, while revenues increased by 5.96% from 2017 to 2018. This indicates that the cost of producing or acquiring goods grew faster than revenues, potentially exerting pressure on Nike's gross margins in 2018.
|
Comparison
|
44
|
0000320187-18-000142
|
ITEM 8. Financial Statements and Supplementary Data
|
NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 44:
| | |
|---:|:---------------------------------------------|
| 2 | NIKE, Inc. Consolidated Statements of Income |
| | | | | | | | | | | | |
|---:|:-----------------------------------------|:-------------------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:---|:-------|
| 2 | | Year Ended May 31, | | | | | | | | | |
| 3 | (In millions, except per share data) | 2018 | | 2017 | | 2016 | | | | | |
| 4 | Revenues | $ | 36,397 | | | $ | 34,350 | | | $ | 32,376 |
| 5 | Cost of sales | 20,441 | | | 19,038 | | | 17,405 | | | |
| 6 | Gross profit | 15,956 | | | 15,312 | | | 14,971 | | | |
| 7 | Demand creation expense | 3,577 | | | 3,341 | | | 3,278 | | | |
| 8 | Operating overhead expense | 7,934 | | | 7,222 | | | 7,191 | | | |
| 9 | Total selling and administrative expense | 11,511 | | | 10,563 | | | 10,469 | | | |
| 10 | Interest expense (income), net | 54 | | | 59 | | | 19 | | | |
| 11 | Other expense (income), net | 66 | | | (196 | ) | | (140 | ) | | |
| 12 | Income before income taxes | 4,325 | | | 4,886 | | | 4,623 | | | |
| 13 | Income tax expense | 2,392 | | | 646 | | | 863 | | | |
| 14 | NET INCOME | $ | 1,933 | | | $ | 4,240 | | | $ | 3,760 |
| 16 | Earnings per common share: | | | | | | | | | | |
| 17 | Basic | $ | 1.19 | | | $ | 2.56 | | | $ | 2.21 |
| 18 | Diluted | $ | 1.17 | | | $ | 2.51 | | | $ | 2.16 |
| 20 | Dividends declared per common share | $ | 0.78 | | | $ | 0.70 | | | $ | 0.62 |
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
44
|
| | |
|---:|:---------------------------------------------|
| 2 | NIKE, Inc. Consolidated Statements of Income |
| | | | | | | | | | | | |
|---:|:-----------------------------------------|:-------------------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:---|:-------|
| 2 | | Year Ended May 31, | | | | | | | | | |
| 3 | (In millions, except per share data) | 2018 | | 2017 | | 2016 | | | | | |
| 4 | Revenues | $ | 36,397 | | | $ | 34,350 | | | $ | 32,376 |
| 5 | Cost of sales | 20,441 | | | 19,038 | | | 17,405 | | | |
| 6 | Gross profit | 15,956 | | | 15,312 | | | 14,971 | | | |
| 7 | Demand creation expense | 3,577 | | | 3,341 | | | 3,278 | | | |
| 8 | Operating overhead expense | 7,934 | | | 7,222 | | | 7,191 | | | |
| 9 | Total selling and administrative expense | 11,511 | | | 10,563 | | | 10,469 | | | |
| 10 | Interest expense (income), net | 54 | | | 59 | | | 19 | | | |
| 11 | Other expense (income), net | 66 | | | (196 | ) | | (140 | ) | | |
| 12 | Income before income taxes | 4,325 | | | 4,886 | | | 4,623 | | | |
| 13 | Income tax expense | 2,392 | | | 646 | | | 863 | | | |
| 14 | NET INCOME | $ | 1,933 | | | $ | 4,240 | | | $ | 3,760 |
| 16 | Earnings per common share: | | | | | | | | | | |
| 17 | Basic | $ | 1.19 | | | $ | 2.56 | | | $ | 2.21 |
| 18 | Diluted | $ | 1.17 | | | $ | 2.51 | | | $ | 2.16 |
| 20 | Dividends declared per common share | $ | 0.78 | | | $ | 0.70 | | | $ | 0.62 |
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
44
|
NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 44:
<table><tr><td colspan="1"></td></tr><tr><td></td></tr><tr><td>NIKE, Inc. Consolidated Statements of Income</td></tr></table>
<table><tr><td colspan="13"></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> </td><td> </td><td colspan="11">Year Ended May 31,</td></tr><tr><td>(In millions, except per share data)</td><td> </td><td colspan="3">2018</td><td> </td><td colspan="3">2017</td><td> </td><td colspan="3">2016</td></tr><tr><td>Revenues</td><td> </td><td>$</td><td>36,397</td><td></td><td> </td><td>$</td><td>34,350</td><td></td><td> </td><td>$</td><td>32,376</td><td></td></tr><tr><td>Cost of sales</td><td> </td><td colspan="2">20,441</td><td></td><td> </td><td colspan="2">19,038</td><td></td><td> </td><td colspan="2">17,405</td><td></td></tr><tr><td>Gross profit</td><td> </td><td colspan="2">15,956</td><td></td><td> </td><td colspan="2">15,312</td><td></td><td> </td><td colspan="2">14,971</td><td></td></tr><tr><td>Demand creation expense</td><td> </td><td colspan="2">3,577</td><td></td><td> </td><td colspan="2">3,341</td><td></td><td> </td><td colspan="2">3,278</td><td></td></tr><tr><td>Operating overhead expense</td><td> </td><td colspan="2">7,934</td><td></td><td> </td><td colspan="2">7,222</td><td></td><td> </td><td colspan="2">7,191</td><td></td></tr><tr><td>Total selling and administrative expense</td><td> </td><td colspan="2">11,511</td><td></td><td> </td><td colspan="2">10,563</td><td></td><td> </td><td colspan="2">10,469</td><td></td></tr><tr><td>Interest expense (income), net</td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">59</td><td></td><td> </td><td colspan="2">19</td><td></td></tr><tr><td>Other expense (income), net</td><td> </td><td colspan="2">66</td><td></td><td> </td><td colspan="2">(196</td><td>)</td><td> </td><td colspan="2">(140</td><td>)</td></tr><tr><td>Income before income taxes</td><td> </td><td colspan="2">4,325</td><td></td><td> </td><td colspan="2">4,886</td><td></td><td> </td><td colspan="2">4,623</td><td></td></tr><tr><td>Income tax expense</td><td> </td><td colspan="2">2,392</td><td></td><td> </td><td colspan="2">646</td><td></td><td> </td><td colspan="2">863</td><td></td></tr><tr><td>NET INCOME</td><td> </td><td>$</td><td>1,933</td><td></td><td> </td><td>$</td><td>4,240</td><td></td><td> </td><td>$</td><td>3,760</td><td></td></tr><tr><td> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>Earnings per common share:</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>Basic</td><td> </td><td>$</td><td>1.19</td><td></td><td> </td><td>$</td><td>2.56</td><td></td><td> </td><td>$</td><td>2.21</td><td></td></tr><tr><td>Diluted</td><td> </td><td>$</td><td>1.17</td><td></td><td> </td><td>$</td><td>2.51</td><td></td><td> </td><td>$</td><td>2.16</td><td></td></tr><tr><td> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>Dividends declared per common share</td><td> </td><td>$</td><td>0.78</td><td></td><td> </td><td>$</td><td>0.70</td><td></td><td> </td><td>$</td><td>0.62</td><td></td></tr></table>
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
44
|
<table><tr><td colspan="1"></td></tr><tr><td></td></tr><tr><td>NIKE, Inc. Consolidated Statements of Income</td></tr></table>
<table><tr><td colspan="13"></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> </td><td> </td><td colspan="11">Year Ended May 31,</td></tr><tr><td>(In millions, except per share data)</td><td> </td><td colspan="3">2018</td><td> </td><td colspan="3">2017</td><td> </td><td colspan="3">2016</td></tr><tr><td>Revenues</td><td> </td><td>$</td><td>36,397</td><td></td><td> </td><td>$</td><td>34,350</td><td></td><td> </td><td>$</td><td>32,376</td><td></td></tr><tr><td>Cost of sales</td><td> </td><td colspan="2">20,441</td><td></td><td> </td><td colspan="2">19,038</td><td></td><td> </td><td colspan="2">17,405</td><td></td></tr><tr><td>Gross profit</td><td> </td><td colspan="2">15,956</td><td></td><td> </td><td colspan="2">15,312</td><td></td><td> </td><td colspan="2">14,971</td><td></td></tr><tr><td>Demand creation expense</td><td> </td><td colspan="2">3,577</td><td></td><td> </td><td colspan="2">3,341</td><td></td><td> </td><td colspan="2">3,278</td><td></td></tr><tr><td>Operating overhead expense</td><td> </td><td colspan="2">7,934</td><td></td><td> </td><td colspan="2">7,222</td><td></td><td> </td><td colspan="2">7,191</td><td></td></tr><tr><td>Total selling and administrative expense</td><td> </td><td colspan="2">11,511</td><td></td><td> </td><td colspan="2">10,563</td><td></td><td> </td><td colspan="2">10,469</td><td></td></tr><tr><td>Interest expense (income), net</td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">59</td><td></td><td> </td><td colspan="2">19</td><td></td></tr><tr><td>Other expense (income), net</td><td> </td><td colspan="2">66</td><td></td><td> </td><td colspan="2">(196</td><td>)</td><td> </td><td colspan="2">(140</td><td>)</td></tr><tr><td>Income before income taxes</td><td> </td><td colspan="2">4,325</td><td></td><td> </td><td colspan="2">4,886</td><td></td><td> </td><td colspan="2">4,623</td><td></td></tr><tr><td>Income tax expense</td><td> </td><td colspan="2">2,392</td><td></td><td> </td><td colspan="2">646</td><td></td><td> </td><td colspan="2">863</td><td></td></tr><tr><td>NET INCOME</td><td> </td><td>$</td><td>1,933</td><td></td><td> </td><td>$</td><td>4,240</td><td></td><td> </td><td>$</td><td>3,760</td><td></td></tr><tr><td> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>Earnings per common share:</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>Basic</td><td> </td><td>$</td><td>1.19</td><td></td><td> </td><td>$</td><td>2.56</td><td></td><td> </td><td>$</td><td>2.21</td><td></td></tr><tr><td>Diluted</td><td> </td><td>$</td><td>1.17</td><td></td><td> </td><td>$</td><td>2.51</td><td></td><td> </td><td>$</td><td>2.16</td><td></td></tr><tr><td> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>Dividends declared per common share</td><td> </td><td>$</td><td>0.78</td><td></td><td> </td><td>$</td><td>0.70</td><td></td><td> </td><td>$</td><td>0.62</td><td></td></tr></table>
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
44
|
q_Ra001
|
How did Apple Inc.'s Interest Coverage Ratio evolve between 2021 and 2023?
|
Interest Coverage Ratio is calculated using the formula: Interest Coverage Ratio = EBIT / Interest Expenses.
For 2021:
EBIT (Operating Income) = $108,949 million
Interest Expenses = $2,687 million
Interest Coverage Ratio = $108,949 million / $2,687 million = 40.6
For 2022:
EBIT (Operating Income) = $119,437 million
Interest Expenses = $2,931 million
Interest Coverage Ratio = $119,437 million / $2,931 million = 40.7
For 2023:
EBIT (Operating Income) = $114,301 million
Interest Expenses = $3,933 million
Interest Coverage Ratio = $114,301 million / $3,933 million = 29.1
|
Ratio
|
29,30,31,32, 39
|
0000320193-23-000106
|
Item 8. Financial Statements and Supplementary Data
|
Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 29:
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
| | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------|:------------------|:-------|:------------------|:---------|:------------------|:-------|:------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Net income | $ | 96,995 | | | $ | 99,803 | | $ | 94,680 |
| 4 | Other comprehensive income/(loss): | | | | | | | | | |
| 5 | Change in foreign currency translation, net of tax | (765) | | | (1,511) | | | 501 | | |
| 7 | Change in unrealized gains/losses on derivative instruments, net of tax: | | | | | | | | | |
| 8 | Change in fair value of derivative instruments | 323 | | | 3,212 | | | 32 | | |
| 9 | Adjustment for net (gains)/losses realized and included in net income | (1,717) | | | (1,074) | | | 1,003 | | |
| 10 | Total change in unrealized gains/losses on derivative instruments | (1,394) | | | 2,138 | | | 1,035 | | |
| 12 | Change in unrealized gains/losses on marketable debt securities, net of tax: | | | | | | | | | |
| 13 | Change in fair value of marketable debt securities | 1,563 | | | (12,104) | | | (694) | | |
| 14 | Adjustment for net (gains)/losses realized and included in net income | 253 | | | 205 | | | (273) | | |
| 15 | Total change in unrealized gains/losses on marketable debt securities | 1,816 | | | (11,899) | | | (967) | | |
| 17 | Total other comprehensive income/(loss) | (343) | | | (11,272) | | | 569 | | |
| 18 | Total comprehensive income | $ | 96,652 | | | $ | 88,531 | | $ | 95,249 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 29
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:------------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | September 30,2023 | | September 24,2022 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 29,965 | | | $ | 23,646 |
| 5 | Marketable securities | 31,590 | | | 24,658 | | |
| 6 | Accounts receivable, net | 29,508 | | | 28,184 | | |
| 7 | Vendor non-trade receivables | 31,477 | | | 32,748 | | |
| 8 | Inventories | 6,331 | | | 4,946 | | |
| 9 | Other current assets | 14,695 | | | 21,223 | | |
| 10 | Total current assets | 143,566 | | | 135,405 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 100,544 | | | 120,805 | | |
| 14 | Property, plant and equipment, net | 43,715 | | | 42,117 | | |
| 15 | Other non-current assets | 64,758 | | | 54,428 | | |
| 16 | Total non-current assets | 209,017 | | | 217,350 | | |
| 17 | Total assets | $ | 352,583 | | | $ | 352,755 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 62,611 | | | $ | 64,115 |
| 22 | Other current liabilities | 58,829 | | | 60,845 | | |
| 23 | Deferred revenue | 8,061 | | | 7,912 | | |
| 24 | Commercial paper | 5,985 | | | 9,982 | | |
| 25 | Term debt | 9,822 | | | 11,128 | | |
| 26 | Total current liabilities | 145,308 | | | 153,982 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 95,281 | | | 98,959 | | |
| 30 | Other non-current liabilities | 49,848 | | | 49,142 | | |
| 31 | Total non-current liabilities | 145,129 | | | 148,101 | | |
| 32 | Total liabilities | 290,437 | | | 302,083 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively | 73,812 | | | 64,849 | | |
| 38 | Accumulated deficit | (214) | | | (3,068) | | |
| 39 | Accumulated other comprehensive loss | (11,452) | | | (11,109) | | |
| 40 | Total shareholders' equity | 62,146 | | | 50,672 | | |
| 41 | Total liabilities and shareholders' equity | $ | 352,583 | | | $ | 352,755 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 30
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 31:
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions, except per-share amounts)
| | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------|:------------------|:-------|:------------------|:---------|:------------------|:-------|:---------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Total shareholders' equity, beginning balances | $ | 50,672 | | | $ | 63,090 | | $ | 65,339 |
| 5 | Common stock and additional paid-in capital: | | | | | | | | | |
| 6 | Beginning balances | 64,849 | | | 57,365 | | | 50,779 | | |
| 7 | Common stock issued | 1,346 | | | 1,175 | | | 1,105 | | |
| 8 | Common stock withheld related to net share settlement of equity awards | (3,521) | | | (2,971) | | | (2,627) | | |
| 9 | Share-based compensation | 11,138 | | | 9,280 | | | 8,108 | | |
| 10 | Ending balances | 73,812 | | | 64,849 | | | 57,365 | | |
| 12 | Retained earnings/(Accumulated deficit): | | | | | | | | | |
| 13 | Beginning balances | (3,068) | | | 5,562 | | | 14,966 | | |
| 14 | Net income | 96,995 | | | 99,803 | | | 94,680 | | |
| 15 | Dividends and dividend equivalents declared | (14,996) | | | (14,793) | | | (14,431) | | |
| 16 | Common stock withheld related to net share settlement of equity awards | (2,099) | | | (3,454) | | | (4,151) | | |
| 17 | Common stock repurchased | (77,046) | | | (90,186) | | | (85,502) | | |
| 18 | Ending balances | (214) | | | (3,068) | | | 5,562 | | |
| 20 | Accumulated other comprehensive income/(loss): | | | | | | | | | |
| 21 | Beginning balances | (11,109) | | | 163 | | | (406) | | |
| 22 | Other comprehensive income/(loss) | (343) | | | (11,272) | | | 569 | | |
| 23 | Ending balances | (11,452) | | | (11,109) | | | 163 | | |
| 25 | Total shareholders' equity, ending balances | $ | 62,146 | | | $ | 50,672 | | $ | 63,090 |
| 27 | Dividends and dividend equivalents declared per share or RSU | $ | 0.94 | | | $ | 0.90 | | $ | 0.85 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 31
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 32:
Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------|:------------------|:-------|:------------------|:----------|:------------------|:-------|:----------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Cash, cash equivalents and restricted cash, beginning balances | $ | 24,977 | | | $ | 35,929 | | $ | 39,789 |
| 5 | Operating activities: | | | | | | | | | |
| 6 | Net income | 96,995 | | | 99,803 | | | 94,680 | | |
| 7 | Adjustments to reconcile net income to cash generated by operating activities: | | | | | | | | | |
| 8 | Depreciation and amortization | 11,519 | | | 11,104 | | | 11,284 | | |
| 9 | Share-based compensation expense | 10,833 | | | 9,038 | | | 7,906 | | |
| 11 | Other | (2,227) | | | 1,006 | | | (4,921) | | |
| 12 | Changes in operating assets and liabilities: | | | | | | | | | |
| 13 | Accounts receivable, net | (1,688) | | | (1,823) | | | (10,125) | | |
| 14 | Vendor non-trade receivables | 1,271 | | | (7,520) | | | (3,903) | | |
| 15 | Inventories | (1,618) | | | 1,484 | | | (2,642) | | |
| 16 | Other current and non-current assets | (5,684) | | | (6,499) | | | (8,042) | | |
| 17 | Accounts payable | (1,889) | | | 9,448 | | | 12,326 | | |
| 18 | Other current and non-current liabilities | 3,031 | | | 6,110 | | | 7,475 | | |
| 19 | Cash generated by operating activities | 110,543 | | | 122,151 | | | 104,038 | | |
| 21 | Investing activities: | | | | | | | | | |
| 22 | Purchases of marketable securities | (29,513) | | | (76,923) | | | (109,558) | | |
| 23 | Proceeds from maturities of marketable securities | 39,686 | | | 29,917 | | | 59,023 | | |
| 24 | Proceeds from sales of marketable securities | 5,828 | | | 37,446 | | | 47,460 | | |
| 25 | Payments for acquisition of property, plant and equipment | (10,959) | | | (10,708) | | | (11,085) | | |
| 27 | Other | (1,337) | | | (2,086) | | | (385) | | |
| 28 | Cash generated by/(used in) investing activities | 3,705 | | | (22,354) | | | (14,545) | | |
| 30 | Financing activities: | | | | | | | | | |
| 31 | Payments for taxes related to net share settlement of equity awards | (5,431) | | | (6,223) | | | (6,556) | | |
| 32 | Payments for dividends and dividend equivalents | (15,025) | | | (14,841) | | | (14,467) | | |
| 33 | Repurchases of common stock | (77,550) | | | (89,402) | | | (85,971) | | |
| 34 | Proceeds from issuance of term debt, net | 5,228 | | | 5,465 | | | 20,393 | | |
| 35 | Repayments of term debt | (11,151) | | | (9,543) | | | (8,750) | | |
| 36 | Proceeds from/(Repayments of) commercial paper, net | (3,978) | | | 3,955 | | | 1,022 | | |
| 37 | Other | (581) | | | (160) | | | 976 | | |
| 38 | Cash used in financing activities | (108,488) | | | (110,749) | | | (93,353) | | |
| 40 | Increase/(Decrease) in cash, cash equivalents and restricted cash | 5,760 | | | (10,952) | | | (3,860) | | |
| 41 | Cash, cash equivalents and restricted cash, ending balances | $ | 30,737 | | | $ | 24,977 | | $ | 35,929 |
| 43 | Supplemental cash flow disclosure: | | | | | | | | | |
| 44 | Cash paid for income taxes, net | $ | 18,679 | | | $ | 19,573 | | $ | 25,385 |
| 45 | Cash paid for interest | $ | 3,803 | | | $ | 2,865 | | $ | 2,687 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 32
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 39:
Note 5 – Property, Plant and Equipment
The following table shows the Company's gross property, plant and equipment by major asset class and accumulated depreciation as of September 30, 2023 and September 24, 2022 (in millions):
| | | | | | | | |
|---:|:-----------------------------------------------|:---------|:-------|:-----|:---------|:---|:-------|
| 1 | | 2023 | | 2022 | | | |
| 2 | Land and buildings | $ | 23,446 | | | $ | 22,126 |
| 3 | Machinery, equipment and internal-use software | 78,314 | | | 81,060 | | |
| 4 | Leasehold improvements | 12,839 | | | 11,271 | | |
| 5 | Gross property, plant and equipment | 114,599 | | | 114,457 | | |
| 6 | Accumulated depreciation | (70,884) | | | (72,340) | | |
| 7 | Total property, plant and equipment, net | $ | 43,715 | | | $ | 42,117 |
Depreciation expense on property, plant and equipment was $8.5 billion, $8.7 billion and $9.5 billion during 2023, 2022 and 2021, respectively.
Note 6 – Consolidated Financial Statement Details
The following tables show the Company's consolidated financial statement details as of September 30, 2023 and September 24, 2022 (in millions):
Other Non-Current Assets
| | | | | | | | |
|---:|:-------------------------------|:-------|:-------|:-----|:-------|:---|:-------|
| 1 | | 2023 | | 2022 | | | |
| 2 | Deferred tax assets | $ | 17,852 | | | $ | 15,375 |
| 3 | Other non-current assets | 46,906 | | | 39,053 | | |
| 4 | Total other non-current assets | $ | 64,758 | | | $ | 54,428 |
Other Current Liabilities
| | | | | | | | |
|---:|:--------------------------------|:-------|:-------|:-----|:-------|:---|:-------|
| 1 | | 2023 | | 2022 | | | |
| 2 | Income taxes payable | $ | 8,819 | | | $ | 6,552 |
| 3 | Other current liabilities | 50,010 | | | 54,293 | | |
| 4 | Total other current liabilities | $ | 58,829 | | | $ | 60,845 |
Other Non-Current Liabilities
| | | | | | | | |
|---:|:------------------------------------|:-------|:-------|:-----|:-------|:---|:-------|
| 1 | | 2023 | | 2022 | | | |
| 2 | Long-term taxes payable | $ | 15,457 | | | $ | 16,657 |
| 3 | Other non-current liabilities | 34,391 | | | 32,485 | | |
| 4 | Total other non-current liabilities | $ | 49,848 | | | $ | 49,142 |
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for 2023, 2022 and 2021 (in millions):
| | | | | | | | | | | |
|---:|:----------------------------------|:--------|:------|:-----|:--------|:-----|:------|:--------|:---|:------|
| 1 | | 2023 | | 2022 | | 2021 | | | | |
| 2 | Interest and dividend income | $ | 3,750 | | | $ | 2,825 | | $ | 2,843 |
| 3 | Interest expense | (3,933) | | | (2,931) | | | (2,645) | | |
| 4 | Other income/(expense), net | (382) | | | (228) | | | 60 | | |
| 5 | Total other income/(expense), net | $ | (565) | | | $ | (334) | | $ | 258 |
Apple Inc. | 2023 Form 10-K | 39
|
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
| | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------|:------------------|:-------|:------------------|:---------|:------------------|:-------|:------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Net income | $ | 96,995 | | | $ | 99,803 | | $ | 94,680 |
| 4 | Other comprehensive income/(loss): | | | | | | | | | |
| 5 | Change in foreign currency translation, net of tax | (765) | | | (1,511) | | | 501 | | |
| 7 | Change in unrealized gains/losses on derivative instruments, net of tax: | | | | | | | | | |
| 8 | Change in fair value of derivative instruments | 323 | | | 3,212 | | | 32 | | |
| 9 | Adjustment for net (gains)/losses realized and included in net income | (1,717) | | | (1,074) | | | 1,003 | | |
| 10 | Total change in unrealized gains/losses on derivative instruments | (1,394) | | | 2,138 | | | 1,035 | | |
| 12 | Change in unrealized gains/losses on marketable debt securities, net of tax: | | | | | | | | | |
| 13 | Change in fair value of marketable debt securities | 1,563 | | | (12,104) | | | (694) | | |
| 14 | Adjustment for net (gains)/losses realized and included in net income | 253 | | | 205 | | | (273) | | |
| 15 | Total change in unrealized gains/losses on marketable debt securities | 1,816 | | | (11,899) | | | (967) | | |
| 17 | Total other comprehensive income/(loss) | (343) | | | (11,272) | | | 569 | | |
| 18 | Total comprehensive income | $ | 96,652 | | | $ | 88,531 | | $ | 95,249 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 29
,
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:------------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | September 30,2023 | | September 24,2022 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 29,965 | | | $ | 23,646 |
| 5 | Marketable securities | 31,590 | | | 24,658 | | |
| 6 | Accounts receivable, net | 29,508 | | | 28,184 | | |
| 7 | Vendor non-trade receivables | 31,477 | | | 32,748 | | |
| 8 | Inventories | 6,331 | | | 4,946 | | |
| 9 | Other current assets | 14,695 | | | 21,223 | | |
| 10 | Total current assets | 143,566 | | | 135,405 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 100,544 | | | 120,805 | | |
| 14 | Property, plant and equipment, net | 43,715 | | | 42,117 | | |
| 15 | Other non-current assets | 64,758 | | | 54,428 | | |
| 16 | Total non-current assets | 209,017 | | | 217,350 | | |
| 17 | Total assets | $ | 352,583 | | | $ | 352,755 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 62,611 | | | $ | 64,115 |
| 22 | Other current liabilities | 58,829 | | | 60,845 | | |
| 23 | Deferred revenue | 8,061 | | | 7,912 | | |
| 24 | Commercial paper | 5,985 | | | 9,982 | | |
| 25 | Term debt | 9,822 | | | 11,128 | | |
| 26 | Total current liabilities | 145,308 | | | 153,982 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 95,281 | | | 98,959 | | |
| 30 | Other non-current liabilities | 49,848 | | | 49,142 | | |
| 31 | Total non-current liabilities | 145,129 | | | 148,101 | | |
| 32 | Total liabilities | 290,437 | | | 302,083 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively | 73,812 | | | 64,849 | | |
| 38 | Accumulated deficit | (214) | | | (3,068) | | |
| 39 | Accumulated other comprehensive loss | (11,452) | | | (11,109) | | |
| 40 | Total shareholders' equity | 62,146 | | | 50,672 | | |
| 41 | Total liabilities and shareholders' equity | $ | 352,583 | | | $ | 352,755 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 30
,
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions, except per-share amounts)
| | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------|:------------------|:-------|:------------------|:---------|:------------------|:-------|:---------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Total shareholders' equity, beginning balances | $ | 50,672 | | | $ | 63,090 | | $ | 65,339 |
| 5 | Common stock and additional paid-in capital: | | | | | | | | | |
| 6 | Beginning balances | 64,849 | | | 57,365 | | | 50,779 | | |
| 7 | Common stock issued | 1,346 | | | 1,175 | | | 1,105 | | |
| 8 | Common stock withheld related to net share settlement of equity awards | (3,521) | | | (2,971) | | | (2,627) | | |
| 9 | Share-based compensation | 11,138 | | | 9,280 | | | 8,108 | | |
| 10 | Ending balances | 73,812 | | | 64,849 | | | 57,365 | | |
| 12 | Retained earnings/(Accumulated deficit): | | | | | | | | | |
| 13 | Beginning balances | (3,068) | | | 5,562 | | | 14,966 | | |
| 14 | Net income | 96,995 | | | 99,803 | | | 94,680 | | |
| 15 | Dividends and dividend equivalents declared | (14,996) | | | (14,793) | | | (14,431) | | |
| 16 | Common stock withheld related to net share settlement of equity awards | (2,099) | | | (3,454) | | | (4,151) | | |
| 17 | Common stock repurchased | (77,046) | | | (90,186) | | | (85,502) | | |
| 18 | Ending balances | (214) | | | (3,068) | | | 5,562 | | |
| 20 | Accumulated other comprehensive income/(loss): | | | | | | | | | |
| 21 | Beginning balances | (11,109) | | | 163 | | | (406) | | |
| 22 | Other comprehensive income/(loss) | (343) | | | (11,272) | | | 569 | | |
| 23 | Ending balances | (11,452) | | | (11,109) | | | 163 | | |
| 25 | Total shareholders' equity, ending balances | $ | 62,146 | | | $ | 50,672 | | $ | 63,090 |
| 27 | Dividends and dividend equivalents declared per share or RSU | $ | 0.94 | | | $ | 0.90 | | $ | 0.85 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 31
,
Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------|:------------------|:-------|:------------------|:----------|:------------------|:-------|:----------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Cash, cash equivalents and restricted cash, beginning balances | $ | 24,977 | | | $ | 35,929 | | $ | 39,789 |
| 5 | Operating activities: | | | | | | | | | |
| 6 | Net income | 96,995 | | | 99,803 | | | 94,680 | | |
| 7 | Adjustments to reconcile net income to cash generated by operating activities: | | | | | | | | | |
| 8 | Depreciation and amortization | 11,519 | | | 11,104 | | | 11,284 | | |
| 9 | Share-based compensation expense | 10,833 | | | 9,038 | | | 7,906 | | |
| 11 | Other | (2,227) | | | 1,006 | | | (4,921) | | |
| 12 | Changes in operating assets and liabilities: | | | | | | | | | |
| 13 | Accounts receivable, net | (1,688) | | | (1,823) | | | (10,125) | | |
| 14 | Vendor non-trade receivables | 1,271 | | | (7,520) | | | (3,903) | | |
| 15 | Inventories | (1,618) | | | 1,484 | | | (2,642) | | |
| 16 | Other current and non-current assets | (5,684) | | | (6,499) | | | (8,042) | | |
| 17 | Accounts payable | (1,889) | | | 9,448 | | | 12,326 | | |
| 18 | Other current and non-current liabilities | 3,031 | | | 6,110 | | | 7,475 | | |
| 19 | Cash generated by operating activities | 110,543 | | | 122,151 | | | 104,038 | | |
| 21 | Investing activities: | | | | | | | | | |
| 22 | Purchases of marketable securities | (29,513) | | | (76,923) | | | (109,558) | | |
| 23 | Proceeds from maturities of marketable securities | 39,686 | | | 29,917 | | | 59,023 | | |
| 24 | Proceeds from sales of marketable securities | 5,828 | | | 37,446 | | | 47,460 | | |
| 25 | Payments for acquisition of property, plant and equipment | (10,959) | | | (10,708) | | | (11,085) | | |
| 27 | Other | (1,337) | | | (2,086) | | | (385) | | |
| 28 | Cash generated by/(used in) investing activities | 3,705 | | | (22,354) | | | (14,545) | | |
| 30 | Financing activities: | | | | | | | | | |
| 31 | Payments for taxes related to net share settlement of equity awards | (5,431) | | | (6,223) | | | (6,556) | | |
| 32 | Payments for dividends and dividend equivalents | (15,025) | | | (14,841) | | | (14,467) | | |
| 33 | Repurchases of common stock | (77,550) | | | (89,402) | | | (85,971) | | |
| 34 | Proceeds from issuance of term debt, net | 5,228 | | | 5,465 | | | 20,393 | | |
| 35 | Repayments of term debt | (11,151) | | | (9,543) | | | (8,750) | | |
| 36 | Proceeds from/(Repayments of) commercial paper, net | (3,978) | | | 3,955 | | | 1,022 | | |
| 37 | Other | (581) | | | (160) | | | 976 | | |
| 38 | Cash used in financing activities | (108,488) | | | (110,749) | | | (93,353) | | |
| 40 | Increase/(Decrease) in cash, cash equivalents and restricted cash | 5,760 | | | (10,952) | | | (3,860) | | |
| 41 | Cash, cash equivalents and restricted cash, ending balances | $ | 30,737 | | | $ | 24,977 | | $ | 35,929 |
| 43 | Supplemental cash flow disclosure: | | | | | | | | | |
| 44 | Cash paid for income taxes, net | $ | 18,679 | | | $ | 19,573 | | $ | 25,385 |
| 45 | Cash paid for interest | $ | 3,803 | | | $ | 2,865 | | $ | 2,687 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 32
,
Note 5 – Property, Plant and Equipment
The following table shows the Company's gross property, plant and equipment by major asset class and accumulated depreciation as of September 30, 2023 and September 24, 2022 (in millions):
| | | | | | | | |
|---:|:-----------------------------------------------|:---------|:-------|:-----|:---------|:---|:-------|
| 1 | | 2023 | | 2022 | | | |
| 2 | Land and buildings | $ | 23,446 | | | $ | 22,126 |
| 3 | Machinery, equipment and internal-use software | 78,314 | | | 81,060 | | |
| 4 | Leasehold improvements | 12,839 | | | 11,271 | | |
| 5 | Gross property, plant and equipment | 114,599 | | | 114,457 | | |
| 6 | Accumulated depreciation | (70,884) | | | (72,340) | | |
| 7 | Total property, plant and equipment, net | $ | 43,715 | | | $ | 42,117 |
Depreciation expense on property, plant and equipment was $8.5 billion, $8.7 billion and $9.5 billion during 2023, 2022 and 2021, respectively.
