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      "text": "2018-2021 Net Debt",
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      "text": "Approximately 90% of debt is fixed rate\nWeighted avg. maturity is 16 years at 3.8%\nWeighted avg. rate is down 50bps\nDecline of ~$150M in interest expense in 1Q21\n$11B cash on hand at end of 1Q21",
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      "kind": "list",
      "text": "Expect to close DIRECTV and Crunchyroll transactions in 2021 with ~$9B in proceeds\nContinue to evaluate asset monetization opportunities",
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      "kind": "list",
      "text": "C-Band financing and $23B payment in March impacted 1Q21 net debt\nExpect net debt to adjusted EBITDA+5 of ~3.0x at end of 2021\nLong-term target of ~2.5x during 2024",
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      "text": "Asset monetization and portfolio review continue",
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      "text": "Debt management provides liquidity and flexibility",
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      "text": "Debt reduction plan on target with strong cash flows and asset monetization",
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      "text": "† See notes slide 11",
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      "kind": "source-note",
      "text": "April 22, 2021 / © 2021 AT&T Intellectual Property - AT&T Proprietary",
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      "text": "1Q21 Capital Allocation and Liquidity Update",
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