2023 Q2 Form 10-Q Financial Statement
#000156276223000214 Filed on May 05, 2023
Income Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
Revenue | $1.449B | $1.440B | $1.447B |
YoY Change | -0.69% | -0.48% | -13.66% |
Cost Of Revenue | $528.0M | $542.0M | $553.0M |
YoY Change | -3.3% | -1.99% | 179.29% |
Gross Profit | $921.0M | $898.0M | $894.0M |
YoY Change | 0.88% | 0.45% | -39.51% |
Gross Profit Margin | 63.56% | 62.36% | 61.78% |
Selling, General & Admin | $428.0M | $417.0M | $435.0M |
YoY Change | 0.23% | -4.14% | 6.62% |
% of Gross Profit | 46.47% | 46.44% | 48.66% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $354.0M | $330.0M | $284.0M |
YoY Change | 22.07% | 16.2% | -26.61% |
% of Gross Profit | 38.44% | 36.75% | 31.77% |
Operating Expenses | $428.0M | $417.0M | $719.0M |
YoY Change | -40.31% | -42.0% | 76.23% |
Operating Profit | $115.0M | $143.0M | $175.0M |
YoY Change | -41.33% | -18.29% | -32.43% |
Interest Expense | $149.0M | $141.0M | -$101.0M |
YoY Change | -233.04% | -239.6% | -213.48% |
% of Operating Profit | 129.57% | 98.6% | -57.71% |
Other Income/Expense, Net | $15.00M | -$19.00M | $75.00M |
YoY Change | -87.07% | -125.33% | 7400.0% |
Pretax Income | -$2.000M | $4.000M | $95.00M |
YoY Change | -101.18% | -95.79% | -35.37% |
Income Tax | $0.00 | $1.000M | $30.00M |
% Of Pretax Income | 25.0% | 31.58% | |
Net Earnings | -$2.000M | $3.000M | $65.00M |
YoY Change | -101.98% | -95.38% | 8.33% |
Net Earnings / Revenue | -0.14% | 0.21% | 4.49% |
Basic Earnings Per Share | -$0.01 | $0.01 | $0.27 |
Diluted Earnings Per Share | -$0.01 | $0.01 | $265.0K |
COMMON SHARES | |||
Basic Shares Outstanding | 245.4M | 245.0M | 244.4M |
Diluted Shares Outstanding | 245.5M | 246.4M | 245.3M |
Balance Sheet
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $1.237B | $2.032B | $2.200B |
YoY Change | -58.46% | -7.64% | 4.41% |
Cash & Equivalents | $662.0M | $1.132B | $1.300B |
Short-Term Investments | $575.0M | $900.0M | $900.0M |
Other Short-Term Assets | $22.00M | $19.00M | $31.00M |
YoY Change | -12.0% | -38.71% | -27.91% |
Inventory | |||
Prepaid Expenses | $71.00M | $63.00M | $60.00M |
Receivables | $431.0M | $430.0M | $397.0M |
Other Receivables | $0.00 | $0.00 | $31.00M |
Total Short-Term Assets | $1.761B | $2.544B | $2.688B |
YoY Change | -49.71% | -5.36% | -5.58% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $13.35B | $12.75B | $9.575B |
YoY Change | 32.1% | 33.14% | -26.27% |
Goodwill | |||
YoY Change | |||
Intangibles | $3.746B | $3.826B | $4.147B |
YoY Change | -7.89% | -7.74% | |
Long-Term Investments | |||
YoY Change | |||
Other Assets | $290.0M | $280.0M | $345.0M |
YoY Change | -18.99% | -18.84% | -34.66% |
Total Long-Term Assets | $17.39B | $16.85B | $14.07B |
YoY Change | 19.65% | 19.81% | -0.33% |
TOTAL ASSETS | |||
Total Short-Term Assets | $1.761B | $2.544B | $2.688B |
Total Long-Term Assets | $17.39B | $16.85B | $14.07B |
Total Assets | $19.15B | $19.40B | $16.76B |
YoY Change | 6.18% | 15.77% | -1.21% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $1.161B | $1.368B | $694.0M |
YoY Change | 41.93% | 97.12% | 36.88% |
Accrued Expenses | $163.0M | $221.0M | $199.0M |
YoY Change | -1.81% | 11.06% | 38.19% |
Deferred Revenue | $31.00M | $30.00M | $27.00M |
YoY Change | 14.81% | 11.11% | -53.45% |
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $15.00M | $15.00M | $15.00M |
YoY Change | 0.0% | 0.0% | -99.74% |
Total Short-Term Liabilities | $2.067B | $2.311B | $1.713B |
YoY Change | 16.19% | 34.91% | -76.05% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $9.829B | $9.839B | $7.957B |
YoY Change | 7.66% | 23.65% | |
Other Long-Term Liabilities | $523.0M | $493.0M | $415.0M |
YoY Change | 23.93% | 18.8% | -6.74% |
Total Long-Term Liabilities | $10.35B | $10.33B | $8.372B |
YoY Change | 8.38% | 23.41% | 1781.35% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.067B | $2.311B | $1.713B |
Total Long-Term Liabilities | $10.35B | $10.33B | $8.372B |
Total Liabilities | $13.96B | $14.24B | $12.08B |
YoY Change | 5.43% | 17.87% | -44.58% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $856.0M | $858.0M | $479.0M |
YoY Change | 47.59% | 79.12% | -105.37% |
Common Stock | $4.244B | $4.222B | $4.141B |
YoY Change | 2.17% | 1.96% | -14.51% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $5.192B | $5.163B | $4.678B |
YoY Change | |||
Total Liabilities & Shareholders Equity | $19.15B | $19.40B | $16.76B |
YoY Change | 6.18% | 15.77% | -1.21% |
Cashflow Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$2.000M | $3.000M | $65.00M |
YoY Change | -101.98% | -95.38% | 8.33% |
Depreciation, Depletion And Amortization | $354.0M | $330.0M | $284.0M |
YoY Change | 22.07% | 16.2% | -26.61% |
Cash From Operating Activities | $276.0M | $389.0M | $528.0M |
YoY Change | 20.52% | -26.33% | -20.6% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $1.057B | $1.154B | -$447.0M |
YoY Change | -264.9% | -358.17% | 16.41% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $329.0M | $850.0M | -$898.0M |
YoY Change | -123.52% | -194.65% | 44800.0% |
Cash From Investing Activities | -$728.0M | -$304.0M | -$1.345B |