Note 6 – Consolidated Financial Statement Details
The following tables show the Company's consolidated financial statement details as of September 30, 2023 and September 24, 2022 (in millions):
Other Non-Current Assets
| | | | | | | | |
|---:|:-------------------------------|:-------|:-------|:-----|:-------|:---|:-------|
| 1 | | 2023 | | 2022 | | | |
| 2 | Deferred tax assets | $ | 17,852 | | | $ | 15,375 |
| 3 | Other non-current assets | 46,906 | | | 39,053 | | |
| 4 | Total other non-current assets | $ | 64,758 | | | $ | 54,428 |
Other Current Liabilities
| | | | | | | | |
|---:|:--------------------------------|:-------|:-------|:-----|:-------|:---|:-------|
| 1 | | 2023 | | 2022 | | | |
| 2 | Income taxes payable | $ | 8,819 | | | $ | 6,552 |
| 3 | Other current liabilities | 50,010 | | | 54,293 | | |
| 4 | Total other current liabilities | $ | 58,829 | | | $ | 60,845 |
Other Non-Current Liabilities
| | | | | | | | |
|---:|:------------------------------------|:-------|:-------|:-----|:-------|:---|:-------|
| 1 | | 2023 | | 2022 | | | |
| 2 | Long-term taxes payable | $ | 15,457 | | | $ | 16,657 |
| 3 | Other non-current liabilities | 34,391 | | | 32,485 | | |
| 4 | Total other non-current liabilities | $ | 49,848 | | | $ | 49,142 |
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for 2023, 2022 and 2021 (in millions):
| | | | | | | | | | | |
|---:|:----------------------------------|:--------|:------|:-----|:--------|:-----|:------|:--------|:---|:------|
| 1 | | 2023 | | 2022 | | 2021 | | | | |
| 2 | Interest and dividend income | $ | 3,750 | | | $ | 2,825 | | $ | 2,843 |
| 3 | Interest expense | (3,933) | | | (2,931) | | | (2,645) | | |
| 4 | Other income/(expense), net | (382) | | | (228) | | | 60 | | |
| 5 | Total other income/(expense), net | $ | (565) | | | $ | (334) | | $ | 258 |
Apple Inc. | 2023 Form 10-K | 39
|
Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 29:
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Net income</td><td>$</td><td>96,995 </td><td></td><td colspan="3"></td><td>$</td><td>99,803 </td><td></td><td colspan="3"></td><td>$</td><td>94,680 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in foreign currency translation, net of tax</td><td colspan="2">(765)</td><td></td><td colspan="3"></td><td colspan="2">(1,511)</td><td></td><td colspan="3"></td><td colspan="2">501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on derivative instruments, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of derivative instruments</td><td colspan="2">323 </td><td></td><td colspan="3"></td><td colspan="2">3,212 </td><td></td><td colspan="3"></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">(1,717)</td><td></td><td colspan="3"></td><td colspan="2">(1,074)</td><td></td><td colspan="3"></td><td colspan="2">1,003 </td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on derivative instruments</td><td colspan="2">(1,394)</td><td></td><td colspan="3"></td><td colspan="2">2,138 </td><td></td><td colspan="3"></td><td colspan="2">1,035 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on marketable debt securities, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of marketable debt securities</td><td colspan="2">1,563 </td><td></td><td colspan="3"></td><td colspan="2">(12,104)</td><td></td><td colspan="3"></td><td colspan="2">(694)</td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">205 </td><td></td><td colspan="3"></td><td colspan="2">(273)</td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on marketable debt securities</td><td colspan="2">1,816 </td><td></td><td colspan="3"></td><td colspan="2">(11,899)</td><td></td><td colspan="3"></td><td colspan="2">(967)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total other comprehensive income/(loss)</td><td colspan="2">(343)</td><td></td><td colspan="3"></td><td colspan="2">(11,272)</td><td></td><td colspan="3"></td><td colspan="2">569 </td><td></td></tr><tr><td colspan="3">Total comprehensive income</td><td>$</td><td>96,652 </td><td></td><td colspan="3"></td><td>$</td><td>88,531 </td><td></td><td colspan="3"></td><td>$</td><td>95,249 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 29
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>29,965 </td><td></td><td colspan="3"></td><td>$</td><td>23,646 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">31,590 </td><td></td><td colspan="3"></td><td colspan="2">24,658 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">29,508 </td><td></td><td colspan="3"></td><td colspan="2">28,184 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">31,477 </td><td></td><td colspan="3"></td><td colspan="2">32,748 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,331 </td><td></td><td colspan="3"></td><td colspan="2">4,946 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,695 </td><td></td><td colspan="3"></td><td colspan="2">21,223 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">143,566 </td><td></td><td colspan="3"></td><td colspan="2">135,405 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">100,544 </td><td></td><td colspan="3"></td><td colspan="2">120,805 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">43,715 </td><td></td><td colspan="3"></td><td colspan="2">42,117 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">64,758 </td><td></td><td colspan="3"></td><td colspan="2">54,428 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">209,017 </td><td></td><td colspan="3"></td><td colspan="2">217,350 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>352,583 </td><td></td><td colspan="3"></td><td>$</td><td>352,755 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>62,611 </td><td></td><td colspan="3"></td><td>$</td><td>64,115 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">58,829 </td><td></td><td colspan="3"></td><td colspan="2">60,845 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,061 </td><td></td><td colspan="3"></td><td colspan="2">7,912 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">5,985 </td><td></td><td colspan="3"></td><td colspan="2">9,982 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">9,822 </td><td></td><td colspan="3"></td><td colspan="2">11,128 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">145,308 </td><td></td><td colspan="3"></td><td colspan="2">153,982 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">95,281 </td><td></td><td colspan="3"></td><td colspan="2">98,959 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">49,848 </td><td></td><td colspan="3"></td><td colspan="2">49,142 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">145,129 </td><td></td><td colspan="3"></td><td colspan="2">148,101 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">290,437 </td><td></td><td colspan="3"></td><td colspan="2">302,083 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively</td><td colspan="2">73,812 </td><td></td><td colspan="3"></td><td colspan="2">64,849 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(214)</td><td></td><td colspan="3"></td><td colspan="2">(3,068)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(11,452)</td><td></td><td colspan="3"></td><td colspan="2">(11,109)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">62,146 </td><td></td><td colspan="3"></td><td colspan="2">50,672 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>352,583 </td><td></td><td colspan="3"></td><td>$</td><td>352,755 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 30
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 31:
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions, except per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Total shareholders' equity, beginning balances</td><td>$</td><td>50,672 </td><td></td><td colspan="3"></td><td>$</td><td>63,090 </td><td></td><td colspan="3"></td><td>$</td><td>65,339 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">64,849 </td><td></td><td colspan="3"></td><td colspan="2">57,365 </td><td></td><td colspan="3"></td><td colspan="2">50,779 </td><td></td></tr><tr><td colspan="3">Common stock issued</td><td colspan="2">1,346 </td><td></td><td colspan="3"></td><td colspan="2">1,175 </td><td></td><td colspan="3"></td><td colspan="2">1,105 </td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(3,521)</td><td></td><td colspan="3"></td><td colspan="2">(2,971)</td><td></td><td colspan="3"></td><td colspan="2">(2,627)</td><td></td></tr><tr><td colspan="3">Share-based compensation</td><td colspan="2">11,138 </td><td></td><td colspan="3"></td><td colspan="2">9,280 </td><td></td><td colspan="3"></td><td colspan="2">8,108 </td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">73,812 </td><td></td><td colspan="3"></td><td colspan="2">64,849 </td><td></td><td colspan="3"></td><td colspan="2">57,365 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Retained earnings/(Accumulated deficit):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">(3,068)</td><td></td><td colspan="3"></td><td colspan="2">5,562 </td><td></td><td colspan="3"></td><td colspan="2">14,966 </td><td></td></tr><tr><td colspan="3">Net income</td><td colspan="2">96,995 </td><td></td><td colspan="3"></td><td colspan="2">99,803 </td><td></td><td colspan="3"></td><td colspan="2">94,680 </td><td></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared</td><td colspan="2">(14,996)</td><td></td><td colspan="3"></td><td colspan="2">(14,793)</td><td></td><td colspan="3"></td><td colspan="2">(14,431)</td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(2,099)</td><td></td><td colspan="3"></td><td colspan="2">(3,454)</td><td></td><td colspan="3"></td><td colspan="2">(4,151)</td><td></td></tr><tr><td colspan="3">Common stock repurchased</td><td colspan="2">(77,046)</td><td></td><td colspan="3"></td><td colspan="2">(90,186)</td><td></td><td colspan="3"></td><td colspan="2">(85,502)</td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(214)</td><td></td><td colspan="3"></td><td colspan="2">(3,068)</td><td></td><td colspan="3"></td><td colspan="2">5,562 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accumulated other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">(11,109)</td><td></td><td colspan="3"></td><td colspan="2">163 </td><td></td><td colspan="3"></td><td colspan="2">(406)</td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">(343)</td><td></td><td colspan="3"></td><td colspan="2">(11,272)</td><td></td><td colspan="3"></td><td colspan="2">569 </td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(11,452)</td><td></td><td colspan="3"></td><td colspan="2">(11,109)</td><td></td><td colspan="3"></td><td colspan="2">163 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total shareholders' equity, ending balances</td><td>$</td><td>62,146 </td><td></td><td colspan="3"></td><td>$</td><td>50,672 </td><td></td><td colspan="3"></td><td>$</td><td>63,090 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared per share or RSU</td><td>$</td><td>0.94 </td><td></td><td colspan="3"></td><td>$</td><td>0.90 </td><td></td><td colspan="3"></td><td>$</td><td>0.85 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 31
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 32:
Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Cash, cash equivalents and restricted cash, beginning balances</td><td>$</td><td>24,977 </td><td></td><td colspan="3"></td><td>$</td><td>35,929 </td><td></td><td colspan="3"></td><td>$</td><td>39,789 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income</td><td colspan="2">96,995 </td><td></td><td colspan="3"></td><td colspan="2">99,803 </td><td></td><td colspan="3"></td><td colspan="2">94,680 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile net income to cash generated by operating activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">11,519 </td><td></td><td colspan="3"></td><td colspan="2">11,104 </td><td></td><td colspan="3"></td><td colspan="2">11,284 </td><td></td></tr><tr><td colspan="3">Share-based compensation expense</td><td colspan="2">10,833 </td><td></td><td colspan="3"></td><td colspan="2">9,038 </td><td></td><td colspan="3"></td><td colspan="2">7,906 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="2">(2,227)</td><td></td><td colspan="3"></td><td colspan="2">1,006 </td><td></td><td colspan="3"></td><td colspan="2">(4,921)</td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">(1,688)</td><td></td><td colspan="3"></td><td colspan="2">(1,823)</td><td></td><td colspan="3"></td><td colspan="2">(10,125)</td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">1,271 </td><td></td><td colspan="3"></td><td colspan="2">(7,520)</td><td></td><td colspan="3"></td><td colspan="2">(3,903)</td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">(1,618)</td><td></td><td colspan="3"></td><td colspan="2">1,484 </td><td></td><td colspan="3"></td><td colspan="2">(2,642)</td><td></td></tr><tr><td colspan="3">Other current and non-current assets</td><td colspan="2">(5,684)</td><td></td><td colspan="3"></td><td colspan="2">(6,499)</td><td></td><td colspan="3"></td><td colspan="2">(8,042)</td><td></td></tr><tr><td colspan="3">Accounts payable</td><td colspan="2">(1,889)</td><td></td><td colspan="3"></td><td colspan="2">9,448 </td><td></td><td colspan="3"></td><td colspan="2">12,326 </td><td></td></tr><tr><td colspan="3">Other current and non-current liabilities</td><td colspan="2">3,031 </td><td></td><td colspan="3"></td><td colspan="2">6,110 </td><td></td><td colspan="3"></td><td colspan="2">7,475 </td><td></td></tr><tr><td colspan="3">Cash generated by operating activities</td><td colspan="2">110,543 </td><td></td><td colspan="3"></td><td colspan="2">122,151 </td><td></td><td colspan="3"></td><td colspan="2">104,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investing activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchases of marketable securities</td><td colspan="2">(29,513)</td><td></td><td colspan="3"></td><td colspan="2">(76,923)</td><td></td><td colspan="3"></td><td colspan="2">(109,558)</td><td></td></tr><tr><td colspan="3">Proceeds from maturities of marketable securities</td><td colspan="2">39,686 </td><td></td><td colspan="3"></td><td colspan="2">29,917 </td><td></td><td colspan="3"></td><td colspan="2">59,023 </td><td></td></tr><tr><td colspan="3">Proceeds from sales of marketable securities</td><td colspan="2">5,828 </td><td></td><td colspan="3"></td><td colspan="2">37,446 </td><td></td><td colspan="3"></td><td colspan="2">47,460 </td><td></td></tr><tr><td colspan="3">Payments for acquisition of property, plant and equipment</td><td colspan="2">(10,959)</td><td></td><td colspan="3"></td><td colspan="2">(10,708)</td><td></td><td colspan="3"></td><td colspan="2">(11,085)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="2">(1,337)</td><td></td><td colspan="3"></td><td colspan="2">(2,086)</td><td></td><td colspan="3"></td><td colspan="2">(385)</td><td></td></tr><tr><td colspan="3">Cash generated by/(used in) investing activities</td><td colspan="2">3,705 </td><td></td><td colspan="3"></td><td colspan="2">(22,354)</td><td></td><td colspan="3"></td><td colspan="2">(14,545)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Financing activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Payments for taxes related to net share settlement of equity awards</td><td colspan="2">(5,431)</td><td></td><td colspan="3"></td><td colspan="2">(6,223)</td><td></td><td colspan="3"></td><td colspan="2">(6,556)</td><td></td></tr><tr><td colspan="3">Payments for dividends and dividend equivalents</td><td colspan="2">(15,025)</td><td></td><td colspan="3"></td><td colspan="2">(14,841)</td><td></td><td colspan="3"></td><td colspan="2">(14,467)</td><td></td></tr><tr><td colspan="3">Repurchases of common stock</td><td colspan="2">(77,550)</td><td></td><td colspan="3"></td><td colspan="2">(89,402)</td><td></td><td colspan="3"></td><td colspan="2">(85,971)</td><td></td></tr><tr><td colspan="3">Proceeds from issuance of term debt, net</td><td colspan="2">5,228 </td><td></td><td colspan="3"></td><td colspan="2">5,465 </td><td></td><td colspan="3"></td><td colspan="2">20,393 </td><td></td></tr><tr><td colspan="3">Repayments of term debt</td><td colspan="2">(11,151)</td><td></td><td colspan="3"></td><td colspan="2">(9,543)</td><td></td><td colspan="3"></td><td colspan="2">(8,750)</td><td></td></tr><tr><td colspan="3">Proceeds from/(Repayments of) commercial paper, net</td><td colspan="2">(3,978)</td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">1,022 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">(581)</td><td></td><td colspan="3"></td><td colspan="2">(160)</td><td></td><td colspan="3"></td><td colspan="2">976 </td><td></td></tr><tr><td colspan="3">Cash used in financing activities</td><td colspan="2">(108,488)</td><td></td><td colspan="3"></td><td colspan="2">(110,749)</td><td></td><td colspan="3"></td><td colspan="2">(93,353)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Increase/(Decrease) in cash, cash equivalents and restricted cash</td><td colspan="2">5,760 </td><td></td><td colspan="3"></td><td colspan="2">(10,952)</td><td></td><td colspan="3"></td><td colspan="2">(3,860)</td><td></td></tr><tr><td colspan="3">Cash, cash equivalents and restricted cash, ending balances</td><td>$</td><td>30,737 </td><td></td><td colspan="3"></td><td>$</td><td>24,977 </td><td></td><td colspan="3"></td><td>$</td><td>35,929 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Supplemental cash flow disclosure:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash paid for income taxes, net</td><td>$</td><td>18,679 </td><td></td><td colspan="3"></td><td>$</td><td>19,573 </td><td></td><td colspan="3"></td><td>$</td><td>25,385 </td><td></td></tr><tr><td colspan="3">Cash paid for interest</td><td>$</td><td>3,803 </td><td></td><td colspan="3"></td><td>$</td><td>2,865 </td><td></td><td colspan="3"></td><td>$</td><td>2,687 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 32
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 39:
Note 5 – Property, Plant and Equipment
The following table shows the Company's gross property, plant and equipment by major asset class and accumulated depreciation as of September 30, 2023 and September 24, 2022 (in millions):
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Land and buildings</td><td>$</td><td>23,446 </td><td></td><td colspan="3"></td><td>$</td><td>22,126 </td><td></td></tr><tr><td colspan="3">Machinery, equipment and internal-use software</td><td colspan="2">78,314 </td><td></td><td colspan="3"></td><td colspan="2">81,060 </td><td></td></tr><tr><td colspan="3">Leasehold improvements</td><td colspan="2">12,839 </td><td></td><td colspan="3"></td><td colspan="2">11,271 </td><td></td></tr><tr><td colspan="3">Gross property, plant and equipment</td><td colspan="2">114,599 </td><td></td><td colspan="3"></td><td colspan="2">114,457 </td><td></td></tr><tr><td colspan="3">Accumulated depreciation</td><td colspan="2">(70,884)</td><td></td><td colspan="3"></td><td colspan="2">(72,340)</td><td></td></tr><tr><td colspan="3">Total property, plant and equipment, net</td><td>$</td><td>43,715 </td><td></td><td colspan="3"></td><td>$</td><td>42,117 </td><td></td></tr></table>Depreciation expense on property, plant and equipment was $8.5 billion, $8.7 billion and $9.5 billion during 2023, 2022 and 2021, respectively.
Note 6 – Consolidated Financial Statement Details
The following tables show the Company's consolidated financial statement details as of September 30, 2023 and September 24, 2022 (in millions):
Other Non-Current Assets
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Deferred tax assets</td><td>$</td><td>17,852 </td><td></td><td colspan="3"></td><td>$</td><td>15,375 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">46,906 </td><td></td><td colspan="3"></td><td colspan="2">39,053 </td><td></td></tr><tr><td colspan="3">Total other non-current assets</td><td>$</td><td>64,758 </td><td></td><td colspan="3"></td><td>$</td><td>54,428 </td><td></td></tr></table>
Other Current Liabilities
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Income taxes payable</td><td>$</td><td>8,819 </td><td></td><td colspan="3"></td><td>$</td><td>6,552 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">50,010 </td><td></td><td colspan="3"></td><td colspan="2">54,293 </td><td></td></tr><tr><td colspan="3">Total other current liabilities</td><td>$</td><td>58,829 </td><td></td><td colspan="3"></td><td>$</td><td>60,845 </td><td></td></tr></table>
Other Non-Current Liabilities
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Long-term taxes payable</td><td>$</td><td>15,457 </td><td></td><td colspan="3"></td><td>$</td><td>16,657 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">34,391 </td><td></td><td colspan="3"></td><td colspan="2">32,485 </td><td></td></tr><tr><td colspan="3">Total other non-current liabilities</td><td>$</td><td>49,848 </td><td></td><td colspan="3"></td><td>$</td><td>49,142 </td><td></td></tr></table>
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for 2023, 2022 and 2021 (in millions):
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Interest and dividend income</td><td>$</td><td>3,750 </td><td></td><td colspan="3"></td><td>$</td><td>2,825 </td><td></td><td colspan="3"></td><td>$</td><td>2,843 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(3,933)</td><td></td><td colspan="3"></td><td colspan="2">(2,931)</td><td></td><td colspan="3"></td><td colspan="2">(2,645)</td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">(382)</td><td></td><td colspan="3"></td><td colspan="2">(228)</td><td></td><td colspan="3"></td><td colspan="2">60 </td><td></td></tr><tr><td colspan="3">Total other income/(expense), net</td><td>$</td><td>(565)</td><td></td><td colspan="3"></td><td>$</td><td>(334)</td><td></td><td colspan="3"></td><td>$</td><td>258 </td><td></td></tr></table>
Apple Inc. | 2023 Form 10-K | 39
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Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Net income</td><td>$</td><td>96,995 </td><td></td><td colspan="3"></td><td>$</td><td>99,803 </td><td></td><td colspan="3"></td><td>$</td><td>94,680 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in foreign currency translation, net of tax</td><td colspan="2">(765)</td><td></td><td colspan="3"></td><td colspan="2">(1,511)</td><td></td><td colspan="3"></td><td colspan="2">501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on derivative instruments, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of derivative instruments</td><td colspan="2">323 </td><td></td><td colspan="3"></td><td colspan="2">3,212 </td><td></td><td colspan="3"></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">(1,717)</td><td></td><td colspan="3"></td><td colspan="2">(1,074)</td><td></td><td colspan="3"></td><td colspan="2">1,003 </td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on derivative instruments</td><td colspan="2">(1,394)</td><td></td><td colspan="3"></td><td colspan="2">2,138 </td><td></td><td colspan="3"></td><td colspan="2">1,035 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on marketable debt securities, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of marketable debt securities</td><td colspan="2">1,563 </td><td></td><td colspan="3"></td><td colspan="2">(12,104)</td><td></td><td colspan="3"></td><td colspan="2">(694)</td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">205 </td><td></td><td colspan="3"></td><td colspan="2">(273)</td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on marketable debt securities</td><td colspan="2">1,816 </td><td></td><td colspan="3"></td><td colspan="2">(11,899)</td><td></td><td colspan="3"></td><td colspan="2">(967)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total other comprehensive income/(loss)</td><td colspan="2">(343)</td><td></td><td colspan="3"></td><td colspan="2">(11,272)</td><td></td><td colspan="3"></td><td colspan="2">569 </td><td></td></tr><tr><td colspan="3">Total comprehensive income</td><td>$</td><td>96,652 </td><td></td><td colspan="3"></td><td>$</td><td>88,531 </td><td></td><td colspan="3"></td><td>$</td><td>95,249 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 29
,
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>29,965 </td><td></td><td colspan="3"></td><td>$</td><td>23,646 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">31,590 </td><td></td><td colspan="3"></td><td colspan="2">24,658 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">29,508 </td><td></td><td colspan="3"></td><td colspan="2">28,184 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">31,477 </td><td></td><td colspan="3"></td><td colspan="2">32,748 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,331 </td><td></td><td colspan="3"></td><td colspan="2">4,946 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,695 </td><td></td><td colspan="3"></td><td colspan="2">21,223 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">143,566 </td><td></td><td colspan="3"></td><td colspan="2">135,405 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">100,544 </td><td></td><td colspan="3"></td><td colspan="2">120,805 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">43,715 </td><td></td><td colspan="3"></td><td colspan="2">42,117 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">64,758 </td><td></td><td colspan="3"></td><td colspan="2">54,428 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">209,017 </td><td></td><td colspan="3"></td><td colspan="2">217,350 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>352,583 </td><td></td><td colspan="3"></td><td>$</td><td>352,755 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>62,611 </td><td></td><td colspan="3"></td><td>$</td><td>64,115 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">58,829 </td><td></td><td colspan="3"></td><td colspan="2">60,845 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,061 </td><td></td><td colspan="3"></td><td colspan="2">7,912 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">5,985 </td><td></td><td colspan="3"></td><td colspan="2">9,982 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">9,822 </td><td></td><td colspan="3"></td><td colspan="2">11,128 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">145,308 </td><td></td><td colspan="3"></td><td colspan="2">153,982 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">95,281 </td><td></td><td colspan="3"></td><td colspan="2">98,959 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">49,848 </td><td></td><td colspan="3"></td><td colspan="2">49,142 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">145,129 </td><td></td><td colspan="3"></td><td colspan="2">148,101 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">290,437 </td><td></td><td colspan="3"></td><td colspan="2">302,083 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively</td><td colspan="2">73,812 </td><td></td><td colspan="3"></td><td colspan="2">64,849 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(214)</td><td></td><td colspan="3"></td><td colspan="2">(3,068)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(11,452)</td><td></td><td colspan="3"></td><td colspan="2">(11,109)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">62,146 </td><td></td><td colspan="3"></td><td colspan="2">50,672 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>352,583 </td><td></td><td colspan="3"></td><td>$</td><td>352,755 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 30
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Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions, except per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Total shareholders' equity, beginning balances</td><td>$</td><td>50,672 </td><td></td><td colspan="3"></td><td>$</td><td>63,090 </td><td></td><td colspan="3"></td><td>$</td><td>65,339 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">64,849 </td><td></td><td colspan="3"></td><td colspan="2">57,365 </td><td></td><td colspan="3"></td><td colspan="2">50,779 </td><td></td></tr><tr><td colspan="3">Common stock issued</td><td colspan="2">1,346 </td><td></td><td colspan="3"></td><td colspan="2">1,175 </td><td></td><td colspan="3"></td><td colspan="2">1,105 </td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(3,521)</td><td></td><td colspan="3"></td><td colspan="2">(2,971)</td><td></td><td colspan="3"></td><td colspan="2">(2,627)</td><td></td></tr><tr><td colspan="3">Share-based compensation</td><td colspan="2">11,138 </td><td></td><td colspan="3"></td><td colspan="2">9,280 </td><td></td><td colspan="3"></td><td colspan="2">8,108 </td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">73,812 </td><td></td><td colspan="3"></td><td colspan="2">64,849 </td><td></td><td colspan="3"></td><td colspan="2">57,365 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Retained earnings/(Accumulated deficit):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">(3,068)</td><td></td><td colspan="3"></td><td colspan="2">5,562 </td><td></td><td colspan="3"></td><td colspan="2">14,966 </td><td></td></tr><tr><td colspan="3">Net income</td><td colspan="2">96,995 </td><td></td><td colspan="3"></td><td colspan="2">99,803 </td><td></td><td colspan="3"></td><td colspan="2">94,680 </td><td></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared</td><td colspan="2">(14,996)</td><td></td><td colspan="3"></td><td colspan="2">(14,793)</td><td></td><td colspan="3"></td><td colspan="2">(14,431)</td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(2,099)</td><td></td><td colspan="3"></td><td colspan="2">(3,454)</td><td></td><td colspan="3"></td><td colspan="2">(4,151)</td><td></td></tr><tr><td colspan="3">Common stock repurchased</td><td colspan="2">(77,046)</td><td></td><td colspan="3"></td><td colspan="2">(90,186)</td><td></td><td colspan="3"></td><td colspan="2">(85,502)</td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(214)</td><td></td><td colspan="3"></td><td colspan="2">(3,068)</td><td></td><td colspan="3"></td><td colspan="2">5,562 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accumulated other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">(11,109)</td><td></td><td colspan="3"></td><td colspan="2">163 </td><td></td><td colspan="3"></td><td colspan="2">(406)</td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">(343)</td><td></td><td colspan="3"></td><td colspan="2">(11,272)</td><td></td><td colspan="3"></td><td colspan="2">569 </td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(11,452)</td><td></td><td colspan="3"></td><td colspan="2">(11,109)</td><td></td><td colspan="3"></td><td colspan="2">163 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total shareholders' equity, ending balances</td><td>$</td><td>62,146 </td><td></td><td colspan="3"></td><td>$</td><td>50,672 </td><td></td><td colspan="3"></td><td>$</td><td>63,090 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared per share or RSU</td><td>$</td><td>0.94 </td><td></td><td colspan="3"></td><td>$</td><td>0.90 </td><td></td><td colspan="3"></td><td>$</td><td>0.85 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 31
,
Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Cash, cash equivalents and restricted cash, beginning balances</td><td>$</td><td>24,977 </td><td></td><td colspan="3"></td><td>$</td><td>35,929 </td><td></td><td colspan="3"></td><td>$</td><td>39,789 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income</td><td colspan="2">96,995 </td><td></td><td colspan="3"></td><td colspan="2">99,803 </td><td></td><td colspan="3"></td><td colspan="2">94,680 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile net income to cash generated by operating activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">11,519 </td><td></td><td colspan="3"></td><td colspan="2">11,104 </td><td></td><td colspan="3"></td><td colspan="2">11,284 </td><td></td></tr><tr><td colspan="3">Share-based compensation expense</td><td colspan="2">10,833 </td><td></td><td colspan="3"></td><td colspan="2">9,038 </td><td></td><td colspan="3"></td><td colspan="2">7,906 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="2">(2,227)</td><td></td><td colspan="3"></td><td colspan="2">1,006 </td><td></td><td colspan="3"></td><td colspan="2">(4,921)</td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">(1,688)</td><td></td><td colspan="3"></td><td colspan="2">(1,823)</td><td></td><td colspan="3"></td><td colspan="2">(10,125)</td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">1,271 </td><td></td><td colspan="3"></td><td colspan="2">(7,520)</td><td></td><td colspan="3"></td><td colspan="2">(3,903)</td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">(1,618)</td><td></td><td colspan="3"></td><td colspan="2">1,484 </td><td></td><td colspan="3"></td><td colspan="2">(2,642)</td><td></td></tr><tr><td colspan="3">Other current and non-current assets</td><td colspan="2">(5,684)</td><td></td><td colspan="3"></td><td colspan="2">(6,499)</td><td></td><td colspan="3"></td><td colspan="2">(8,042)</td><td></td></tr><tr><td colspan="3">Accounts payable</td><td colspan="2">(1,889)</td><td></td><td colspan="3"></td><td colspan="2">9,448 </td><td></td><td colspan="3"></td><td colspan="2">12,326 </td><td></td></tr><tr><td colspan="3">Other current and non-current liabilities</td><td colspan="2">3,031 </td><td></td><td colspan="3"></td><td colspan="2">6,110 </td><td></td><td colspan="3"></td><td colspan="2">7,475 </td><td></td></tr><tr><td colspan="3">Cash generated by operating activities</td><td colspan="2">110,543 </td><td></td><td colspan="3"></td><td colspan="2">122,151 </td><td></td><td colspan="3"></td><td colspan="2">104,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investing activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchases of marketable securities</td><td colspan="2">(29,513)</td><td></td><td colspan="3"></td><td colspan="2">(76,923)</td><td></td><td colspan="3"></td><td colspan="2">(109,558)</td><td></td></tr><tr><td colspan="3">Proceeds from maturities of marketable securities</td><td colspan="2">39,686 </td><td></td><td colspan="3"></td><td colspan="2">29,917 </td><td></td><td colspan="3"></td><td colspan="2">59,023 </td><td></td></tr><tr><td colspan="3">Proceeds from sales of marketable securities</td><td colspan="2">5,828 </td><td></td><td colspan="3"></td><td colspan="2">37,446 </td><td></td><td colspan="3"></td><td colspan="2">47,460 </td><td></td></tr><tr><td colspan="3">Payments for acquisition of property, plant and equipment</td><td colspan="2">(10,959)</td><td></td><td colspan="3"></td><td colspan="2">(10,708)</td><td></td><td colspan="3"></td><td colspan="2">(11,085)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="2">(1,337)</td><td></td><td colspan="3"></td><td colspan="2">(2,086)</td><td></td><td colspan="3"></td><td colspan="2">(385)</td><td></td></tr><tr><td colspan="3">Cash generated by/(used in) investing activities</td><td colspan="2">3,705 </td><td></td><td colspan="3"></td><td colspan="2">(22,354)</td><td></td><td colspan="3"></td><td colspan="2">(14,545)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Financing activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Payments for taxes related to net share settlement of equity awards</td><td colspan="2">(5,431)</td><td></td><td colspan="3"></td><td colspan="2">(6,223)</td><td></td><td colspan="3"></td><td colspan="2">(6,556)</td><td></td></tr><tr><td colspan="3">Payments for dividends and dividend equivalents</td><td colspan="2">(15,025)</td><td></td><td colspan="3"></td><td colspan="2">(14,841)</td><td></td><td colspan="3"></td><td colspan="2">(14,467)</td><td></td></tr><tr><td colspan="3">Repurchases of common stock</td><td colspan="2">(77,550)</td><td></td><td colspan="3"></td><td colspan="2">(89,402)</td><td></td><td colspan="3"></td><td colspan="2">(85,971)</td><td></td></tr><tr><td colspan="3">Proceeds from issuance of term debt, net</td><td colspan="2">5,228 </td><td></td><td colspan="3"></td><td colspan="2">5,465 </td><td></td><td colspan="3"></td><td colspan="2">20,393 </td><td></td></tr><tr><td colspan="3">Repayments of term debt</td><td colspan="2">(11,151)</td><td></td><td colspan="3"></td><td colspan="2">(9,543)</td><td></td><td colspan="3"></td><td colspan="2">(8,750)</td><td></td></tr><tr><td colspan="3">Proceeds from/(Repayments of) commercial paper, net</td><td colspan="2">(3,978)</td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">1,022 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">(581)</td><td></td><td colspan="3"></td><td colspan="2">(160)</td><td></td><td colspan="3"></td><td colspan="2">976 </td><td></td></tr><tr><td colspan="3">Cash used in financing activities</td><td colspan="2">(108,488)</td><td></td><td colspan="3"></td><td colspan="2">(110,749)</td><td></td><td colspan="3"></td><td colspan="2">(93,353)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Increase/(Decrease) in cash, cash equivalents and restricted cash</td><td colspan="2">5,760 </td><td></td><td colspan="3"></td><td colspan="2">(10,952)</td><td></td><td colspan="3"></td><td colspan="2">(3,860)</td><td></td></tr><tr><td colspan="3">Cash, cash equivalents and restricted cash, ending balances</td><td>$</td><td>30,737 </td><td></td><td colspan="3"></td><td>$</td><td>24,977 </td><td></td><td colspan="3"></td><td>$</td><td>35,929 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Supplemental cash flow disclosure:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash paid for income taxes, net</td><td>$</td><td>18,679 </td><td></td><td colspan="3"></td><td>$</td><td>19,573 </td><td></td><td colspan="3"></td><td>$</td><td>25,385 </td><td></td></tr><tr><td colspan="3">Cash paid for interest</td><td>$</td><td>3,803 </td><td></td><td colspan="3"></td><td>$</td><td>2,865 </td><td></td><td colspan="3"></td><td>$</td><td>2,687 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 32
,
Note 5 – Property, Plant and Equipment
The following table shows the Company's gross property, plant and equipment by major asset class and accumulated depreciation as of September 30, 2023 and September 24, 2022 (in millions):
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Land and buildings</td><td>$</td><td>23,446 </td><td></td><td colspan="3"></td><td>$</td><td>22,126 </td><td></td></tr><tr><td colspan="3">Machinery, equipment and internal-use software</td><td colspan="2">78,314 </td><td></td><td colspan="3"></td><td colspan="2">81,060 </td><td></td></tr><tr><td colspan="3">Leasehold improvements</td><td colspan="2">12,839 </td><td></td><td colspan="3"></td><td colspan="2">11,271 </td><td></td></tr><tr><td colspan="3">Gross property, plant and equipment</td><td colspan="2">114,599 </td><td></td><td colspan="3"></td><td colspan="2">114,457 </td><td></td></tr><tr><td colspan="3">Accumulated depreciation</td><td colspan="2">(70,884)</td><td></td><td colspan="3"></td><td colspan="2">(72,340)</td><td></td></tr><tr><td colspan="3">Total property, plant and equipment, net</td><td>$</td><td>43,715 </td><td></td><td colspan="3"></td><td>$</td><td>42,117 </td><td></td></tr></table>Depreciation expense on property, plant and equipment was $8.5 billion, $8.7 billion and $9.5 billion during 2023, 2022 and 2021, respectively.
