$FYBR
Frontier Communications Parent, Inc.

2024 Q1 Form 10-K Financial Statement

#000156276224000034 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.462B $1.426B $5.751B
YoY Change 1.53% -0.77% -0.62%
Cost Of Revenue $522.0M $510.0M $2.125B
YoY Change -3.69% -3.04% -2.03%
Gross Profit $940.0M $916.0M $3.626B
YoY Change 4.68% 0.55% 0.22%
Gross Profit Margin 64.3% 64.24% 63.05%
Selling, General & Admin $428.0M $396.0M $1.646B
YoY Change 2.64% -12.39% -5.67%
% of Gross Profit 45.53% 43.23% 45.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $388.0M $375.0M $1.415B
YoY Change 17.58% 20.19% 19.71%
% of Gross Profit 41.28% 40.94% 39.02%
Operating Expenses $428.0M $771.0M $1.646B
YoY Change 2.64% 0.92% -5.67%
Operating Profit $90.00M $145.0M $492.0M
YoY Change -37.06% -1.36% -16.89%
Interest Expense $199.0M -$16.00M $653.0M
YoY Change 41.13% -86.44% 32.72%
% of Operating Profit 221.11% -11.03% 132.72%
Other Income/Expense, Net $94.00M $150.0M -$18.00M
YoY Change -594.74% 19.05% 63.64%
Pretax Income $3.000M $104.0M $117.0M
YoY Change -25.0% -25.18% -80.47%
Income Tax $2.000M $87.00M $88.00M
% Of Pretax Income 66.67% 83.65% 75.21%
Net Earnings $1.000M $17.00M $29.00M
YoY Change -66.67% -89.03% -93.42%
Net Earnings / Revenue 0.07% 1.19% 0.5%
Basic Earnings Per Share $0.00 $0.12
Diluted Earnings Per Share $0.00 $0.07 $0.12
COMMON SHARES
Basic Shares Outstanding 245.8M 245.8M 245.5M
Diluted Shares Outstanding 247.0M 248.5M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.521B $2.200B $2.200B
YoY Change -25.15% 6.18% 6.18%
Cash & Equivalents $1.296B $1.125B $1.125B
Short-Term Investments $225.0M $1.075B $1.075B
Other Short-Term Assets $49.00M $68.00M $135.0M
YoY Change 157.89% 126.67% 136.84%
Inventory
Prepaid Expenses $64.00M $67.00M
Receivables $447.0M $446.0M $446.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.081B $2.781B $2.781B
YoY Change -18.2% 7.09% 7.09%
LONG-TERM ASSETS
Property, Plant & Equipment $14.30B $13.93B $13.93B
YoY Change 12.14% 17.58% 15.75%
Goodwill
YoY Change
Intangibles $3.505B $3.585B
YoY Change -8.39% -8.22%
Long-Term Investments
YoY Change
Other Assets $315.0M $394.0M $3.979B
YoY Change 12.5% 45.39% 4636.9%
Total Long-Term Assets $18.12B $17.91B $17.91B
YoY Change 7.49% 11.76% 11.76%
TOTAL ASSETS
Total Short-Term Assets $2.081B $2.781B $2.781B
Total Long-Term Assets $18.12B $17.91B $17.91B
Total Assets $20.20B $20.69B $20.69B
YoY Change 4.12% 11.11% 11.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $672.0M $857.0M $2.260B
YoY Change -50.88% -39.22% 60.28%
Accrued Expenses $221.0M $164.0M $205.0M
YoY Change 0.0% 14.69% 10.81%
Deferred Revenue $33.00M $33.00M
YoY Change 10.0% 17.86%
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% -54.55%
Total Short-Term Liabilities $1.940B $2.275B $2.275B
YoY Change -16.05% -0.87% -0.87%
LONG-TERM LIABILITIES
Long-Term Debt $11.24B $11.25B $11.25B
YoY Change 14.24% 23.45% 21.91%
Other Long-Term Liabilities $554.0M $553.0M $1.069B
YoY Change 12.37% 14.49% -24.29%
Total Long-Term Liabilities $11.79B $11.80B $11.25B
YoY Change 14.15% 23.0% 5.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.940B $2.275B $2.275B
Total Long-Term Liabilities $11.79B $11.80B $11.25B
Total Liabilities $14.94B $15.41B $15.41B
YoY Change 4.94% 14.26% 14.26%
SHAREHOLDERS EQUITY
Retained Earnings $885.0M $884.0M
YoY Change 3.15% 3.39%
Common Stock $4.283B $4.299B
YoY Change 1.44% 2.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.259B $5.279B $5.279B
YoY Change
Total Liabilities & Shareholders Equity $20.20B $20.69B $20.69B
YoY Change 4.12% 11.11% 11.11%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $1.000M $17.00M $29.00M
YoY Change -66.67% -89.03% -93.42%
Depreciation, Depletion And Amortization $388.0M $375.0M $1.415B
YoY Change 17.58% 20.19% 19.71%
Cash From Operating Activities $335.0M $296.0M $1.344B
YoY Change -13.88% -17.78% -4.07%
INVESTING ACTIVITIES
Capital Expenditures $666.0M $329.0M $3.211B
YoY Change -42.29% -62.53% 17.28%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $224.0M -$6.000M
YoY Change -100.24% -61.9% -14.29%
Cash From Investing Activities $186.0M -$105.0M -$2.556B
YoY Change -161.18% -63.79% -42.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $4.000M $68.00M
YoY Change 0.0% 385.71%
Cash From Financing Activities -423.0M -6.000M 2.129B
YoY Change -158.34% -25.0% 75.81%
NET CHANGE
Cash From Operating Activities 335.0M 296.0M 1.344B
Cash From Investing Activities 186.0M -105.0M -2.556B
Cash From Financing Activities -423.0M -6.000M 2.129B
Net Change In Cash 98.00M 185.0M 917.0M
YoY Change -87.9% 198.39% -149.41%
FREE CASH FLOW
Cash From Operating Activities $335.0M $296.0M $1.344B
Capital Expenditures $666.0M $329.0M $3.211B
Free Cash Flow -$331.0M -$33.00M -$1.867B
YoY Change -56.73% -93.63% 39.64%

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<span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;">(b)</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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: 9pt;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: 9pt;line-height: 108%;margin-bottom: 0;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain reclassifications of amounts previously reported have been made to conform to the current presentation. The consolidated financial statements include the accounts of Frontier Communications Parent, Inc., all consolidated subsidiaries and variable interest entities of which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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 financial statements as of and for the period ended December 31, 2023, we evaluated subsequent events and transactions for potential recognition or disclosure through the date that we filed this Form 10-K with the Securities and Exchange Commission (SEC).</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of our 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. For information about our use of estimates as a result of fresh start accounting, see Note 4.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">On April 14, 2020 (the “Petition Date”), Frontier Communications Corporation, a Delaware corporation (“Old Frontier”), and its subsidiaries (collectively with Old Frontier, the “Debtors”), commenced cases under chapter 11 (the “Chapter 11 Cases”) of title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). On August 27, 2020, the Bankruptcy Court confirmed the Fifth Amended Joint Plan of Reorganization of Frontier Communications Corporation and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan” or the “Plan of Reorganization”), which was filed with the Bankruptcy Court on August 21, 2020, and on April 30, 2021 (the “Effective Date”), the Debtors satisfied the conditions precedent to consummation of the Plan as set forth in the Plan, and the Debtors emerged from the Chapter 11 Cases without any need for further action or order of the Bankruptcy Court. See Note 3 for additional information related to our emergence from Chapter 11 Cases.