YoY Change | -64.31% | -77.4% | 253.95% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | $4.000M | $3.000M | |
YoY Change | 33.33% | ||
Cash From Financing Activities | -18.00M | 725.0M | -12.00M |
YoY Change | -101.54% | -6141.67% | 71.43% |
NET CHANGE | |||
Cash From Operating Activities | 276.0M | 389.0M | 528.0M |
Cash From Investing Activities | -728.0M | -304.0M | -1.345B |
Cash From Financing Activities | -18.00M | 725.0M | -12.00M |
Net Change In Cash | -470.0M | 810.0M | -829.0M |
YoY Change | -26.68% | -197.71% | -398.2% |
FREE CASH FLOW | |||
Cash From Operating Activities | $276.0M | $389.0M | $528.0M |
Capital Expenditures | $1.057B | $1.154B | -$447.0M |
Free Cash Flow | -$781.0M | -$765.0M | $975.0M |
YoY Change | -189.77% | -178.46% | -7.05% |
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CY2023Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
1000000 | |
CY2022Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
30000000 | |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
3000000 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
65000000 | |
CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.01 | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.27 | |
CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.01 | |
CY2022Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.26 | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
245081000 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
244433000 | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
246425000 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
245251000 | |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
3000000 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
65000000 | |
CY2023Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
4000000 | |
CY2022Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-2000000 | |
CY2023Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
7000000 | |
CY2022Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
63000000 | |
CY2022Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
5134000000 | |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
22000000 | |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
3000000 | |
CY2023Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
4000000 | |
CY2023Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
5163000000 | |
CY2021Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
4600000000 | |
CY2022Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
15000000 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
65000000 | |
CY2022Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-2000000 | |
CY2022Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
4678000000 | |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
3000000 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
65000000 | |
CY2023Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
330000000 | |
CY2022Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
284000000 | |
CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
24000000 | |
CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
15000000 | |
CY2022Q1 | fybr |
Finance And Operating Lease Impairment Loss
FinanceAndOperatingLeaseImpairmentLoss
|
44000000 | |
CY2023Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
-7000000 | |
CY2022Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
-7000000 | |
CY2023Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
7000000 | |
CY2022Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
7000000 | |
CY2023Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-1000000 | |
CY2022Q1 | us-gaap |
Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
|
-25000000 | |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-2000000 | |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-54000000 | |
CY2023Q1 | us-gaap |
Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
|
-7000000 | |
CY2022Q1 | us-gaap |
Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
|
-94000000 | |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
|
30000000 | |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
|
120000000 | |
CY2023Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-6000000 | |
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-15000000 | |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
389000000 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
528000000 | |
CY2023Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
1154000000 | |
CY2022Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
447000000 | |
CY2023Q1 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
225000000 | |
CY2022Q1 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
900000000 | |
CY2023Q1 | us-gaap |
Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
|
1075000000 | |
CY2022Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
-2000000 | |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-304000000 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1345000000 | |
CY2023Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
4000000 | |
