2022 Q4 Form 10-Q Financial Statement
#000156276222000414 Filed on November 02, 2022
Income Statement
| Concept | 2022 Q4 | 2022 Q3 |
|---|---|---|
| Revenue | $1.437B | $1.444B |
| YoY Change | -6.87% | -8.38% |
| Cost Of Revenue | $526.0M | $544.0M |
| YoY Change | -3.66% | -7.8% |
| Gross Profit | $911.0M | $900.0M |
| YoY Change | -8.63% | -8.72% |
| Gross Profit Margin | 63.4% | 62.33% |
| Selling, General & Admin | $452.0M | $431.0M |
| YoY Change | 2.49% | 2.38% |
| % of Gross Profit | 49.62% | 47.89% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $312.0M | $296.0M |
| YoY Change | 10.64% | 8.42% |
| % of Gross Profit | 34.25% | 32.89% |
| Operating Expenses | $764.0M | $727.0M |
| YoY Change | 5.67% | 4.76% |
| Operating Profit | $147.0M | $173.0M |
| YoY Change | -46.35% | -40.75% |
| Interest Expense | -$118.0M | $76.00M |
| YoY Change | 12.38% | -185.39% |
| % of Operating Profit | -80.27% | 43.93% |
| Other Income/Expense, Net | $126.0M | $195.0M |
| YoY Change | 270.59% | -613.16% |
| Pretax Income | $139.0M | $195.0M |
| YoY Change | -30.85% | 24.2% |
| Income Tax | -$16.00M | $75.00M |
| % Of Pretax Income | -11.51% | 38.46% |
| Net Earnings | $155.0M | $120.0M |
| YoY Change | -17.99% | -4.76% |
| Net Earnings / Revenue | 10.79% | 8.31% |
| Basic Earnings Per Share | $0.49 | |
| Diluted Earnings Per Share | $0.63 | $489.4K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 245.0M | 245.0M |
| Diluted Shares Outstanding | 245.2M |
Balance Sheet
| Concept | 2022 Q4 | 2022 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $2.072B | $2.555B |
| YoY Change | -2.59% | 110.98% |
| Cash & Equivalents | $322.0M | $230.0M |
| Short-Term Investments | $1.750B | $2.325B |
| Other Short-Term Assets | $30.00M | $21.00M |
| YoY Change | 0.0% | -77.66% |
| Inventory | ||
| Prepaid Expenses | $57.00M | $80.00M |
| Receivables | $438.0M | $422.0M |
| Other Receivables | $30.00M | $0.00 |
| Total Short-Term Assets | $2.597B | $3.078B |
| YoY Change | -3.39% | 72.24% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $11.85B | $10.85B |
| YoY Change | 28.82% | 21.63% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | $3.906B | $3.986B |
| YoY Change | -7.59% | |
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $271.0M | $362.0M |
| YoY Change | -26.16% | -3.72% |
| Total Long-Term Assets | $16.03B | $15.20B |
| YoY Change | 16.2% | 11.72% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $2.597B | $3.078B |
| Total Long-Term Assets | $16.03B | $15.20B |
| Total Assets | $18.62B | $18.27B |
| YoY Change | 13.0% | 18.75% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $1.410B | $995.0M |
| YoY Change | 163.55% | 70.67% |
| Accrued Expenses | $143.0M | $224.0M |
| YoY Change | 17.21% | 29.48% |
| Deferred Revenue | $28.00M | $27.00M |
| YoY Change | 3.7% | |
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $15.00M | $15.00M |
| YoY Change | 0.0% | 0.0% |
| Total Short-Term Liabilities | $2.295B | $1.977B |
| YoY Change | 58.17% | 33.58% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $9.110B | $9.120B |
| YoY Change | 14.33% | 30.36% |
| Other Long-Term Liabilities | $483.0M | $496.0M |
| YoY Change | 19.85% | -76.98% |
| Total Long-Term Liabilities | $9.593B | $9.616B |
| YoY Change | 14.6% | 5.08% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $2.295B | $1.977B |
| Total Long-Term Liabilities | $9.593B | $9.616B |
| Total Liabilities | $13.49B | $13.34B |
| YoY Change | 13.54% | 21.24% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $855.0M | $700.0M |
| YoY Change | 106.52% | |
| Common Stock | $4.200B | $4.173B |
| YoY Change | 1.79% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $5.134B | $4.933B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $18.62B | $18.27B |
| YoY Change | 13.0% | 18.75% |
Cashflow Statement
| Concept | 2022 Q4 | 2022 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $155.0M | $120.0M |
| YoY Change | -17.99% | -4.76% |
| Depreciation, Depletion And Amortization | $312.0M | $296.0M |
| YoY Change | 10.64% | 8.42% |
| Cash From Operating Activities | $360.0M | $284.0M |
| YoY Change | -23.08% | -52.9% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $878.0M | -$772.0M |
| YoY Change | -257.07% | 104.77% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $588.0M | -$21.00M |
| YoY Change | 5245.45% | -2200.0% |
| Cash From Investing Activities | -$290.0M | -$793.0M |
| YoY Change | -47.08% | 110.9% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -8.000M | 61.00M |
| YoY Change | -100.8% | -710.0% |
| NET CHANGE | ||
| Cash From Operating Activities | 360.0M | 284.0M |
| Cash From Investing Activities | -290.0M | -793.0M |
| Cash From Financing Activities | -8.000M | 61.00M |
| Net Change In Cash | 62.00M | -448.0M |
| YoY Change | -93.24% | -306.45% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $360.0M | $284.0M |
| Capital Expenditures | $878.0M | -$772.0M |
| Free Cash Flow | -$518.0M | $1.056B |
| YoY Change | -150.44% | 7.76% |
Facts In Submission
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|---|---|---|---|---|
| CY2021Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
2127000000 | |
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Short Term Investments
ShortTermInvestments
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2325000000 | |
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Allowance For Doubtful Accounts Receivable Current
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47000000 | |
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Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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57000000 | |
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Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
422000000 | |
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Accounts Receivable Net Current
AccountsReceivableNetCurrent