Note 6 – Consolidated Financial Statement Details
The following tables show the Company's consolidated financial statement details as of September 30, 2023 and September 24, 2022 (in millions):
Other Non-Current Assets
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Deferred tax assets</td><td>$</td><td>17,852 </td><td></td><td colspan="3"></td><td>$</td><td>15,375 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">46,906 </td><td></td><td colspan="3"></td><td colspan="2">39,053 </td><td></td></tr><tr><td colspan="3">Total other non-current assets</td><td>$</td><td>64,758 </td><td></td><td colspan="3"></td><td>$</td><td>54,428 </td><td></td></tr></table>
Other Current Liabilities
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Income taxes payable</td><td>$</td><td>8,819 </td><td></td><td colspan="3"></td><td>$</td><td>6,552 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">50,010 </td><td></td><td colspan="3"></td><td colspan="2">54,293 </td><td></td></tr><tr><td colspan="3">Total other current liabilities</td><td>$</td><td>58,829 </td><td></td><td colspan="3"></td><td>$</td><td>60,845 </td><td></td></tr></table>
Other Non-Current Liabilities
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">Long-term taxes payable</td><td>$</td><td>15,457 </td><td></td><td colspan="3"></td><td>$</td><td>16,657 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">34,391 </td><td></td><td colspan="3"></td><td colspan="2">32,485 </td><td></td></tr><tr><td colspan="3">Total other non-current liabilities</td><td>$</td><td>49,848 </td><td></td><td colspan="3"></td><td>$</td><td>49,142 </td><td></td></tr></table>
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for 2023, 2022 and 2021 (in millions):
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td><td colspan="3"></td><td colspan="3">2021</td></tr><tr><td colspan="3">Interest and dividend income</td><td>$</td><td>3,750 </td><td></td><td colspan="3"></td><td>$</td><td>2,825 </td><td></td><td colspan="3"></td><td>$</td><td>2,843 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(3,933)</td><td></td><td colspan="3"></td><td colspan="2">(2,931)</td><td></td><td colspan="3"></td><td colspan="2">(2,645)</td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">(382)</td><td></td><td colspan="3"></td><td colspan="2">(228)</td><td></td><td colspan="3"></td><td colspan="2">60 </td><td></td></tr><tr><td colspan="3">Total other income/(expense), net</td><td>$</td><td>(565)</td><td></td><td colspan="3"></td><td>$</td><td>(334)</td><td></td><td colspan="3"></td><td>$</td><td>258 </td><td></td></tr></table>
Apple Inc. | 2023 Form 10-K | 39
|
q_Ra002
|
Analyse the profitability for year 2024 and 2023 of the P&G using ratio analysis
|
Profitability Ratio Analysis for Procter & Gamble (P&G) in 2023 and 2024
Gross Profit Margin:
2024: 51.4%
2023: 47.6%
Operating Profit Margin:
2024: 22.1%
2023: 22.1%
Net Profit Margin:
2024: 17.7%
2023: 17.9%
Return on Equity (ROE):
2024: 30.5%
2023: 31.2%
Analysis:
In 2024, Procter & Gamble continued to exhibit strong profitability, despite minor fluctuations in certain metrics. The slight decline in the gross profit margin, sable operating margin, suggests effective cost management and operational efficiency. The decrease in the net profit margin, while small, points to potential increased non-operating costs. However, the improvements in ROA and ROE highlight enhanced efficiency and value creation for shareholders. Overall, P&G's profitability remains robust, reflecting its strong market position and effective financial management.
|
Ratio
|
36, 37
|
0000080424-24-000083
|
Item 8. Financial Statements and Supplementary Data.
|
PROCTER & GAMBLE Co 10-K form for the fiscal year ended 2024-06-30, page 36:
36 The Procter & Gamble Company
Consolidated Statements of Earnings
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------|:-------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:-------|
| 1 | Amounts in millions except per share amounts; fiscal years ended June 30 | 2024 | | 2023 | | 2022 | | | | |
| 2 | NET SALES | $ | 84,039 | | | $ | 82,006 | | $ | 80,187 |
| 3 | Cost of products sold | 40,848 | | | 42,760 | | | 42,157 | | |
| 4 | Selling, general and administrative expense | 23,305 | | | 21,112 | | | 20,217 | | |
| 5 | Indefinite-lived intangible asset impairment charge | 1,341 | | | - | | | - | | |
| 6 | OPERATING INCOME | 18,545 | | | 18,134 | | | 17,813 | | |
| 7 | Interest expense | (925) | | | (756) | | | (439) | | |
| 8 | Interest income | 473 | | | 307 | | | 51 | | |
| 9 | Other non-operating income, net | 668 | | | 668 | | | 570 | | |
| 10 | EARNINGS BEFORE INCOME TAXES | 18,761 | | | 18,353 | | | 17,995 | | |
| 11 | Income taxes | 3,787 | | | 3,615 | | | 3,202 | | |
| 14 | NET EARNINGS | 14,974 | | | 14,738 | | | 14,793 | | |
| 15 | Less: Net earnings attributable to noncontrolling interests | 95 | | | 85 | | | 51 | | |
| 16 | NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE | $ | 14,879 | | | $ | 14,653 | | $ | 14,742 |
| 18 | NET EARNINGS PER COMMON SHARE (1) | | | | | | | | | |
| 19 | Basic | $ | 6.18 | | | $ | 6.07 | | $ | 6.00 |
| 23 | Diluted | $ | 6.02 | | | $ | 5.90 | | $ | 5.81 |
(1)Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
Consolidated Statements of Comprehensive Income
| | | | | | | | | | | |
|---:|:--------------------------------------------------------------------------------------------------------------------|:-------|:-------|:-----|:-------|:-----|:-------|:--------|:---|:-------|
| 1 | Amounts in millions; fiscal years ended June 30 | 2024 | | 2023 | | 2022 | | | | |
| 2 | NET EARNINGS | $ | 14,974 | | | $ | 14,738 | | $ | 14,793 |
| 3 | OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX | | | | | | | | | |
| 4 | Foreign currency translation (net of tax (benefit)/expense of $66, $(197) and $515, respectively) | (226) | | | (71) | | | (1,450) | | |
| 5 | Unrealized gains/(losses) on investment securities(net of tax (benefit)/expense of $(1), $(2) and $1, respectively) | (3) | | | (7) | | | 5 | | |
| 6 | Unrealized gains on defined benefit postretirement plans(net of tax expense of $230, $9 and $1,022, respectively) | 546 | | | 40 | | | 2,992 | | |
| 7 | TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX | 317 | | | (38) | | | 1,547 | | |
| 8 | TOTAL COMPREHENSIVE INCOME | 15,291 | | | 14,700 | | | 16,340 | | |
| 9 | Less: Comprehensive income attributable to noncontrolling interests | 92 | | | 78 | | | 43 | | |
| 10 | TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE | $ | 15,199 | | | $ | 14,622 | | $ | 16,297 |
See accompanying Notes to Consolidated Financial Statements.
, PROCTER & GAMBLE Co 10-K form for the fiscal year ended 2024-06-30, page 37:
The Procter & Gamble Company 37
Consolidated Balance Sheets
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------|:----------|:--------|:-----|:----------|:---|:--------|
| 1 | Amounts in millions except stated values; as of June 30 | 2024 | | 2023 | | | |
| 2 | Assets | | | | | | |
| 3 | CURRENT ASSETS | | | | | | |
| 4 | Cash and cash equivalents | $ | 9,482 | | | $ | 8,246 |
| 5 | Accounts receivable | 6,118 | | | 5,471 | | |
| 6 | INVENTORIES | | | | | | |
| 7 | Materials and supplies | 1,617 | | | 1,863 | | |
| 8 | Work in process | 929 | | | 956 | | |
| 9 | Finished goods | 4,470 | | | 4,254 | | |
| 10 | Total inventories | 7,016 | | | 7,073 | | |
| 11 | Prepaid expenses and other current assets | 2,095 | | | 1,858 | | |
| 12 | TOTAL CURRENT ASSETS | 24,709 | | | 22,648 | | |
| 13 | PROPERTY, PLANT AND EQUIPMENT, NET | 22,152 | | | 21,909 | | |
| 14 | GOODWILL | 40,303 | | | 40,659 | | |
| 15 | TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET | 22,047 | | | 23,783 | | |
| 16 | OTHER NONCURRENT ASSETS | 13,158 | | | 11,830 | | |
| 17 | TOTAL ASSETS | $ | 122,370 | | | $ | 120,829 |
| 19 | Liabilities and Shareholders' Equity | | | | | | |
| 20 | CURRENT LIABILITIES | | | | | | |
| 21 | Accounts payable | $ | 15,364 | | | $ | 14,598 |
| 22 | Accrued and other liabilities | 11,073 | | | 10,929 | | |
| 23 | Debt due within one year | 7,191 | | | 10,229 | | |
| 24 | TOTAL CURRENT LIABILITIES | 33,627 | | | 35,756 | | |
| 25 | LONG-TERM DEBT | 25,269 | | | 24,378 | | |
| 26 | DEFERRED INCOME TAXES | 6,516 | | | 6,478 | | |
| 27 | OTHER NONCURRENT LIABILITIES | 6,398 | | | 7,152 | | |
| 28 | TOTAL LIABILITIES | 71,811 | | | 73,764 | | |
| 29 | SHAREHOLDERS' EQUITY | | | | | | |
| 30 | Convertible Class A preferred stock, stated value $1 per share (600 shares authorized) | 798 | | | 819 | | |
| 31 | Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized) | - | | | - | | |
| 32 | Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2024 - 4,009.2, 2023 - 4,009.2) | 4,009 | | | 4,009 | | |
| 33 | Additional paid-in capital | 67,684 | | | 66,556 | | |
| 34 | Reserve for ESOP debt retirement | (737) | | | (821) | | |
| 35 | Accumulated other comprehensive loss | (11,900) | | | (12,220) | | |
| 36 | Treasury stock (shares held: 2024 - 1,652.2; 2023 - 1,647.1) | (133,379) | | | (129,736) | | |
| 37 | Retained earnings | 123,811 | | | 118,170 | | |
| 38 | Noncontrolling interest | 272 | | | 288 | | |
| 39 | TOTAL SHAREHOLDERS' EQUITY | 50,559 | | | 47,065 | | |
| 40 | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 122,370 | | | $ | 120,829 |
See accompanying Notes to Consolidated Financial Statements.
|
36 The Procter & Gamble Company
Consolidated Statements of Earnings
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------|:-------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:-------|
| 1 | Amounts in millions except per share amounts; fiscal years ended June 30 | 2024 | | 2023 | | 2022 | | | | |
| 2 | NET SALES | $ | 84,039 | | | $ | 82,006 | | $ | 80,187 |
| 3 | Cost of products sold | 40,848 | | | 42,760 | | | 42,157 | | |
| 4 | Selling, general and administrative expense | 23,305 | | | 21,112 | | | 20,217 | | |
| 5 | Indefinite-lived intangible asset impairment charge | 1,341 | | | - | | | - | | |
| 6 | OPERATING INCOME | 18,545 | | | 18,134 | | | 17,813 | | |
| 7 | Interest expense | (925) | | | (756) | | | (439) | | |
| 8 | Interest income | 473 | | | 307 | | | 51 | | |
| 9 | Other non-operating income, net | 668 | | | 668 | | | 570 | | |
| 10 | EARNINGS BEFORE INCOME TAXES | 18,761 | | | 18,353 | | | 17,995 | | |
| 11 | Income taxes | 3,787 | | | 3,615 | | | 3,202 | | |
| 14 | NET EARNINGS | 14,974 | | | 14,738 | | | 14,793 | | |
| 15 | Less: Net earnings attributable to noncontrolling interests | 95 | | | 85 | | | 51 | | |
| 16 | NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE | $ | 14,879 | | | $ | 14,653 | | $ | 14,742 |
| 18 | NET EARNINGS PER COMMON SHARE (1) | | | | | | | | | |
| 19 | Basic | $ | 6.18 | | | $ | 6.07 | | $ | 6.00 |
| 23 | Diluted | $ | 6.02 | | | $ | 5.90 | | $ | 5.81 |
(1)Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
Consolidated Statements of Comprehensive Income
| | | | | | | | | | | |
|---:|:--------------------------------------------------------------------------------------------------------------------|:-------|:-------|:-----|:-------|:-----|:-------|:--------|:---|:-------|
| 1 | Amounts in millions; fiscal years ended June 30 | 2024 | | 2023 | | 2022 | | | | |
| 2 | NET EARNINGS | $ | 14,974 | | | $ | 14,738 | | $ | 14,793 |
| 3 | OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX | | | | | | | | | |
| 4 | Foreign currency translation (net of tax (benefit)/expense of $66, $(197) and $515, respectively) | (226) | | | (71) | | | (1,450) | | |
| 5 | Unrealized gains/(losses) on investment securities(net of tax (benefit)/expense of $(1), $(2) and $1, respectively) | (3) | | | (7) | | | 5 | | |
| 6 | Unrealized gains on defined benefit postretirement plans(net of tax expense of $230, $9 and $1,022, respectively) | 546 | | | 40 | | | 2,992 | | |
| 7 | TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX | 317 | | | (38) | | | 1,547 | | |
| 8 | TOTAL COMPREHENSIVE INCOME | 15,291 | | | 14,700 | | | 16,340 | | |
| 9 | Less: Comprehensive income attributable to noncontrolling interests | 92 | | | 78 | | | 43 | | |
| 10 | TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE | $ | 15,199 | | | $ | 14,622 | | $ | 16,297 |
See accompanying Notes to Consolidated Financial Statements.
,
The Procter & Gamble Company 37
Consolidated Balance Sheets
| | | | | | | | |
|---:|:------------------------------------------------------------------------------------------------------------------|:----------|:--------|:-----|:----------|:---|:--------|
| 1 | Amounts in millions except stated values; as of June 30 | 2024 | | 2023 | | | |
| 2 | Assets | | | | | | |
| 3 | CURRENT ASSETS | | | | | | |
| 4 | Cash and cash equivalents | $ | 9,482 | | | $ | 8,246 |
| 5 | Accounts receivable | 6,118 | | | 5,471 | | |
| 6 | INVENTORIES | | | | | | |
| 7 | Materials and supplies | 1,617 | | | 1,863 | | |
| 8 | Work in process | 929 | | | 956 | | |
| 9 | Finished goods | 4,470 | | | 4,254 | | |
| 10 | Total inventories | 7,016 | | | 7,073 | | |
| 11 | Prepaid expenses and other current assets | 2,095 | | | 1,858 | | |
| 12 | TOTAL CURRENT ASSETS | 24,709 | | | 22,648 | | |
| 13 | PROPERTY, PLANT AND EQUIPMENT, NET | 22,152 | | | 21,909 | | |
| 14 | GOODWILL | 40,303 | | | 40,659 | | |
| 15 | TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET | 22,047 | | | 23,783 | | |
| 16 | OTHER NONCURRENT ASSETS | 13,158 | | | 11,830 | | |
| 17 | TOTAL ASSETS | $ | 122,370 | | | $ | 120,829 |
| 19 | Liabilities and Shareholders' Equity | | | | | | |
| 20 | CURRENT LIABILITIES | | | | | | |
| 21 | Accounts payable | $ | 15,364 | | | $ | 14,598 |
| 22 | Accrued and other liabilities | 11,073 | | | 10,929 | | |
| 23 | Debt due within one year | 7,191 | | | 10,229 | | |
| 24 | TOTAL CURRENT LIABILITIES | 33,627 | | | 35,756 | | |
| 25 | LONG-TERM DEBT | 25,269 | | | 24,378 | | |
| 26 | DEFERRED INCOME TAXES | 6,516 | | | 6,478 | | |
| 27 | OTHER NONCURRENT LIABILITIES | 6,398 | | | 7,152 | | |
| 28 | TOTAL LIABILITIES | 71,811 | | | 73,764 | | |
| 29 | SHAREHOLDERS' EQUITY | | | | | | |
| 30 | Convertible Class A preferred stock, stated value $1 per share (600 shares authorized) | 798 | | | 819 | | |
| 31 | Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized) | - | | | - | | |
| 32 | Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2024 - 4,009.2, 2023 - 4,009.2) | 4,009 | | | 4,009 | | |
| 33 | Additional paid-in capital | 67,684 | | | 66,556 | | |
| 34 | Reserve for ESOP debt retirement | (737) | | | (821) | | |
| 35 | Accumulated other comprehensive loss | (11,900) | | | (12,220) | | |
| 36 | Treasury stock (shares held: 2024 - 1,652.2; 2023 - 1,647.1) | (133,379) | | | (129,736) | | |
| 37 | Retained earnings | 123,811 | | | 118,170 | | |
| 38 | Noncontrolling interest | 272 | | | 288 | | |
| 39 | TOTAL SHAREHOLDERS' EQUITY | 50,559 | | | 47,065 | | |
| 40 | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 122,370 | | | $ | 120,829 |
See accompanying Notes to Consolidated Financial Statements.
|
PROCTER & GAMBLE Co 10-K form for the fiscal year ended 2024-06-30, page 36:
36 The Procter & Gamble Company
Consolidated Statements of Earnings
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Amounts in millions except per share amounts; fiscal years ended June 30</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">NET SALES</td><td>$</td><td>84,039 </td><td></td><td colspan="3"></td><td>$</td><td>82,006 </td><td></td><td colspan="3"></td><td>$</td><td>80,187 </td><td></td></tr><tr><td colspan="3">Cost of products sold</td><td colspan="2">40,848 </td><td></td><td colspan="3"></td><td colspan="2">42,760 </td><td></td><td colspan="3"></td><td colspan="2">42,157 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative expense</td><td colspan="2">23,305 </td><td></td><td colspan="3"></td><td colspan="2">21,112 </td><td></td><td colspan="3"></td><td colspan="2">20,217 </td><td></td></tr><tr><td colspan="3">Indefinite-lived intangible asset impairment charge</td><td colspan="2">1,341 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">OPERATING INCOME</td><td colspan="2">18,545 </td><td></td><td colspan="3"></td><td colspan="2">18,134 </td><td></td><td colspan="3"></td><td colspan="2">17,813 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(925)</td><td></td><td colspan="3"></td><td colspan="2">(756)</td><td></td><td colspan="3"></td><td colspan="2">(439)</td><td></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">473 </td><td></td><td colspan="3"></td><td colspan="2">307 </td><td></td><td colspan="3"></td><td colspan="2">51 </td><td></td></tr><tr><td colspan="3">Other non-operating income, net</td><td colspan="2">668 </td><td></td><td colspan="3"></td><td colspan="2">668 </td><td></td><td colspan="3"></td><td colspan="2">570 </td><td></td></tr><tr><td colspan="3">EARNINGS BEFORE INCOME TAXES</td><td colspan="2">18,761 </td><td></td><td colspan="3"></td><td colspan="2">18,353 </td><td></td><td colspan="3"></td><td colspan="2">17,995 </td><td></td></tr><tr><td colspan="3">Income taxes</td><td colspan="2">3,787 </td><td></td><td colspan="3"></td><td colspan="2">3,615 </td><td></td><td colspan="3"></td><td colspan="2">3,202 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">NET EARNINGS</td><td colspan="2">14,974 </td><td></td><td colspan="3"></td><td colspan="2">14,738 </td><td></td><td colspan="3"></td><td colspan="2">14,793 </td><td></td></tr><tr><td colspan="3">Less: Net earnings attributable to noncontrolling interests</td><td colspan="2">95 </td><td></td><td colspan="3"></td><td colspan="2">85 </td><td></td><td colspan="3"></td><td colspan="2">51 </td><td></td></tr><tr><td colspan="3">NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE</td><td>$</td><td>14,879 </td><td></td><td colspan="3"></td><td>$</td><td>14,653 </td><td></td><td colspan="3"></td><td>$</td><td>14,742 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">NET EARNINGS PER COMMON SHARE (1)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>6.18 </td><td></td><td colspan="3"></td><td>$</td><td>6.07 </td><td></td><td colspan="3"></td><td>$</td><td>6.00 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>6.02 </td><td></td><td colspan="3"></td><td>$</td><td>5.90 </td><td></td><td colspan="3"></td><td>$</td><td>5.81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr></table>(1)Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
Consolidated Statements of Comprehensive Income
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Amounts in millions; fiscal years ended June 30</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">NET EARNINGS</td><td>$</td><td>14,974 </td><td></td><td colspan="3"></td><td>$</td><td>14,738 </td><td></td><td colspan="3"></td><td>$</td><td>14,793 </td><td></td></tr><tr><td colspan="3">OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Foreign currency translation (net of tax (benefit)/expense of $66, $(197) and $515, respectively)</td><td colspan="2">(226)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">(1,450)</td><td></td></tr><tr><td colspan="3">Unrealized gains/(losses) on investment securities(net of tax (benefit)/expense of $(1), $(2) and $1, respectively)</td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">(7)</td><td></td><td colspan="3"></td><td colspan="2">5 </td><td></td></tr><tr><td colspan="3">Unrealized gains on defined benefit postretirement plans(net of tax expense of $230, $9 and $1,022, respectively)</td><td colspan="2">546 </td><td></td><td colspan="3"></td><td colspan="2">40 </td><td></td><td colspan="3"></td><td colspan="2">2,992 </td><td></td></tr><tr><td colspan="3">TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX</td><td colspan="2">317 </td><td></td><td colspan="3"></td><td colspan="2">(38)</td><td></td><td colspan="3"></td><td colspan="2">1,547 </td><td></td></tr><tr><td colspan="3">TOTAL COMPREHENSIVE INCOME</td><td colspan="2">15,291 </td><td></td><td colspan="3"></td><td colspan="2">14,700 </td><td></td><td colspan="3"></td><td colspan="2">16,340 </td><td></td></tr><tr><td colspan="3">Less: Comprehensive income attributable to noncontrolling interests</td><td colspan="2">92 </td><td></td><td colspan="3"></td><td colspan="2">78 </td><td></td><td colspan="3"></td><td colspan="2">43 </td><td></td></tr><tr><td colspan="3">TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE</td><td>$</td><td>15,199 </td><td></td><td colspan="3"></td><td>$</td><td>14,622 </td><td></td><td colspan="3"></td><td>$</td><td>16,297 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
, PROCTER & GAMBLE Co 10-K form for the fiscal year ended 2024-06-30, page 37:
The Procter & Gamble Company 37
Consolidated Balance Sheets
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Amounts in millions except stated values; as of June 30</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">CURRENT ASSETS</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>9,482 </td><td></td><td colspan="3"></td><td>$</td><td>8,246 </td><td></td></tr><tr><td colspan="3">Accounts receivable</td><td colspan="2">6,118 </td><td></td><td colspan="3"></td><td colspan="2">5,471 </td><td></td></tr><tr><td colspan="3">INVENTORIES</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Materials and supplies</td><td colspan="2">1,617 </td><td></td><td colspan="3"></td><td colspan="2">1,863 </td><td></td></tr><tr><td colspan="3">Work in process</td><td colspan="2">929 </td><td></td><td colspan="3"></td><td colspan="2">956 </td><td></td></tr><tr><td colspan="3">Finished goods</td><td colspan="2">4,470 </td><td></td><td colspan="3"></td><td colspan="2">4,254 </td><td></td></tr><tr><td colspan="3">Total inventories</td><td colspan="2">7,016 </td><td></td><td colspan="3"></td><td colspan="2">7,073 </td><td></td></tr><tr><td colspan="3">Prepaid expenses and other current assets</td><td colspan="2">2,095 </td><td></td><td colspan="3"></td><td colspan="2">1,858 </td><td></td></tr><tr><td colspan="3">TOTAL CURRENT ASSETS</td><td colspan="2">24,709 </td><td></td><td colspan="3"></td><td colspan="2">22,648 </td><td></td></tr><tr><td colspan="3">PROPERTY, PLANT AND EQUIPMENT, NET</td><td colspan="2">22,152 </td><td></td><td colspan="3"></td><td colspan="2">21,909 </td><td></td></tr><tr><td colspan="3">GOODWILL</td><td colspan="2">40,303 </td><td></td><td colspan="3"></td><td colspan="2">40,659 </td><td></td></tr><tr><td colspan="3">TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET</td><td colspan="2">22,047 </td><td></td><td colspan="3"></td><td colspan="2">23,783 </td><td></td></tr><tr><td colspan="3">OTHER NONCURRENT ASSETS</td><td colspan="2">13,158 </td><td></td><td colspan="3"></td><td colspan="2">11,830 </td><td></td></tr><tr><td colspan="3">TOTAL ASSETS</td><td>$</td><td>122,370 </td><td></td><td colspan="3"></td><td>$</td><td>120,829 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and Shareholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">CURRENT LIABILITIES</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>15,364 </td><td></td><td colspan="3"></td><td>$</td><td>14,598 </td><td></td></tr><tr><td colspan="3">Accrued and other liabilities</td><td colspan="2">11,073 </td><td></td><td colspan="3"></td><td colspan="2">10,929 </td><td></td></tr><tr><td colspan="3">Debt due within one year</td><td colspan="2">7,191 </td><td></td><td colspan="3"></td><td colspan="2">10,229 </td><td></td></tr><tr><td colspan="3">TOTAL CURRENT LIABILITIES</td><td colspan="2">33,627 </td><td></td><td colspan="3"></td><td colspan="2">35,756 </td><td></td></tr><tr><td colspan="3">LONG-TERM DEBT</td><td colspan="2">25,269 </td><td></td><td colspan="3"></td><td colspan="2">24,378 </td><td></td></tr><tr><td colspan="3">DEFERRED INCOME TAXES</td><td colspan="2">6,516 </td><td></td><td colspan="3"></td><td colspan="2">6,478 </td><td></td></tr><tr><td colspan="3">OTHER NONCURRENT LIABILITIES</td><td colspan="2">6,398 </td><td></td><td colspan="3"></td><td colspan="2">7,152 </td><td></td></tr><tr><td colspan="3">TOTAL LIABILITIES</td><td colspan="2">71,811 </td><td></td><td colspan="3"></td><td colspan="2">73,764 </td><td></td></tr><tr><td colspan="3">SHAREHOLDERS' EQUITY</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Convertible Class A preferred stock, stated value $1 per share (600 shares authorized)</td><td colspan="2">798 </td><td></td><td colspan="3"></td><td colspan="2">819 </td><td></td></tr><tr><td colspan="3">Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2024 - 4,009.2, 2023 - 4,009.2)</td><td colspan="2">4,009 </td><td></td><td colspan="3"></td><td colspan="2">4,009 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">67,684 </td><td></td><td colspan="3"></td><td colspan="2">66,556 </td><td></td></tr><tr><td colspan="3">Reserve for ESOP debt retirement</td><td colspan="2">(737)</td><td></td><td colspan="3"></td><td colspan="2">(821)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(11,900)</td><td></td><td colspan="3"></td><td colspan="2">(12,220)</td><td></td></tr><tr><td colspan="3">Treasury stock (shares held: 2024 - 1,652.2; 2023 - 1,647.1)</td><td colspan="2">(133,379)</td><td></td><td colspan="3"></td><td colspan="2">(129,736)</td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">123,811 </td><td></td><td colspan="3"></td><td colspan="2">118,170 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">272 </td><td></td><td colspan="3"></td><td colspan="2">288 </td><td></td></tr><tr><td colspan="3">TOTAL SHAREHOLDERS' EQUITY</td><td colspan="2">50,559 </td><td></td><td colspan="3"></td><td colspan="2">47,065 </td><td></td></tr><tr><td colspan="3">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</td><td>$</td><td>122,370 </td><td></td><td colspan="3"></td><td>$</td><td>120,829 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
|
36 The Procter & Gamble Company
Consolidated Statements of Earnings
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Amounts in millions except per share amounts; fiscal years ended June 30</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">NET SALES</td><td>$</td><td>84,039 </td><td></td><td colspan="3"></td><td>$</td><td>82,006 </td><td></td><td colspan="3"></td><td>$</td><td>80,187 </td><td></td></tr><tr><td colspan="3">Cost of products sold</td><td colspan="2">40,848 </td><td></td><td colspan="3"></td><td colspan="2">42,760 </td><td></td><td colspan="3"></td><td colspan="2">42,157 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative expense</td><td colspan="2">23,305 </td><td></td><td colspan="3"></td><td colspan="2">21,112 </td><td></td><td colspan="3"></td><td colspan="2">20,217 </td><td></td></tr><tr><td colspan="3">Indefinite-lived intangible asset impairment charge</td><td colspan="2">1,341 </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">OPERATING INCOME</td><td colspan="2">18,545 </td><td></td><td colspan="3"></td><td colspan="2">18,134 </td><td></td><td colspan="3"></td><td colspan="2">17,813 </td><td></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">(925)</td><td></td><td colspan="3"></td><td colspan="2">(756)</td><td></td><td colspan="3"></td><td colspan="2">(439)</td><td></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">473 </td><td></td><td colspan="3"></td><td colspan="2">307 </td><td></td><td colspan="3"></td><td colspan="2">51 </td><td></td></tr><tr><td colspan="3">Other non-operating income, net</td><td colspan="2">668 </td><td></td><td colspan="3"></td><td colspan="2">668 </td><td></td><td colspan="3"></td><td colspan="2">570 </td><td></td></tr><tr><td colspan="3">EARNINGS BEFORE INCOME TAXES</td><td colspan="2">18,761 </td><td></td><td colspan="3"></td><td colspan="2">18,353 </td><td></td><td colspan="3"></td><td colspan="2">17,995 </td><td></td></tr><tr><td colspan="3">Income taxes</td><td colspan="2">3,787 </td><td></td><td colspan="3"></td><td colspan="2">3,615 </td><td></td><td colspan="3"></td><td colspan="2">3,202 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">NET EARNINGS</td><td colspan="2">14,974 </td><td></td><td colspan="3"></td><td colspan="2">14,738 </td><td></td><td colspan="3"></td><td colspan="2">14,793 </td><td></td></tr><tr><td colspan="3">Less: Net earnings attributable to noncontrolling interests</td><td colspan="2">95 </td><td></td><td colspan="3"></td><td colspan="2">85 </td><td></td><td colspan="3"></td><td colspan="2">51 </td><td></td></tr><tr><td colspan="3">NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE</td><td>$</td><td>14,879 </td><td></td><td colspan="3"></td><td>$</td><td>14,653 </td><td></td><td colspan="3"></td><td>$</td><td>14,742 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">NET EARNINGS PER COMMON SHARE (1)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>6.18 </td><td></td><td colspan="3"></td><td>$</td><td>6.07 </td><td></td><td colspan="3"></td><td>$</td><td>6.00 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>6.02 </td><td></td><td colspan="3"></td><td>$</td><td>5.90 </td><td></td><td colspan="3"></td><td>$</td><td>5.81 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr></table>(1)Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.
