01—Abstract
Summary
Summary of the 10-K/A filed June 27, 2001. Cited figures are marked; the original filing is the authoritative source.
This filing is not an AT&T Inc. 10-K annual report.
It is a Form 10-K/A amendment filed June 27, 2001 by SBC Communications Inc. (File No. 1-8610, San Antonio, Texas) for fiscal year 2000. Its sole purpose is to add three Form 11-K employee savings plan annual reports (SBC Savings Plan, SBC Savings and Security Plan, and Ameritech Savings and Security Plan for Non-Salaried Employees) as exhibits. The filing contains no company-level income statement, balance sheet, cash flow, segment data, business description, or management discussion, so it does not support a meaningful analysis of AT&T or of SBC's overall financial performance.
The plan-level figures are the main content. The SBC Savings Plan reported net assets available for benefits of about $5.73 billiona at December 31, 2000, down from $6.59 billion in 1999, with a large share invested in SBC common stock through an ESOP and an SBC Shares Fund. The SBC Savings and Security Plan reported about $4.63 billion in net assets, down from $4.83 billion.
The Ameritech Savings and Security Plan for Non-Salaried Employees reported about $2.57 billionb, down from $2.97 billion. Declines were driven largely by distributions to participants and net depreciation in investment values, reflecting the weaker 2000 equity market and SBC's share price decline. For investors, the practical takeaway is limited.
These documents describe retirement plan administration rather than the financial health of a public telecom operator. Investors seeking AT&T Inc. (ticker T) financial information should review AT&T's own 10-K for the relevant year, which would be filed under AT&T's own CIK and would present consolidated financial statements.
02—Key points
Key Highlights
- Document type: Form 10-K/A amendment, not an original annual report, filed June 27, 2001 by SBC Communications Inc., not AT&T Inc.
- Purpose: adds three Form 11-K employee savings plan reports for fiscal year 2000 as amended exhibits
- SBC Savings Plan net assets available for benefits: about $5.73 billion at 12/31/2000, down from $6.59 billion at 12/31/1999
- SBC Savings and Security Plan net assets: about $4.63 billion at 12/31/2000, down from $4.83 billion
- Ameritech Savings and Security Plan for Non-Salaried Employees net assets: about $2.57 billion at 12/31/2000, down from $2.97 billion
- Large portions of plan assets are held in SBC common stock via ESOP and SBC Shares Funds, and the plans recorded investment depreciation in 2000
- No consolidated company financials, business segment information, or AT&T-specific data are included
03—Questions
Frequently Asked Questions
Is this filing an AT&T Inc. annual report?
No. The filing was made by SBC Communications Inc. (File No. 1-8610) and is a 10-K/A amendment that adds employee savings plan reports. It does not contain AT&T Inc. financial statements or business information.
What does this amendment actually contain?
It contains three Form 11-K annual reports for employee savings plans for fiscal year 2000, with audited financial statements, supplemental asset schedules, and auditor consents from Ernst & Young LLP.
Why did plan net assets decline in 2000?
The declines were driven mainly by participant distributions and net depreciation in investment values, including SBC common stock and common collective trust funds, which reflected weaker market conditions in 2000.
Where can investors find AT&T's financial results instead?
Investors should review AT&T Inc.'s own Form 10-K filings, which present consolidated financial statements, management's discussion and analysis, and business segment data for the relevant fiscal year.
04—Continue