10-Q Filing

FRONTIER COMMUNICATIONS PARENT, INC. CIK: 20520 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000020520-18-000014`
Period End Date	20180331
Filing Date	20180504
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	ftr-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 36 Cash Flow Statement 58 Stockholders Equity 17 Comprehensive Income 6

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$201.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$362.00M	USD	Point-in-time
Accounts receivable, less allowances of $99 and $69, respectively	`AccountsReceivableNetCurrent`	$819.00M	USD	Point-in-time
Accounts receivable, less allowances of $99 and $69, respectively	`AccountsReceivableNetCurrent`	$778.00M	USD	Point-in-time
Contract acquisition costs	`CapitalizedContractCostNetCurrent`	$87.00M	USD	Point-in-time
Contract acquisition costs	`CapitalizedContractCostNetCurrent`	$91.00M	USD	Point-in-time
Allowances for accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$69.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$78.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$78.00M	USD	Point-in-time
Allowances for accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$99.00M	USD	Point-in-time
Income taxes and other current assets	`OtherAssetsCurrent`	$64.00M	USD	Point-in-time
Income taxes and other current assets	`OtherAssetsCurrent`	$54.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.20B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.32B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$14.38B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$14.32B	USD	Point-in-time
Goodwill	`Goodwill`	$7.02B	USD	Point-in-time
Goodwill	`Goodwill`	$7.02B	USD	Point-in-time
Other intangibles, net	`OtherIntangibleAssetsNet`	$1.90B	USD	Point-in-time
Other intangibles, net	`OtherIntangibleAssetsNet`	$2.06B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$228.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.25	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$97.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.25	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.75B	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	175.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	175.00M	shares	Point-in-time
Total assets	`Assets`	$24.88B	USD	Point-in-time
Total assets	`Assets`	$24.68B	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	79.53M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	1.19B	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	80.37M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	80.25M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	1.18B	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	78.44M	shares	Point-in-time
Long-term debt due within one year	`LongTermDebtCurrent`	$656.00M	USD	Point-in-time
Long-term debt due within one year	`LongTermDebtCurrent`	$1.06B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$564.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$537.00M	USD	Point-in-time
Advanced billings	`DeferredRevenueAndCreditsCurrent`	$270.00M	USD	Point-in-time
Advanced billings	`DeferredRevenueAndCreditsCurrent`	$271.00M	USD	Point-in-time
Accrued content costs	`AccruedContentCosts`	$105.00M	USD	Point-in-time
Accrued content costs	`AccruedContentCosts`	$102.00M	USD	Point-in-time
Accrued other taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$156.00M	USD	Point-in-time
Accrued other taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$156.00M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$401.00M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$167.00M	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$29.00M	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$29.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$330.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$334.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.66B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.51B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.14B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.22B	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.66B	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.68B	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$280.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$317.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$16.47B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$16.97B	USD	Point-in-time
Preferred stock, $0.01 par value (50,000 authorized shares, 11.125%, Series A, 19,250 shares issued and outstanding)	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value (50,000 authorized shares, 11.125%, Series A, 19,250 shares issued and outstanding)	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.25 par value (175,000 authorized shares, 80,367 and 79,532 issued and 80,251 and 78,441 outstanding, at March 31, 2018 and December 31, 2017, respectively)	`CommonStockValue`	$20.00M	USD	Point-in-time
Common stock, $0.25 par value (175,000 authorized shares, 80,367 and 79,532 issued and 80,251 and 78,441 outstanding, at March 31, 2018 and December 31, 2017, respectively)	`CommonStockValue`	$20.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$5.03B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.85B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.26B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.09B	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-366.00M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-367.00M	USD	Point-in-time
Treasury common stock	`TreasuryStockValue`	$15.00M	USD	Point-in-time
Treasury common stock	`TreasuryStockValue`	$151.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$2.27B	USD	Point-in-time
Total equity	`StockholdersEquity`	$2.40B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$24.68B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$24.88B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$2.36B	USD	1 Quarter
Revenue	`Revenues`	$2.20B	USD	1 Quarter
Network access expenses	`CostOfServices`	$411.00M	USD	1 Quarter
Network access expenses	`CostOfServices`	$372.00M	USD	1 Quarter
Network related expenses	`NetworkRelatedExpenses`	$483.00M	USD	1 Quarter
Network related expenses	`NetworkRelatedExpenses`	$493.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$469.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$542.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$579.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$505.00M	USD	1 Quarter
Acquisition and integration costs	`AcquisitionAndIntegrationCosts`	$2.00M	USD	1 Quarter
Restructuring costs and other charges	`RestructuringCosts`	$4.00M	USD	1 Quarter
Restructuring costs and other charges	`RestructuringCosts`	$12.00M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.04B	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.83B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$317.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$366.00M	USD	1 Quarter
Investment and other income, net	`NonoperatingIncomeExpense`	$8.00M	USD	1 Quarter
Pension settlement costs	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$43.00M	USD	1 Quarter