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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 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 Old Frontier and its subsidiaries on or before the Effective Date. See Note 4 for additional information related to fresh start accounting.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">During the Predecessor period, ASC 852 was applied in preparing the consolidated financial statements. ASC 852 requires the financial statements, for periods subsequent to the commencement of the Chapter 11 Cases, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. ASC 852 requires certain additional reporting for financial statements prepared between the bankruptcy filing date and the date of emergence from bankruptcy, including: (i) Reclassification of pre-petition liabilities that are unsecured, under-secured or where it cannot be determined that the liabilities are fully secured, to a separate line item on the consolidated balance sheet called, "Liabilities subject to compromise"; and (ii) Segregation of “Reorganization items, net” as a separate line on the consolidated statements of comprehensive loss, included within income from continuing operations. </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Upon application of fresh start accounting, we allocated the reorganization value to our individual assets and liabilities, except for deferred income taxes, based on their estimated fair values in conformity with ASC Topic 805, Business Combinations. The amount of deferred taxes was determined in accordance with ASC Topic 740, Income Taxes. The Effective Date fair values of our assets and liabilities differed materially from their recorded values as reflected on the historical balance sheets, see Note 4.</span></p>
CY2023 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">(c) </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: -0.25in;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Universal Service Fund and Other Surcharges</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> - We collect various taxes, Universal Service Fund (USF) surcharges (primarily federal USF), and certain other taxes, from its customers and subsequently remit 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: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: -0.25in;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Provision for Bad Debt</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: -0.25in;"></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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: 9pt;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 four years, which represented the estimated customer contract period. 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: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: -0.25in;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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: 9pt;font-style: normal;font-weight: normal;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, we have 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: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: -0.25in;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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: 9pt;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 income.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: -0.25in;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Administrative Expenses</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;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 income.</span></p>
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
114000000
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
0
CY2023Q4 us-gaap Short Term Investments
ShortTermInvestments
1075000000
fybr Customer Surcharges
CustomerSurcharges
83000000
CY2023 fybr Annual Support Accepted For Commitment Rural Program
AnnualSupportAcceptedForCommitmentRuralProgram
37000000
CY2022Q1 fybr Finance And Operating Lease Impairment Loss
FinanceAndOperatingLeaseImpairmentLoss
44000000
CY2023 fybr Number Of Stock Plans
NumberOfStockPlans
1
CY2023Q4 fybr Vendor Financing Liabilities
VendorFinancingLiabilities
263000000
CY2023 us-gaap Plan Of Reorganization Dates Plan Confirmed
PlanOfReorganizationDatesPlanConfirmed
2020-08-27
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
244401000
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
244401000
CY2020Q4 us-gaap Liabilities Subject To Compromise Accounts Payable And Accrued Liabilities
LiabilitiesSubjectToCompromiseAccountsPayableAndAccruedLiabilities
57000000
CY2020Q4 us-gaap Liabilities Subject To Compromise Other Liabilities
LiabilitiesSubjectToCompromiseOtherLiabilities
62000000
CY2020Q4 fybr Liabilities Subject To Compromise Accounts Payable And Other Accrued Liabilities
LiabilitiesSubjectToCompromiseAccountsPayableAndOtherAccruedLiabilities
119000000
CY2020Q4 fybr Liabilities Subject To Compromise Debt
LiabilitiesSubjectToCompromiseDebt
10949000000
CY2020Q4 fybr Liabilities Subject To Compromise Accrued Interest
LiabilitiesSubjectToCompromiseAccruedInterest
497000000
CY2020Q4 us-gaap Liabilities Subject To Compromise Debt And Accrued Interest
LiabilitiesSubjectToCompromiseDebtAndAccruedInterest
11446000000
CY2020Q4 us-gaap Liabilities Subject To Compromise
LiabilitiesSubjectToCompromise
11565000000
CY2020 us-gaap Debtor Reorganization Items Write Off Of Deferred Financing Costs And Debt Discounts
DebtorReorganizationItemsWriteOffOfDeferredFinancingCostsAndDebtDiscounts
93000000
fybr Debtor Reorganization Items Gain Loss On Settlement Of Liabilities Net
DebtorReorganizationItemsGainLossOnSettlementOfLiabilitiesNet
-5274000000
fybr Debtor Reorganization Items Fresh Start Valuation Adjustments
DebtorReorganizationItemsFreshStartValuationAdjustments
1038000000
us-gaap Debtor Reorganization Items Debtor In Possession Facility Financing Costs
DebtorReorganizationItemsDebtorInPossessionFacilityFinancingCosts
15000000
CY2020 us-gaap Debtor Reorganization Items Debtor In Possession Facility Financing Costs
DebtorReorganizationItemsDebtorInPossessionFacilityFinancingCosts
121000000
CY2020 fybr Debtor Reorganization Items Lender Settlement
DebtorReorganizationItemsLenderSettlement
58000000
us-gaap Debtor Reorganization Items Legal And Advisory Professional Fees
DebtorReorganizationItemsLegalAndAdvisoryProfessionalFees
50000000