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458000000 | |
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Prepaid Expense Current
PrepaidExpenseCurrent
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80000000 | |
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Prepaid Expense Current
PrepaidExpenseCurrent
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Other Assets Current
OtherAssetsCurrent
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Other Assets Current
OtherAssetsCurrent
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30000000 | |
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Assets Current
AssetsCurrent
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Assets Current
AssetsCurrent
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Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
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Intangible Assets Net Excluding Goodwill
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Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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Other Assets Noncurrent
OtherAssetsNoncurrent
|
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Other Assets Noncurrent
OtherAssetsNoncurrent
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Assets
Assets
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Assets
Assets
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Long Term Debt Current
LongTermDebtCurrent
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Long Term Debt Current
LongTermDebtCurrent
|
15000000 | |
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Accounts Payable Current
AccountsPayableCurrent
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995000000 | |
| fybr |
Provided Funding Period For Construction Of Broadband Networks
ProvidedFundingPeriodForConstructionOfBroadbandNetworks
|
P10Y | ||
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Revenue Recognition Period Fcc S Caf Phase Ii Subsidies
RevenueRecognitionPeriodFccSCafPhaseIiSubsidies
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P7Y | ||
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Short Term Purchase Commitment Period
ShortTermPurchaseCommitmentPeriod
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Accounts Payable Current
AccountsPayableCurrent
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Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P3M | |
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Contract With Customer Liability Advanced Billings Current
ContractWithCustomerLiabilityAdvancedBillingsCurrent
|
195000000 | |
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Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
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P1Y | |
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Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P1Y | |
| CY2021Q4 | fybr |
Contract With Customer Liability Advanced Billings Current
ContractWithCustomerLiabilityAdvancedBillingsCurrent
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197000000 | |
| CY2022Q3 | us-gaap |
Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
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179000000 | |
| CY2021Q4 | us-gaap |
Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
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183000000 | |
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Interest And Dividends Payable Current
InterestAndDividendsPayableCurrent
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178000000 | |
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Interest And Dividends Payable Current
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76000000 | |
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Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P1Y | |
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Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
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46000000 | |
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Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P1Y | |
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Pension And Other Postretirement Defined Benefit Plans Current Liabilities
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10-Q | ||
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Document Period End Date
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2022-09-30 | ||
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Document Transition Report
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Entity File Number
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001-11001 | ||
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Other Liabilities Current
OtherLiabilitiesCurrent
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399000000 | |
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Amendment Flag
AmendmentFlag
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false | ||
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Current Fiscal Year End Date
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Document Fiscal Period Focus
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Q3 | ||
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Document Fiscal Year Focus
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2022 | ||
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Entity Central Index Key
EntityCentralIndexKey
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0000020520 | ||
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Entity Registrant Name
EntityRegistrantName
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FRONTIER COMMUNICATIONS PARENT, INC. | ||
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Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
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DE | ||