CY2022Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
3000000 | |
CY2023Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
750000000 | |
CY2023Q1 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
13000000 | |
CY2023Q1 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
5000000 | |
CY2022Q1 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
5000000 | |
CY2023Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
3000000 | |
CY2022Q1 | us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-4000000 | |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
725000000 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-12000000 | |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
810000000 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-829000000 | |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
322000000 | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2178000000 | |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1132000000 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1349000000 | |
CY2023Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
83000000 | |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
36000000 | |
CY2023Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
5000000 | |
CY2022Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
2000000 | |
CY2023Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<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, 2022. 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><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;">Certain reclassifications of prior period balances have been made to conform to the current period presentation. </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;">For our interim financial statements as of and for the period ended March 31, 2023, 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;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;">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 allowance for credit losses, asset impairments, indefinite-lived intangibles, depreciation and amortization, income taxes, and pension and other postretirement benefits, among others. </span></p> | |
CY2023Q1 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | |
CY2023Q1 | fybr |
Annual Support Accepted For Commitment Rural Program
AnnualSupportAcceptedForCommitmentRuralProgram
|
37000000 | |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1418000000 | |
CY2023Q1 | us-gaap |
Short Term Investments
ShortTermInvestments
|
900000000 | |
CY2022Q1 | fybr |
Finance And Operating Lease Impairment Loss
FinanceAndOperatingLeaseImpairmentLoss
|
44000000 | |
CY2022Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1442000000 | |
CY2023Q1 | fybr |
Subsidy And Other Regulatory Revenue
SubsidyAndOtherRegulatoryRevenue
|
22000000 | |
CY2022Q1 | fybr |
Subsidy And Other Regulatory Revenue
SubsidyAndOtherRegulatoryRevenue
|
5000000 | |
CY2023Q1 | us-gaap |
Revenues
Revenues
|
1440000000 | |
CY2022Q1 | us-gaap |
Revenues
Revenues
|
1447000000 | |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1418000000 | |
CY2022Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1442000000 | |
CY2023Q1 | fybr |
Subsidy And Other Regulatory Revenue
SubsidyAndOtherRegulatoryRevenue
|
22000000 | |
CY2022Q1 | fybr |
Subsidy And Other Regulatory Revenue
SubsidyAndOtherRegulatoryRevenue
|
5000000 | |
CY2023Q1 | us-gaap |
Revenues
Revenues
|
1440000000 | |
CY2022Q1 | us-gaap |
Revenues
Revenues
|
1447000000 | |
CY2023Q1 | us-gaap |
Lease Income
LeaseIncome
|
15000000 | |
CY2022Q1 | us-gaap |
Lease Income
LeaseIncome
|
16000000 | |
CY2022Q4 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
27000000 | |
CY2022Q4 | us-gaap |
Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
|
17000000 | |
CY2023Q1 | fybr |
Contract With Customer Liability Reclassified To Receivable Current
ContractWithCustomerLiabilityReclassifiedToReceivableCurrent
|
9000000 | |
CY2023Q1 | fybr |
Contract With Customer Liability Revenue Recognized Noncurrent
ContractWithCustomerLiabilityRevenueRecognizedNoncurrent
|
3000000 | |
CY2023Q1 | fybr |
Contract With Customer Liability Credits Granted Excluding Amounts Recognized As Revenue Current
ContractWithCustomerLiabilityCreditsGrantedExcludingAmountsRecognizedAsRevenueCurrent
|
10000000 | |
CY2023Q1 | fybr |
Contract With Customer Liability Credits Granted Excluding Amounts Recognized As Revenue Noncurrent
ContractWithCustomerLiabilityCreditsGrantedExcludingAmountsRecognizedAsRevenueNoncurrent
|
5000000 | |
CY2023Q1 | fybr |
Contract With Customer Liability Reclassified Between Current And Noncurrent Current
ContractWithCustomerLiabilityReclassifiedBetweenCurrentAndNoncurrentCurrent
|
2000000 | |
CY2023Q1 | fybr |
Contract With Customer Liability Reclassified Between Current And Noncurrent Noncurrent
ContractWithCustomerLiabilityReclassifiedBetweenCurrentAndNoncurrentNoncurrent
|
-2000000 | |
CY2023Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
30000000 | |
CY2023Q1 | us-gaap |
Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
|
17000000 | |
CY2021Q4 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