CY2020 us-gaap Debtor Reorganization Items Legal And Advisory Professional Fees
DebtorReorganizationItemsLegalAndAdvisoryProfessionalFees
137000000
us-gaap Reorganization Items
ReorganizationItems
-4171000000
CY2020 us-gaap Reorganization Items
ReorganizationItems
409000000
CY2021Q4 us-gaap Reorganization Value Present Value Of Discounted Cash Flows Of Emerging Entity
ReorganizationValuePresentValueOfDiscountedCashFlowsOfEmergingEntity
12500000000
CY2023 fybr Reconciliation Of Enterprise And Reorganization Value
ReconciliationOfEnterpriseAndReorganizationValue
<span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The following table reconciles the enterprise value to the estimated fair value of the Successor common stock as of the Effective Date: </span><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 1pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 1pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><div style="text-align:left"><table dir="ltr" style="border: none;border-collapse: collapse;margin-bottom: .001pt;margin-left: 0;margin-right: auto;width: 100%;"><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 74.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 1pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 1pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 1pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 1pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 1pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 1pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 19.4%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 1pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 1pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 74.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;text-decoration: underline;">($ in millions and shares in thousands, except per share data)</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: center;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 19.4%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 74.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: center;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 19.4%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 74.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Enterprise value</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">$</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 19.4%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">12,500</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 74.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Plus: Cash and cash equivalents and restricted cash</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 19.4%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">940</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 74.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Less: Fair value of debt and other liabilities</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 19.4%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">(</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">7,267</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">)</span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 74.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Less: Pension and other postretirement benefits</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 19.4%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">(</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">1,774</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">)</span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 74.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Less: Deferred tax liability</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom: solid #000000 1.0pt;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom: solid #000000 1.0pt;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 19.4%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">(</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">291</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">)</span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 74.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Fair value of Successor stockholders’ equity</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top: solid #000000 1.0pt;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">$</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top: solid #000000 1.0pt;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 19.4%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">4,108</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 74.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Shares issued upon emergence </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 19.4%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">244,401</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 74.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Per share value</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.8%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">$</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 19.4%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">17</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr></table></div><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.38in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The reconciliation of our enterprise value to reorganization value as of the Effective Date is as follows: </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 1pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.38in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 1pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><div style="text-align:left"><table dir="ltr" style="border: none;border-collapse: collapse;margin-bottom: .001pt;margin-left: 0;margin-right: auto;width: 100%;"><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 81.2%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 1pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 1pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 1pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 1pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.4%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 1pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 1pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 13.5%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 1pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 1pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 81.2%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;text-decoration: underline;">($ in millions)</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.4%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: center;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 13.5%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 81.2%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.4%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: center;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 13.5%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 81.2%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Enterprise value</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.4%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">$</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 13.5%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">12,500</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 81.2%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Plus: Cash and cash equivalents and restricted cash</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.4%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 13.5%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">940</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 81.2%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Plus: Current liabilities (excluding debt, finance leases, and non-operating liabilities)</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.4%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 13.5%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">1,179</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 81.2%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Plus: Long term liabilities (excluding debt, finance leases, deferred tax liability)</span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom: solid #000000 1.0pt;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.4%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom: solid #000000 1.0pt;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 13.5%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">307</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 81.2%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Reorganization value </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom: double windowtext 2.5pt;border-left-style: none;border-right-style: none;border-top: solid #000000 1.0pt;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 2.4%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">$</span></p></td><td style="background: #FFFFFF;border-bottom: double windowtext 2.5pt;border-left-style: none;border-right-style: none;border-top: solid #000000 1.0pt;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: middle;width: 13.5%;"><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: right;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">14,926</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr><tr><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;width: 81.2%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;width: 2.9%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top: double windowtext 2.5pt;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;width: 2.4%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td><td style="background: #FFFFFF;border-bottom-style: none;border-left-style: none;border-right-style: none;border-top: double windowtext 2.5pt;padding-bottom: 0;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;width: 13.5%;"><p dir="ltr" style="text-align:left; font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p></td></tr></table></div>
CY2021Q2 us-gaap Reorganization Value Present Value Of Discounted Cash Flows Of Emerging Entity
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12500000000
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940000000
CY2021Q2 fybr Postconfirmation Long Term Debt And Other Liabilities
PostconfirmationLongTermDebtAndOtherLiabilities
7267000000
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1774000000
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12500000000
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940000000
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-1179000000
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-307000000
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14926000000
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4000000
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1500000000
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5676000000
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5733000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3958000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2120000000
CY2023 fybr Subsidy And Other Regulatory Revenue
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75000000
CY2022 fybr Subsidy And Other Regulatory Revenue
SubsidyAndOtherRegulatoryRevenue
54000000
fybr Subsidy And Other Regulatory Revenue
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222000000
fybr Subsidy And Other Regulatory Revenue
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111000000
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us-gaap Revenues
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4180000000
us-gaap Revenues
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2231000000
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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5676000000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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5733000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3958000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2120000000
CY2023 fybr Subsidy And Other Regulatory Revenue
SubsidyAndOtherRegulatoryRevenue
75000000
CY2022 fybr Subsidy And Other Regulatory Revenue
SubsidyAndOtherRegulatoryRevenue
54000000
fybr Subsidy And Other Regulatory Revenue
SubsidyAndOtherRegulatoryRevenue
222000000
fybr Subsidy And Other Regulatory Revenue
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111000000
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5787000000
us-gaap Revenues
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4180000000
us-gaap Revenues
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2231000000
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62000000
CY2022 us-gaap Lease Income
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63000000
us-gaap Lease Income
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21000000
us-gaap Lease Income
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42000000
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28000000
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
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17000000
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ContractWithCustomerLiabilityReclassifiedToReceivableCurrent
