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






Question: Can you calculate the Net Working Capital Turnover Ratio for AT&T Inc. and Frontier Communications Parent, Inc. for the fiscal year 2023?
Answer: 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.