Consolidated Statements of Comprehensive Income
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Amounts in millions; fiscal years ended June 30</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3">2022</td></tr><tr><td colspan="3">NET EARNINGS</td><td>$</td><td>14,974 </td><td></td><td colspan="3"></td><td>$</td><td>14,738 </td><td></td><td colspan="3"></td><td>$</td><td>14,793 </td><td></td></tr><tr><td colspan="3">OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Foreign currency translation (net of tax (benefit)/expense of $66, $(197) and $515, respectively)</td><td colspan="2">(226)</td><td></td><td colspan="3"></td><td colspan="2">(71)</td><td></td><td colspan="3"></td><td colspan="2">(1,450)</td><td></td></tr><tr><td colspan="3">Unrealized gains/(losses) on investment securities(net of tax (benefit)/expense of $(1), $(2) and $1, respectively)</td><td colspan="2">(3)</td><td></td><td colspan="3"></td><td colspan="2">(7)</td><td></td><td colspan="3"></td><td colspan="2">5 </td><td></td></tr><tr><td colspan="3">Unrealized gains on defined benefit postretirement plans(net of tax expense of $230, $9 and $1,022, respectively)</td><td colspan="2">546 </td><td></td><td colspan="3"></td><td colspan="2">40 </td><td></td><td colspan="3"></td><td colspan="2">2,992 </td><td></td></tr><tr><td colspan="3">TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX</td><td colspan="2">317 </td><td></td><td colspan="3"></td><td colspan="2">(38)</td><td></td><td colspan="3"></td><td colspan="2">1,547 </td><td></td></tr><tr><td colspan="3">TOTAL COMPREHENSIVE INCOME</td><td colspan="2">15,291 </td><td></td><td colspan="3"></td><td colspan="2">14,700 </td><td></td><td colspan="3"></td><td colspan="2">16,340 </td><td></td></tr><tr><td colspan="3">Less: Comprehensive income attributable to noncontrolling interests</td><td colspan="2">92 </td><td></td><td colspan="3"></td><td colspan="2">78 </td><td></td><td colspan="3"></td><td colspan="2">43 </td><td></td></tr><tr><td colspan="3">TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE</td><td>$</td><td>15,199 </td><td></td><td colspan="3"></td><td>$</td><td>14,622 </td><td></td><td colspan="3"></td><td>$</td><td>16,297 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
,
The Procter & Gamble Company 37
Consolidated Balance Sheets
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">Amounts in millions except stated values; as of June 30</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">CURRENT ASSETS</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>9,482 </td><td></td><td colspan="3"></td><td>$</td><td>8,246 </td><td></td></tr><tr><td colspan="3">Accounts receivable</td><td colspan="2">6,118 </td><td></td><td colspan="3"></td><td colspan="2">5,471 </td><td></td></tr><tr><td colspan="3">INVENTORIES</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Materials and supplies</td><td colspan="2">1,617 </td><td></td><td colspan="3"></td><td colspan="2">1,863 </td><td></td></tr><tr><td colspan="3">Work in process</td><td colspan="2">929 </td><td></td><td colspan="3"></td><td colspan="2">956 </td><td></td></tr><tr><td colspan="3">Finished goods</td><td colspan="2">4,470 </td><td></td><td colspan="3"></td><td colspan="2">4,254 </td><td></td></tr><tr><td colspan="3">Total inventories</td><td colspan="2">7,016 </td><td></td><td colspan="3"></td><td colspan="2">7,073 </td><td></td></tr><tr><td colspan="3">Prepaid expenses and other current assets</td><td colspan="2">2,095 </td><td></td><td colspan="3"></td><td colspan="2">1,858 </td><td></td></tr><tr><td colspan="3">TOTAL CURRENT ASSETS</td><td colspan="2">24,709 </td><td></td><td colspan="3"></td><td colspan="2">22,648 </td><td></td></tr><tr><td colspan="3">PROPERTY, PLANT AND EQUIPMENT, NET</td><td colspan="2">22,152 </td><td></td><td colspan="3"></td><td colspan="2">21,909 </td><td></td></tr><tr><td colspan="3">GOODWILL</td><td colspan="2">40,303 </td><td></td><td colspan="3"></td><td colspan="2">40,659 </td><td></td></tr><tr><td colspan="3">TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET</td><td colspan="2">22,047 </td><td></td><td colspan="3"></td><td colspan="2">23,783 </td><td></td></tr><tr><td colspan="3">OTHER NONCURRENT ASSETS</td><td colspan="2">13,158 </td><td></td><td colspan="3"></td><td colspan="2">11,830 </td><td></td></tr><tr><td colspan="3">TOTAL ASSETS</td><td>$</td><td>122,370 </td><td></td><td colspan="3"></td><td>$</td><td>120,829 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Liabilities and Shareholders' Equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">CURRENT LIABILITIES</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>15,364 </td><td></td><td colspan="3"></td><td>$</td><td>14,598 </td><td></td></tr><tr><td colspan="3">Accrued and other liabilities</td><td colspan="2">11,073 </td><td></td><td colspan="3"></td><td colspan="2">10,929 </td><td></td></tr><tr><td colspan="3">Debt due within one year</td><td colspan="2">7,191 </td><td></td><td colspan="3"></td><td colspan="2">10,229 </td><td></td></tr><tr><td colspan="3">TOTAL CURRENT LIABILITIES</td><td colspan="2">33,627 </td><td></td><td colspan="3"></td><td colspan="2">35,756 </td><td></td></tr><tr><td colspan="3">LONG-TERM DEBT</td><td colspan="2">25,269 </td><td></td><td colspan="3"></td><td colspan="2">24,378 </td><td></td></tr><tr><td colspan="3">DEFERRED INCOME TAXES</td><td colspan="2">6,516 </td><td></td><td colspan="3"></td><td colspan="2">6,478 </td><td></td></tr><tr><td colspan="3">OTHER NONCURRENT LIABILITIES</td><td colspan="2">6,398 </td><td></td><td colspan="3"></td><td colspan="2">7,152 </td><td></td></tr><tr><td colspan="3">TOTAL LIABILITIES</td><td colspan="2">71,811 </td><td></td><td colspan="3"></td><td colspan="2">73,764 </td><td></td></tr><tr><td colspan="3">SHAREHOLDERS' EQUITY</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Convertible Class A preferred stock, stated value $1 per share (600 shares authorized)</td><td colspan="2">798 </td><td></td><td colspan="3"></td><td colspan="2">819 </td><td></td></tr><tr><td colspan="3">Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized)</td><td colspan="2">- </td><td></td><td colspan="3"></td><td colspan="2">- </td><td></td></tr><tr><td colspan="3">Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2024 - 4,009.2, 2023 - 4,009.2)</td><td colspan="2">4,009 </td><td></td><td colspan="3"></td><td colspan="2">4,009 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">67,684 </td><td></td><td colspan="3"></td><td colspan="2">66,556 </td><td></td></tr><tr><td colspan="3">Reserve for ESOP debt retirement</td><td colspan="2">(737)</td><td></td><td colspan="3"></td><td colspan="2">(821)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(11,900)</td><td></td><td colspan="3"></td><td colspan="2">(12,220)</td><td></td></tr><tr><td colspan="3">Treasury stock (shares held: 2024 - 1,652.2; 2023 - 1,647.1)</td><td colspan="2">(133,379)</td><td></td><td colspan="3"></td><td colspan="2">(129,736)</td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">123,811 </td><td></td><td colspan="3"></td><td colspan="2">118,170 </td><td></td></tr><tr><td colspan="3">Noncontrolling interest</td><td colspan="2">272 </td><td></td><td colspan="3"></td><td colspan="2">288 </td><td></td></tr><tr><td colspan="3">TOTAL SHAREHOLDERS' EQUITY</td><td colspan="2">50,559 </td><td></td><td colspan="3"></td><td colspan="2">47,065 </td><td></td></tr><tr><td colspan="3">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</td><td>$</td><td>122,370 </td><td></td><td colspan="3"></td><td>$</td><td>120,829 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
|
q_Ra003
|
What are the key findings from the profitability analysis of Apple Inc. for the year 2023?
|
The key findings from the profitability analysis of Apple Inc. for the year 2023 are as follows:
- Gross Margin: The gross margin for 2023 is $169,148 million, which indicates the company's ability to generate profit from its core business activities after accounting for the cost of goods sold.
- Operating Income: The operating income for 2023 is $114,301 million, reflecting the company's efficiency in managing its operating expenses, including research and development and selling, general, and administrative expenses.
- Net Income: The net income for 2023 is $96,995 million, showcasing the company's overall profitability after accounting for all expenses, including taxes and other income/expenses.
- Earnings Per Share (EPS): The basic EPS for 2023 is $6.16, and the diluted EPS is $6.13, indicating the earnings attributable to each share of the company's stock.
Overall, Apple Inc. has demonstrated strong profitability in 2023, with significant gross margin, operating income, and net income, reflecting its ability to generate substantial profits from its operations.
|
Ratio
|
28
|
0000320193-23-000106
|
Item 8. Financial Statements and Supplementary Data
|
Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28:
Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | |
|---:|:---------------------------------------------|:------------------|:--------|:------------------|:-----------|:------------------|:--------|:-----------|:---|:--------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Net sales: | | | | | | | | | |
| 4 | Products | $ | 298,085 | | | $ | 316,199 | | $ | 297,392 |
| 5 | Services | 85,200 | | | 78,129 | | | 68,425 | | |
| 6 | Total net sales | 383,285 | | | 394,328 | | | 365,817 | | |
| 8 | Cost of sales: | | | | | | | | | |
| 9 | Products | 189,282 | | | 201,471 | | | 192,266 | | |
| 10 | Services | 24,855 | | | 22,075 | | | 20,715 | | |
| 11 | Total cost of sales | 214,137 | | | 223,546 | | | 212,981 | | |
| 12 | Gross margin | 169,148 | | | 170,782 | | | 152,836 | | |
| 14 | Operating expenses: | | | | | | | | | |
| 15 | Research and development | 29,915 | | | 26,251 | | | 21,914 | | |
| 16 | Selling, general and administrative | 24,932 | | | 25,094 | | | 21,973 | | |
| 17 | Total operating expenses | 54,847 | | | 51,345 | | | 43,887 | | |
| 19 | Operating income | 114,301 | | | 119,437 | | | 108,949 | | |
| 20 | Other income/(expense), net | (565) | | | (334) | | | 258 | | |
| 21 | Income before provision for income taxes | 113,736 | | | 119,103 | | | 109,207 | | |
| 22 | Provision for income taxes | 16,741 | | | 19,300 | | | 14,527 | | |
| 23 | Net income | $ | 96,995 | | | $ | 99,803 | | $ | 94,680 |
| 25 | Earnings per share: | | | | | | | | | |
| 26 | Basic | $ | 6.16 | | | $ | 6.15 | | $ | 5.67 |
| 27 | Diluted | $ | 6.13 | | | $ | 6.11 | | $ | 5.61 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | |
| 30 | Basic | 15,744,231 | | | 16,215,963 | | | 16,701,272 | | |
| 31 | Diluted | 15,812,547 | | | 16,325,819 | | | 16,864,919 | | |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 28
|
Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| | | | | | | | | | | |
|---:|:---------------------------------------------|:------------------|:--------|:------------------|:-----------|:------------------|:--------|:-----------|:---|:--------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Net sales: | | | | | | | | | |
| 4 | Products | $ | 298,085 | | | $ | 316,199 | | $ | 297,392 |
| 5 | Services | 85,200 | | | 78,129 | | | 68,425 | | |
| 6 | Total net sales | 383,285 | | | 394,328 | | | 365,817 | | |
| 8 | Cost of sales: | | | | | | | | | |
| 9 | Products | 189,282 | | | 201,471 | | | 192,266 | | |
| 10 | Services | 24,855 | | | 22,075 | | | 20,715 | | |
| 11 | Total cost of sales | 214,137 | | | 223,546 | | | 212,981 | | |
| 12 | Gross margin | 169,148 | | | 170,782 | | | 152,836 | | |
| 14 | Operating expenses: | | | | | | | | | |
| 15 | Research and development | 29,915 | | | 26,251 | | | 21,914 | | |
| 16 | Selling, general and administrative | 24,932 | | | 25,094 | | | 21,973 | | |
| 17 | Total operating expenses | 54,847 | | | 51,345 | | | 43,887 | | |
| 19 | Operating income | 114,301 | | | 119,437 | | | 108,949 | | |
| 20 | Other income/(expense), net | (565) | | | (334) | | | 258 | | |
| 21 | Income before provision for income taxes | 113,736 | | | 119,103 | | | 109,207 | | |
| 22 | Provision for income taxes | 16,741 | | | 19,300 | | | 14,527 | | |
| 23 | Net income | $ | 96,995 | | | $ | 99,803 | | $ | 94,680 |
| 25 | Earnings per share: | | | | | | | | | |
| 26 | Basic | $ | 6.16 | | | $ | 6.15 | | $ | 5.67 |
| 27 | Diluted | $ | 6.13 | | | $ | 6.11 | | $ | 5.61 |
| 29 | Shares used in computing earnings per share: | | | | | | | | | |
| 30 | Basic | 15,744,231 | | | 16,215,963 | | | 16,701,272 | | |
| 31 | Diluted | 15,812,547 | | | 16,325,819 | | | 16,864,919 | | |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 28
|
Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28:
Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>298,085 </td><td></td><td colspan="3"></td><td>$</td><td>316,199 </td><td></td><td colspan="3"></td><td>$</td><td>297,392 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">85,200 </td><td></td><td colspan="3"></td><td colspan="2">78,129 </td><td></td><td colspan="3"></td><td colspan="2">68,425 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">383,285 </td><td></td><td colspan="3"></td><td colspan="2">394,328 </td><td></td><td colspan="3"></td><td colspan="2">365,817 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">189,282 </td><td></td><td colspan="3"></td><td colspan="2">201,471 </td><td></td><td colspan="3"></td><td colspan="2">192,266 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,855 </td><td></td><td colspan="3"></td><td colspan="2">22,075 </td><td></td><td colspan="3"></td><td colspan="2">20,715 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">214,137 </td><td></td><td colspan="3"></td><td colspan="2">223,546 </td><td></td><td colspan="3"></td><td colspan="2">212,981 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">169,148 </td><td></td><td colspan="3"></td><td colspan="2">170,782 </td><td></td><td colspan="3"></td><td colspan="2">152,836 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">29,915 </td><td></td><td colspan="3"></td><td colspan="2">26,251 </td><td></td><td colspan="3"></td><td colspan="2">21,914 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">24,932 </td><td></td><td colspan="3"></td><td colspan="2">25,094 </td><td></td><td colspan="3"></td><td colspan="2">21,973 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">54,847 </td><td></td><td colspan="3"></td><td colspan="2">51,345 </td><td></td><td colspan="3"></td><td colspan="2">43,887 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">114,301 </td><td></td><td colspan="3"></td><td colspan="2">119,437 </td><td></td><td colspan="3"></td><td colspan="2">108,949 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">(565)</td><td></td><td colspan="3"></td><td colspan="2">(334)</td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">113,736 </td><td></td><td colspan="3"></td><td colspan="2">119,103 </td><td></td><td colspan="3"></td><td colspan="2">109,207 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">16,741 </td><td></td><td colspan="3"></td><td colspan="2">19,300 </td><td></td><td colspan="3"></td><td colspan="2">14,527 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>96,995 </td><td></td><td colspan="3"></td><td>$</td><td>99,803 </td><td></td><td colspan="3"></td><td>$</td><td>94,680 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>6.16 </td><td></td><td colspan="3"></td><td>$</td><td>6.15 </td><td></td><td colspan="3"></td><td>$</td><td>5.67 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>6.13 </td><td></td><td colspan="3"></td><td>$</td><td>6.11 </td><td></td><td colspan="3"></td><td>$</td><td>5.61 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,744,231 </td><td></td><td colspan="3"></td><td colspan="2">16,215,963 </td><td></td><td colspan="3"></td><td colspan="2">16,701,272 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,812,547 </td><td></td><td colspan="3"></td><td colspan="2">16,325,819 </td><td></td><td colspan="3"></td><td colspan="2">16,864,919 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 28
|
Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Net sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td>$</td><td>298,085 </td><td></td><td colspan="3"></td><td>$</td><td>316,199 </td><td></td><td colspan="3"></td><td>$</td><td>297,392 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">85,200 </td><td></td><td colspan="3"></td><td colspan="2">78,129 </td><td></td><td colspan="3"></td><td colspan="2">68,425 </td><td></td></tr><tr><td colspan="3">Total net sales</td><td colspan="2">383,285 </td><td></td><td colspan="3"></td><td colspan="2">394,328 </td><td></td><td colspan="3"></td><td colspan="2">365,817 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cost of sales:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"> Products</td><td colspan="2">189,282 </td><td></td><td colspan="3"></td><td colspan="2">201,471 </td><td></td><td colspan="3"></td><td colspan="2">192,266 </td><td></td></tr><tr><td colspan="3"> Services</td><td colspan="2">24,855 </td><td></td><td colspan="3"></td><td colspan="2">22,075 </td><td></td><td colspan="3"></td><td colspan="2">20,715 </td><td></td></tr><tr><td colspan="3">Total cost of sales</td><td colspan="2">214,137 </td><td></td><td colspan="3"></td><td colspan="2">223,546 </td><td></td><td colspan="3"></td><td colspan="2">212,981 </td><td></td></tr><tr><td colspan="3">Gross margin</td><td colspan="2">169,148 </td><td></td><td colspan="3"></td><td colspan="2">170,782 </td><td></td><td colspan="3"></td><td colspan="2">152,836 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating expenses:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Research and development</td><td colspan="2">29,915 </td><td></td><td colspan="3"></td><td colspan="2">26,251 </td><td></td><td colspan="3"></td><td colspan="2">21,914 </td><td></td></tr><tr><td colspan="3">Selling, general and administrative</td><td colspan="2">24,932 </td><td></td><td colspan="3"></td><td colspan="2">25,094 </td><td></td><td colspan="3"></td><td colspan="2">21,973 </td><td></td></tr><tr><td colspan="3">Total operating expenses</td><td colspan="2">54,847 </td><td></td><td colspan="3"></td><td colspan="2">51,345 </td><td></td><td colspan="3"></td><td colspan="2">43,887 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating income</td><td colspan="2">114,301 </td><td></td><td colspan="3"></td><td colspan="2">119,437 </td><td></td><td colspan="3"></td><td colspan="2">108,949 </td><td></td></tr><tr><td colspan="3">Other income/(expense), net</td><td colspan="2">(565)</td><td></td><td colspan="3"></td><td colspan="2">(334)</td><td></td><td colspan="3"></td><td colspan="2">258 </td><td></td></tr><tr><td colspan="3">Income before provision for income taxes</td><td colspan="2">113,736 </td><td></td><td colspan="3"></td><td colspan="2">119,103 </td><td></td><td colspan="3"></td><td colspan="2">109,207 </td><td></td></tr><tr><td colspan="3">Provision for income taxes</td><td colspan="2">16,741 </td><td></td><td colspan="3"></td><td colspan="2">19,300 </td><td></td><td colspan="3"></td><td colspan="2">14,527 </td><td></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>96,995 </td><td></td><td colspan="3"></td><td>$</td><td>99,803 </td><td></td><td colspan="3"></td><td>$</td><td>94,680 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td>$</td><td>6.16 </td><td></td><td colspan="3"></td><td>$</td><td>6.15 </td><td></td><td colspan="3"></td><td>$</td><td>5.67 </td><td></td></tr><tr><td colspan="3">Diluted</td><td>$</td><td>6.13 </td><td></td><td colspan="3"></td><td>$</td><td>6.11 </td><td></td><td colspan="3"></td><td>$</td><td>5.61 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shares used in computing earnings per share:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic</td><td colspan="2">15,744,231 </td><td></td><td colspan="3"></td><td colspan="2">16,215,963 </td><td></td><td colspan="3"></td><td colspan="2">16,701,272 </td><td></td></tr><tr><td colspan="3">Diluted</td><td colspan="2">15,812,547 </td><td></td><td colspan="3"></td><td colspan="2">16,325,819 </td><td></td><td colspan="3"></td><td colspan="2">16,864,919 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 28
|
q_Ra004
|
How does the solvency position of Apple Inc. look based on the balance sheet data for 2023?
|
The solvency position of Apple Inc. for 2023 can be assessed using the balance sheet data:
- Total Assets: $352,583 million
- Total Liabilities: $290,437 million
- Total Shareholders' Equity: $62,146 million
The company's total liabilities are significantly higher than its total shareholders' equity, indicating a higher reliance on debt financing. However, the company has substantial total assets, which can cover its total liabilities. The term debt for 2023 is $105,103 million (current and non-current), and the company's cash and cash equivalents are $29,965 million, with additional marketable securities of $31,590 million (current) and $100,544 million (non-current). This indicates that Apple Inc. has sufficient liquidity to meet its debt obligations. Overall, while the company has a high level of debt, its strong asset base and liquidity position suggest a stable solvency position.
|
Ratio
|
29,30,31,32
|
0000320193-23-000106
|
Item 8. Financial Statements and Supplementary Data
|
Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 29:
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
| | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------|:------------------|:-------|:------------------|:---------|:------------------|:-------|:------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Net income | $ | 96,995 | | | $ | 99,803 | | $ | 94,680 |
| 4 | Other comprehensive income/(loss): | | | | | | | | | |
| 5 | Change in foreign currency translation, net of tax | (765) | | | (1,511) | | | 501 | | |
| 7 | Change in unrealized gains/losses on derivative instruments, net of tax: | | | | | | | | | |
| 8 | Change in fair value of derivative instruments | 323 | | | 3,212 | | | 32 | | |
| 9 | Adjustment for net (gains)/losses realized and included in net income | (1,717) | | | (1,074) | | | 1,003 | | |
| 10 | Total change in unrealized gains/losses on derivative instruments | (1,394) | | | 2,138 | | | 1,035 | | |
| 12 | Change in unrealized gains/losses on marketable debt securities, net of tax: | | | | | | | | | |
| 13 | Change in fair value of marketable debt securities | 1,563 | | | (12,104) | | | (694) | | |
| 14 | Adjustment for net (gains)/losses realized and included in net income | 253 | | | 205 | | | (273) | | |
| 15 | Total change in unrealized gains/losses on marketable debt securities | 1,816 | | | (11,899) | | | (967) | | |
| 17 | Total other comprehensive income/(loss) | (343) | | | (11,272) | | | 569 | | |
| 18 | Total comprehensive income | $ | 96,652 | | | $ | 88,531 | | $ | 95,249 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 29
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:------------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | September 30,2023 | | September 24,2022 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 29,965 | | | $ | 23,646 |
| 5 | Marketable securities | 31,590 | | | 24,658 | | |
| 6 | Accounts receivable, net | 29,508 | | | 28,184 | | |
| 7 | Vendor non-trade receivables | 31,477 | | | 32,748 | | |
| 8 | Inventories | 6,331 | | | 4,946 | | |
| 9 | Other current assets | 14,695 | | | 21,223 | | |
| 10 | Total current assets | 143,566 | | | 135,405 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 100,544 | | | 120,805 | | |
| 14 | Property, plant and equipment, net | 43,715 | | | 42,117 | | |
| 15 | Other non-current assets | 64,758 | | | 54,428 | | |
| 16 | Total non-current assets | 209,017 | | | 217,350 | | |
| 17 | Total assets | $ | 352,583 | | | $ | 352,755 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 62,611 | | | $ | 64,115 |
| 22 | Other current liabilities | 58,829 | | | 60,845 | | |
| 23 | Deferred revenue | 8,061 | | | 7,912 | | |
| 24 | Commercial paper | 5,985 | | | 9,982 | | |
| 25 | Term debt | 9,822 | | | 11,128 | | |
| 26 | Total current liabilities | 145,308 | | | 153,982 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 95,281 | | | 98,959 | | |
| 30 | Other non-current liabilities | 49,848 | | | 49,142 | | |
| 31 | Total non-current liabilities | 145,129 | | | 148,101 | | |
| 32 | Total liabilities | 290,437 | | | 302,083 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively | 73,812 | | | 64,849 | | |
| 38 | Accumulated deficit | (214) | | | (3,068) | | |
| 39 | Accumulated other comprehensive loss | (11,452) | | | (11,109) | | |
| 40 | Total shareholders' equity | 62,146 | | | 50,672 | | |
| 41 | Total liabilities and shareholders' equity | $ | 352,583 | | | $ | 352,755 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 30
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 31:
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions, except per-share amounts)
| | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------|:------------------|:-------|:------------------|:---------|:------------------|:-------|:---------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Total shareholders' equity, beginning balances | $ | 50,672 | | | $ | 63,090 | | $ | 65,339 |
| 5 | Common stock and additional paid-in capital: | | | | | | | | | |
| 6 | Beginning balances | 64,849 | | | 57,365 | | | 50,779 | | |
| 7 | Common stock issued | 1,346 | | | 1,175 | | | 1,105 | | |
| 8 | Common stock withheld related to net share settlement of equity awards | (3,521) | | | (2,971) | | | (2,627) | | |
| 9 | Share-based compensation | 11,138 | | | 9,280 | | | 8,108 | | |
| 10 | Ending balances | 73,812 | | | 64,849 | | | 57,365 | | |
| 12 | Retained earnings/(Accumulated deficit): | | | | | | | | | |
| 13 | Beginning balances | (3,068) | | | 5,562 | | | 14,966 | | |
| 14 | Net income | 96,995 | | | 99,803 | | | 94,680 | | |
| 15 | Dividends and dividend equivalents declared | (14,996) | | | (14,793) | | | (14,431) | | |
| 16 | Common stock withheld related to net share settlement of equity awards | (2,099) | | | (3,454) | | | (4,151) | | |
| 17 | Common stock repurchased | (77,046) | | | (90,186) | | | (85,502) | | |
| 18 | Ending balances | (214) | | | (3,068) | | | 5,562 | | |
| 20 | Accumulated other comprehensive income/(loss): | | | | | | | | | |
| 21 | Beginning balances | (11,109) | | | 163 | | | (406) | | |
| 22 | Other comprehensive income/(loss) | (343) | | | (11,272) | | | 569 | | |
| 23 | Ending balances | (11,452) | | | (11,109) | | | 163 | | |
| 25 | Total shareholders' equity, ending balances | $ | 62,146 | | | $ | 50,672 | | $ | 63,090 |
| 27 | Dividends and dividend equivalents declared per share or RSU | $ | 0.94 | | | $ | 0.90 | | $ | 0.85 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 31
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 32:
Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------|:------------------|:-------|:------------------|:----------|:------------------|:-------|:----------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Cash, cash equivalents and restricted cash, beginning balances | $ | 24,977 | | | $ | 35,929 | | $ | 39,789 |
| 5 | Operating activities: | | | | | | | | | |
| 6 | Net income | 96,995 | | | 99,803 | | | 94,680 | | |
| 7 | Adjustments to reconcile net income to cash generated by operating activities: | | | | | | | | | |
| 8 | Depreciation and amortization | 11,519 | | | 11,104 | | | 11,284 | | |
| 9 | Share-based compensation expense | 10,833 | | | 9,038 | | | 7,906 | | |
| 11 | Other | (2,227) | | | 1,006 | | | (4,921) | | |
| 12 | Changes in operating assets and liabilities: | | | | | | | | | |
| 13 | Accounts receivable, net | (1,688) | | | (1,823) | | | (10,125) | | |
| 14 | Vendor non-trade receivables | 1,271 | | | (7,520) | | | (3,903) | | |
| 15 | Inventories | (1,618) | | | 1,484 | | | (2,642) | | |
| 16 | Other current and non-current assets | (5,684) | | | (6,499) | | | (8,042) | | |
| 17 | Accounts payable | (1,889) | | | 9,448 | | | 12,326 | | |
| 18 | Other current and non-current liabilities | 3,031 | | | 6,110 | | | 7,475 | | |
| 19 | Cash generated by operating activities | 110,543 | | | 122,151 | | | 104,038 | | |
| 21 | Investing activities: | | | | | | | | | |
| 22 | Purchases of marketable securities | (29,513) | | | (76,923) | | | (109,558) | | |
| 23 | Proceeds from maturities of marketable securities | 39,686 | | | 29,917 | | | 59,023 | | |
| 24 | Proceeds from sales of marketable securities | 5,828 | | | 37,446 | | | 47,460 | | |
| 25 | Payments for acquisition of property, plant and equipment | (10,959) | | | (10,708) | | | (11,085) | | |
| 27 | Other | (1,337) | | | (2,086) | | | (385) | | |
| 28 | Cash generated by/(used in) investing activities | 3,705 | | | (22,354) | | | (14,545) | | |
| 30 | Financing activities: | | | | | | | | | |
| 31 | Payments for taxes related to net share settlement of equity awards | (5,431) | | | (6,223) | | | (6,556) | | |
| 32 | Payments for dividends and dividend equivalents | (15,025) | | | (14,841) | | | (14,467) | | |
| 33 | Repurchases of common stock | (77,550) | | | (89,402) | | | (85,971) | | |
| 34 | Proceeds from issuance of term debt, net | 5,228 | | | 5,465 | | | 20,393 | | |
| 35 | Repayments of term debt | (11,151) | | | (9,543) | | | (8,750) | | |
| 36 | Proceeds from/(Repayments of) commercial paper, net | (3,978) | | | 3,955 | | | 1,022 | | |
| 37 | Other | (581) | | | (160) | | | 976 | | |
| 38 | Cash used in financing activities | (108,488) | | | (110,749) | | | (93,353) | | |
| 40 | Increase/(Decrease) in cash, cash equivalents and restricted cash | 5,760 | | | (10,952) | | | (3,860) | | |
| 41 | Cash, cash equivalents and restricted cash, ending balances | $ | 30,737 | | | $ | 24,977 | | $ | 35,929 |
| 43 | Supplemental cash flow disclosure: | | | | | | | | | |
| 44 | Cash paid for income taxes, net | $ | 18,679 | | | $ | 19,573 | | $ | 25,385 |
| 45 | Cash paid for interest | $ | 3,803 | | | $ | 2,865 | | $ | 2,687 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 32
|
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
| | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------------|:------------------|:-------|:------------------|:---------|:------------------|:-------|:------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Net income | $ | 96,995 | | | $ | 99,803 | | $ | 94,680 |
| 4 | Other comprehensive income/(loss): | | | | | | | | | |
| 5 | Change in foreign currency translation, net of tax | (765) | | | (1,511) | | | 501 | | |
| 7 | Change in unrealized gains/losses on derivative instruments, net of tax: | | | | | | | | | |
| 8 | Change in fair value of derivative instruments | 323 | | | 3,212 | | | 32 | | |
| 9 | Adjustment for net (gains)/losses realized and included in net income | (1,717) | | | (1,074) | | | 1,003 | | |
| 10 | Total change in unrealized gains/losses on derivative instruments | (1,394) | | | 2,138 | | | 1,035 | | |
| 12 | Change in unrealized gains/losses on marketable debt securities, net of tax: | | | | | | | | | |
| 13 | Change in fair value of marketable debt securities | 1,563 | | | (12,104) | | | (694) | | |
| 14 | Adjustment for net (gains)/losses realized and included in net income | 253 | | | 205 | | | (273) | | |
| 15 | Total change in unrealized gains/losses on marketable debt securities | 1,816 | | | (11,899) | | | (967) | | |
| 17 | Total other comprehensive income/(loss) | (343) | | | (11,272) | | | 569 | | |
| 18 | Total comprehensive income | $ | 96,652 | | | $ | 88,531 | | $ | 95,249 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 29
,
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, which are reflected in thousands, and par value)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:------------------|:--------|:------------------|:---------|:---|:--------|
| 1 | | September 30,2023 | | September 24,2022 | | | |
| 2 | ASSETS: | | | | | | |
| 3 | Current assets: | | | | | | |
| 4 | Cash and cash equivalents | $ | 29,965 | | | $ | 23,646 |
| 5 | Marketable securities | 31,590 | | | 24,658 | | |
| 6 | Accounts receivable, net | 29,508 | | | 28,184 | | |
| 7 | Vendor non-trade receivables | 31,477 | | | 32,748 | | |
| 8 | Inventories | 6,331 | | | 4,946 | | |
| 9 | Other current assets | 14,695 | | | 21,223 | | |
| 10 | Total current assets | 143,566 | | | 135,405 | | |
| 12 | Non-current assets: | | | | | | |
| 13 | Marketable securities | 100,544 | | | 120,805 | | |
| 14 | Property, plant and equipment, net | 43,715 | | | 42,117 | | |
| 15 | Other non-current assets | 64,758 | | | 54,428 | | |
| 16 | Total non-current assets | 209,017 | | | 217,350 | | |
| 17 | Total assets | $ | 352,583 | | | $ | 352,755 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY: | | | | | | |
| 20 | Current liabilities: | | | | | | |
| 21 | Accounts payable | $ | 62,611 | | | $ | 64,115 |
| 22 | Other current liabilities | 58,829 | | | 60,845 | | |
| 23 | Deferred revenue | 8,061 | | | 7,912 | | |
| 24 | Commercial paper | 5,985 | | | 9,982 | | |
| 25 | Term debt | 9,822 | | | 11,128 | | |
| 26 | Total current liabilities | 145,308 | | | 153,982 | | |
| 28 | Non-current liabilities: | | | | | | |
| 29 | Term debt | 95,281 | | | 98,959 | | |
| 30 | Other non-current liabilities | 49,848 | | | 49,142 | | |
| 31 | Total non-current liabilities | 145,129 | | | 148,101 | | |
| 32 | Total liabilities | 290,437 | | | 302,083 | | |
| 34 | Commitments and contingencies | | | | | | |
| 36 | Shareholders' equity: | | | | | | |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively | 73,812 | | | 64,849 | | |
| 38 | Accumulated deficit | (214) | | | (3,068) | | |
| 39 | Accumulated other comprehensive loss | (11,452) | | | (11,109) | | |
| 40 | Total shareholders' equity | 62,146 | | | 50,672 | | |
| 41 | Total liabilities and shareholders' equity | $ | 352,583 | | | $ | 352,755 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 30
,
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions, except per-share amounts)
| | | | | | | | | | | |
|---:|:-----------------------------------------------------------------------|:------------------|:-------|:------------------|:---------|:------------------|:-------|:---------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Total shareholders' equity, beginning balances | $ | 50,672 | | | $ | 63,090 | | $ | 65,339 |
| 5 | Common stock and additional paid-in capital: | | | | | | | | | |
| 6 | Beginning balances | 64,849 | | | 57,365 | | | 50,779 | | |
| 7 | Common stock issued | 1,346 | | | 1,175 | | | 1,105 | | |
| 8 | Common stock withheld related to net share settlement of equity awards | (3,521) | | | (2,971) | | | (2,627) | | |
| 9 | Share-based compensation | 11,138 | | | 9,280 | | | 8,108 | | |
| 10 | Ending balances | 73,812 | | | 64,849 | | | 57,365 | | |
| 12 | Retained earnings/(Accumulated deficit): | | | | | | | | | |
| 13 | Beginning balances | (3,068) | | | 5,562 | | | 14,966 | | |
| 14 | Net income | 96,995 | | | 99,803 | | | 94,680 | | |
| 15 | Dividends and dividend equivalents declared | (14,996) | | | (14,793) | | | (14,431) | | |
| 16 | Common stock withheld related to net share settlement of equity awards | (2,099) | | | (3,454) | | | (4,151) | | |
| 17 | Common stock repurchased | (77,046) | | | (90,186) | | | (85,502) | | |
| 18 | Ending balances | (214) | | | (3,068) | | | 5,562 | | |
| 20 | Accumulated other comprehensive income/(loss): | | | | | | | | | |
| 21 | Beginning balances | (11,109) | | | 163 | | | (406) | | |
| 22 | Other comprehensive income/(loss) | (343) | | | (11,272) | | | 569 | | |
| 23 | Ending balances | (11,452) | | | (11,109) | | | 163 | | |
| 25 | Total shareholders' equity, ending balances | $ | 62,146 | | | $ | 50,672 | | $ | 63,090 |
| 27 | Dividends and dividend equivalents declared per share or RSU | $ | 0.94 | | | $ | 0.90 | | $ | 0.85 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 31
,
Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| | | | | | | | | | | |
|---:|:-------------------------------------------------------------------------------|:------------------|:-------|:------------------|:----------|:------------------|:-------|:----------|:---|:-------|
| 1 | | Years ended | | | | | | | | |
| 2 | | September 30,2023 | | September 24,2022 | | September 25,2021 | | | | |
| 3 | Cash, cash equivalents and restricted cash, beginning balances | $ | 24,977 | | | $ | 35,929 | | $ | 39,789 |
| 5 | Operating activities: | | | | | | | | | |
| 6 | Net income | 96,995 | | | 99,803 | | | 94,680 | | |
| 7 | Adjustments to reconcile net income to cash generated by operating activities: | | | | | | | | | |
| 8 | Depreciation and amortization | 11,519 | | | 11,104 | | | 11,284 | | |
| 9 | Share-based compensation expense | 10,833 | | | 9,038 | | | 7,906 | | |
| 11 | Other | (2,227) | | | 1,006 | | | (4,921) | | |
| 12 | Changes in operating assets and liabilities: | | | | | | | | | |
