Item 8.01 Other Events.

On January 17, 2013, AT&T Inc. ("AT&T", "we" or "the Company") provided updated information regarding certain fourth-quarter items.

For the quarter ended December 31, 2012, we expect to record a non-cash, pre-tax charge of approximately $10 billion related to actuarial gains and losses on pension and postemployment benefit plans. At December 31, 2012, we lowered our assumed discount rate to 4.3%, resulting in an actuarial loss of approximately $12.0 billion. Partially offsetting the impact of the discount rate is an asset gain, which is approximately $1.9 billion in excess of our assumed rate of return of 8.25%. Despite this gain, due to the continued uncertainty in the securities markets and U.S. economy in 2013, we have lowered our expected long-term rate of return on asset assumption to 7.75%. Gains on claims experience and other actuarial assumptions of approximately $100 million also partially offset the loss associated with the lower discount rate. Actuarial gains and losses are managed on a total company basis and are, accordingly, reflected only in consolidated results. Therefore, this loss will not affect segment operating results or margins.

Fourth-quarter total smartphone sales were approximately 10.2 million devices. Due to the high subsidies on these devices, we expect a near-term pressure on operating income, margins, and earnings per share in the fourth quarter of 2012.

The estimated reduction in our fourth-quarter 2012 operating income as a result of storms, including Superstorm Sandy, is approximately $175 million, which primarily impacts our Wireless segment.

Based on a review of intersegment allocations, AT&T refined the allocation of costs associated with providing services among segments. While this change did not impact AT&T's total consolidated results, it impacted costs allocated to the Wireline and Wireless segments. We have applied this change retrospectively, adjusting prior-period segment information. As a convenience to investors who may want to consider the effects of this change, AT&T is providing updated prior-quarter segment results on the investor relations page on our website (www.att.com/investor.relations). The information provided on our website is not incorporated by reference herein.

CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS

Information set forth in this filing contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update or revise statements contained in this filing based on new information or otherwise.

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