27000000 | |
CY2021Q4 | us-gaap |
Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
|
11000000 | |
CY2022Q1 | fybr |
Contract With Customer Liability Reclassified To Receivable Current
ContractWithCustomerLiabilityReclassifiedToReceivableCurrent
|
9000000 | |
CY2022Q1 | fybr |
Contract With Customer Liability Revenue Recognized Noncurrent
ContractWithCustomerLiabilityRevenueRecognizedNoncurrent
|
3000000 | |
CY2022Q1 | fybr |
Contract With Customer Liability Credits Granted Excluding Amounts Recognized As Revenue Current
ContractWithCustomerLiabilityCreditsGrantedExcludingAmountsRecognizedAsRevenueCurrent
|
9000000 | |
CY2022Q1 | fybr |
Contract With Customer Liability Credits Granted Excluding Amounts Recognized As Revenue Noncurrent
ContractWithCustomerLiabilityCreditsGrantedExcludingAmountsRecognizedAsRevenueNoncurrent
|
5000000 | |
CY2022Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
27000000 | |
CY2022Q1 | us-gaap |
Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
|
13000000 | |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
504000000 | |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
273000000 | |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
146000000 | |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
61000000 | |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
13000000 | |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
5000000 | |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
1002000000 | |
CY2023Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
43000000 | |
CY2022Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
47000000 | |
CY2023Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
430000000 | |
CY2022Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
438000000 | |
CY2022Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
7000000 | |
CY2023Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
7000000 | |
CY2022Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
47000000 | |
CY2023Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
7000000 | |
CY2023Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
|
8000000 | |
CY2023Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
19000000 | |
CY2023Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
43000000 | |
CY2023Q1 | us-gaap |
Severance Costs1
SeveranceCosts1
|
10000000 | |
CY2023Q1 | fybr |
Other Restructuring Income
OtherRestructuringIncome
|
-2000000 | |
CY2023Q1 | us-gaap |
Payments For Restructuring
PaymentsForRestructuring
|
9000000 | |
CY2023Q1 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
8000000 | |
CY2023Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
14330000000 | |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
13186000000 | |
CY2023Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1582000000 | |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1336000000 | |
CY2023Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
12748000000 | |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
11850000000 | |
CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
250000000 | |
CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
204000000 | |
CY2023Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
1154000000 | |
CY2023Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
25000000 | |
CY2023Q1 | fybr |
Accounts Payable Associated With Capital
AccountsPayableAssociatedWithCapital
|
957000000 | |
CY2023Q1 | us-gaap |
Interest Costs Incurred
InterestCostsIncurred
|
17000000 | |
CY2022Q1 | us-gaap |
Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
|
0 | |
CY2023Q1 | us-gaap |
Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
|
0 | |
CY2023Q1 | us-gaap |
Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
|
4441000000 | |
CY2023Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
615000000 | |
CY2023Q1 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
3826000000 | |
CY2022Q4 | us-gaap |
Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
|
4441000000 | |
CY2022Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
535000000 | |
CY2022Q4 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
3906000000 | |
CY2023Q1 | us-gaap |
Restructuring Charges
RestructuringCharges
|
8000000 | |
CY2022Q1 | us-gaap |
Restructuring Charges
RestructuringCharges
|
54000000 | |
CY2023Q1 | us-gaap |
Interest And Dividend Income Securities
InterestAndDividendIncomeSecurities
|
21000000 | |
CY2023Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
80000000 | |
CY2022Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
80000000 | |
CY2022Q4 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
8963000000 | |
CY2023Q1 | us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
4000000 | |
CY2023Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
750000000 | |
CY2023Q1 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
9709000000 | |
CY2022Q4 | us-gaap |
Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
|
28000000 | |
CY2023Q1 | us-gaap |
Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
|
38000000 | |
CY2022Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
