AT&T Inc. reported tax rate guidance for the year 2018. For the year, the companies expect that effective tax rate will be in the 23% range. The full year's impact of tax reform is expected to be about $0.45 of EPS help. The company expects adjusted EPS in the $3.50 range. The company is expecting $21 billion of free cash flow for the full year. The company still have work to do on revenue recognition, but initial estimate is $0.10 to $0.15 per share of positive EPS impact in 2018. On a stand-alone basis, excluding Time Warner, the company expects adjusted EPS in the $3.50 range. The company also expects organic growth in the low single digits, driven by continued profitability improvement in Mexico, wireless service revenues growing in the second half of the year, cost structure benefits from virtualization and automation, and those offset by continued transformation of video business and legacy services. Free cash flow growth will be strong. The company expecting about $21 billion of free cash flow for the full year, which approximates expected adjusted net income. And the company expects capital spending to approach $25 billion or about $23 billion net of expected FirstNet reimbursements. That includes the $1 billion of incremental tax reform investment.