37000000
CY2023 fybr Contract With Customer Liability Revenue Recognized Noncurrent
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14000000
CY2023 fybr Contract With Customer Liability Credits Granted Excluding Amounts Recognized As Revenue Current
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CY2023 fybr Contract With Customer Liability Reclassified Between Current And Noncurrent Noncurrent
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CY2023Q4 us-gaap Contract With Customer Liability Current
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CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
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CY2022 fybr Contract With Customer Liability Revenue Recognized Noncurrent
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CY2022 fybr Contract With Customer Liability Credits Granted Excluding Amounts Recognized As Revenue Noncurrent
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22000000
CY2022 fybr Contract With Customer Liability Reclassified Between Current And Noncurrent Current
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CY2022 fybr Contract With Customer Liability Reclassified Between Current And Noncurrent Noncurrent
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CY2022Q4 us-gaap Contract With Customer Liability Current
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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186000000
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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86000000
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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16000000
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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7000000
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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57000000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
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130000000
CY2023 us-gaap Provision For Doubtful Accounts
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35000000
CY2022 us-gaap Provision For Doubtful Accounts
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26000000
us-gaap Provision For Doubtful Accounts
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14000000
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23000000
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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30000000
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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38000000
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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37000000
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CY2022 fybr Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries
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-66000000
fybr Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries
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fybr Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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35000000
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26000000
fybr Provision For Bad Debts
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14000000
us-gaap Provision For Doubtful Accounts
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14000000
CY2023Q4 us-gaap Deferred Credits And Other Liabilities Current
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143000000
CY2022Q4 us-gaap Deferred Credits And Other Liabilities Current
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67000000
CY2023Q4 us-gaap Property Plant And Equipment Gross
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16324000000
CY2022Q4 us-gaap Property Plant And Equipment Gross
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13186000000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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2391000000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1336000000
CY2023Q4 us-gaap Property Plant And Equipment Net
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13933000000
CY2022Q4 us-gaap Property Plant And Equipment Net
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11850000000
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3211000000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
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71000000
CY2023Q4 fybr Accounts Payable Associated With Capital
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656000000
CY2023 fybr Vendor Financing Payables Associated With Capital Expenditures
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255000000
CY2023 us-gaap Interest Costs Incurred
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83000000
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3148000000
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70000000
CY2021 fybr Proceeds From Sale Leaseback Transaction
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23000000
CY2023 us-gaap Depreciation
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861000000
us-gaap Depreciation
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520000000
us-gaap Depreciation
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407000000
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CY2023 us-gaap Impairment Of Intangible Assets Finitelived
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4441000000
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856000000
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3585000000
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4441000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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535000000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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3906000000
CY2023 us-gaap Amortization Of Intangible Assets
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321000000
CY2022 us-gaap Amortization Of Intangible Assets
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321000000
us-gaap Amortization Of Intangible Assets
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214000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
99000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
321000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
321000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
301000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
291000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
291000000
us-gaap Interest Expense Debt