| 13 | Accounts receivable, net | (1,688) | | | (1,823) | | | (10,125) | | |
| 14 | Vendor non-trade receivables | 1,271 | | | (7,520) | | | (3,903) | | |
| 15 | Inventories | (1,618) | | | 1,484 | | | (2,642) | | |
| 16 | Other current and non-current assets | (5,684) | | | (6,499) | | | (8,042) | | |
| 17 | Accounts payable | (1,889) | | | 9,448 | | | 12,326 | | |
| 18 | Other current and non-current liabilities | 3,031 | | | 6,110 | | | 7,475 | | |
| 19 | Cash generated by operating activities | 110,543 | | | 122,151 | | | 104,038 | | |
| 21 | Investing activities: | | | | | | | | | |
| 22 | Purchases of marketable securities | (29,513) | | | (76,923) | | | (109,558) | | |
| 23 | Proceeds from maturities of marketable securities | 39,686 | | | 29,917 | | | 59,023 | | |
| 24 | Proceeds from sales of marketable securities | 5,828 | | | 37,446 | | | 47,460 | | |
| 25 | Payments for acquisition of property, plant and equipment | (10,959) | | | (10,708) | | | (11,085) | | |
| 27 | Other | (1,337) | | | (2,086) | | | (385) | | |
| 28 | Cash generated by/(used in) investing activities | 3,705 | | | (22,354) | | | (14,545) | | |
| 30 | Financing activities: | | | | | | | | | |
| 31 | Payments for taxes related to net share settlement of equity awards | (5,431) | | | (6,223) | | | (6,556) | | |
| 32 | Payments for dividends and dividend equivalents | (15,025) | | | (14,841) | | | (14,467) | | |
| 33 | Repurchases of common stock | (77,550) | | | (89,402) | | | (85,971) | | |
| 34 | Proceeds from issuance of term debt, net | 5,228 | | | 5,465 | | | 20,393 | | |
| 35 | Repayments of term debt | (11,151) | | | (9,543) | | | (8,750) | | |
| 36 | Proceeds from/(Repayments of) commercial paper, net | (3,978) | | | 3,955 | | | 1,022 | | |
| 37 | Other | (581) | | | (160) | | | 976 | | |
| 38 | Cash used in financing activities | (108,488) | | | (110,749) | | | (93,353) | | |
| 40 | Increase/(Decrease) in cash, cash equivalents and restricted cash | 5,760 | | | (10,952) | | | (3,860) | | |
| 41 | Cash, cash equivalents and restricted cash, ending balances | $ | 30,737 | | | $ | 24,977 | | $ | 35,929 |
| 43 | Supplemental cash flow disclosure: | | | | | | | | | |
| 44 | Cash paid for income taxes, net | $ | 18,679 | | | $ | 19,573 | | $ | 25,385 |
| 45 | Cash paid for interest | $ | 3,803 | | | $ | 2,865 | | $ | 2,687 |
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 32
|
Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 29:
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Net income</td><td>$</td><td>96,995 </td><td></td><td colspan="3"></td><td>$</td><td>99,803 </td><td></td><td colspan="3"></td><td>$</td><td>94,680 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in foreign currency translation, net of tax</td><td colspan="2">(765)</td><td></td><td colspan="3"></td><td colspan="2">(1,511)</td><td></td><td colspan="3"></td><td colspan="2">501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on derivative instruments, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of derivative instruments</td><td colspan="2">323 </td><td></td><td colspan="3"></td><td colspan="2">3,212 </td><td></td><td colspan="3"></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">(1,717)</td><td></td><td colspan="3"></td><td colspan="2">(1,074)</td><td></td><td colspan="3"></td><td colspan="2">1,003 </td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on derivative instruments</td><td colspan="2">(1,394)</td><td></td><td colspan="3"></td><td colspan="2">2,138 </td><td></td><td colspan="3"></td><td colspan="2">1,035 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on marketable debt securities, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of marketable debt securities</td><td colspan="2">1,563 </td><td></td><td colspan="3"></td><td colspan="2">(12,104)</td><td></td><td colspan="3"></td><td colspan="2">(694)</td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">205 </td><td></td><td colspan="3"></td><td colspan="2">(273)</td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on marketable debt securities</td><td colspan="2">1,816 </td><td></td><td colspan="3"></td><td colspan="2">(11,899)</td><td></td><td colspan="3"></td><td colspan="2">(967)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total other comprehensive income/(loss)</td><td colspan="2">(343)</td><td></td><td colspan="3"></td><td colspan="2">(11,272)</td><td></td><td colspan="3"></td><td colspan="2">569 </td><td></td></tr><tr><td colspan="3">Total comprehensive income</td><td>$</td><td>96,652 </td><td></td><td colspan="3"></td><td>$</td><td>88,531 </td><td></td><td colspan="3"></td><td>$</td><td>95,249 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 29
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>29,965 </td><td></td><td colspan="3"></td><td>$</td><td>23,646 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">31,590 </td><td></td><td colspan="3"></td><td colspan="2">24,658 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">29,508 </td><td></td><td colspan="3"></td><td colspan="2">28,184 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">31,477 </td><td></td><td colspan="3"></td><td colspan="2">32,748 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,331 </td><td></td><td colspan="3"></td><td colspan="2">4,946 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,695 </td><td></td><td colspan="3"></td><td colspan="2">21,223 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">143,566 </td><td></td><td colspan="3"></td><td colspan="2">135,405 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">100,544 </td><td></td><td colspan="3"></td><td colspan="2">120,805 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">43,715 </td><td></td><td colspan="3"></td><td colspan="2">42,117 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">64,758 </td><td></td><td colspan="3"></td><td colspan="2">54,428 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">209,017 </td><td></td><td colspan="3"></td><td colspan="2">217,350 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>352,583 </td><td></td><td colspan="3"></td><td>$</td><td>352,755 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>62,611 </td><td></td><td colspan="3"></td><td>$</td><td>64,115 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">58,829 </td><td></td><td colspan="3"></td><td colspan="2">60,845 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,061 </td><td></td><td colspan="3"></td><td colspan="2">7,912 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">5,985 </td><td></td><td colspan="3"></td><td colspan="2">9,982 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">9,822 </td><td></td><td colspan="3"></td><td colspan="2">11,128 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">145,308 </td><td></td><td colspan="3"></td><td colspan="2">153,982 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">95,281 </td><td></td><td colspan="3"></td><td colspan="2">98,959 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">49,848 </td><td></td><td colspan="3"></td><td colspan="2">49,142 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">145,129 </td><td></td><td colspan="3"></td><td colspan="2">148,101 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">290,437 </td><td></td><td colspan="3"></td><td colspan="2">302,083 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively</td><td colspan="2">73,812 </td><td></td><td colspan="3"></td><td colspan="2">64,849 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(214)</td><td></td><td colspan="3"></td><td colspan="2">(3,068)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(11,452)</td><td></td><td colspan="3"></td><td colspan="2">(11,109)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">62,146 </td><td></td><td colspan="3"></td><td colspan="2">50,672 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>352,583 </td><td></td><td colspan="3"></td><td>$</td><td>352,755 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 30
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 31:
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions, except per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Total shareholders' equity, beginning balances</td><td>$</td><td>50,672 </td><td></td><td colspan="3"></td><td>$</td><td>63,090 </td><td></td><td colspan="3"></td><td>$</td><td>65,339 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">64,849 </td><td></td><td colspan="3"></td><td colspan="2">57,365 </td><td></td><td colspan="3"></td><td colspan="2">50,779 </td><td></td></tr><tr><td colspan="3">Common stock issued</td><td colspan="2">1,346 </td><td></td><td colspan="3"></td><td colspan="2">1,175 </td><td></td><td colspan="3"></td><td colspan="2">1,105 </td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(3,521)</td><td></td><td colspan="3"></td><td colspan="2">(2,971)</td><td></td><td colspan="3"></td><td colspan="2">(2,627)</td><td></td></tr><tr><td colspan="3">Share-based compensation</td><td colspan="2">11,138 </td><td></td><td colspan="3"></td><td colspan="2">9,280 </td><td></td><td colspan="3"></td><td colspan="2">8,108 </td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">73,812 </td><td></td><td colspan="3"></td><td colspan="2">64,849 </td><td></td><td colspan="3"></td><td colspan="2">57,365 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Retained earnings/(Accumulated deficit):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">(3,068)</td><td></td><td colspan="3"></td><td colspan="2">5,562 </td><td></td><td colspan="3"></td><td colspan="2">14,966 </td><td></td></tr><tr><td colspan="3">Net income</td><td colspan="2">96,995 </td><td></td><td colspan="3"></td><td colspan="2">99,803 </td><td></td><td colspan="3"></td><td colspan="2">94,680 </td><td></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared</td><td colspan="2">(14,996)</td><td></td><td colspan="3"></td><td colspan="2">(14,793)</td><td></td><td colspan="3"></td><td colspan="2">(14,431)</td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(2,099)</td><td></td><td colspan="3"></td><td colspan="2">(3,454)</td><td></td><td colspan="3"></td><td colspan="2">(4,151)</td><td></td></tr><tr><td colspan="3">Common stock repurchased</td><td colspan="2">(77,046)</td><td></td><td colspan="3"></td><td colspan="2">(90,186)</td><td></td><td colspan="3"></td><td colspan="2">(85,502)</td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(214)</td><td></td><td colspan="3"></td><td colspan="2">(3,068)</td><td></td><td colspan="3"></td><td colspan="2">5,562 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accumulated other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">(11,109)</td><td></td><td colspan="3"></td><td colspan="2">163 </td><td></td><td colspan="3"></td><td colspan="2">(406)</td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">(343)</td><td></td><td colspan="3"></td><td colspan="2">(11,272)</td><td></td><td colspan="3"></td><td colspan="2">569 </td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(11,452)</td><td></td><td colspan="3"></td><td colspan="2">(11,109)</td><td></td><td colspan="3"></td><td colspan="2">163 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total shareholders' equity, ending balances</td><td>$</td><td>62,146 </td><td></td><td colspan="3"></td><td>$</td><td>50,672 </td><td></td><td colspan="3"></td><td>$</td><td>63,090 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared per share or RSU</td><td>$</td><td>0.94 </td><td></td><td colspan="3"></td><td>$</td><td>0.90 </td><td></td><td colspan="3"></td><td>$</td><td>0.85 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 31
, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 32:
Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Cash, cash equivalents and restricted cash, beginning balances</td><td>$</td><td>24,977 </td><td></td><td colspan="3"></td><td>$</td><td>35,929 </td><td></td><td colspan="3"></td><td>$</td><td>39,789 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income</td><td colspan="2">96,995 </td><td></td><td colspan="3"></td><td colspan="2">99,803 </td><td></td><td colspan="3"></td><td colspan="2">94,680 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile net income to cash generated by operating activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">11,519 </td><td></td><td colspan="3"></td><td colspan="2">11,104 </td><td></td><td colspan="3"></td><td colspan="2">11,284 </td><td></td></tr><tr><td colspan="3">Share-based compensation expense</td><td colspan="2">10,833 </td><td></td><td colspan="3"></td><td colspan="2">9,038 </td><td></td><td colspan="3"></td><td colspan="2">7,906 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="2">(2,227)</td><td></td><td colspan="3"></td><td colspan="2">1,006 </td><td></td><td colspan="3"></td><td colspan="2">(4,921)</td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">(1,688)</td><td></td><td colspan="3"></td><td colspan="2">(1,823)</td><td></td><td colspan="3"></td><td colspan="2">(10,125)</td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">1,271 </td><td></td><td colspan="3"></td><td colspan="2">(7,520)</td><td></td><td colspan="3"></td><td colspan="2">(3,903)</td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">(1,618)</td><td></td><td colspan="3"></td><td colspan="2">1,484 </td><td></td><td colspan="3"></td><td colspan="2">(2,642)</td><td></td></tr><tr><td colspan="3">Other current and non-current assets</td><td colspan="2">(5,684)</td><td></td><td colspan="3"></td><td colspan="2">(6,499)</td><td></td><td colspan="3"></td><td colspan="2">(8,042)</td><td></td></tr><tr><td colspan="3">Accounts payable</td><td colspan="2">(1,889)</td><td></td><td colspan="3"></td><td colspan="2">9,448 </td><td></td><td colspan="3"></td><td colspan="2">12,326 </td><td></td></tr><tr><td colspan="3">Other current and non-current liabilities</td><td colspan="2">3,031 </td><td></td><td colspan="3"></td><td colspan="2">6,110 </td><td></td><td colspan="3"></td><td colspan="2">7,475 </td><td></td></tr><tr><td colspan="3">Cash generated by operating activities</td><td colspan="2">110,543 </td><td></td><td colspan="3"></td><td colspan="2">122,151 </td><td></td><td colspan="3"></td><td colspan="2">104,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investing activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchases of marketable securities</td><td colspan="2">(29,513)</td><td></td><td colspan="3"></td><td colspan="2">(76,923)</td><td></td><td colspan="3"></td><td colspan="2">(109,558)</td><td></td></tr><tr><td colspan="3">Proceeds from maturities of marketable securities</td><td colspan="2">39,686 </td><td></td><td colspan="3"></td><td colspan="2">29,917 </td><td></td><td colspan="3"></td><td colspan="2">59,023 </td><td></td></tr><tr><td colspan="3">Proceeds from sales of marketable securities</td><td colspan="2">5,828 </td><td></td><td colspan="3"></td><td colspan="2">37,446 </td><td></td><td colspan="3"></td><td colspan="2">47,460 </td><td></td></tr><tr><td colspan="3">Payments for acquisition of property, plant and equipment</td><td colspan="2">(10,959)</td><td></td><td colspan="3"></td><td colspan="2">(10,708)</td><td></td><td colspan="3"></td><td colspan="2">(11,085)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="2">(1,337)</td><td></td><td colspan="3"></td><td colspan="2">(2,086)</td><td></td><td colspan="3"></td><td colspan="2">(385)</td><td></td></tr><tr><td colspan="3">Cash generated by/(used in) investing activities</td><td colspan="2">3,705 </td><td></td><td colspan="3"></td><td colspan="2">(22,354)</td><td></td><td colspan="3"></td><td colspan="2">(14,545)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Financing activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Payments for taxes related to net share settlement of equity awards</td><td colspan="2">(5,431)</td><td></td><td colspan="3"></td><td colspan="2">(6,223)</td><td></td><td colspan="3"></td><td colspan="2">(6,556)</td><td></td></tr><tr><td colspan="3">Payments for dividends and dividend equivalents</td><td colspan="2">(15,025)</td><td></td><td colspan="3"></td><td colspan="2">(14,841)</td><td></td><td colspan="3"></td><td colspan="2">(14,467)</td><td></td></tr><tr><td colspan="3">Repurchases of common stock</td><td colspan="2">(77,550)</td><td></td><td colspan="3"></td><td colspan="2">(89,402)</td><td></td><td colspan="3"></td><td colspan="2">(85,971)</td><td></td></tr><tr><td colspan="3">Proceeds from issuance of term debt, net</td><td colspan="2">5,228 </td><td></td><td colspan="3"></td><td colspan="2">5,465 </td><td></td><td colspan="3"></td><td colspan="2">20,393 </td><td></td></tr><tr><td colspan="3">Repayments of term debt</td><td colspan="2">(11,151)</td><td></td><td colspan="3"></td><td colspan="2">(9,543)</td><td></td><td colspan="3"></td><td colspan="2">(8,750)</td><td></td></tr><tr><td colspan="3">Proceeds from/(Repayments of) commercial paper, net</td><td colspan="2">(3,978)</td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">1,022 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">(581)</td><td></td><td colspan="3"></td><td colspan="2">(160)</td><td></td><td colspan="3"></td><td colspan="2">976 </td><td></td></tr><tr><td colspan="3">Cash used in financing activities</td><td colspan="2">(108,488)</td><td></td><td colspan="3"></td><td colspan="2">(110,749)</td><td></td><td colspan="3"></td><td colspan="2">(93,353)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Increase/(Decrease) in cash, cash equivalents and restricted cash</td><td colspan="2">5,760 </td><td></td><td colspan="3"></td><td colspan="2">(10,952)</td><td></td><td colspan="3"></td><td colspan="2">(3,860)</td><td></td></tr><tr><td colspan="3">Cash, cash equivalents and restricted cash, ending balances</td><td>$</td><td>30,737 </td><td></td><td colspan="3"></td><td>$</td><td>24,977 </td><td></td><td colspan="3"></td><td>$</td><td>35,929 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Supplemental cash flow disclosure:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash paid for income taxes, net</td><td>$</td><td>18,679 </td><td></td><td colspan="3"></td><td>$</td><td>19,573 </td><td></td><td colspan="3"></td><td>$</td><td>25,385 </td><td></td></tr><tr><td colspan="3">Cash paid for interest</td><td>$</td><td>3,803 </td><td></td><td colspan="3"></td><td>$</td><td>2,865 </td><td></td><td colspan="3"></td><td>$</td><td>2,687 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 32
|
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Net income</td><td>$</td><td>96,995 </td><td></td><td colspan="3"></td><td>$</td><td>99,803 </td><td></td><td colspan="3"></td><td>$</td><td>94,680 </td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in foreign currency translation, net of tax</td><td colspan="2">(765)</td><td></td><td colspan="3"></td><td colspan="2">(1,511)</td><td></td><td colspan="3"></td><td colspan="2">501 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on derivative instruments, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of derivative instruments</td><td colspan="2">323 </td><td></td><td colspan="3"></td><td colspan="2">3,212 </td><td></td><td colspan="3"></td><td colspan="2">32 </td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">(1,717)</td><td></td><td colspan="3"></td><td colspan="2">(1,074)</td><td></td><td colspan="3"></td><td colspan="2">1,003 </td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on derivative instruments</td><td colspan="2">(1,394)</td><td></td><td colspan="3"></td><td colspan="2">2,138 </td><td></td><td colspan="3"></td><td colspan="2">1,035 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in unrealized gains/losses on marketable debt securities, net of tax:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Change in fair value of marketable debt securities</td><td colspan="2">1,563 </td><td></td><td colspan="3"></td><td colspan="2">(12,104)</td><td></td><td colspan="3"></td><td colspan="2">(694)</td><td></td></tr><tr><td colspan="3">Adjustment for net (gains)/losses realized and included in net income</td><td colspan="2">253 </td><td></td><td colspan="3"></td><td colspan="2">205 </td><td></td><td colspan="3"></td><td colspan="2">(273)</td><td></td></tr><tr><td colspan="3">Total change in unrealized gains/losses on marketable debt securities</td><td colspan="2">1,816 </td><td></td><td colspan="3"></td><td colspan="2">(11,899)</td><td></td><td colspan="3"></td><td colspan="2">(967)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total other comprehensive income/(loss)</td><td colspan="2">(343)</td><td></td><td colspan="3"></td><td colspan="2">(11,272)</td><td></td><td colspan="3"></td><td colspan="2">569 </td><td></td></tr><tr><td colspan="3">Total comprehensive income</td><td>$</td><td>96,652 </td><td></td><td colspan="3"></td><td>$</td><td>88,531 </td><td></td><td colspan="3"></td><td>$</td><td>95,249 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 29
,
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, which are reflected in thousands, and par value)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td></tr><tr><td colspan="12">ASSETS:</td></tr><tr><td colspan="3">Current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and cash equivalents</td><td>$</td><td>29,965 </td><td></td><td colspan="3"></td><td>$</td><td>23,646 </td><td></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">31,590 </td><td></td><td colspan="3"></td><td colspan="2">24,658 </td><td></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">29,508 </td><td></td><td colspan="3"></td><td colspan="2">28,184 </td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">31,477 </td><td></td><td colspan="3"></td><td colspan="2">32,748 </td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">6,331 </td><td></td><td colspan="3"></td><td colspan="2">4,946 </td><td></td></tr><tr><td colspan="3">Other current assets</td><td colspan="2">14,695 </td><td></td><td colspan="3"></td><td colspan="2">21,223 </td><td></td></tr><tr><td colspan="3">Total current assets</td><td colspan="2">143,566 </td><td></td><td colspan="3"></td><td colspan="2">135,405 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current assets:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketable securities</td><td colspan="2">100,544 </td><td></td><td colspan="3"></td><td colspan="2">120,805 </td><td></td></tr><tr><td colspan="3">Property, plant and equipment, net</td><td colspan="2">43,715 </td><td></td><td colspan="3"></td><td colspan="2">42,117 </td><td></td></tr><tr><td colspan="3">Other non-current assets</td><td colspan="2">64,758 </td><td></td><td colspan="3"></td><td colspan="2">54,428 </td><td></td></tr><tr><td colspan="3">Total non-current assets</td><td colspan="2">209,017 </td><td></td><td colspan="3"></td><td colspan="2">217,350 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>352,583 </td><td></td><td colspan="3"></td><td>$</td><td>352,755 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="12">LIABILITIES AND SHAREHOLDERS' EQUITY:</td></tr><tr><td colspan="3">Current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts payable</td><td>$</td><td>62,611 </td><td></td><td colspan="3"></td><td>$</td><td>64,115 </td><td></td></tr><tr><td colspan="3">Other current liabilities</td><td colspan="2">58,829 </td><td></td><td colspan="3"></td><td colspan="2">60,845 </td><td></td></tr><tr><td colspan="3">Deferred revenue</td><td colspan="2">8,061 </td><td></td><td colspan="3"></td><td colspan="2">7,912 </td><td></td></tr><tr><td colspan="3">Commercial paper</td><td colspan="2">5,985 </td><td></td><td colspan="3"></td><td colspan="2">9,982 </td><td></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">9,822 </td><td></td><td colspan="3"></td><td colspan="2">11,128 </td><td></td></tr><tr><td colspan="3">Total current liabilities</td><td colspan="2">145,308 </td><td></td><td colspan="3"></td><td colspan="2">153,982 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Non-current liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Term debt</td><td colspan="2">95,281 </td><td></td><td colspan="3"></td><td colspan="2">98,959 </td><td></td></tr><tr><td colspan="3">Other non-current liabilities</td><td colspan="2">49,848 </td><td></td><td colspan="3"></td><td colspan="2">49,142 </td><td></td></tr><tr><td colspan="3">Total non-current liabilities</td><td colspan="2">145,129 </td><td></td><td colspan="3"></td><td colspan="2">148,101 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td colspan="2">290,437 </td><td></td><td colspan="3"></td><td colspan="2">302,083 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commitments and contingencies</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Shareholders' equity:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively</td><td colspan="2">73,812 </td><td></td><td colspan="3"></td><td colspan="2">64,849 </td><td></td></tr><tr><td colspan="3">Accumulated deficit</td><td colspan="2">(214)</td><td></td><td colspan="3"></td><td colspan="2">(3,068)</td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive loss</td><td colspan="2">(11,452)</td><td></td><td colspan="3"></td><td colspan="2">(11,109)</td><td></td></tr><tr><td colspan="3">Total shareholders' equity</td><td colspan="2">62,146 </td><td></td><td colspan="3"></td><td colspan="2">50,672 </td><td></td></tr><tr><td colspan="3">Total liabilities and shareholders' equity</td><td>$</td><td>352,583 </td><td></td><td colspan="3"></td><td>$</td><td>352,755 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 30
,
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions, except per-share amounts)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Total shareholders' equity, beginning balances</td><td>$</td><td>50,672 </td><td></td><td colspan="3"></td><td>$</td><td>63,090 </td><td></td><td colspan="3"></td><td>$</td><td>65,339 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Common stock and additional paid-in capital:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">64,849 </td><td></td><td colspan="3"></td><td colspan="2">57,365 </td><td></td><td colspan="3"></td><td colspan="2">50,779 </td><td></td></tr><tr><td colspan="3">Common stock issued</td><td colspan="2">1,346 </td><td></td><td colspan="3"></td><td colspan="2">1,175 </td><td></td><td colspan="3"></td><td colspan="2">1,105 </td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(3,521)</td><td></td><td colspan="3"></td><td colspan="2">(2,971)</td><td></td><td colspan="3"></td><td colspan="2">(2,627)</td><td></td></tr><tr><td colspan="3">Share-based compensation</td><td colspan="2">11,138 </td><td></td><td colspan="3"></td><td colspan="2">9,280 </td><td></td><td colspan="3"></td><td colspan="2">8,108 </td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">73,812 </td><td></td><td colspan="3"></td><td colspan="2">64,849 </td><td></td><td colspan="3"></td><td colspan="2">57,365 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Retained earnings/(Accumulated deficit):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">(3,068)</td><td></td><td colspan="3"></td><td colspan="2">5,562 </td><td></td><td colspan="3"></td><td colspan="2">14,966 </td><td></td></tr><tr><td colspan="3">Net income</td><td colspan="2">96,995 </td><td></td><td colspan="3"></td><td colspan="2">99,803 </td><td></td><td colspan="3"></td><td colspan="2">94,680 </td><td></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared</td><td colspan="2">(14,996)</td><td></td><td colspan="3"></td><td colspan="2">(14,793)</td><td></td><td colspan="3"></td><td colspan="2">(14,431)</td><td></td></tr><tr><td colspan="3">Common stock withheld related to net share settlement of equity awards</td><td colspan="2">(2,099)</td><td></td><td colspan="3"></td><td colspan="2">(3,454)</td><td></td><td colspan="3"></td><td colspan="2">(4,151)</td><td></td></tr><tr><td colspan="3">Common stock repurchased</td><td colspan="2">(77,046)</td><td></td><td colspan="3"></td><td colspan="2">(90,186)</td><td></td><td colspan="3"></td><td colspan="2">(85,502)</td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(214)</td><td></td><td colspan="3"></td><td colspan="2">(3,068)</td><td></td><td colspan="3"></td><td colspan="2">5,562 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accumulated other comprehensive income/(loss):</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beginning balances</td><td colspan="2">(11,109)</td><td></td><td colspan="3"></td><td colspan="2">163 </td><td></td><td colspan="3"></td><td colspan="2">(406)</td><td></td></tr><tr><td colspan="3">Other comprehensive income/(loss)</td><td colspan="2">(343)</td><td></td><td colspan="3"></td><td colspan="2">(11,272)</td><td></td><td colspan="3"></td><td colspan="2">569 </td><td></td></tr><tr><td colspan="3">Ending balances</td><td colspan="2">(11,452)</td><td></td><td colspan="3"></td><td colspan="2">(11,109)</td><td></td><td colspan="3"></td><td colspan="2">163 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total shareholders' equity, ending balances</td><td>$</td><td>62,146 </td><td></td><td colspan="3"></td><td>$</td><td>50,672 </td><td></td><td colspan="3"></td><td>$</td><td>63,090 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Dividends and dividend equivalents declared per share or RSU</td><td>$</td><td>0.94 </td><td></td><td colspan="3"></td><td>$</td><td>0.90 </td><td></td><td colspan="3"></td><td>$</td><td>0.85 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 31
,
Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3"></td><td colspan="15">Years ended</td></tr><tr><td colspan="3"></td><td colspan="3">September 30,2023</td><td colspan="3"></td><td colspan="3">September 24,2022</td><td colspan="3"></td><td colspan="3">September 25,2021</td></tr><tr><td colspan="3">Cash, cash equivalents and restricted cash, beginning balances</td><td>$</td><td>24,977 </td><td></td><td colspan="3"></td><td>$</td><td>35,929 </td><td></td><td colspan="3"></td><td>$</td><td>39,789 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Operating activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income</td><td colspan="2">96,995 </td><td></td><td colspan="3"></td><td colspan="2">99,803 </td><td></td><td colspan="3"></td><td colspan="2">94,680 </td><td></td></tr><tr><td colspan="3">Adjustments to reconcile net income to cash generated by operating activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Depreciation and amortization</td><td colspan="2">11,519 </td><td></td><td colspan="3"></td><td colspan="2">11,104 </td><td></td><td colspan="3"></td><td colspan="2">11,284 </td><td></td></tr><tr><td colspan="3">Share-based compensation expense</td><td colspan="2">10,833 </td><td></td><td colspan="3"></td><td colspan="2">9,038 </td><td></td><td colspan="3"></td><td colspan="2">7,906 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="2">(2,227)</td><td></td><td colspan="3"></td><td colspan="2">1,006 </td><td></td><td colspan="3"></td><td colspan="2">(4,921)</td><td></td></tr><tr><td colspan="3">Changes in operating assets and liabilities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Accounts receivable, net</td><td colspan="2">(1,688)</td><td></td><td colspan="3"></td><td colspan="2">(1,823)</td><td></td><td colspan="3"></td><td colspan="2">(10,125)</td><td></td></tr><tr><td colspan="3">Vendor non-trade receivables</td><td colspan="2">1,271 </td><td></td><td colspan="3"></td><td colspan="2">(7,520)</td><td></td><td colspan="3"></td><td colspan="2">(3,903)</td><td></td></tr><tr><td colspan="3">Inventories</td><td colspan="2">(1,618)</td><td></td><td colspan="3"></td><td colspan="2">1,484 </td><td></td><td colspan="3"></td><td colspan="2">(2,642)</td><td></td></tr><tr><td colspan="3">Other current and non-current assets</td><td colspan="2">(5,684)</td><td></td><td colspan="3"></td><td colspan="2">(6,499)</td><td></td><td colspan="3"></td><td colspan="2">(8,042)</td><td></td></tr><tr><td colspan="3">Accounts payable</td><td colspan="2">(1,889)</td><td></td><td colspan="3"></td><td colspan="2">9,448 </td><td></td><td colspan="3"></td><td colspan="2">12,326 </td><td></td></tr><tr><td colspan="3">Other current and non-current liabilities</td><td colspan="2">3,031 </td><td></td><td colspan="3"></td><td colspan="2">6,110 </td><td></td><td colspan="3"></td><td colspan="2">7,475 </td><td></td></tr><tr><td colspan="3">Cash generated by operating activities</td><td colspan="2">110,543 </td><td></td><td colspan="3"></td><td colspan="2">122,151 </td><td></td><td colspan="3"></td><td colspan="2">104,038 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investing activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Purchases of marketable securities</td><td colspan="2">(29,513)</td><td></td><td colspan="3"></td><td colspan="2">(76,923)</td><td></td><td colspan="3"></td><td colspan="2">(109,558)</td><td></td></tr><tr><td colspan="3">Proceeds from maturities of marketable securities</td><td colspan="2">39,686 </td><td></td><td colspan="3"></td><td colspan="2">29,917 </td><td></td><td colspan="3"></td><td colspan="2">59,023 </td><td></td></tr><tr><td colspan="3">Proceeds from sales of marketable securities</td><td colspan="2">5,828 </td><td></td><td colspan="3"></td><td colspan="2">37,446 </td><td></td><td colspan="3"></td><td colspan="2">47,460 </td><td></td></tr><tr><td colspan="3">Payments for acquisition of property, plant and equipment</td><td colspan="2">(10,959)</td><td></td><td colspan="3"></td><td colspan="2">(10,708)</td><td></td><td colspan="3"></td><td colspan="2">(11,085)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other</td><td colspan="2">(1,337)</td><td></td><td colspan="3"></td><td colspan="2">(2,086)</td><td></td><td colspan="3"></td><td colspan="2">(385)</td><td></td></tr><tr><td colspan="3">Cash generated by/(used in) investing activities</td><td colspan="2">3,705 </td><td></td><td colspan="3"></td><td colspan="2">(22,354)</td><td></td><td colspan="3"></td><td colspan="2">(14,545)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Financing activities:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Payments for taxes related to net share settlement of equity awards</td><td colspan="2">(5,431)</td><td></td><td colspan="3"></td><td colspan="2">(6,223)</td><td></td><td colspan="3"></td><td colspan="2">(6,556)</td><td></td></tr><tr><td colspan="3">Payments for dividends and dividend equivalents</td><td colspan="2">(15,025)</td><td></td><td colspan="3"></td><td colspan="2">(14,841)</td><td></td><td colspan="3"></td><td colspan="2">(14,467)</td><td></td></tr><tr><td colspan="3">Repurchases of common stock</td><td colspan="2">(77,550)</td><td></td><td colspan="3"></td><td colspan="2">(89,402)</td><td></td><td colspan="3"></td><td colspan="2">(85,971)</td><td></td></tr><tr><td colspan="3">Proceeds from issuance of term debt, net</td><td colspan="2">5,228 </td><td></td><td colspan="3"></td><td colspan="2">5,465 </td><td></td><td colspan="3"></td><td colspan="2">20,393 </td><td></td></tr><tr><td colspan="3">Repayments of term debt</td><td colspan="2">(11,151)</td><td></td><td colspan="3"></td><td colspan="2">(9,543)</td><td></td><td colspan="3"></td><td colspan="2">(8,750)</td><td></td></tr><tr><td colspan="3">Proceeds from/(Repayments of) commercial paper, net</td><td colspan="2">(3,978)</td><td></td><td colspan="3"></td><td colspan="2">3,955 </td><td></td><td colspan="3"></td><td colspan="2">1,022 </td><td></td></tr><tr><td colspan="3">Other</td><td colspan="2">(581)</td><td></td><td colspan="3"></td><td colspan="2">(160)</td><td></td><td colspan="3"></td><td colspan="2">976 </td><td></td></tr><tr><td colspan="3">Cash used in financing activities</td><td colspan="2">(108,488)</td><td></td><td colspan="3"></td><td colspan="2">(110,749)</td><td></td><td colspan="3"></td><td colspan="2">(93,353)</td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Increase/(Decrease) in cash, cash equivalents and restricted cash</td><td colspan="2">5,760 </td><td></td><td colspan="3"></td><td colspan="2">(10,952)</td><td></td><td colspan="3"></td><td colspan="2">(3,860)</td><td></td></tr><tr><td colspan="3">Cash, cash equivalents and restricted cash, ending balances</td><td>$</td><td>30,737 </td><td></td><td colspan="3"></td><td>$</td><td>24,977 </td><td></td><td colspan="3"></td><td>$</td><td>35,929 </td><td></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Supplemental cash flow disclosure:</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash paid for income taxes, net</td><td>$</td><td>18,679 </td><td></td><td colspan="3"></td><td>$</td><td>19,573 </td><td></td><td colspan="3"></td><td>$</td><td>25,385 </td><td></td></tr><tr><td colspan="3">Cash paid for interest</td><td>$</td><td>3,803 </td><td></td><td colspan="3"></td><td>$</td><td>2,865 </td><td></td><td colspan="3"></td><td>$</td><td>2,687 </td><td></td></tr></table>
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 32
|
q_Ra005
|
What were the key outcomes of the solvency analysis for JPMorgan Chase as of March 31, 2024?