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Entity Tax Identification Number
EntityTaxIdentificationNumber
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86-2359749 | ||
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Entity Address Address Line1
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401 Merritt 7 | ||
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Entity Address City Or Town
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Norwalk | ||
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Entity Address State Or Province
EntityAddressStateOrProvince
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CT | ||
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Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
06851 | ||
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City Area Code
CityAreaCode
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203 | ||
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Local Phone Number
LocalPhoneNumber
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614-5600 | ||
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Security12b Title
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Common Stock, par value $0.01 per share | ||
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Trading Symbol
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FYBR | ||
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Security Exchange Name
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NASDAQ | ||
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Entity Current Reporting Status
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Entity Interactive Data Current
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Large Accelerated Filer | ||
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230000000 | |
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Common Stock Value
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1977000000 | |
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Liabilities Current
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1451000000 | |
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496000000 | |
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403000000 | |
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Long Term Debt Noncurrent
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Common Stock Par Or Stated Value Per Share
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0.01 | |
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244999000 | |
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Common Stock Shares Issued
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Additional Paid In Capital Common Stock
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Retained Earnings Accumulated Deficit
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Retained Earnings Accumulated Deficit
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Accumulated Other Comprehensive Income Loss Net Of Tax
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60000000 | |
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Accumulated Other Comprehensive Income Loss Net Of Tax
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Stockholders Equity
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4933000000 | |
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Stockholders Equity
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Use Of Estimates
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<span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;text-decoration: underline;">Basis of Presentation and Use of Estimates</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;">:</span><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Frontier Communications Parent, Inc. and its subsidiaries are referred to as “we,” “us,” “our,” “Frontier,” or the “Company” in this report. Our interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. All significant intercompany balances and transactions have been eliminated in consolidation. These interim unaudited consolidated financial statements include all adjustments (consisting of normal recurring accruals) considered necessary, in the opinion of Frontier’s management, to present fairly the results for the interim periods shown. Revenues, net income, and cash flows for any interim periods are not necessarily indicative of results that may be expected for the full year.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;">We operate in </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;">one</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;"> reportable segment. Frontier provides both regulated and unregulated voice, data and video services to consumer, business, and wholesale customers and is typically the incumbent voice services provider in its service areas.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">In 2021, we recategorized our previous operating expenses categories (“Network access expenses” and “Network related expense”) into one expense line: “Cost of service”. All historical periods presented have been updated to conform to the new categorization. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation. For our interim financial statements as of and for the period ended September 30, 2022, we evaluated subsequent events and transactions for potential recognition or disclosure through the date that we filed this Form 10-Q with the Securities and Exchange Commission (“SEC”).