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450000000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
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8963000000
CY2023 us-gaap Repayments Of Debt
RepaymentsOfDebt
68000000
CY2023 fybr Proceeds From New Issuance Of Long Term Debt
ProceedsFromNewIssuanceOfLongTermDebt
2336000000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
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11231000000
CY2023Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.07103
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
28000000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
71000000
CY2022Q4 us-gaap Long Term Debt Current
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15000000
CY2023Q4 us-gaap Long Term Debt Current
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15000000
CY2023Q4 us-gaap Debt Instrument Unamortized Premium Current
DebtInstrumentUnamortizedPremiumCurrent
64000000
CY2022Q4 fybr Debt Instrument Unamortized Fair Value Adjustment
DebtInstrumentUnamortizedFairValueAdjustment
-190000000
CY2023Q4 fybr Debt Instrument Unamortized Fair Value Adjustment
DebtInstrumentUnamortizedFairValueAdjustment
-165000000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
9110000000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
11246000000
CY2021Q2 fybr Long Term Debt Fair Value Adjustment
LongTermDebtFairValueAdjustment
-236000000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
11231000000
CY2023Q4 us-gaap Debt Weighted Average Interest Rate
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0.07103
CY2022Q4 us-gaap Debt Instrument Carrying Amount
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8963000000
CY2022Q4 us-gaap Debt Weighted Average Interest Rate
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0.06760
CY2018 us-gaap Contribution Of Property
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37000000
CY2019 us-gaap Contribution Of Property
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37000000
CY2018 fybr Defined Benefit Plan Lease Term Of Contributed Property
DefinedBenefitPlanLeaseTermOfContributedProperty
P20Y
CY2018 fybr Pension Building Contribution Aggregate Annual Rent
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5000000
CY2023 fybr Gain Loss On Contribution Of Property To Defined Benefit
GainLossOnContributionOfPropertyToDefinedBenefit
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CY2023Q4 fybr Finance Lease Liability Obligation
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53000000
CY2023 us-gaap Restructuring Charges
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73000000
CY2022 us-gaap Restructuring Charges
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99000000
us-gaap Restructuring Charges
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21000000
us-gaap Lease Cost
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us-gaap Lease Cost
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CY2023 us-gaap Short Term Lease Cost
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CY2022 us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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CY2021Q4 us-gaap Restructuring Reserve
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CY2022 us-gaap Severance Costs1
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44000000
CY2022 us-gaap Other Restructuring Costs
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55000000
CY2022 us-gaap Payments For Restructuring
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97000000
CY2022Q4 us-gaap Restructuring Reserve
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CY2023 us-gaap Severance Costs1
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65000000
CY2023 us-gaap Other Restructuring Costs
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8000000
CY2023 us-gaap Payments For Restructuring
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72000000
CY2023Q4 us-gaap Restructuring Reserve
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10000000
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
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25000000
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
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19000000
us-gaap Finance Lease Right Of Use Asset Amortization
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13000000
us-gaap Finance Lease Right Of Use Asset Amortization
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7000000
CY2023 us-gaap Finance Lease Interest Expense
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16000000
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
9000000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
6000000
us-gaap Finance Lease Interest Expense
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4000000
CY2023 fybr Finance Lease Cost
FinanceLeaseCost
41000000
CY2022 fybr Finance Lease Cost
FinanceLeaseCost
28000000
fybr Finance Lease Cost
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19000000
fybr Finance Lease Cost
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11000000
CY2023 us-gaap Operating Lease Cost
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61000000
CY2022 us-gaap Operating Lease Cost
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62000000
us-gaap Operating Lease Cost
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38000000
us-gaap Operating Lease Cost
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19000000
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15000000
CY2022 us-gaap Sublease Income
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12000000
us-gaap Sublease Income
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11000000
us-gaap Sublease Income
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CY2023 us-gaap Lease Cost
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87000000
CY2022 us-gaap Lease Cost
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78000000
CY2023 us-gaap Variable Lease Cost
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CY2022 us-gaap Variable Lease Cost
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5000000
us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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4000000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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181000000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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187000000
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
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179000000
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