15000000 | |
CY2023Q1 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
15000000 | |
CY2022Q4 | fybr |
Debt Instrument Unamortized Fair Value Adjustment
DebtInstrumentUnamortizedFairValueAdjustment
|
-190000000 | |
CY2023Q1 | fybr |
Debt Instrument Unamortized Fair Value Adjustment
DebtInstrumentUnamortizedFairValueAdjustment
|
-183000000 | |
CY2022Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
9110000000 | |
CY2023Q1 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
9839000000 | |
CY2023Q1 | fybr |
Long Term Debt Fair Value Adjustment
LongTermDebtFairValueAdjustment
|
236000000 | |
CY2023Q1 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
9709000000 | |
CY2023Q1 | us-gaap |
Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
|
0.06922 | |
CY2022Q4 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
8963000000 | |
CY2022Q4 | us-gaap |
Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
|
0.06760 | |
CY2022Q4 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
9000000 | |
CY2022Q1 | us-gaap |
Interest And Dividend Income Securities
InterestAndDividendIncomeSecurities
|
2000000 | |
CY2023Q1 | us-gaap |
Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
|
-4000000 | |
CY2022Q1 | us-gaap |
Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
|
-25000000 | |
CY2023Q1 | fybr |
Opeb Costs Benefit
OpebCostsBenefit
|
-3000000 | |
CY2022Q1 | fybr |
Opeb Costs Benefit
OpebCostsBenefit
|
-3000000 | |
CY2023Q1 | fybr |
Opeb Remeasurement
OpebRemeasurement
|
-20000000 | |
CY2022Q1 | fybr |
Opeb Remeasurement
OpebRemeasurement
|
54000000 | |
CY2022Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-1000000 | |
CY2023Q1 | fybr |
Investment And Other Nonoperating Income Expense Net
InvestmentAndOtherNonoperatingIncomeExpenseNet
|
2000000 | |
CY2022Q1 | fybr |
Investment And Other Nonoperating Income Expense Net
InvestmentAndOtherNonoperatingIncomeExpenseNet
|
77000000 | |
CY2023Q1 | fybr |
Pension Remeasurement Gain
PensionRemeasurementGain
|
-20000000 | |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.125 | |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.067 | |
CY2023Q1 | fybr |
Effective Income Tax Rate Reconciliation Tax Reserve Adjustment
EffectiveIncomeTaxRateReconciliationTaxReserveAdjustment
|
-0.019 | |
CY2022Q1 | fybr |
Effective Income Tax Rate Reconciliation Tax Reserve Adjustment
EffectiveIncomeTaxRateReconciliationTaxReserveAdjustment
|
0.005 | |
CY2023Q1 | fybr |
Effective Income Tax Rate Reconciliation Tax Credit1
EffectiveIncomeTaxRateReconciliationTaxCredit1
|
0.039 | |
CY2022Q1 | fybr |
Effective Income Tax Rate Reconciliation Tax Credit1
EffectiveIncomeTaxRateReconciliationTaxCredit1
|
-0.011 | |
CY2023Q1 | fybr |
Effective Income Tax Rate Reconciliation Nondeductible Expense Executive Compensation
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseExecutiveCompensation
|
-0.114 | |
CY2022Q1 | fybr |
Effective Income Tax Rate Reconciliation Nondeductible Expense Executive Compensation
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseExecutiveCompensation
|
0.045 | |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
|
-0.034 | |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.207 | |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.316 | |
CY2023Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
34000000 | |
CY2023Q1 | fybr |
Deferred Tax Assets Valuation Allowance Net Of Federal Benefit
DeferredTaxAssetsValuationAllowanceNetOfFederalBenefit
|
27000000 | |
CY2023Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
3000000 | |
CY2022Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
65000000 | |
CY2023Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
3000000 | |
CY2022Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
65000000 | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
245081000 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
244433000 | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
245081000 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
244433000 | |
CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.01 | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.27 | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
245081000 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
244433000 | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
246425000 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
245251000 | |
CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.01 | |
CY2022Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.26 | |
CY2023Q1 | fybr |
Capitalization Of Pension And Opeb Expense Related To Engineering And Plant Construction
CapitalizationOfPensionAndOpebExpenseRelatedToEngineeringAndPlantConstruction
|
4000000 | |
CY2022Q1 | fybr |
Capitalization Of Pension And Opeb Expense Related To Engineering And Plant Construction
CapitalizationOfPensionAndOpebExpenseRelatedToEngineeringAndPlantConstruction
|
6000000 | |
CY2022Q1 | fybr |
Opeb Remeasurement
OpebRemeasurement
|
54000000 | |
CY2023Q1 | fybr |
Short Term Purchase Commitment Extension Period
ShortTermPurchaseCommitmentExtensionPeriod
|
P2Y |