Gain on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$33.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$388.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$374.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$33.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-114.00M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$13.00M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-39.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-75.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$20.00M	USD	1 Quarter
Less: Dividends on preferred stock	`PreferredStockDividendsIncomeStatementImpact`	$53.00M	USD	1 Quarter
Less: Dividends on preferred stock	`PreferredStockDividendsIncomeStatementImpact`	$54.00M	USD	1 Quarter
Net loss attributable to Frontier common shareholders	`NetIncomeLossNetOfPreferredDividends`	$-33.00M	USD	1 Quarter
Net loss attributable to Frontier common shareholders	`NetIncomeLossNetOfPreferredDividends`	$-129.00M	USD	1 Quarter
Basic and diluted net loss per share attributable to Frontier common shareholders	`EarningsPerShareBasicAndDiluted`	$-1.67	USD	1 Quarter
Basic and diluted net loss per share attributable to Frontier common shareholders	`EarningsPerShareBasicAndDiluted`	$-0.44	USD	1 Quarter
Total weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	77.42M	shares	1 Quarter
Total weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	77.59M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-75.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$20.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$579.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$505.00M	USD	1 Quarter
Gain on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$33.00M	USD	1 Quarter
Pension settlement costs	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$43.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$9.00M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$9.00M	USD	1 Quarter
Other adjustments	`OtherNoncashIncomeExpense`	$9.00M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-12.00M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$41.00M	USD	1 Quarter
Change in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-105.00M	USD	1 Quarter
Change in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.00M	USD	1 Quarter
Change in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-261.00M	USD	1 Quarter
Change in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-312.00M	USD	1 Quarter
Change in prepaid expenses, income taxes and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$11.00M	USD	1 Quarter
Change in prepaid expenses, income taxes and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$300.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$251.00M	USD	1 Quarter
Capital expenditures - Business operations	`PaymentsToAcquireProductiveAssets`	$315.00M	USD	1 Quarter
Capital expenditures - Business operations	`PaymentsToAcquireProductiveAssets`	$297.00M	USD	1 Quarter
Capital expenditures - Integration activities	`CapitalExpendituresIntegrationActivities`	$1.00M	USD	1 Quarter
Proceeds on sale of assets	`ProceedsFromSaleOfRealEstateAndBusinessLines`	$70.00M	USD	1 Quarter
Proceeds on sale of assets	`ProceedsFromSaleOfRealEstateAndBusinessLines`	$10.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$2.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-3.00M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-243.00M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-289.00M	USD	1 Quarter
Proceeds from long-term debt borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$1.60B	USD	1 Quarter
Long-term debt payments	`RepaymentsOfLongTermDebt`	$38.00M	USD	1 Quarter
Long-term debt payments	`RepaymentsOfLongTermDebt`	$1.63B	USD	1 Quarter
Financing costs paid	`PaymentsOfFinancingCosts`	$6.00M	USD	1 Quarter
Financing costs paid	`PaymentsOfFinancingCosts`	$26.00M	USD	1 Quarter
Premium paid to retire debt	`PaymentsOfDebtExtinguishmentCosts`	$16.00M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$124.00M	USD	1 Quarter
Dividends paid on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$53.00M	USD	1 Quarter
Dividends paid on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$54.00M	USD	1 Quarter
Capital lease obligation payments	`RepaymentsOfLongTermCapitalLeaseObligations`	$10.00M	USD	1 Quarter
Capital lease obligation payments	`RepaymentsOfLongTermCapitalLeaseObligations`	$10.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-5.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-6.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-137.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-238.00M	USD	1 Quarter
Decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-175.00M	USD	1 Quarter
Decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-181.00M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$522.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$376.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$341.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$201.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$522.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$376.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$341.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$201.00M	USD	Point-in-time
Interest	`InterestPaidNet`	$593.00M	USD	1 Quarter
Interest	`InterestPaidNet`	$577.00M	USD	1 Quarter
Income tax refunds, net	`ProceedsFromIncomeTaxRefunds`	$3.00M	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.27B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.40B	USD	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	80.25M	shares	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	1.18B	shares	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	78.44M	shares	Point-in-time
Impact of adoption of ASC 606	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$154.00M	USD	Point-in-time
Stock plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.00M	USD	1 Quarter
Dividends on preferred stock	`AdjustmentsToAdditionalPaidInCapitalPreferredDividendsInExcessOfRetainedEarnings`	$53.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-75.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$20.00M	USD	1 Quarter
Other comprehensive income, net of tax	`NetCurrentPeriodOtherComprehensiveIncomeExcludingPensionSettlement`	$61.00M	USD	1 Quarter
Other comprehensive income, net of tax	`NetCurrentPeriodOtherComprehensiveIncomeExcludingPensionSettlement`	$-1.00M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.27B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.40B	USD	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	80.25M	shares	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	1.18B	shares	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	78.44M	shares	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-75.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$20.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`NetCurrentPeriodOtherComprehensiveIncomeExcludingPensionSettlement`	$61.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`NetCurrentPeriodOtherComprehensiveIncomeExcludingPensionSettlement`	$-1.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-14.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$19.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.