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121000000
CY2023Q4 us-gaap Operating Lease Liability
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195000000
CY2022Q4 us-gaap Operating Lease Liability
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213000000
CY2023Q4 us-gaap Finance Lease Liability
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209000000
CY2022Q4 us-gaap Finance Lease Liability
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133000000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P7Y8M19D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P8Y5M1D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P10Y8M19D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P12Y9M21D
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2023 us-gaap Proceeds From Lease Payments
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62000000
CY2022 us-gaap Proceeds From Lease Payments
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63000000
us-gaap Proceeds From Lease Payments
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63000000
us-gaap Proceeds From Lease Payments
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21000000
CY2023 us-gaap Operating Lease Payments
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61000000
CY2022 us-gaap Operating Lease Payments
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62000000
us-gaap Operating Lease Payments
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38000000
us-gaap Operating Lease Payments
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CY2023 us-gaap Finance Lease Interest Payment On Liability
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15000000
CY2022 us-gaap Finance Lease Interest Payment On Liability
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9000000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
6000000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
5000000
CY2023 us-gaap Finance Lease Principal Payments
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25000000
CY2022 us-gaap Finance Lease Principal Payments
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19000000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
13000000
us-gaap Finance Lease Principal Payments
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7000000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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36000000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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44000000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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10000000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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8000000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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60000000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received
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21000000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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25000000
CY2023 fybr Lessee Operating And Finance Lease Option To Terminate Period
LesseeOperatingAndFinanceLeaseOptionToTerminatePeriod
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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38000000
CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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35000000
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
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34000000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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32000000
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
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32000000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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27000000
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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24000000
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Five
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21000000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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60000000
CY2023Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
111000000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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216000000
CY2023Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
262000000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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21000000
CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
53000000
CY2023Q4 us-gaap Operating Lease Liability
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195000000
CY2023Q4 us-gaap Finance Lease Liability
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209000000
CY2023 fybr Lessor Operating Lease Option To Terminate Period
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CY2023 us-gaap Lease Income
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62000000
CY2022 us-gaap Lease Income
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us-gaap Lease Income
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us-gaap Lease Income
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CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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4000000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
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CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
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3000000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Interest And Dividend Income Securities
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CY2022 us-gaap Interest And Dividend Income Securities
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us-gaap Interest And Dividend Income Securities
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CY2023 us-gaap Pension And Other Postretirement Benefit Expense
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CY2022 us-gaap Pension And Other Postretirement Benefit Expense
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us-gaap Pension And Other Postretirement Benefit Expense
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us-gaap Pension And Other Postretirement Benefit Expense
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CY2023 fybr Opeb Costs Benefit
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CY2022 fybr Opeb Costs Benefit
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fybr Opeb Costs Benefit