|
The key findings from the solvency analysis of JPMorgan Chase as of March 31, 2024, include:
- Debt Equity Ratio: 11.15
- Interest Coverage Ratio: 0.71
- Financial Leverage Ratio: 12.15
- Long-term Debt to Capitalization Ratio: 0.54
These ratios suggest that JPMorgan Chase has a high level of debt relative to equity, a low interest coverage ratio, and significant financial leverage, indicating potential solvency risks.
|
Ratio
|
83, 85
|
0000019617-24-000326
|
Item 1. Financial Statements.
|
JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 83: JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
| | | | | | | | |
|---:|:-------------------------------------------------|:-----------------------------|:-------|:-----|:--------|:---|:-------|
| 1 | | Three months ended March 31, | | | | | |
| 2 | (in millions, except per share data) | 2024 | | 2023 | | | |
| 3 | Revenue | | | | | | |
| 4 | Investment banking fees | $ | 1,954 | | | $ | 1,649 |
| 5 | Principal transactions | 6,790 | | | 7,615 | | |
| 6 | Lending- and deposit-related fees | 1,902 | | | 1,620 | | |
| 7 | Asset management fees | 4,146 | | | 3,465 | | |
| 8 | Commissions and other fees | 1,805 | | | 1,695 | | |
| 10 | Investment securities losses | (366) | | | (868) | | |
| 11 | Mortgage fees and related income | 275 | | | 221 | | |
| 12 | Card income | 1,218 | | | 1,234 | | |
| 13 | Other income | 1,128 | | | 1,007 | | |
| 14 | Noninterest revenue | 18,852 | | | 17,638 | | |
| 15 | Interest income | 47,438 | | | 37,004 | | |
| 16 | Interest expense | 24,356 | | | 16,293 | | |
| 17 | Net interest income | 23,082 | | | 20,711 | | |
| 18 | Total net revenue | 41,934 | | | 38,349 | | |
| 20 | Provision for credit losses | 1,884 | | | 2,275 | | |
| 22 | Noninterest expense | | | | | | |
| 23 | Compensation expense | 13,118 | | | 11,676 | | |
| 24 | Occupancy expense | 1,211 | | | 1,115 | | |
| 25 | Technology, communications and equipment expense | 2,421 | | | 2,184 | | |
| 26 | Professional and outside services | 2,548 | | | 2,448 | | |
| 27 | Marketing | 1,160 | | | 1,045 | | |
| 28 | Other expense | 2,299 | | | 1,639 | | |
| 29 | Total noninterest expense | 22,757 | | | 20,107 | | |
| 30 | Income before income tax expense | 17,293 | | | 15,967 | | |
| 31 | Income tax expense | 3,874 | | | 3,345 | | |
| 32 | Net income | $ | 13,419 | | | $ | 12,622 |
| 33 | Net income applicable to common stockholders | $ | 12,942 | | | $ | 12,193 |
| 34 | Net income per common share data | | | | | | |
| 35 | Basic earnings per share | $ | 4.45 | | | $ | 4.11 |
| 36 | Diluted earnings per share | 4.44 | | | 4.10 | | |
| 38 | Weighted-average basic shares | 2,908.3 | | | 2,968.5 | | |
| 39 | Weighted-average diluted shares | 2,912.8 | | | 2,972.7 | | |
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
83
, JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 85: JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------|:---------------|:----------|:------------------|:----------|:---|:----------|
| 1 | (in millions, except share data) | March 31, 2024 | | December 31, 2023 | | | |
| 2 | Assets | | | | | | |
| 3 | Cash and due from banks | $ | 22,750 | | | $ | 29,066 |
| 4 | Deposits with banks | 539,366 | | | 595,085 | | |
| 5 | Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value) | 330,559 | | | 276,152 | | |
| 6 | Securities borrowed (included $84,258 and $70,086 at fair value) | 198,336 | | | 200,436 | | |
| 7 | Trading assets (included assets pledged of $180,196 and $128,994) | 754,409 | | | 540,607 | | |
| 8 | Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219) | 236,152 | | | 201,704 | | |
| 9 | Held-to-maturity securities | 334,527 | | | 369,848 | | |
| 10 | Investment securities, net of allowance for credit losses | 570,679 | | | 571,552 | | |
| 11 | Loans (included $39,046 and $38,851 at fair value) | 1,309,616 | | | 1,323,706 | | |
| 12 | Allowance for loan losses | (22,351) | | | (22,420) | | |
| 13 | Loans, net of allowance for loan losses | 1,287,265 | | | 1,301,286 | | |
| 14 | Accrued interest and accounts receivable | 129,823 | | | 107,363 | | |
| 15 | Premises and equipment | 30,279 | | | 30,157 | | |
| 16 | Goodwill, MSRs and other intangible assets | 64,374 | | | 64,381 | | |
| 17 | Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764) | 162,887 | | | 159,308 | | |
| 18 | Total assets(a) | $ | 4,090,727 | | | $ | 3,875,393 |
| 19 | Liabilities | | | | | | |
| 20 | Deposits (included $80,578 and $78,384 at fair value) | $ | 2,428,409 | | | $ | 2,400,688 |
| 21 | Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value) | 325,670 | | | 216,535 | | |
| 22 | Short-term borrowings (included $22,856 and $20,042 at fair value) | 46,268 | | | 44,712 | | |
| 23 | Trading liabilities | 228,327 | | | 180,428 | | |
| 24 | Accounts payable and other liabilities (included $8,917 and $5,637 at fair value) | 301,469 | | | 290,307 | | |
| 25 | Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value) | 28,075 | | | 23,020 | | |
| 26 | Long-term debt (included $92,730 and $87,924 at fair value) | 395,872 | | | 391,825 | | |
| 27 | Total liabilities(a) | 3,754,090 | | | 3,547,515 | | |
| 28 | Commitments and contingencies (refer to Notes 22, 23 and 24) | | | | | | |
| 29 | Stockholders' equity | | | | | | |
| 30 | Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) | 29,900 | | | 27,404 | | |
| 31 | Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) | 4,105 | | | 4,105 | | |
| 32 | Additional paid-in capital | 89,903 | | | 90,128 | | |
| 33 | Retained earnings | 342,414 | | | 332,901 | | |
| 34 | Accumulated other comprehensive losses | (11,639) | | | (10,443) | | |
| 35 | Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares) | (118,046) | | | (116,217) | | |
| 36 | Total stockholders' equity | 336,637 | | | 327,878 | | |
| 37 | Total liabilities and stockholders' equity | $ | 4,090,727 | | | $ | 3,875,393 |
(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.
| | | | | | | | |
|---:|:-------------------------------------------------|:---------------|:-------|:------------------|:-------|:---|:-------|
| 1 | (in millions) | March 31, 2024 | | December 31, 2023 | | | |
| 2 | Assets | | | | | | |
| 3 | Trading assets | $ | 2,229 | | | $ | 2,170 |
| 4 | Loans | 40,059 | | | 37,611 | | |
| 5 | All other assets | 648 | | | 591 | | |
| 6 | Total assets | $ | 42,936 | | | $ | 40,372 |
| 7 | Liabilities | | | | | | |
| 8 | Beneficial interests issued by consolidated VIEs | $ | 28,075 | | | $ | 23,020 |
| 9 | All other liabilities | 282 | | | 263 | | |
| 10 | Total liabilities | $ | 28,357 | | | $ | 23,283 |
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
85
|
JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
| | | | | | | | |
|---:|:-------------------------------------------------|:-----------------------------|:-------|:-----|:--------|:---|:-------|
| 1 | | Three months ended March 31, | | | | | |
| 2 | (in millions, except per share data) | 2024 | | 2023 | | | |
| 3 | Revenue | | | | | | |
| 4 | Investment banking fees | $ | 1,954 | | | $ | 1,649 |
| 5 | Principal transactions | 6,790 | | | 7,615 | | |
| 6 | Lending- and deposit-related fees | 1,902 | | | 1,620 | | |
| 7 | Asset management fees | 4,146 | | | 3,465 | | |
| 8 | Commissions and other fees | 1,805 | | | 1,695 | | |
| 10 | Investment securities losses | (366) | | | (868) | | |
| 11 | Mortgage fees and related income | 275 | | | 221 | | |
| 12 | Card income | 1,218 | | | 1,234 | | |
| 13 | Other income | 1,128 | | | 1,007 | | |
| 14 | Noninterest revenue | 18,852 | | | 17,638 | | |
| 15 | Interest income | 47,438 | | | 37,004 | | |
| 16 | Interest expense | 24,356 | | | 16,293 | | |
| 17 | Net interest income | 23,082 | | | 20,711 | | |
| 18 | Total net revenue | 41,934 | | | 38,349 | | |
| 20 | Provision for credit losses | 1,884 | | | 2,275 | | |
| 22 | Noninterest expense | | | | | | |
| 23 | Compensation expense | 13,118 | | | 11,676 | | |
| 24 | Occupancy expense | 1,211 | | | 1,115 | | |
| 25 | Technology, communications and equipment expense | 2,421 | | | 2,184 | | |
| 26 | Professional and outside services | 2,548 | | | 2,448 | | |
| 27 | Marketing | 1,160 | | | 1,045 | | |
| 28 | Other expense | 2,299 | | | 1,639 | | |
| 29 | Total noninterest expense | 22,757 | | | 20,107 | | |
| 30 | Income before income tax expense | 17,293 | | | 15,967 | | |
| 31 | Income tax expense | 3,874 | | | 3,345 | | |
| 32 | Net income | $ | 13,419 | | | $ | 12,622 |
| 33 | Net income applicable to common stockholders | $ | 12,942 | | | $ | 12,193 |
| 34 | Net income per common share data | | | | | | |
| 35 | Basic earnings per share | $ | 4.45 | | | $ | 4.11 |
| 36 | Diluted earnings per share | 4.44 | | | 4.10 | | |
| 38 | Weighted-average basic shares | 2,908.3 | | | 2,968.5 | | |
| 39 | Weighted-average diluted shares | 2,912.8 | | | 2,972.7 | | |
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
83
, JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
| | | | | | | | |
|---:|:---------------------------------------------------------------------------------------------------------------------------------|:---------------|:----------|:------------------|:----------|:---|:----------|
| 1 | (in millions, except share data) | March 31, 2024 | | December 31, 2023 | | | |
| 2 | Assets | | | | | | |
| 3 | Cash and due from banks | $ | 22,750 | | | $ | 29,066 |
| 4 | Deposits with banks | 539,366 | | | 595,085 | | |
| 5 | Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value) | 330,559 | | | 276,152 | | |
| 6 | Securities borrowed (included $84,258 and $70,086 at fair value) | 198,336 | | | 200,436 | | |
| 7 | Trading assets (included assets pledged of $180,196 and $128,994) | 754,409 | | | 540,607 | | |
| 8 | Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219) | 236,152 | | | 201,704 | | |
| 9 | Held-to-maturity securities | 334,527 | | | 369,848 | | |
| 10 | Investment securities, net of allowance for credit losses | 570,679 | | | 571,552 | | |
| 11 | Loans (included $39,046 and $38,851 at fair value) | 1,309,616 | | | 1,323,706 | | |
| 12 | Allowance for loan losses | (22,351) | | | (22,420) | | |
| 13 | Loans, net of allowance for loan losses | 1,287,265 | | | 1,301,286 | | |
| 14 | Accrued interest and accounts receivable | 129,823 | | | 107,363 | | |
| 15 | Premises and equipment | 30,279 | | | 30,157 | | |
| 16 | Goodwill, MSRs and other intangible assets | 64,374 | | | 64,381 | | |
| 17 | Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764) | 162,887 | | | 159,308 | | |
| 18 | Total assets(a) | $ | 4,090,727 | | | $ | 3,875,393 |
| 19 | Liabilities | | | | | | |
| 20 | Deposits (included $80,578 and $78,384 at fair value) | $ | 2,428,409 | | | $ | 2,400,688 |
| 21 | Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value) | 325,670 | | | 216,535 | | |
| 22 | Short-term borrowings (included $22,856 and $20,042 at fair value) | 46,268 | | | 44,712 | | |
| 23 | Trading liabilities | 228,327 | | | 180,428 | | |
| 24 | Accounts payable and other liabilities (included $8,917 and $5,637 at fair value) | 301,469 | | | 290,307 | | |
| 25 | Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value) | 28,075 | | | 23,020 | | |
| 26 | Long-term debt (included $92,730 and $87,924 at fair value) | 395,872 | | | 391,825 | | |
| 27 | Total liabilities(a) | 3,754,090 | | | 3,547,515 | | |
| 28 | Commitments and contingencies (refer to Notes 22, 23 and 24) | | | | | | |
| 29 | Stockholders' equity | | | | | | |
| 30 | Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) | 29,900 | | | 27,404 | | |
| 31 | Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) | 4,105 | | | 4,105 | | |
| 32 | Additional paid-in capital | 89,903 | | | 90,128 | | |
| 33 | Retained earnings | 342,414 | | | 332,901 | | |
| 34 | Accumulated other comprehensive losses | (11,639) | | | (10,443) | | |
| 35 | Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares) | (118,046) | | | (116,217) | | |
| 36 | Total stockholders' equity | 336,637 | | | 327,878 | | |
| 37 | Total liabilities and stockholders' equity | $ | 4,090,727 | | | $ | 3,875,393 |
(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.
| | | | | | | | |
|---:|:-------------------------------------------------|:---------------|:-------|:------------------|:-------|:---|:-------|
| 1 | (in millions) | March 31, 2024 | | December 31, 2023 | | | |
| 2 | Assets | | | | | | |
| 3 | Trading assets | $ | 2,229 | | | $ | 2,170 |
| 4 | Loans | 40,059 | | | 37,611 | | |
| 5 | All other assets | 648 | | | 591 | | |
| 6 | Total assets | $ | 42,936 | | | $ | 40,372 |
| 7 | Liabilities | | | | | | |
| 8 | Beneficial interests issued by consolidated VIEs | $ | 28,075 | | | $ | 23,020 |
| 9 | All other liabilities | 282 | | | 263 | | |
| 10 | Total liabilities | $ | 28,357 | | | $ | 23,283 |
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
85
|
JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 83: JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="9">Three months ended March 31,</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">(in millions, except per share data)</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking fees</td><td>$</td><td>1,954 </td><td></td><td colspan="3"></td><td>$</td><td>1,649 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Principal transactions</td><td colspan="2">6,790 </td><td></td><td colspan="3"></td><td colspan="2">7,615 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Lending- and deposit-related fees</td><td colspan="2">1,902 </td><td></td><td colspan="3"></td><td colspan="2">1,620 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Asset management fees</td><td colspan="2">4,146 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commissions and other fees</td><td colspan="2">1,805 </td><td></td><td colspan="3"></td><td colspan="2">1,695 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment securities losses</td><td colspan="2">(366)</td><td></td><td colspan="3"></td><td colspan="2">(868)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Mortgage fees and related income</td><td colspan="2">275 </td><td></td><td colspan="3"></td><td colspan="2">221 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Card income</td><td colspan="2">1,218 </td><td></td><td colspan="3"></td><td colspan="2">1,234 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other income</td><td colspan="2">1,128 </td><td></td><td colspan="3"></td><td colspan="2">1,007 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noninterest revenue</td><td colspan="2">18,852 </td><td></td><td colspan="3"></td><td colspan="2">17,638 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">47,438 </td><td></td><td colspan="3"></td><td colspan="2">37,004 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">24,356 </td><td></td><td colspan="3"></td><td colspan="2">16,293 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">23,082 </td><td></td><td colspan="3"></td><td colspan="2">20,711 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total net revenue</td><td colspan="2">41,934 </td><td></td><td colspan="3"></td><td colspan="2">38,349 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">1,884 </td><td></td><td colspan="3"></td><td colspan="2">2,275 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation expense</td><td colspan="2">13,118 </td><td></td><td colspan="3"></td><td colspan="2">11,676 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Occupancy expense</td><td colspan="2">1,211 </td><td></td><td colspan="3"></td><td colspan="2">1,115 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Technology, communications and equipment expense</td><td colspan="2">2,421 </td><td></td><td colspan="3"></td><td colspan="2">2,184 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Professional and outside services</td><td colspan="2">2,548 </td><td></td><td colspan="3"></td><td colspan="2">2,448 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketing</td><td colspan="2">1,160 </td><td></td><td colspan="3"></td><td colspan="2">1,045 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other expense</td><td colspan="2">2,299 </td><td></td><td colspan="3"></td><td colspan="2">1,639 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">22,757 </td><td></td><td colspan="3"></td><td colspan="2">20,107 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income tax expense</td><td colspan="2">17,293 </td><td></td><td colspan="3"></td><td colspan="2">15,967 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income tax expense</td><td colspan="2">3,874 </td><td></td><td colspan="3"></td><td colspan="2">3,345 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>13,419 </td><td></td><td colspan="3"></td><td>$</td><td>12,622 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income applicable to common stockholders</td><td>$</td><td>12,942 </td><td></td><td colspan="3"></td><td>$</td><td>12,193 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income per common share data</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic earnings per share</td><td>$</td><td>4.45 </td><td></td><td colspan="3"></td><td>$</td><td>4.11 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Diluted earnings per share</td><td colspan="2">4.44 </td><td></td><td colspan="3"></td><td colspan="2">4.10 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average basic shares</td><td colspan="2">2,908.3 </td><td></td><td colspan="3"></td><td colspan="2">2,968.5 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average diluted shares</td><td colspan="2">2,912.8 </td><td></td><td colspan="3"></td><td colspan="2">2,972.7 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr></table>
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
83
, JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 85: JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(in millions, except share data)</td><td colspan="3">March 31, 2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and due from banks</td><td>$</td><td>22,750 </td><td></td><td colspan="3"></td><td>$</td><td>29,066 </td><td></td></tr><tr><td colspan="3">Deposits with banks</td><td colspan="2">539,366 </td><td></td><td colspan="3"></td><td colspan="2">595,085 </td><td></td></tr><tr><td colspan="3">Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)</td><td colspan="2">330,559 </td><td></td><td colspan="3"></td><td colspan="2">276,152 </td><td></td></tr><tr><td colspan="3">Securities borrowed (included $84,258 and $70,086 at fair value)</td><td colspan="2">198,336 </td><td></td><td colspan="3"></td><td colspan="2">200,436 </td><td></td></tr><tr><td colspan="3">Trading assets (included assets pledged of $180,196 and $128,994)</td><td colspan="2">754,409 </td><td></td><td colspan="3"></td><td colspan="2">540,607 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)</td><td colspan="2">236,152 </td><td></td><td colspan="3"></td><td colspan="2">201,704 </td><td></td></tr><tr><td colspan="3">Held-to-maturity securities </td><td colspan="2">334,527 </td><td></td><td colspan="3"></td><td colspan="2">369,848 </td><td></td></tr><tr><td colspan="3">Investment securities, net of allowance for credit losses</td><td colspan="2">570,679 </td><td></td><td colspan="3"></td><td colspan="2">571,552 </td><td></td></tr><tr><td colspan="3">Loans (included $39,046 and $38,851 at fair value)</td><td colspan="2">1,309,616 </td><td></td><td colspan="3"></td><td colspan="2">1,323,706 </td><td></td></tr><tr><td colspan="3">Allowance for loan losses</td><td colspan="2">(22,351)</td><td></td><td colspan="3"></td><td colspan="2">(22,420)</td><td></td></tr><tr><td colspan="3">Loans, net of allowance for loan losses</td><td colspan="2">1,287,265 </td><td></td><td colspan="3"></td><td colspan="2">1,301,286 </td><td></td></tr><tr><td colspan="3">Accrued interest and accounts receivable</td><td colspan="2">129,823 </td><td></td><td colspan="3"></td><td colspan="2">107,363 </td><td></td></tr><tr><td colspan="3">Premises and equipment</td><td colspan="2">30,279 </td><td></td><td colspan="3"></td><td colspan="2">30,157 </td><td></td></tr><tr><td colspan="3">Goodwill, MSRs and other intangible assets</td><td colspan="2">64,374 </td><td></td><td colspan="3"></td><td colspan="2">64,381 </td><td></td></tr><tr><td colspan="3">Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)</td><td colspan="2">162,887 </td><td></td><td colspan="3"></td><td colspan="2">159,308 </td><td></td></tr><tr><td colspan="3">Total assets(a)</td><td>$</td><td>4,090,727 </td><td></td><td colspan="3"></td><td>$</td><td>3,875,393 </td><td></td></tr><tr><td colspan="3">Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deposits (included $80,578 and $78,384 at fair value)</td><td>$</td><td>2,428,409 </td><td></td><td colspan="3"></td><td>$</td><td>2,400,688 </td><td></td></tr><tr><td colspan="3">Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)</td><td colspan="2">325,670 </td><td></td><td colspan="3"></td><td colspan="2">216,535 </td><td></td></tr><tr><td colspan="3">Short-term borrowings (included $22,856 and $20,042 at fair value)</td><td colspan="2">46,268 </td><td></td><td colspan="3"></td><td colspan="2">44,712 </td><td></td></tr><tr><td colspan="3">Trading liabilities</td><td colspan="2">228,327 </td><td></td><td colspan="3"></td><td colspan="2">180,428 </td><td></td></tr><tr><td colspan="3">Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)</td><td colspan="2">301,469 </td><td></td><td colspan="3"></td><td colspan="2">290,307 </td><td></td></tr><tr><td colspan="3">Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)</td><td colspan="2">28,075 </td><td></td><td colspan="3"></td><td colspan="2">23,020 </td><td></td></tr><tr><td colspan="3">Long-term debt (included $92,730 and $87,924 at fair value)</td><td colspan="2">395,872 </td><td></td><td colspan="3"></td><td colspan="2">391,825 </td><td></td></tr><tr><td colspan="3">Total liabilities(a)</td><td colspan="2">3,754,090 </td><td></td><td colspan="3"></td><td colspan="2">3,547,515 </td><td></td></tr><tr><td colspan="3">Commitments and contingencies (refer to Notes 22, 23 and 24)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Stockholders' equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) </td><td colspan="2">29,900 </td><td></td><td colspan="3"></td><td colspan="2">27,404 </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)</td><td colspan="2">4,105 </td><td></td><td colspan="3"></td><td colspan="2">4,105 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">89,903 </td><td></td><td colspan="3"></td><td colspan="2">90,128 </td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">342,414 </td><td></td><td colspan="3"></td><td colspan="2">332,901 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive losses</td><td colspan="2">(11,639)</td><td></td><td colspan="3"></td><td colspan="2">(10,443)</td><td></td></tr><tr><td colspan="3">Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)</td><td colspan="2">(118,046)</td><td></td><td colspan="3"></td><td colspan="2">(116,217)</td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">336,637 </td><td></td><td colspan="3"></td><td colspan="2">327,878 </td><td></td></tr><tr><td colspan="3">Total liabilities and stockholders' equity</td><td>$</td><td>4,090,727 </td><td></td><td colspan="3"></td><td>$</td><td>3,875,393 </td><td></td></tr></table>(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(in millions)</td><td colspan="3">March 31, 2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Trading assets</td><td>$</td><td>2,229 </td><td></td><td colspan="3"></td><td>$</td><td>2,170 </td><td></td></tr><tr><td colspan="3">Loans</td><td colspan="2">40,059 </td><td></td><td colspan="3"></td><td colspan="2">37,611 </td><td></td></tr><tr><td colspan="3">All other assets</td><td colspan="2">648 </td><td></td><td colspan="3"></td><td colspan="2">591 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>42,936 </td><td></td><td colspan="3"></td><td>$</td><td>40,372 </td><td></td></tr><tr><td colspan="3">Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beneficial interests issued by consolidated VIEs</td><td>$</td><td>28,075 </td><td></td><td colspan="3"></td><td>$</td><td>23,020 </td><td></td></tr><tr><td colspan="3">All other liabilities</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">263 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td>$</td><td>28,357 </td><td></td><td colspan="3"></td><td>$</td><td>23,283 </td><td></td></tr></table>
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
85
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JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="9">Three months ended March 31,</td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">(in millions, except per share data)</td><td colspan="3">2024</td><td colspan="3"></td><td colspan="3">2023</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Revenue</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment banking fees</td><td>$</td><td>1,954 </td><td></td><td colspan="3"></td><td>$</td><td>1,649 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Principal transactions</td><td colspan="2">6,790 </td><td></td><td colspan="3"></td><td colspan="2">7,615 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Lending- and deposit-related fees</td><td colspan="2">1,902 </td><td></td><td colspan="3"></td><td colspan="2">1,620 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Asset management fees</td><td colspan="2">4,146 </td><td></td><td colspan="3"></td><td colspan="2">3,465 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Commissions and other fees</td><td colspan="2">1,805 </td><td></td><td colspan="3"></td><td colspan="2">1,695 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Investment securities losses</td><td colspan="2">(366)</td><td></td><td colspan="3"></td><td colspan="2">(868)</td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Mortgage fees and related income</td><td colspan="2">275 </td><td></td><td colspan="3"></td><td colspan="2">221 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Card income</td><td colspan="2">1,218 </td><td></td><td colspan="3"></td><td colspan="2">1,234 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other income</td><td colspan="2">1,128 </td><td></td><td colspan="3"></td><td colspan="2">1,007 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noninterest revenue</td><td colspan="2">18,852 </td><td></td><td colspan="3"></td><td colspan="2">17,638 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest income</td><td colspan="2">47,438 </td><td></td><td colspan="3"></td><td colspan="2">37,004 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Interest expense</td><td colspan="2">24,356 </td><td></td><td colspan="3"></td><td colspan="2">16,293 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net interest income</td><td colspan="2">23,082 </td><td></td><td colspan="3"></td><td colspan="2">20,711 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total net revenue</td><td colspan="2">41,934 </td><td></td><td colspan="3"></td><td colspan="2">38,349 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Provision for credit losses</td><td colspan="2">1,884 </td><td></td><td colspan="3"></td><td colspan="2">2,275 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Noninterest expense</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Compensation expense</td><td colspan="2">13,118 </td><td></td><td colspan="3"></td><td colspan="2">11,676 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Occupancy expense</td><td colspan="2">1,211 </td><td></td><td colspan="3"></td><td colspan="2">1,115 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Technology, communications and equipment expense</td><td colspan="2">2,421 </td><td></td><td colspan="3"></td><td colspan="2">2,184 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Professional and outside services</td><td colspan="2">2,548 </td><td></td><td colspan="3"></td><td colspan="2">2,448 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Marketing</td><td colspan="2">1,160 </td><td></td><td colspan="3"></td><td colspan="2">1,045 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Other expense</td><td colspan="2">2,299 </td><td></td><td colspan="3"></td><td colspan="2">1,639 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Total noninterest expense</td><td colspan="2">22,757 </td><td></td><td colspan="3"></td><td colspan="2">20,107 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income before income tax expense</td><td colspan="2">17,293 </td><td></td><td colspan="3"></td><td colspan="2">15,967 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Income tax expense</td><td colspan="2">3,874 </td><td></td><td colspan="3"></td><td colspan="2">3,345 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income</td><td>$</td><td>13,419 </td><td></td><td colspan="3"></td><td>$</td><td>12,622 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income applicable to common stockholders</td><td>$</td><td>12,942 </td><td></td><td colspan="3"></td><td>$</td><td>12,193 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Net income per common share data</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Basic earnings per share</td><td>$</td><td>4.45 </td><td></td><td colspan="3"></td><td>$</td><td>4.11 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Diluted earnings per share</td><td colspan="2">4.44 </td><td></td><td colspan="3"></td><td colspan="2">4.10 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average basic shares</td><td colspan="2">2,908.3 </td><td></td><td colspan="3"></td><td colspan="2">2,968.5 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Weighted-average diluted shares</td><td colspan="2">2,912.8 </td><td></td><td colspan="3"></td><td colspan="2">2,972.7 </td><td></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr></table>
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
83
, JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(in millions, except share data)</td><td colspan="3">March 31, 2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Cash and due from banks</td><td>$</td><td>22,750 </td><td></td><td colspan="3"></td><td>$</td><td>29,066 </td><td></td></tr><tr><td colspan="3">Deposits with banks</td><td colspan="2">539,366 </td><td></td><td colspan="3"></td><td colspan="2">595,085 </td><td></td></tr><tr><td colspan="3">Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)</td><td colspan="2">330,559 </td><td></td><td colspan="3"></td><td colspan="2">276,152 </td><td></td></tr><tr><td colspan="3">Securities borrowed (included $84,258 and $70,086 at fair value)</td><td colspan="2">198,336 </td><td></td><td colspan="3"></td><td colspan="2">200,436 </td><td></td></tr><tr><td colspan="3">Trading assets (included assets pledged of $180,196 and $128,994)</td><td colspan="2">754,409 </td><td></td><td colspan="3"></td><td colspan="2">540,607 </td><td></td></tr><tr><td colspan="3">Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)</td><td colspan="2">236,152 </td><td></td><td colspan="3"></td><td colspan="2">201,704 </td><td></td></tr><tr><td colspan="3">Held-to-maturity securities </td><td colspan="2">334,527 </td><td></td><td colspan="3"></td><td colspan="2">369,848 </td><td></td></tr><tr><td colspan="3">Investment securities, net of allowance for credit losses</td><td colspan="2">570,679 </td><td></td><td colspan="3"></td><td colspan="2">571,552 </td><td></td></tr><tr><td colspan="3">Loans (included $39,046 and $38,851 at fair value)</td><td colspan="2">1,309,616 </td><td></td><td colspan="3"></td><td colspan="2">1,323,706 </td><td></td></tr><tr><td colspan="3">Allowance for loan losses</td><td colspan="2">(22,351)</td><td></td><td colspan="3"></td><td colspan="2">(22,420)</td><td></td></tr><tr><td colspan="3">Loans, net of allowance for loan losses</td><td colspan="2">1,287,265 </td><td></td><td colspan="3"></td><td colspan="2">1,301,286 </td><td></td></tr><tr><td colspan="3">Accrued interest and accounts receivable</td><td colspan="2">129,823 </td><td></td><td colspan="3"></td><td colspan="2">107,363 </td><td></td></tr><tr><td colspan="3">Premises and equipment</td><td colspan="2">30,279 </td><td></td><td colspan="3"></td><td colspan="2">30,157 </td><td></td></tr><tr><td colspan="3">Goodwill, MSRs and other intangible assets</td><td colspan="2">64,374 </td><td></td><td colspan="3"></td><td colspan="2">64,381 </td><td></td></tr><tr><td colspan="3">Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)</td><td colspan="2">162,887 </td><td></td><td colspan="3"></td><td colspan="2">159,308 </td><td></td></tr><tr><td colspan="3">Total assets(a)</td><td>$</td><td>4,090,727 </td><td></td><td colspan="3"></td><td>$</td><td>3,875,393 </td><td></td></tr><tr><td colspan="3">Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Deposits (included $80,578 and $78,384 at fair value)</td><td>$</td><td>2,428,409 </td><td></td><td colspan="3"></td><td>$</td><td>2,400,688 </td><td></td></tr><tr><td colspan="3">Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value)</td><td colspan="2">325,670 </td><td></td><td colspan="3"></td><td colspan="2">216,535 </td><td></td></tr><tr><td colspan="3">Short-term borrowings (included $22,856 and $20,042 at fair value)</td><td colspan="2">46,268 </td><td></td><td colspan="3"></td><td colspan="2">44,712 </td><td></td></tr><tr><td colspan="3">Trading liabilities</td><td colspan="2">228,327 </td><td></td><td colspan="3"></td><td colspan="2">180,428 </td><td></td></tr><tr><td colspan="3">Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)</td><td colspan="2">301,469 </td><td></td><td colspan="3"></td><td colspan="2">290,307 </td><td></td></tr><tr><td colspan="3">Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)</td><td colspan="2">28,075 </td><td></td><td colspan="3"></td><td colspan="2">23,020 </td><td></td></tr><tr><td colspan="3">Long-term debt (included $92,730 and $87,924 at fair value)</td><td colspan="2">395,872 </td><td></td><td colspan="3"></td><td colspan="2">391,825 </td><td></td></tr><tr><td colspan="3">Total liabilities(a)</td><td colspan="2">3,754,090 </td><td></td><td colspan="3"></td><td colspan="2">3,547,515 </td><td></td></tr><tr><td colspan="3">Commitments and contingencies (refer to Notes 22, 23 and 24)</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Stockholders' equity</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares) </td><td colspan="2">29,900 </td><td></td><td colspan="3"></td><td colspan="2">27,404 </td><td></td></tr><tr><td colspan="3">Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)</td><td colspan="2">4,105 </td><td></td><td colspan="3"></td><td colspan="2">4,105 </td><td></td></tr><tr><td colspan="3">Additional paid-in capital</td><td colspan="2">89,903 </td><td></td><td colspan="3"></td><td colspan="2">90,128 </td><td></td></tr><tr><td colspan="3">Retained earnings</td><td colspan="2">342,414 </td><td></td><td colspan="3"></td><td colspan="2">332,901 </td><td></td></tr><tr><td colspan="3">Accumulated other comprehensive losses</td><td colspan="2">(11,639)</td><td></td><td colspan="3"></td><td colspan="2">(10,443)</td><td></td></tr><tr><td colspan="3">Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)</td><td colspan="2">(118,046)</td><td></td><td colspan="3"></td><td colspan="2">(116,217)</td><td></td></tr><tr><td colspan="3">Total stockholders' equity</td><td colspan="2">336,637 </td><td></td><td colspan="3"></td><td colspan="2">327,878 </td><td></td></tr><tr><td colspan="3">Total liabilities and stockholders' equity</td><td>$</td><td>4,090,727 </td><td></td><td colspan="3"></td><td>$</td><td>3,875,393 </td><td></td></tr></table>(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="3">(in millions)</td><td colspan="3">March 31, 2024</td><td colspan="3"></td><td colspan="3">December 31, 2023</td></tr><tr><td colspan="3">Assets</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Trading assets</td><td>$</td><td>2,229 </td><td></td><td colspan="3"></td><td>$</td><td>2,170 </td><td></td></tr><tr><td colspan="3">Loans</td><td colspan="2">40,059 </td><td></td><td colspan="3"></td><td colspan="2">37,611 </td><td></td></tr><tr><td colspan="3">All other assets</td><td colspan="2">648 </td><td></td><td colspan="3"></td><td colspan="2">591 </td><td></td></tr><tr><td colspan="3">Total assets</td><td>$</td><td>42,936 </td><td></td><td colspan="3"></td><td>$</td><td>40,372 </td><td></td></tr><tr><td colspan="3">Liabilities</td><td colspan="3"></td><td colspan="3"></td><td colspan="3"></td></tr><tr><td colspan="3">Beneficial interests issued by consolidated VIEs</td><td>$</td><td>28,075 </td><td></td><td colspan="3"></td><td>$</td><td>23,020 </td><td></td></tr><tr><td colspan="3">All other liabilities</td><td colspan="2">282 </td><td></td><td colspan="3"></td><td colspan="2">263 </td><td></td></tr><tr><td colspan="3">Total liabilities</td><td>$</td><td>28,357 </td><td></td><td colspan="3"></td><td>$</td><td>23,283 </td><td></td></tr></table>
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
85
|
q_Ra006
|
What percentage of Nike's total revenue in 2018 was contributed by each region, and how does this reflect the company's global revenue distribution?