</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of our interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the disclosure of contingent assets and liabilities, and (iii) the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. Estimates and judgments are used when accounting for the application of fresh start accounting, allowance for credit losses, asset impairments, indefinite-lived intangibles, depreciation and amortization, income taxes, and pension and other postretirement benefits, among others. </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span id="_Hlk102392864" style="text-decoration: none;"/><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Chapter 11 Bankruptcy Emergence </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">As described in Note 3 </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Emergence from the Chapter 11 Cases</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">, and Note 4 Fresh Start Accounting, to our consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2021, the Company emerged from bankruptcy on April 30, 2021 (the “Effective Date”). Accordingly, the consolidated financial information has been prepared in conformity with Accounting Standards Codification Subtopic 852-10 (ASC 852), Reorganizations, for the Successor as a new entity with assets, liabilities, and a capital structure having carrying amounts not comparable with prior periods.</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;"><br/></span><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="background: #FFFFFF;font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span id="_Hlk102393147" style="text-decoration: none;"/><span id="_Hlk102393552" style="text-decoration: none;"/></p><p dir="ltr" style="background: #FFFFFF;font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Reorganization items incurred in the first four months of 2021 as a result of the Chapter 11 Cases included a gain on settlement of liabilities subject to compromise of $</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">5,274</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million, fresh start valuation adjustment charges of $</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">1,038</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million, debtor-in-possession financing costs of $</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">15</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million and $</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">50</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million in professional fees and other bankruptcy related costs presented separately in the accompanying consolidated statements of income. </span></p><p dir="ltr" style="background: #FFFFFF;font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span id="_Hlk109131222" style="text-decoration: none;"/><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company incurred significant costs associated with the reorganization, primarily legal and professional fees. Subsequent to April 14, 2020 (the “Petition Date”), these costs were expensed as incurred and significantly affected our consolidated results of operations. From the Petition Date to the Effective Date, these costs were included in “Reorganization items, net” on our consolidated statement of income. For the periods prior to the Petition Date and following the Effective Date, these costs have been included in “Restructuring costs and other charges” on our consolidated statement of income. Refer to Note 9.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Fresh Start Accounting</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Upon emergence from bankruptcy, we adopted fresh start accounting in accordance with Accounting Standards Codification (ASC) Topic 852 – Reorganizations (ASC 852) and became a new entity for financial reporting purposes. As a result, the consolidated financial statements for periods after the Effective Date are not comparable with the consolidated financial statements on or before that date as indicated by the “black line” division in the financial statements and footnote tables, which emphasizes the lack of comparability between amounts presented. References to “Successor” relate to our financial position and results of operations after the Effective Date. References to “Predecessor” refer to the financial position and results of operations of Frontier Communications Corporation and its subsidiaries on or before the Effective Date (“Old Frontier”). </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p> | ||
| us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | ||
| us-gaap |
Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
|
<span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;text-decoration: underline;">Changes in Accounting Policies:</span><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The accounting policy differences between Predecessor and Successor include:</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span id="_Hlk78147821" style="text-decoration: none;"/><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Universal Service Fund and Other Surcharges </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">- </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Frontier collects various taxes, Universal Service Fund (“USF”) surcharges (“primarily federal USF”), and certain other surcharges, from its customers and subsequently remits them to governmental authorities. The Predecessor recorded USF and other taxes on a gross basis on the consolidated statement of income, included within “Revenue” and “Cost of service expense”. After emergence, the Successor records these USF and other taxes on a net basis.