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fybr Opeb Costs Benefit
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CY2023 fybr Pension Remeasurement Gain Loss
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CY2022 fybr Pension Remeasurement Gain Loss
PensionRemeasurementGainLoss
248000000
CY2023 fybr Pension Remeasurement Gain
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202000000
CY2022 fybr Pension Remeasurement Gain
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218000000
CY2023 us-gaap Other Nonoperating Income Expense
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CY2022 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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CY2023 fybr Investment And Other Nonoperating Income Expense Net
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CY2022 fybr Investment And Other Nonoperating Income Expense Net
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fybr Investment And Other Nonoperating Income Expense Net
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fybr Investment And Other Nonoperating Income Expense Net
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CY2023 fybr Opeb Remeasurement
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CY2023 fybr Pension Remeasurement Gain
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202000000
CY2022 fybr Opeb Remeasurement
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248000000
CY2022 fybr Pension Remeasurement Gain
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218000000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1750000000
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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50000000
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2023Q4 us-gaap Common Stock Shares Issued
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246000000
CY2023Q4 us-gaap Common Stock Shares Outstanding
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246000000
CY2023Q4 us-gaap Preferred Stock Shares Issued
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0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
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fybr Compensation Expense
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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CY2022 fybr Effective Income Tax Rate Reconciliation Tax Reserve Adjustment
EffectiveIncomeTaxRateReconciliationTaxReserveAdjustment
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fybr Effective Income Tax Rate Reconciliation Tax Reserve Adjustment
EffectiveIncomeTaxRateReconciliationTaxReserveAdjustment
0.001
fybr Effective Income Tax Rate Reconciliation Fresh Start Adjustments
EffectiveIncomeTaxRateReconciliationFreshStartAdjustments
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CY2023 fybr Effective Income Tax Rate Reconciliation Change In Certain Deferred Tax Balances
EffectiveIncomeTaxRateReconciliationChangeInCertainDeferredTaxBalances
0.234
CY2022 fybr Effective Income Tax Rate Reconciliation Change In Certain Deferred Tax Balances
EffectiveIncomeTaxRateReconciliationChangeInCertainDeferredTaxBalances
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fybr Effective Income Tax Rate Reconciliation Change In Certain Deferred Tax Balances
EffectiveIncomeTaxRateReconciliationChangeInCertainDeferredTaxBalances
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CY2023 fybr Effective Income Tax Rate Reconciliation Nondeductible Expense Executive Compensation
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseExecutiveCompensation
0.122
CY2022 fybr Effective Income Tax Rate Reconciliation Nondeductible Expense Executive Compensation
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0.020
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q4 us-gaap Income Tax Receivable
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CY2023Q4 us-gaap Income Taxes Receivable Noncurrent
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CY2023 us-gaap Income Taxes Paid
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CY2022 us-gaap Income Taxes Paid
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us-gaap Income Taxes Paid
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us-gaap Income Taxes Paid
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CY2023Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2023Q4 us-gaap Deferred Tax Liabilities Other Finite Lived Assets
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184000000
CY2022Q4 us-gaap Deferred Tax Liabilities Other Finite Lived Assets
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CY2023Q4 fybr Deferred Tax Liabilities Deferred Revenue Expense
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CY2022Q4 fybr Deferred Tax Liabilities Deferred Revenue Expense
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CY2023Q4 us-gaap Deferred Tax Liabilities Other
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CY2022Q4 us-gaap Deferred Tax Liabilities Other
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CY2023Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Pensions
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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us-gaap Deferred State And Local Income Tax Expense Benefit
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us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Pensions
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
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CY2023Q4 fybr Deferred Tax Assets Limitation On Interest Expense Deduction
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260000000
CY2022Q4 fybr Deferred Tax Assets Limitation On Interest Expense Deduction
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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80000000
CY2023Q4 fybr Deferredtaxassetstaxdeferredexpensereservesandaccrualscapitalleaseobligations
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111000000
CY2022Q4 fybr Deferredtaxassetstaxdeferredexpensereservesandaccrualscapitalleaseobligations
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CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2023Q4 us-gaap Deferred Tax Assets Other
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CY2022Q4 us-gaap Deferred Tax Assets Other
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CY2023Q4 us-gaap Deferred Tax Assets Gross
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1100000000
CY2022Q4 us-gaap Deferred Tax Assets Gross
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860000000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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