|
To calculate the percentage of revenue contributed by each region to Nike's total revenue in 2018:
Formula:
Percentage of Revenue = (Revenue from Region / Total Revenue) × 100
Data:
North America Revenue = $14,855 million
EMEA Revenue = $9,242 million
Greater China Revenue = $5,134 million
APLA Revenue = $5,166 million
Global Brand Divisions Revenue = $88 million
Total Revenue = $14,855 + $9,242 + $5,134 + $5,166 + $88 = $34,485 million
Calculations:
North America: (14,855 / 34,485) × 100 ≈ 43.08%
EMEA: (9,242 / 34,485) × 100 ≈ 26.80%
Greater China: (5,134 / 34,485) × 100 ≈ 14.89%
APLA: (5,166 / 34,485) × 100 ≈ 14.98%
Global Brand Divisions: (88 / 34,485) × 100 ≈ 0.26%
|
Ratio
|
71
|
0000320187-18-000142
|
ITEM 8. Financial Statements and Supplementary Data
|
NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 71:
| | | | | | | | | | | | |
|---:|:----------------------------------------------------|:-------------------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:---|:-------|
| 2 | | Year Ended May 31, | | | | | | | | | |
| 3 | (In millions) | 2018 | | 2017 | | 2016 | | | | | |
| 4 | REVENUES | | | | | | | | | | |
| 5 | North America | $ | 14,855 | | | $ | 15,216 | | | $ | 14,764 |
| 6 | Europe, Middle East & Africa | 9,242 | | | 7,970 | | | 7,568 | | | |
| 7 | Greater China | 5,134 | | | 4,237 | | | 3,785 | | | |
| 8 | Asia Pacific & Latin America | 5,166 | | | 4,737 | | | 4,317 | | | |
| 9 | Global Brand Divisions | 88 | | | 73 | | | 73 | | | |
| 10 | Total NIKE Brand | 34,485 | | | 32,233 | | | 30,507 | | | |
| 11 | Converse | 1,886 | | | 2,042 | | | 1,955 | | | |
| 12 | Corporate | 26 | | | 75 | | | (86 | ) | | |
| 13 | TOTAL NIKE, INC. REVENUES | $ | 36,397 | | | $ | 34,350 | | | $ | 32,376 |
| 14 | EARNINGS BEFORE INTEREST AND TAXES | | | | | | | | | | |
| 15 | North America | $ | 3,600 | | | $ | 3,875 | | | $ | 3,763 |
| 16 | Europe, Middle East & Africa | 1,587 | | | 1,507 | | | 1,787 | | | |
| 17 | Greater China | 1,807 | | | 1,507 | | | 1,372 | | | |
| 18 | Asia Pacific & Latin America | 1,189 | | | 980 | | | 1,002 | | | |
| 19 | Global Brand Divisions | (2,658 | ) | | (2,677 | ) | | (2,596 | ) | | |
| 20 | Total NIKE Brand | 5,525 | | | 5,192 | | | 5,328 | | | |
| 21 | Converse | 310 | | | 477 | | | 487 | | | |
| 22 | Corporate | (1,456 | ) | | (724 | ) | | (1,173 | ) | | |
| 23 | Total NIKE, Inc. Earnings Before Interest and Taxes | 4,379 | | | 4,945 | | | 4,642 | | | |
| 24 | Interest expense (income), net | 54 | | | 59 | | | 19 | | | |
| 25 | TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES | $ | 4,325 | | | $ | 4,886 | | | $ | 4,623 |
| 26 | ADDITIONS TO LONG-LIVED ASSETS | | | | | | | | | | |
| 27 | North America | $ | 196 | | | $ | 223 | | | $ | 242 |
| 28 | Europe, Middle East & Africa | 240 | | | 173 | | | 234 | | | |
| 29 | Greater China | 76 | | | 51 | | | 44 | | | |
| 30 | Asia Pacific & Latin America | 49 | | | 59 | | | 62 | | | |
| 31 | Global Brand Divisions | 286 | | | 278 | | | 258 | | | |
| 32 | Total NIKE Brand | 847 | | | 784 | | | 840 | | | |
| 33 | Converse | 22 | | | 30 | | | 39 | | | |
| 34 | Corporate | 325 | | | 387 | | | 312 | | | |
| 35 | TOTAL ADDITIONS TO LONG-LIVED ASSETS | $ | 1,194 | | | $ | 1,201 | | | $ | 1,191 |
| 36 | DEPRECIATION | | | | | | | | | | |
| 37 | North America | $ | 160 | | | $ | 140 | | | $ | 133 |
| 38 | Europe, Middle East & Africa | 116 | | | 106 | | | 85 | | | |
| 39 | Greater China | 56 | | | 54 | | | 48 | | | |
| 40 | Asia Pacific & Latin America | 55 | | | 54 | | | 42 | | | |
| 41 | Global Brand Divisions | 217 | | | 233 | | | 230 | | | |
| 42 | Total NIKE Brand | 604 | | | 587 | | | 538 | | | |
| 43 | Converse | 33 | | | 28 | | | 27 | | | |
| 44 | Corporate | 110 | | | 91 | | | 84 | | | |
| 45 | TOTAL DEPRECIATION | $ | 747 | | | $ | 706 | | | $ | 649 |
71
|
| | | | | | | | | | | | |
|---:|:----------------------------------------------------|:-------------------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:---|:-------|
| 2 | | Year Ended May 31, | | | | | | | | | |
| 3 | (In millions) | 2018 | | 2017 | | 2016 | | | | | |
| 4 | REVENUES | | | | | | | | | | |
| 5 | North America | $ | 14,855 | | | $ | 15,216 | | | $ | 14,764 |
| 6 | Europe, Middle East & Africa | 9,242 | | | 7,970 | | | 7,568 | | | |
| 7 | Greater China | 5,134 | | | 4,237 | | | 3,785 | | | |
| 8 | Asia Pacific & Latin America | 5,166 | | | 4,737 | | | 4,317 | | | |
| 9 | Global Brand Divisions | 88 | | | 73 | | | 73 | | | |
| 10 | Total NIKE Brand | 34,485 | | | 32,233 | | | 30,507 | | | |
| 11 | Converse | 1,886 | | | 2,042 | | | 1,955 | | | |
| 12 | Corporate | 26 | | | 75 | | | (86 | ) | | |
| 13 | TOTAL NIKE, INC. REVENUES | $ | 36,397 | | | $ | 34,350 | | | $ | 32,376 |
| 14 | EARNINGS BEFORE INTEREST AND TAXES | | | | | | | | | | |
| 15 | North America | $ | 3,600 | | | $ | 3,875 | | | $ | 3,763 |
| 16 | Europe, Middle East & Africa | 1,587 | | | 1,507 | | | 1,787 | | | |
| 17 | Greater China | 1,807 | | | 1,507 | | | 1,372 | | | |
| 18 | Asia Pacific & Latin America | 1,189 | | | 980 | | | 1,002 | | | |
| 19 | Global Brand Divisions | (2,658 | ) | | (2,677 | ) | | (2,596 | ) | | |
| 20 | Total NIKE Brand | 5,525 | | | 5,192 | | | 5,328 | | | |
| 21 | Converse | 310 | | | 477 | | | 487 | | | |
| 22 | Corporate | (1,456 | ) | | (724 | ) | | (1,173 | ) | | |
| 23 | Total NIKE, Inc. Earnings Before Interest and Taxes | 4,379 | | | 4,945 | | | 4,642 | | | |
| 24 | Interest expense (income), net | 54 | | | 59 | | | 19 | | | |
| 25 | TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES | $ | 4,325 | | | $ | 4,886 | | | $ | 4,623 |
| 26 | ADDITIONS TO LONG-LIVED ASSETS | | | | | | | | | | |
| 27 | North America | $ | 196 | | | $ | 223 | | | $ | 242 |
| 28 | Europe, Middle East & Africa | 240 | | | 173 | | | 234 | | | |
| 29 | Greater China | 76 | | | 51 | | | 44 | | | |
| 30 | Asia Pacific & Latin America | 49 | | | 59 | | | 62 | | | |
| 31 | Global Brand Divisions | 286 | | | 278 | | | 258 | | | |
| 32 | Total NIKE Brand | 847 | | | 784 | | | 840 | | | |
| 33 | Converse | 22 | | | 30 | | | 39 | | | |
| 34 | Corporate | 325 | | | 387 | | | 312 | | | |
| 35 | TOTAL ADDITIONS TO LONG-LIVED ASSETS | $ | 1,194 | | | $ | 1,201 | | | $ | 1,191 |
| 36 | DEPRECIATION | | | | | | | | | | |
| 37 | North America | $ | 160 | | | $ | 140 | | | $ | 133 |
| 38 | Europe, Middle East & Africa | 116 | | | 106 | | | 85 | | | |
| 39 | Greater China | 56 | | | 54 | | | 48 | | | |
| 40 | Asia Pacific & Latin America | 55 | | | 54 | | | 42 | | | |
| 41 | Global Brand Divisions | 217 | | | 233 | | | 230 | | | |
| 42 | Total NIKE Brand | 604 | | | 587 | | | 538 | | | |
| 43 | Converse | 33 | | | 28 | | | 27 | | | |
| 44 | Corporate | 110 | | | 91 | | | 84 | | | |
| 45 | TOTAL DEPRECIATION | $ | 747 | | | $ | 706 | | | $ | 649 |
71
|
NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 71:
<table><tr><td colspan="13"></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> </td><td> </td><td colspan="11">Year Ended May 31,</td></tr><tr><td>(In millions)</td><td> </td><td colspan="3">2018</td><td> </td><td colspan="3">2017</td><td> </td><td colspan="3">2016</td></tr><tr><td>REVENUES</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>14,855</td><td></td><td> </td><td>$</td><td>15,216</td><td></td><td> </td><td>$</td><td>14,764</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">9,242</td><td></td><td> </td><td colspan="2">7,970</td><td></td><td> </td><td colspan="2">7,568</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">5,134</td><td></td><td> </td><td colspan="2">4,237</td><td></td><td> </td><td colspan="2">3,785</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">5,166</td><td></td><td> </td><td colspan="2">4,737</td><td></td><td> </td><td colspan="2">4,317</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">88</td><td></td><td> </td><td colspan="2">73</td><td></td><td> </td><td colspan="2">73</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">34,485</td><td></td><td> </td><td colspan="2">32,233</td><td></td><td> </td><td colspan="2">30,507</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">1,886</td><td></td><td> </td><td colspan="2">2,042</td><td></td><td> </td><td colspan="2">1,955</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">26</td><td></td><td> </td><td colspan="2">75</td><td></td><td> </td><td colspan="2">(86</td><td>)</td></tr><tr><td>TOTAL NIKE, INC. REVENUES</td><td> </td><td>$</td><td>36,397</td><td></td><td> </td><td>$</td><td>34,350</td><td></td><td> </td><td>$</td><td>32,376</td><td></td></tr><tr><td>EARNINGS BEFORE INTEREST AND TAXES</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>3,600</td><td></td><td> </td><td>$</td><td>3,875</td><td></td><td> </td><td>$</td><td>3,763</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">1,587</td><td></td><td> </td><td colspan="2">1,507</td><td></td><td> </td><td colspan="2">1,787</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">1,807</td><td></td><td> </td><td colspan="2">1,507</td><td></td><td> </td><td colspan="2">1,372</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">1,189</td><td></td><td> </td><td colspan="2">980</td><td></td><td> </td><td colspan="2">1,002</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">(2,658</td><td>)</td><td> </td><td colspan="2">(2,677</td><td>)</td><td> </td><td colspan="2">(2,596</td><td>)</td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">5,525</td><td></td><td> </td><td colspan="2">5,192</td><td></td><td> </td><td colspan="2">5,328</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">310</td><td></td><td> </td><td colspan="2">477</td><td></td><td> </td><td colspan="2">487</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">(1,456</td><td>)</td><td> </td><td colspan="2">(724</td><td>)</td><td> </td><td colspan="2">(1,173</td><td>)</td></tr><tr><td>Total NIKE, Inc. Earnings Before Interest and Taxes</td><td> </td><td colspan="2">4,379</td><td></td><td> </td><td colspan="2">4,945</td><td></td><td> </td><td colspan="2">4,642</td><td></td></tr><tr><td>Interest expense (income), net</td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">59</td><td></td><td> </td><td colspan="2">19</td><td></td></tr><tr><td>TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES</td><td> </td><td>$</td><td>4,325</td><td></td><td> </td><td>$</td><td>4,886</td><td></td><td> </td><td>$</td><td>4,623</td><td></td></tr><tr><td>ADDITIONS TO LONG-LIVED ASSETS</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>196</td><td></td><td> </td><td>$</td><td>223</td><td></td><td> </td><td>$</td><td>242</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">240</td><td></td><td> </td><td colspan="2">173</td><td></td><td> </td><td colspan="2">234</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">76</td><td></td><td> </td><td colspan="2">51</td><td></td><td> </td><td colspan="2">44</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">49</td><td></td><td> </td><td colspan="2">59</td><td></td><td> </td><td colspan="2">62</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">286</td><td></td><td> </td><td colspan="2">278</td><td></td><td> </td><td colspan="2">258</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">847</td><td></td><td> </td><td colspan="2">784</td><td></td><td> </td><td colspan="2">840</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">22</td><td></td><td> </td><td colspan="2">30</td><td></td><td> </td><td colspan="2">39</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">325</td><td></td><td> </td><td colspan="2">387</td><td></td><td> </td><td colspan="2">312</td><td></td></tr><tr><td>TOTAL ADDITIONS TO LONG-LIVED ASSETS</td><td> </td><td>$</td><td>1,194</td><td></td><td> </td><td>$</td><td>1,201</td><td></td><td> </td><td>$</td><td>1,191</td><td></td></tr><tr><td>DEPRECIATION</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>160</td><td></td><td> </td><td>$</td><td>140</td><td></td><td> </td><td>$</td><td>133</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">116</td><td></td><td> </td><td colspan="2">106</td><td></td><td> </td><td colspan="2">85</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">56</td><td></td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">48</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">55</td><td></td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">42</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">217</td><td></td><td> </td><td colspan="2">233</td><td></td><td> </td><td colspan="2">230</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">604</td><td></td><td> </td><td colspan="2">587</td><td></td><td> </td><td colspan="2">538</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">33</td><td></td><td> </td><td colspan="2">28</td><td></td><td> </td><td colspan="2">27</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">110</td><td></td><td> </td><td colspan="2">91</td><td></td><td> </td><td colspan="2">84</td><td></td></tr><tr><td>TOTAL DEPRECIATION</td><td> </td><td>$</td><td>747</td><td></td><td> </td><td>$</td><td>706</td><td></td><td> </td><td>$</td><td>649</td><td></td></tr></table>
71
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<table><tr><td colspan="13"></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> </td><td> </td><td colspan="11">Year Ended May 31,</td></tr><tr><td>(In millions)</td><td> </td><td colspan="3">2018</td><td> </td><td colspan="3">2017</td><td> </td><td colspan="3">2016</td></tr><tr><td>REVENUES</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>14,855</td><td></td><td> </td><td>$</td><td>15,216</td><td></td><td> </td><td>$</td><td>14,764</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">9,242</td><td></td><td> </td><td colspan="2">7,970</td><td></td><td> </td><td colspan="2">7,568</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">5,134</td><td></td><td> </td><td colspan="2">4,237</td><td></td><td> </td><td colspan="2">3,785</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">5,166</td><td></td><td> </td><td colspan="2">4,737</td><td></td><td> </td><td colspan="2">4,317</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">88</td><td></td><td> </td><td colspan="2">73</td><td></td><td> </td><td colspan="2">73</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">34,485</td><td></td><td> </td><td colspan="2">32,233</td><td></td><td> </td><td colspan="2">30,507</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">1,886</td><td></td><td> </td><td colspan="2">2,042</td><td></td><td> </td><td colspan="2">1,955</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">26</td><td></td><td> </td><td colspan="2">75</td><td></td><td> </td><td colspan="2">(86</td><td>)</td></tr><tr><td>TOTAL NIKE, INC. REVENUES</td><td> </td><td>$</td><td>36,397</td><td></td><td> </td><td>$</td><td>34,350</td><td></td><td> </td><td>$</td><td>32,376</td><td></td></tr><tr><td>EARNINGS BEFORE INTEREST AND TAXES</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>3,600</td><td></td><td> </td><td>$</td><td>3,875</td><td></td><td> </td><td>$</td><td>3,763</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">1,587</td><td></td><td> </td><td colspan="2">1,507</td><td></td><td> </td><td colspan="2">1,787</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">1,807</td><td></td><td> </td><td colspan="2">1,507</td><td></td><td> </td><td colspan="2">1,372</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">1,189</td><td></td><td> </td><td colspan="2">980</td><td></td><td> </td><td colspan="2">1,002</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">(2,658</td><td>)</td><td> </td><td colspan="2">(2,677</td><td>)</td><td> </td><td colspan="2">(2,596</td><td>)</td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">5,525</td><td></td><td> </td><td colspan="2">5,192</td><td></td><td> </td><td colspan="2">5,328</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">310</td><td></td><td> </td><td colspan="2">477</td><td></td><td> </td><td colspan="2">487</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">(1,456</td><td>)</td><td> </td><td colspan="2">(724</td><td>)</td><td> </td><td colspan="2">(1,173</td><td>)</td></tr><tr><td>Total NIKE, Inc. Earnings Before Interest and Taxes</td><td> </td><td colspan="2">4,379</td><td></td><td> </td><td colspan="2">4,945</td><td></td><td> </td><td colspan="2">4,642</td><td></td></tr><tr><td>Interest expense (income), net</td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">59</td><td></td><td> </td><td colspan="2">19</td><td></td></tr><tr><td>TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES</td><td> </td><td>$</td><td>4,325</td><td></td><td> </td><td>$</td><td>4,886</td><td></td><td> </td><td>$</td><td>4,623</td><td></td></tr><tr><td>ADDITIONS TO LONG-LIVED ASSETS</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>196</td><td></td><td> </td><td>$</td><td>223</td><td></td><td> </td><td>$</td><td>242</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">240</td><td></td><td> </td><td colspan="2">173</td><td></td><td> </td><td colspan="2">234</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">76</td><td></td><td> </td><td colspan="2">51</td><td></td><td> </td><td colspan="2">44</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">49</td><td></td><td> </td><td colspan="2">59</td><td></td><td> </td><td colspan="2">62</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">286</td><td></td><td> </td><td colspan="2">278</td><td></td><td> </td><td colspan="2">258</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">847</td><td></td><td> </td><td colspan="2">784</td><td></td><td> </td><td colspan="2">840</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">22</td><td></td><td> </td><td colspan="2">30</td><td></td><td> </td><td colspan="2">39</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">325</td><td></td><td> </td><td colspan="2">387</td><td></td><td> </td><td colspan="2">312</td><td></td></tr><tr><td>TOTAL ADDITIONS TO LONG-LIVED ASSETS</td><td> </td><td>$</td><td>1,194</td><td></td><td> </td><td>$</td><td>1,201</td><td></td><td> </td><td>$</td><td>1,191</td><td></td></tr><tr><td>DEPRECIATION</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>160</td><td></td><td> </td><td>$</td><td>140</td><td></td><td> </td><td>$</td><td>133</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">116</td><td></td><td> </td><td colspan="2">106</td><td></td><td> </td><td colspan="2">85</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">56</td><td></td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">48</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">55</td><td></td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">42</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">217</td><td></td><td> </td><td colspan="2">233</td><td></td><td> </td><td colspan="2">230</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">604</td><td></td><td> </td><td colspan="2">587</td><td></td><td> </td><td colspan="2">538</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">33</td><td></td><td> </td><td colspan="2">28</td><td></td><td> </td><td colspan="2">27</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">110</td><td></td><td> </td><td colspan="2">91</td><td></td><td> </td><td colspan="2">84</td><td></td></tr><tr><td>TOTAL DEPRECIATION</td><td> </td><td>$</td><td>747</td><td></td><td> </td><td>$</td><td>706</td><td></td><td> </td><td>$</td><td>649</td><td></td></tr></table>
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q_Ra007
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How does Nike's EBIT compare year-on-year?
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EBIT 2018: $4,379 million
EBIT 2017: $4,945 million
Formula:
Percentage Change in EBIT = ((EBIT 2018 - EBIT 2017) / EBIT 2017) × 100
Calculation:
Percentage Change = ((4,379 - 4,945) / 4,945) × 100
Percentage Change = (-566 / 4,945) × 100 ≈ -11.45%
Nike's EBIT decreased by approximately 11.45% from fiscal 2017 to 2018. The decline was driven by increased selling and administrative expenses and gross margin pressures, despite higher revenues.
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Ratio
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0000320187-18-000142
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ITEM 8. Financial Statements and Supplementary Data
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NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 71:
| | | | | | | | | | | | |
|---:|:----------------------------------------------------|:-------------------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:---|:-------|
| 2 | | Year Ended May 31, | | | | | | | | | |
| 3 | (In millions) | 2018 | | 2017 | | 2016 | | | | | |
| 4 | REVENUES | | | | | | | | | | |
| 5 | North America | $ | 14,855 | | | $ | 15,216 | | | $ | 14,764 |
| 6 | Europe, Middle East & Africa | 9,242 | | | 7,970 | | | 7,568 | | | |
| 7 | Greater China | 5,134 | | | 4,237 | | | 3,785 | | | |
| 8 | Asia Pacific & Latin America | 5,166 | | | 4,737 | | | 4,317 | | | |
| 9 | Global Brand Divisions | 88 | | | 73 | | | 73 | | | |
| 10 | Total NIKE Brand | 34,485 | | | 32,233 | | | 30,507 | | | |
| 11 | Converse | 1,886 | | | 2,042 | | | 1,955 | | | |
| 12 | Corporate | 26 | | | 75 | | | (86 | ) | | |
| 13 | TOTAL NIKE, INC. REVENUES | $ | 36,397 | | | $ | 34,350 | | | $ | 32,376 |
| 14 | EARNINGS BEFORE INTEREST AND TAXES | | | | | | | | | | |
| 15 | North America | $ | 3,600 | | | $ | 3,875 | | | $ | 3,763 |
| 16 | Europe, Middle East & Africa | 1,587 | | | 1,507 | | | 1,787 | | | |
| 17 | Greater China | 1,807 | | | 1,507 | | | 1,372 | | | |
| 18 | Asia Pacific & Latin America | 1,189 | | | 980 | | | 1,002 | | | |
| 19 | Global Brand Divisions | (2,658 | ) | | (2,677 | ) | | (2,596 | ) | | |
| 20 | Total NIKE Brand | 5,525 | | | 5,192 | | | 5,328 | | | |
| 21 | Converse | 310 | | | 477 | | | 487 | | | |
| 22 | Corporate | (1,456 | ) | | (724 | ) | | (1,173 | ) | | |
| 23 | Total NIKE, Inc. Earnings Before Interest and Taxes | 4,379 | | | 4,945 | | | 4,642 | | | |
| 24 | Interest expense (income), net | 54 | | | 59 | | | 19 | | | |
| 25 | TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES | $ | 4,325 | | | $ | 4,886 | | | $ | 4,623 |
| 26 | ADDITIONS TO LONG-LIVED ASSETS | | | | | | | | | | |
| 27 | North America | $ | 196 | | | $ | 223 | | | $ | 242 |
| 28 | Europe, Middle East & Africa | 240 | | | 173 | | | 234 | | | |
| 29 | Greater China | 76 | | | 51 | | | 44 | | | |
| 30 | Asia Pacific & Latin America | 49 | | | 59 | | | 62 | | | |
| 31 | Global Brand Divisions | 286 | | | 278 | | | 258 | | | |
| 32 | Total NIKE Brand | 847 | | | 784 | | | 840 | | | |
| 33 | Converse | 22 | | | 30 | | | 39 | | | |
| 34 | Corporate | 325 | | | 387 | | | 312 | | | |
| 35 | TOTAL ADDITIONS TO LONG-LIVED ASSETS | $ | 1,194 | | | $ | 1,201 | | | $ | 1,191 |
| 36 | DEPRECIATION | | | | | | | | | | |
| 37 | North America | $ | 160 | | | $ | 140 | | | $ | 133 |
| 38 | Europe, Middle East & Africa | 116 | | | 106 | | | 85 | | | |
| 39 | Greater China | 56 | | | 54 | | | 48 | | | |
| 40 | Asia Pacific & Latin America | 55 | | | 54 | | | 42 | | | |
| 41 | Global Brand Divisions | 217 | | | 233 | | | 230 | | | |
| 42 | Total NIKE Brand | 604 | | | 587 | | | 538 | | | |
| 43 | Converse | 33 | | | 28 | | | 27 | | | |
| 44 | Corporate | 110 | | | 91 | | | 84 | | | |
| 45 | TOTAL DEPRECIATION | $ | 747 | | | $ | 706 | | | $ | 649 |
71
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| | | | | | | | | | | | |
|---:|:----------------------------------------------------|:-------------------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:---|:-------|
| 2 | | Year Ended May 31, | | | | | | | | | |
| 3 | (In millions) | 2018 | | 2017 | | 2016 | | | | | |
| 4 | REVENUES | | | | | | | | | | |
| 5 | North America | $ | 14,855 | | | $ | 15,216 | | | $ | 14,764 |
| 6 | Europe, Middle East & Africa | 9,242 | | | 7,970 | | | 7,568 | | | |
| 7 | Greater China | 5,134 | | | 4,237 | | | 3,785 | | | |
| 8 | Asia Pacific & Latin America | 5,166 | | | 4,737 | | | 4,317 | | | |
| 9 | Global Brand Divisions | 88 | | | 73 | | | 73 | | | |
| 10 | Total NIKE Brand | 34,485 | | | 32,233 | | | 30,507 | | | |
| 11 | Converse | 1,886 | | | 2,042 | | | 1,955 | | | |
| 12 | Corporate | 26 | | | 75 | | | (86 | ) | | |
| 13 | TOTAL NIKE, INC. REVENUES | $ | 36,397 | | | $ | 34,350 | | | $ | 32,376 |
| 14 | EARNINGS BEFORE INTEREST AND TAXES | | | | | | | | | | |
| 15 | North America | $ | 3,600 | | | $ | 3,875 | | | $ | 3,763 |
| 16 | Europe, Middle East & Africa | 1,587 | | | 1,507 | | | 1,787 | | | |
| 17 | Greater China | 1,807 | | | 1,507 | | | 1,372 | | | |
| 18 | Asia Pacific & Latin America | 1,189 | | | 980 | | | 1,002 | | | |
| 19 | Global Brand Divisions | (2,658 | ) | | (2,677 | ) | | (2,596 | ) | | |
| 20 | Total NIKE Brand | 5,525 | | | 5,192 | | | 5,328 | | | |
| 21 | Converse | 310 | | | 477 | | | 487 | | | |
| 22 | Corporate | (1,456 | ) | | (724 | ) | | (1,173 | ) | | |
| 23 | Total NIKE, Inc. Earnings Before Interest and Taxes | 4,379 | | | 4,945 | | | 4,642 | | | |
| 24 | Interest expense (income), net | 54 | | | 59 | | | 19 | | | |
| 25 | TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES | $ | 4,325 | | | $ | 4,886 | | | $ | 4,623 |
| 26 | ADDITIONS TO LONG-LIVED ASSETS | | | | | | | | | | |
| 27 | North America | $ | 196 | | | $ | 223 | | | $ | 242 |
| 28 | Europe, Middle East & Africa | 240 | | | 173 | | | 234 | | | |
| 29 | Greater China | 76 | | | 51 | | | 44 | | | |
| 30 | Asia Pacific & Latin America | 49 | | | 59 | | | 62 | | | |
| 31 | Global Brand Divisions | 286 | | | 278 | | | 258 | | | |
| 32 | Total NIKE Brand | 847 | | | 784 | | | 840 | | | |
| 33 | Converse | 22 | | | 30 | | | 39 | | | |
| 34 | Corporate | 325 | | | 387 | | | 312 | | | |
| 35 | TOTAL ADDITIONS TO LONG-LIVED ASSETS | $ | 1,194 | | | $ | 1,201 | | | $ | 1,191 |
| 36 | DEPRECIATION | | | | | | | | | | |
| 37 | North America | $ | 160 | | | $ | 140 | | | $ | 133 |
| 38 | Europe, Middle East & Africa | 116 | | | 106 | | | 85 | | | |
| 39 | Greater China | 56 | | | 54 | | | 48 | | | |
| 40 | Asia Pacific & Latin America | 55 | | | 54 | | | 42 | | | |
| 41 | Global Brand Divisions | 217 | | | 233 | | | 230 | | | |
| 42 | Total NIKE Brand | 604 | | | 587 | | | 538 | | | |
| 43 | Converse | 33 | | | 28 | | | 27 | | | |
| 44 | Corporate | 110 | | | 91 | | | 84 | | | |
| 45 | TOTAL DEPRECIATION | $ | 747 | | | $ | 706 | | | $ | 649 |
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NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 71:
<table><tr><td colspan="13"></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> </td><td> </td><td colspan="11">Year Ended May 31,</td></tr><tr><td>(In millions)</td><td> </td><td colspan="3">2018</td><td> </td><td colspan="3">2017</td><td> </td><td colspan="3">2016</td></tr><tr><td>REVENUES</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>14,855</td><td></td><td> </td><td>$</td><td>15,216</td><td></td><td> </td><td>$</td><td>14,764</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">9,242</td><td></td><td> </td><td colspan="2">7,970</td><td></td><td> </td><td colspan="2">7,568</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">5,134</td><td></td><td> </td><td colspan="2">4,237</td><td></td><td> </td><td colspan="2">3,785</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">5,166</td><td></td><td> </td><td colspan="2">4,737</td><td></td><td> </td><td colspan="2">4,317</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">88</td><td></td><td> </td><td colspan="2">73</td><td></td><td> </td><td colspan="2">73</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">34,485</td><td></td><td> </td><td colspan="2">32,233</td><td></td><td> </td><td colspan="2">30,507</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">1,886</td><td></td><td> </td><td colspan="2">2,042</td><td></td><td> </td><td colspan="2">1,955</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">26</td><td></td><td> </td><td colspan="2">75</td><td></td><td> </td><td colspan="2">(86</td><td>)</td></tr><tr><td>TOTAL NIKE, INC. REVENUES</td><td> </td><td>$</td><td>36,397</td><td></td><td> </td><td>$</td><td>34,350</td><td></td><td> </td><td>$</td><td>32,376</td><td></td></tr><tr><td>EARNINGS BEFORE INTEREST AND TAXES</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>3,600</td><td></td><td> </td><td>$</td><td>3,875</td><td></td><td> </td><td>$</td><td>3,763</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">1,587</td><td></td><td> </td><td colspan="2">1,507</td><td></td><td> </td><td colspan="2">1,787</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">1,807</td><td></td><td> </td><td colspan="2">1,507</td><td></td><td> </td><td colspan="2">1,372</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">1,189</td><td></td><td> </td><td colspan="2">980</td><td></td><td> </td><td colspan="2">1,002</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">(2,658</td><td>)</td><td> </td><td colspan="2">(2,677</td><td>)</td><td> </td><td colspan="2">(2,596</td><td>)</td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">5,525</td><td></td><td> </td><td colspan="2">5,192</td><td></td><td> </td><td colspan="2">5,328</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">310</td><td></td><td> </td><td colspan="2">477</td><td></td><td> </td><td colspan="2">487</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">(1,456</td><td>)</td><td> </td><td colspan="2">(724</td><td>)</td><td> </td><td colspan="2">(1,173</td><td>)</td></tr><tr><td>Total NIKE, Inc. Earnings Before Interest and Taxes</td><td> </td><td colspan="2">4,379</td><td></td><td> </td><td colspan="2">4,945</td><td></td><td> </td><td colspan="2">4,642</td><td></td></tr><tr><td>Interest expense (income), net</td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">59</td><td></td><td> </td><td colspan="2">19</td><td></td></tr><tr><td>TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES</td><td> </td><td>$</td><td>4,325</td><td></td><td> </td><td>$</td><td>4,886</td><td></td><td> </td><td>$</td><td>4,623</td><td></td></tr><tr><td>ADDITIONS TO LONG-LIVED ASSETS</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>196</td><td></td><td> </td><td>$</td><td>223</td><td></td><td> </td><td>$</td><td>242</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">240</td><td></td><td> </td><td colspan="2">173</td><td></td><td> </td><td colspan="2">234</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">76</td><td></td><td> </td><td colspan="2">51</td><td></td><td> </td><td colspan="2">44</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">49</td><td></td><td> </td><td colspan="2">59</td><td></td><td> </td><td colspan="2">62</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">286</td><td></td><td> </td><td colspan="2">278</td><td></td><td> </td><td colspan="2">258</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">847</td><td></td><td> </td><td colspan="2">784</td><td></td><td> </td><td colspan="2">840</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">22</td><td></td><td> </td><td colspan="2">30</td><td></td><td> </td><td colspan="2">39</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">325</td><td></td><td> </td><td colspan="2">387</td><td></td><td> </td><td colspan="2">312</td><td></td></tr><tr><td>TOTAL ADDITIONS TO LONG-LIVED ASSETS</td><td> </td><td>$</td><td>1,194</td><td></td><td> </td><td>$</td><td>1,201</td><td></td><td> </td><td>$</td><td>1,191</td><td></td></tr><tr><td>DEPRECIATION</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>160</td><td></td><td> </td><td>$</td><td>140</td><td></td><td> </td><td>$</td><td>133</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">116</td><td></td><td> </td><td colspan="2">106</td><td></td><td> </td><td colspan="2">85</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">56</td><td></td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">48</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">55</td><td></td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">42</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">217</td><td></td><td> </td><td colspan="2">233</td><td></td><td> </td><td colspan="2">230</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">604</td><td></td><td> </td><td colspan="2">587</td><td></td><td> </td><td colspan="2">538</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">33</td><td></td><td> </td><td colspan="2">28</td><td></td><td> </td><td colspan="2">27</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">110</td><td></td><td> </td><td colspan="2">91</td><td></td><td> </td><td colspan="2">84</td><td></td></tr><tr><td>TOTAL DEPRECIATION</td><td> </td><td>$</td><td>747</td><td></td><td> </td><td>$</td><td>706</td><td></td><td> </td><td>$</td><td>649</td><td></td></tr></table>
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<table><tr><td colspan="13"></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> </td><td> </td><td colspan="11">Year Ended May 31,</td></tr><tr><td>(In millions)</td><td> </td><td colspan="3">2018</td><td> </td><td colspan="3">2017</td><td> </td><td colspan="3">2016</td></tr><tr><td>REVENUES</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>14,855</td><td></td><td> </td><td>$</td><td>15,216</td><td></td><td> </td><td>$</td><td>14,764</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">9,242</td><td></td><td> </td><td colspan="2">7,970</td><td></td><td> </td><td colspan="2">7,568</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">5,134</td><td></td><td> </td><td colspan="2">4,237</td><td></td><td> </td><td colspan="2">3,785</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">5,166</td><td></td><td> </td><td colspan="2">4,737</td><td></td><td> </td><td colspan="2">4,317</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">88</td><td></td><td> </td><td colspan="2">73</td><td></td><td> </td><td colspan="2">73</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">34,485</td><td></td><td> </td><td colspan="2">32,233</td><td></td><td> </td><td colspan="2">30,507</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">1,886</td><td></td><td> </td><td colspan="2">2,042</td><td></td><td> </td><td colspan="2">1,955</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">26</td><td></td><td> </td><td colspan="2">75</td><td></td><td> </td><td colspan="2">(86</td><td>)</td></tr><tr><td>TOTAL NIKE, INC. REVENUES</td><td> </td><td>$</td><td>36,397</td><td></td><td> </td><td>$</td><td>34,350</td><td></td><td> </td><td>$</td><td>32,376</td><td></td></tr><tr><td>EARNINGS BEFORE INTEREST AND TAXES</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>3,600</td><td></td><td> </td><td>$</td><td>3,875</td><td></td><td> </td><td>$</td><td>3,763</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">1,587</td><td></td><td> </td><td colspan="2">1,507</td><td></td><td> </td><td colspan="2">1,787</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">1,807</td><td></td><td> </td><td colspan="2">1,507</td><td></td><td> </td><td colspan="2">1,372</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">1,189</td><td></td><td> </td><td colspan="2">980</td><td></td><td> </td><td colspan="2">1,002</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">(2,658</td><td>)</td><td> </td><td colspan="2">(2,677</td><td>)</td><td> </td><td colspan="2">(2,596</td><td>)</td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">5,525</td><td></td><td> </td><td colspan="2">5,192</td><td></td><td> </td><td colspan="2">5,328</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">310</td><td></td><td> </td><td colspan="2">477</td><td></td><td> </td><td colspan="2">487</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">(1,456</td><td>)</td><td> </td><td colspan="2">(724</td><td>)</td><td> </td><td colspan="2">(1,173</td><td>)</td></tr><tr><td>Total NIKE, Inc. Earnings Before Interest and Taxes</td><td> </td><td colspan="2">4,379</td><td></td><td> </td><td colspan="2">4,945</td><td></td><td> </td><td colspan="2">4,642</td><td></td></tr><tr><td>Interest expense (income), net</td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">59</td><td></td><td> </td><td colspan="2">19</td><td></td></tr><tr><td>TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES</td><td> </td><td>$</td><td>4,325</td><td></td><td> </td><td>$</td><td>4,886</td><td></td><td> </td><td>$</td><td>4,623</td><td></td></tr><tr><td>ADDITIONS TO LONG-LIVED ASSETS</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>196</td><td></td><td> </td><td>$</td><td>223</td><td></td><td> </td><td>$</td><td>242</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">240</td><td></td><td> </td><td colspan="2">173</td><td></td><td> </td><td colspan="2">234</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">76</td><td></td><td> </td><td colspan="2">51</td><td></td><td> </td><td colspan="2">44</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">49</td><td></td><td> </td><td colspan="2">59</td><td></td><td> </td><td colspan="2">62</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">286</td><td></td><td> </td><td colspan="2">278</td><td></td><td> </td><td colspan="2">258</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">847</td><td></td><td> </td><td colspan="2">784</td><td></td><td> </td><td colspan="2">840</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">22</td><td></td><td> </td><td colspan="2">30</td><td></td><td> </td><td colspan="2">39</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">325</td><td></td><td> </td><td colspan="2">387</td><td></td><td> </td><td colspan="2">312</td><td></td></tr><tr><td>TOTAL ADDITIONS TO LONG-LIVED ASSETS</td><td> </td><td>$</td><td>1,194</td><td></td><td> </td><td>$</td><td>1,201</td><td></td><td> </td><td>$</td><td>1,191</td><td></td></tr><tr><td>DEPRECIATION</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td></tr><tr><td>North America</td><td> </td><td>$</td><td>160</td><td></td><td> </td><td>$</td><td>140</td><td></td><td> </td><td>$</td><td>133</td><td></td></tr><tr><td>Europe, Middle East & Africa</td><td> </td><td colspan="2">116</td><td></td><td> </td><td colspan="2">106</td><td></td><td> </td><td colspan="2">85</td><td></td></tr><tr><td>Greater China</td><td> </td><td colspan="2">56</td><td></td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">48</td><td></td></tr><tr><td>Asia Pacific & Latin America</td><td> </td><td colspan="2">55</td><td></td><td> </td><td colspan="2">54</td><td></td><td> </td><td colspan="2">42</td><td></td></tr><tr><td>Global Brand Divisions</td><td> </td><td colspan="2">217</td><td></td><td> </td><td colspan="2">233</td><td></td><td> </td><td colspan="2">230</td><td></td></tr><tr><td>Total NIKE Brand</td><td> </td><td colspan="2">604</td><td></td><td> </td><td colspan="2">587</td><td></td><td> </td><td colspan="2">538</td><td></td></tr><tr><td>Converse</td><td> </td><td colspan="2">33</td><td></td><td> </td><td colspan="2">28</td><td></td><td> </td><td colspan="2">27</td><td></td></tr><tr><td>Corporate</td><td> </td><td colspan="2">110</td><td></td><td> </td><td colspan="2">91</td><td></td><td> </td><td colspan="2">84</td><td></td></tr><tr><td>TOTAL DEPRECIATION</td><td> </td><td>$</td><td>747</td><td></td><td> </td><td>$</td><td>706</td><td></td><td> </td><td>$</td><td>649</td><td></td></tr></table>
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q_Ra008
|
How did the growth rates of revenues from Footwear, Apparel, and Equipment compare from Fiscal 2017 to Fiscal 2018, and which category experienced the highest and lowest percentage change?