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Provision for Bad Debt</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> - The Predecessor reported the provision for bad debt as a reduction of revenue. After emergence, the Successor reports bad debt expense as an operating expense included in “Selling, general, and administrative expenses”. </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Contract Acquisition Costs - </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">During the Predecessor period, certain commissions to obtain new customers were deferred and amortized over </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">four years</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">, which represented the estimated customer contract period. </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">As a result of fresh start accounting, that assumption was reevaluated and the period of benefit for our retail customers was determined to be less than one year. As such, these costs are now expensed as incurred.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Actuarial Losses on Defined Benefit Plans - </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;">Historically, actuarial gains (losses) were recognized as they occurred and included in “Accumulated other comprehensive income (loss)” and were subject to amortization over the estimated average remaining service period of participants. As part of fresh start accounting, Frontier has made an accounting policy election to recognize these gains and losses immediately in the period they occur as “Investment and other income (loss)” on the consolidated statement of income.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span id="_Hlk78147862" style="text-decoration: none;"/></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Government Grants Revenue - </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Certain governmental grants that were historically presented on a net basis as part of capital expenditures, are now presented on a gross basis and included in ”Revenue” on the consolidated statement of </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;">income</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Administrative Expenses </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">-</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Historically, the Predecessor capitalized certain administrative expenses, that following emergence, are expensed during the period incurred and included in “Selling, general, and administrative expense” on the consolidated statement of </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;">income</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">.</span></p> | ||
| fybr |
Annual Support Accepted For Commitment Rural Program
AnnualSupportAcceptedForCommitmentRuralProgram
|
37000000 | ||
| CY2021Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
458000000 | |
| CY2022Q3 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
30000000 | |
| CY2022Q3 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
17000000 | |
| CY2021Q4 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
34000000 | |
| CY2022Q3 | us-gaap |
Short Term Investments
ShortTermInvestments
|
2325000000 | |
| CY2022Q3 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
320000000 | |
| CY2022Q3 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
410000000 | |
| CY2022Q3 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
273000000 | |
| CY2022Q3 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
137000000 | |
| CY2022Q3 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
80000000 | |
| CY2022Q3 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
87000000 | |
| CY2022Q3 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
1307000000 | |
| CY2022Q3 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
47000000 | |
| CY2021Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
57000000 | |
| CY2022Q3 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
422000000 | |
| CY2022Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
11948000000 | |
| CY2021Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
9707000000 | |
| CY2022Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1101000000 | |
| CY2021Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
508000000 | |
| CY2022Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
10847000000 | |
| CY2021Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
9199000000 | |
| CY2022Q3 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
70000000 | |
| us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
431000000 | ||
| CY2022Q3 | us-gaap |
Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
|
4441000000 | |
| CY2022Q3 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
455000000 | |
| CY2022Q3 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
3986000000 | |
| CY2021Q4 | us-gaap |
Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
|
4441000000 | |
| CY2021Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
214000000 | |
| CY2021Q4 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
4227000000 | |
| fybr |
Short Term Purchase Commitment Extension Period
ShortTermPurchaseCommitmentExtensionPeriod
|
P2Y | ||
| CY2022Q3 | fybr |
Long Term Debt Fair Value Adjustment
LongTermDebtFairValueAdjustment
|
236000000 | |
| us-gaap |
Severance Costs1
SeveranceCosts1
|
35000000 | ||
| CY2022Q3 | us-gaap |
Severance Costs1
SeveranceCosts1
|
26000000 | |
| us-gaap |
Severance Costs1
SeveranceCosts1
|
7000000 | ||
| CY2021Q3 | us-gaap |
Restructuring Charges
RestructuringCharges
|
19000000 | |
| CY2021Q3 | us-gaap |
Severance Costs1
SeveranceCosts1
|
6000000 | |
| CY2021Q3 | us-gaap |
Professional Fees
ProfessionalFees
|
13000000 | |
| CY2021Q4 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
7000000 | |
| us-gaap |
Severance Costs1
SeveranceCosts1
|
35000000 | ||
| us-gaap |
Other Restructuring Costs
OtherRestructuringCosts
|
9000000 | ||
| us-gaap |
Payments For Restructuring
PaymentsForRestructuring
|
45000000 | ||
| CY2022Q3 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
6000000 | |
| CY2022Q3 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
77000000 | |
| CY2022Q3 | fybr |
Deferred Tax Assets Valuation Allowance Net Of Federal Benefit
DeferredTaxAssetsValuationAllowanceNetOfFederalBenefit
|
61000000 |