|
Footwear Revenues (Fiscal 2018): $3,575 million
Footwear Revenues (Fiscal 2017): $3,285 million
Percentage Change (Footwear): 9%
Apparel Revenues (Fiscal 2018): $1,347 million
Apparel Revenues (Fiscal 2017): $1,185 million
Percentage Change (Apparel): 14%
Equipment Revenues (Fiscal 2018): $244 million
Equipment Revenues (Fiscal 2017): $267 million
Percentage Change (Equipment): -9%
Footware= ((3,575 - 3,285)/(3285))*100=8.83%
Apparel=(1,347-1,185)/(1,185)*100=13.67%
Equipment=(244-267)/(267)*100=-8.61%
From Fiscal 2017 to Fiscal 2018:
Apparel experienced the highest growth rate at approximately 14%, driven by increased demand and product innovation.
Footwear revenues grew by approximately 9%, showing steady growth in the region.
Equipment revenues declined by approximately -9%, indicating challenges in this category, possibly due to decreased demand or competitive pressures.
|
Ratio
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30
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0000320187-18-000142
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ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 30:
Asia Pacific & Latin America
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|---:|:----------------------------------|:------------|:------|:------------|:------|:---------|:------|:------------------------------------|:---|:------------|:---|:---------|:---|:------------------------------------|:---|:------|:------|:---|:---|:---|:---|:---|:---|
| 2 | (Dollars in millions) | Fiscal 2018 | | Fiscal 2017 | | % Change | | % Change Excluding Currency Changes | | Fiscal 2016 | | % Change | | % Change Excluding Currency Changes | | | | | | | | | |
| 3 | Revenues by: | | | | | | | | | | | | | | | | | | | | | | |
| 4 | Footwear | $ | 3,575 | | | $ | 3,285 | | | 9 | % | | 9 | % | | $ | 2,930 | | | 12 | % | 16 | % |
| 5 | Apparel | 1,347 | | | 1,185 | | | 14 | % | | 15 | % | | 1,117 | | | 6 | % | | 9 | % | | |
| 6 | Equipment | 244 | | | 267 | | | -9 | % | | -8 | % | | 270 | | | -1 | % | | -1 | % | | |
| 7 | TOTAL REVENUES | $ | 5,166 | | | $ | 4,737 | | | 9 | % | | 10 | % | | $ | 4,317 | | | 10 | % | 13 | % |
| 8 | Revenues by: | | | | | | | | | | | | | | | | | | | | | | |
| 9 | Sales to Wholesale Customers | $ | 3,829 | | | $ | 3,631 | | | 5 | % | | 6 | % | | $ | 3,411 | | | 6 | % | 10 | % |
| 10 | Sales through NIKE Direct | 1,337 | | | 1,106 | | | 21 | % | | 21 | % | | 906 | | | 22 | % | | 21 | % | | |
| 11 | TOTAL REVENUES | $ | 5,166 | | | $ | 4,737 | | | 9 | % | | 10 | % | | $ | 4,317 | | | 10 | % | 13 | % |
| 12 | EARNINGS BEFORE INTERESTAND TAXES | $ | 1,189 | | | $ | 980 | | | 21 | % | | | | $ | 1,002 | | | -2 | % | | | |
Fiscal 2018 Compared to Fiscal 2017
On a currency-neutral basis, APLA revenues increased 10%, driven by higher revenues in every territory. Territory revenue growth was broad-based, led by SOCO (which comprises Argentina, Uruguay and Chile), which grew 19%. Revenues increased in all key categories, led by Sportswear and Running. NIKE Direct revenues increased 21%, fueled by comparable store sales growth of 11%, strong digital commerce sales growth and the addition of new stores.
The 9% increase in currency-neutral footwear revenues for fiscal 2018 was attributable to growth in every key category, led by Sportswear and Running. Unit sales of footwear increased 5% and higher ASP per pair contributed approximately 4 percentage points of footwear revenue growth, driven by higher full-price, off-price and NIKE Direct ASPs.
Currency-neutral apparel revenues grew 15% for fiscal 2018, driven by higher revenues in every key category, most notably Sportswear and, to a lesser extent, Football (Soccer), Training and NIKE Basketball. Unit sales of apparel increased 11% and higher ASP per unit contributed approximately 4 percentage points of apparel revenue growth. The increase in ASP per unit was primarily driven by higher full-price ASP and, to a lesser extent, favorable off-price mix and higher off-price ASP.
Reported EBIT increased 21% due to revenue growth, strong selling and administrative expense leverage and gross margin expansion. Gross margin increased 90 basis points as higher full-price ASP and favorable standard foreign currency exchange rates more than offset higher product costs. Selling and administrative expense increased as higher operating overhead costs resulting from continued investments in our growing NIKE Direct business more than offset lower demand creation expense. The decrease in demand creation expense was primarily attributable to lower marketing costs as a result of prior year investments to support the Rio Olympics.
Fiscal 2017 Compared to Fiscal 2016
On a currency-neutral basis, APLA revenues for fiscal 2017 increased 13%. Revenue growth was broad-based across all territories, led by SOCO, Korea and Mexico, which grew 34%, 14% and 18%, respectively. Additionally, revenues increased in all key categories, led by Running and Sportswear. NIKE Direct revenues increased 21%, fueled by the addition of new stores, comparable store sales growth of 11% and higher digital commerce sales.
The increase in currency-neutral footwear revenue for fiscal 2017 was attributable to growth in all key categories, most notably Running and Sportswear. Unit sales of footwear increased 9%. Higher ASP per pair contributed approximately 7 percentage points of footwear revenue growth, primarily attributable to higher full-price ASP, in part reflecting inflationary conditions in certain territories.
Currency-neutral growth in apparel revenue was fueled by increases in all key categories, led by Sportswear and Running. For fiscal 2017, unit sales of apparel increased 3% and higher ASP per unit contributed approximately 6 percentage points of apparel revenue growth. The increase in ASP per unit was primarily driven by higher full-price ASP, in part reflecting inflationary conditions in certain territories.
Reported EBIT decreased 2%, in part reflecting the negative impact of changes in foreign currency exchange rates, primarily the Argentine Peso and Mexican Peso. Reported revenue growth and selling and administrative expense leverage were more than offset by lower gross margin. Gross margin decreased 370 basis points as higher full-price ASP was more than offset by unfavorable standard foreign currency exchange rates and higher product costs. Selling and administrative expense increased due to higher operating overhead costs primarily resulting from ongoing investments in our growing NIKE Direct business, partially offset by administrative cost efficiencies. Demand creation expense also increased as lower advertising costs were more than offset by increased marketing support for the Rio Olympics in the first quarter, as well as higher sports marketing costs.
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Asia Pacific & Latin America
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|---:|:----------------------------------|:------------|:------|:------------|:------|:---------|:------|:------------------------------------|:---|:------------|:---|:---------|:---|:------------------------------------|:---|:------|:------|:---|:---|:---|:---|:---|:---|
| 2 | (Dollars in millions) | Fiscal 2018 | | Fiscal 2017 | | % Change | | % Change Excluding Currency Changes | | Fiscal 2016 | | % Change | | % Change Excluding Currency Changes | | | | | | | | | |
| 3 | Revenues by: | | | | | | | | | | | | | | | | | | | | | | |
| 4 | Footwear | $ | 3,575 | | | $ | 3,285 | | | 9 | % | | 9 | % | | $ | 2,930 | | | 12 | % | 16 | % |
| 5 | Apparel | 1,347 | | | 1,185 | | | 14 | % | | 15 | % | | 1,117 | | | 6 | % | | 9 | % | | |
| 6 | Equipment | 244 | | | 267 | | | -9 | % | | -8 | % | | 270 | | | -1 | % | | -1 | % | | |
| 7 | TOTAL REVENUES | $ | 5,166 | | | $ | 4,737 | | | 9 | % | | 10 | % | | $ | 4,317 | | | 10 | % | 13 | % |
| 8 | Revenues by: | | | | | | | | | | | | | | | | | | | | | | |
| 9 | Sales to Wholesale Customers | $ | 3,829 | | | $ | 3,631 | | | 5 | % | | 6 | % | | $ | 3,411 | | | 6 | % | 10 | % |
| 10 | Sales through NIKE Direct | 1,337 | | | 1,106 | | | 21 | % | | 21 | % | | 906 | | | 22 | % | | 21 | % | | |
| 11 | TOTAL REVENUES | $ | 5,166 | | | $ | 4,737 | | | 9 | % | | 10 | % | | $ | 4,317 | | | 10 | % | 13 | % |
| 12 | EARNINGS BEFORE INTERESTAND TAXES | $ | 1,189 | | | $ | 980 | | | 21 | % | | | | $ | 1,002 | | | -2 | % | | | |
Fiscal 2018 Compared to Fiscal 2017
On a currency-neutral basis, APLA revenues increased 10%, driven by higher revenues in every territory. Territory revenue growth was broad-based, led by SOCO (which comprises Argentina, Uruguay and Chile), which grew 19%. Revenues increased in all key categories, led by Sportswear and Running. NIKE Direct revenues increased 21%, fueled by comparable store sales growth of 11%, strong digital commerce sales growth and the addition of new stores.
The 9% increase in currency-neutral footwear revenues for fiscal 2018 was attributable to growth in every key category, led by Sportswear and Running. Unit sales of footwear increased 5% and higher ASP per pair contributed approximately 4 percentage points of footwear revenue growth, driven by higher full-price, off-price and NIKE Direct ASPs.
Currency-neutral apparel revenues grew 15% for fiscal 2018, driven by higher revenues in every key category, most notably Sportswear and, to a lesser extent, Football (Soccer), Training and NIKE Basketball. Unit sales of apparel increased 11% and higher ASP per unit contributed approximately 4 percentage points of apparel revenue growth. The increase in ASP per unit was primarily driven by higher full-price ASP and, to a lesser extent, favorable off-price mix and higher off-price ASP.
Reported EBIT increased 21% due to revenue growth, strong selling and administrative expense leverage and gross margin expansion. Gross margin increased 90 basis points as higher full-price ASP and favorable standard foreign currency exchange rates more than offset higher product costs. Selling and administrative expense increased as higher operating overhead costs resulting from continued investments in our growing NIKE Direct business more than offset lower demand creation expense. The decrease in demand creation expense was primarily attributable to lower marketing costs as a result of prior year investments to support the Rio Olympics.
Fiscal 2017 Compared to Fiscal 2016
On a currency-neutral basis, APLA revenues for fiscal 2017 increased 13%. Revenue growth was broad-based across all territories, led by SOCO, Korea and Mexico, which grew 34%, 14% and 18%, respectively. Additionally, revenues increased in all key categories, led by Running and Sportswear. NIKE Direct revenues increased 21%, fueled by the addition of new stores, comparable store sales growth of 11% and higher digital commerce sales.
The increase in currency-neutral footwear revenue for fiscal 2017 was attributable to growth in all key categories, most notably Running and Sportswear. Unit sales of footwear increased 9%. Higher ASP per pair contributed approximately 7 percentage points of footwear revenue growth, primarily attributable to higher full-price ASP, in part reflecting inflationary conditions in certain territories.
Currency-neutral growth in apparel revenue was fueled by increases in all key categories, led by Sportswear and Running. For fiscal 2017, unit sales of apparel increased 3% and higher ASP per unit contributed approximately 6 percentage points of apparel revenue growth. The increase in ASP per unit was primarily driven by higher full-price ASP, in part reflecting inflationary conditions in certain territories.
Reported EBIT decreased 2%, in part reflecting the negative impact of changes in foreign currency exchange rates, primarily the Argentine Peso and Mexican Peso. Reported revenue growth and selling and administrative expense leverage were more than offset by lower gross margin. Gross margin decreased 370 basis points as higher full-price ASP was more than offset by unfavorable standard foreign currency exchange rates and higher product costs. Selling and administrative expense increased due to higher operating overhead costs primarily resulting from ongoing investments in our growing NIKE Direct business, partially offset by administrative cost efficiencies. Demand creation expense also increased as lower advertising costs were more than offset by increased marketing support for the Rio Olympics in the first quarter, as well as higher sports marketing costs.
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NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 30:
Asia Pacific & Latin America
<table><tr><td colspan="25"></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(Dollars in millions)</td><td> </td><td colspan="3">Fiscal 2018</td><td> </td><td colspan="3">Fiscal 2017</td><td> </td><td colspan="2">% Change</td><td> </td><td colspan="2">% Change Excluding Currency Changes</td><td> </td><td colspan="3">Fiscal 2016</td><td> </td><td colspan="2">% Change</td><td> </td><td colspan="2">% Change Excluding Currency Changes</td></tr><tr><td>Revenues by:</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="2"> </td></tr><tr><td>Footwear</td><td> </td><td>$</td><td>3,575</td><td></td><td> </td><td>$</td><td>3,285</td><td></td><td> </td><td>9</td><td> %</td><td> </td><td>9</td><td> %</td><td> </td><td>$</td><td>2,930</td><td></td><td> </td><td>12</td><td> %</td><td> </td><td>16</td><td> %</td></tr><tr><td>Apparel</td><td> </td><td colspan="2">1,347</td><td></td><td> </td><td colspan="2">1,185</td><td></td><td> </td><td>14</td><td> %</td><td> </td><td>15</td><td> %</td><td> </td><td colspan="2">1,117</td><td></td><td> </td><td>6</td><td> %</td><td> </td><td>9</td><td> %</td></tr><tr><td>Equipment</td><td> </td><td colspan="2">244</td><td></td><td> </td><td colspan="2">267</td><td></td><td> </td><td>-9</td><td> %</td><td> </td><td>-8</td><td> %</td><td> </td><td colspan="2">270</td><td></td><td> </td><td>-1</td><td> %</td><td> </td><td>-1</td><td> %</td></tr><tr><td>TOTAL REVENUES</td><td> </td><td>$</td><td>5,166</td><td></td><td> </td><td>$</td><td>4,737</td><td></td><td> </td><td>9</td><td> %</td><td> </td><td>10</td><td> %</td><td> </td><td>$</td><td>4,317</td><td></td><td> </td><td>10</td><td> %</td><td> </td><td>13</td><td> %</td></tr><tr><td>Revenues by:</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="2"> </td></tr><tr><td>Sales to Wholesale Customers</td><td> </td><td>$</td><td>3,829</td><td></td><td> </td><td>$</td><td>3,631</td><td></td><td> </td><td>5</td><td> %</td><td> </td><td>6</td><td> %</td><td> </td><td>$</td><td>3,411</td><td></td><td> </td><td>6</td><td> %</td><td> </td><td>10</td><td> %</td></tr><tr><td>Sales through NIKE Direct</td><td> </td><td colspan="2">1,337</td><td></td><td> </td><td colspan="2">1,106</td><td></td><td> </td><td>21</td><td> %</td><td> </td><td>21</td><td> %</td><td> </td><td colspan="2">906</td><td></td><td> </td><td>22</td><td> %</td><td> </td><td>21</td><td> %</td></tr><tr><td>TOTAL REVENUES</td><td> </td><td>$</td><td>5,166</td><td></td><td> </td><td>$</td><td>4,737</td><td></td><td> </td><td>9</td><td> %</td><td> </td><td>10</td><td> %</td><td> </td><td>$</td><td>4,317</td><td></td><td> </td><td>10</td><td> %</td><td> </td><td>13</td><td> %</td></tr><tr><td>EARNINGS BEFORE INTERESTAND TAXES</td><td> </td><td>$</td><td>1,189</td><td></td><td> </td><td>$</td><td>980</td><td></td><td> </td><td>21</td><td> %</td><td> </td><td colspan="2"> </td><td> </td><td>$</td><td>1,002</td><td></td><td> </td><td>-2</td><td> %</td><td> </td><td colspan="2"> </td></tr></table>
Fiscal 2018 Compared to Fiscal 2017
On a currency-neutral basis, APLA revenues increased 10%, driven by higher revenues in every territory. Territory revenue growth was broad-based, led by SOCO (which comprises Argentina, Uruguay and Chile), which grew 19%. Revenues increased in all key categories, led by Sportswear and Running. NIKE Direct revenues increased 21%, fueled by comparable store sales growth of 11%, strong digital commerce sales growth and the addition of new stores.
The 9% increase in currency-neutral footwear revenues for fiscal 2018 was attributable to growth in every key category, led by Sportswear and Running. Unit sales of footwear increased 5% and higher ASP per pair contributed approximately 4 percentage points of footwear revenue growth, driven by higher full-price, off-price and NIKE Direct ASPs.
Currency-neutral apparel revenues grew 15% for fiscal 2018, driven by higher revenues in every key category, most notably Sportswear and, to a lesser extent, Football (Soccer), Training and NIKE Basketball. Unit sales of apparel increased 11% and higher ASP per unit contributed approximately 4 percentage points of apparel revenue growth. The increase in ASP per unit was primarily driven by higher full-price ASP and, to a lesser extent, favorable off-price mix and higher off-price ASP.
Reported EBIT increased 21% due to revenue growth, strong selling and administrative expense leverage and gross margin expansion. Gross margin increased 90 basis points as higher full-price ASP and favorable standard foreign currency exchange rates more than offset higher product costs. Selling and administrative expense increased as higher operating overhead costs resulting from continued investments in our growing NIKE Direct business more than offset lower demand creation expense. The decrease in demand creation expense was primarily attributable to lower marketing costs as a result of prior year investments to support the Rio Olympics.
Fiscal 2017 Compared to Fiscal 2016
On a currency-neutral basis, APLA revenues for fiscal 2017 increased 13%. Revenue growth was broad-based across all territories, led by SOCO, Korea and Mexico, which grew 34%, 14% and 18%, respectively. Additionally, revenues increased in all key categories, led by Running and Sportswear. NIKE Direct revenues increased 21%, fueled by the addition of new stores, comparable store sales growth of 11% and higher digital commerce sales.
The increase in currency-neutral footwear revenue for fiscal 2017 was attributable to growth in all key categories, most notably Running and Sportswear. Unit sales of footwear increased 9%. Higher ASP per pair contributed approximately 7 percentage points of footwear revenue growth, primarily attributable to higher full-price ASP, in part reflecting inflationary conditions in certain territories.
Currency-neutral growth in apparel revenue was fueled by increases in all key categories, led by Sportswear and Running. For fiscal 2017, unit sales of apparel increased 3% and higher ASP per unit contributed approximately 6 percentage points of apparel revenue growth. The increase in ASP per unit was primarily driven by higher full-price ASP, in part reflecting inflationary conditions in certain territories.
Reported EBIT decreased 2%, in part reflecting the negative impact of changes in foreign currency exchange rates, primarily the Argentine Peso and Mexican Peso. Reported revenue growth and selling and administrative expense leverage were more than offset by lower gross margin. Gross margin decreased 370 basis points as higher full-price ASP was more than offset by unfavorable standard foreign currency exchange rates and higher product costs. Selling and administrative expense increased due to higher operating overhead costs primarily resulting from ongoing investments in our growing NIKE Direct business, partially offset by administrative cost efficiencies. Demand creation expense also increased as lower advertising costs were more than offset by increased marketing support for the Rio Olympics in the first quarter, as well as higher sports marketing costs.
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Asia Pacific & Latin America
<table><tr><td colspan="25"></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(Dollars in millions)</td><td> </td><td colspan="3">Fiscal 2018</td><td> </td><td colspan="3">Fiscal 2017</td><td> </td><td colspan="2">% Change</td><td> </td><td colspan="2">% Change Excluding Currency Changes</td><td> </td><td colspan="3">Fiscal 2016</td><td> </td><td colspan="2">% Change</td><td> </td><td colspan="2">% Change Excluding Currency Changes</td></tr><tr><td>Revenues by:</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="2"> </td></tr><tr><td>Footwear</td><td> </td><td>$</td><td>3,575</td><td></td><td> </td><td>$</td><td>3,285</td><td></td><td> </td><td>9</td><td> %</td><td> </td><td>9</td><td> %</td><td> </td><td>$</td><td>2,930</td><td></td><td> </td><td>12</td><td> %</td><td> </td><td>16</td><td> %</td></tr><tr><td>Apparel</td><td> </td><td colspan="2">1,347</td><td></td><td> </td><td colspan="2">1,185</td><td></td><td> </td><td>14</td><td> %</td><td> </td><td>15</td><td> %</td><td> </td><td colspan="2">1,117</td><td></td><td> </td><td>6</td><td> %</td><td> </td><td>9</td><td> %</td></tr><tr><td>Equipment</td><td> </td><td colspan="2">244</td><td></td><td> </td><td colspan="2">267</td><td></td><td> </td><td>-9</td><td> %</td><td> </td><td>-8</td><td> %</td><td> </td><td colspan="2">270</td><td></td><td> </td><td>-1</td><td> %</td><td> </td><td>-1</td><td> %</td></tr><tr><td>TOTAL REVENUES</td><td> </td><td>$</td><td>5,166</td><td></td><td> </td><td>$</td><td>4,737</td><td></td><td> </td><td>9</td><td> %</td><td> </td><td>10</td><td> %</td><td> </td><td>$</td><td>4,317</td><td></td><td> </td><td>10</td><td> %</td><td> </td><td>13</td><td> %</td></tr><tr><td>Revenues by:</td><td> </td><td colspan="3"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="3"> </td><td> </td><td colspan="2"> </td><td> </td><td colspan="2"> </td></tr><tr><td>Sales to Wholesale Customers</td><td> </td><td>$</td><td>3,829</td><td></td><td> </td><td>$</td><td>3,631</td><td></td><td> </td><td>5</td><td> %</td><td> </td><td>6</td><td> %</td><td> </td><td>$</td><td>3,411</td><td></td><td> </td><td>6</td><td> %</td><td> </td><td>10</td><td> %</td></tr><tr><td>Sales through NIKE Direct</td><td> </td><td colspan="2">1,337</td><td></td><td> </td><td colspan="2">1,106</td><td></td><td> </td><td>21</td><td> %</td><td> </td><td>21</td><td> %</td><td> </td><td colspan="2">906</td><td></td><td> </td><td>22</td><td> %</td><td> </td><td>21</td><td> %</td></tr><tr><td>TOTAL REVENUES</td><td> </td><td>$</td><td>5,166</td><td></td><td> </td><td>$</td><td>4,737</td><td></td><td> </td><td>9</td><td> %</td><td> </td><td>10</td><td> %</td><td> </td><td>$</td><td>4,317</td><td></td><td> </td><td>10</td><td> %</td><td> </td><td>13</td><td> %</td></tr><tr><td>EARNINGS BEFORE INTERESTAND TAXES</td><td> </td><td>$</td><td>1,189</td><td></td><td> </td><td>$</td><td>980</td><td></td><td> </td><td>21</td><td> %</td><td> </td><td colspan="2"> </td><td> </td><td>$</td><td>1,002</td><td></td><td> </td><td>-2</td><td> %</td><td> </td><td colspan="2"> </td></tr></table>
Fiscal 2018 Compared to Fiscal 2017
On a currency-neutral basis, APLA revenues increased 10%, driven by higher revenues in every territory. Territory revenue growth was broad-based, led by SOCO (which comprises Argentina, Uruguay and Chile), which grew 19%. Revenues increased in all key categories, led by Sportswear and Running. NIKE Direct revenues increased 21%, fueled by comparable store sales growth of 11%, strong digital commerce sales growth and the addition of new stores.
The 9% increase in currency-neutral footwear revenues for fiscal 2018 was attributable to growth in every key category, led by Sportswear and Running. Unit sales of footwear increased 5% and higher ASP per pair contributed approximately 4 percentage points of footwear revenue growth, driven by higher full-price, off-price and NIKE Direct ASPs.
Currency-neutral apparel revenues grew 15% for fiscal 2018, driven by higher revenues in every key category, most notably Sportswear and, to a lesser extent, Football (Soccer), Training and NIKE Basketball. Unit sales of apparel increased 11% and higher ASP per unit contributed approximately 4 percentage points of apparel revenue growth. The increase in ASP per unit was primarily driven by higher full-price ASP and, to a lesser extent, favorable off-price mix and higher off-price ASP.
Reported EBIT increased 21% due to revenue growth, strong selling and administrative expense leverage and gross margin expansion. Gross margin increased 90 basis points as higher full-price ASP and favorable standard foreign currency exchange rates more than offset higher product costs. Selling and administrative expense increased as higher operating overhead costs resulting from continued investments in our growing NIKE Direct business more than offset lower demand creation expense. The decrease in demand creation expense was primarily attributable to lower marketing costs as a result of prior year investments to support the Rio Olympics.
Fiscal 2017 Compared to Fiscal 2016
On a currency-neutral basis, APLA revenues for fiscal 2017 increased 13%. Revenue growth was broad-based across all territories, led by SOCO, Korea and Mexico, which grew 34%, 14% and 18%, respectively. Additionally, revenues increased in all key categories, led by Running and Sportswear. NIKE Direct revenues increased 21%, fueled by the addition of new stores, comparable store sales growth of 11% and higher digital commerce sales.
The increase in currency-neutral footwear revenue for fiscal 2017 was attributable to growth in all key categories, most notably Running and Sportswear. Unit sales of footwear increased 9%. Higher ASP per pair contributed approximately 7 percentage points of footwear revenue growth, primarily attributable to higher full-price ASP, in part reflecting inflationary conditions in certain territories.
Currency-neutral growth in apparel revenue was fueled by increases in all key categories, led by Sportswear and Running. For fiscal 2017, unit sales of apparel increased 3% and higher ASP per unit contributed approximately 6 percentage points of apparel revenue growth. The increase in ASP per unit was primarily driven by higher full-price ASP, in part reflecting inflationary conditions in certain territories.
Reported EBIT decreased 2%, in part reflecting the negative impact of changes in foreign currency exchange rates, primarily the Argentine Peso and Mexican Peso. Reported revenue growth and selling and administrative expense leverage were more than offset by lower gross margin. Gross margin decreased 370 basis points as higher full-price ASP was more than offset by unfavorable standard foreign currency exchange rates and higher product costs. Selling and administrative expense increased due to higher operating overhead costs primarily resulting from ongoing investments in our growing NIKE Direct business, partially offset by administrative cost efficiencies. Demand creation expense also increased as lower advertising costs were more than offset by increased marketing support for the Rio Olympics in the first quarter, as well as higher sports marketing costs.
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Subsets and Splits
Random 30 Questions & Answers
Outputs 30 randomly selected questions along with their ground truth answers, providing a basic overview of the dataset content without revealing deeper insights.