10-Q Filing

FRONTIER COMMUNICATIONS PARENT, INC. CIK: 20520 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000020520-19-000008`
Period End Date	20190331
Filing Date	20190502
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	ftr-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 35 Cash Flow Statement 58 Stockholders Equity 20 Comprehensive Income 6

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$105.00M	USD	Point-in-time
Allowances for accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$91.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.25	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.25	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$354.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	175.00M	shares	Point-in-time
Accounts receivable, less allowances of $91 and $105, respectively	`AccountsReceivableNetCurrent`	$715.00M	USD	Point-in-time
Accounts receivable, less allowances of $91 and $105, respectively	`AccountsReceivableNetCurrent`	$723.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	175.00M	shares	Point-in-time
Contract acquisition costs	`CapitalizedContractCostNetCurrent`	$107.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	106.03M	shares	Point-in-time
Contract acquisition costs	`CapitalizedContractCostNetCurrent`	$111.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	106.03M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	105.54M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	105.31M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$86.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$104.00M	USD	Point-in-time
Income taxes and other current assets	`OtherAssetsCurrent`	$61.00M	USD	Point-in-time
Income taxes and other current assets	`OtherAssetsCurrent`	$60.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.33B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.11B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$14.03B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$14.19B	USD	Point-in-time
Goodwill	`Goodwill`	$6.38B	USD	Point-in-time
Goodwill	`Goodwill`	$6.38B	USD	Point-in-time
Other intangibles, net	`OtherIntangibleAssetsNet`	$1.49B	USD	Point-in-time
Other intangibles, net	`OtherIntangibleAssetsNet`	$1.36B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$265.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$471.00M	USD	Point-in-time
Total assets	`Assets`	$23.36B	USD	Point-in-time
Total assets	`Assets`	$23.66B	USD	Point-in-time
Long-term debt due within one year	`LongTermDebtCurrent`	$393.00M	USD	Point-in-time
Long-term debt due within one year	`LongTermDebtCurrent`	$814.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$495.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$473.00M	USD	Point-in-time
Advanced billings	`ContractWithCustomerLiabilityAdvancedBillingsCurrent`	$260.00M	USD	Point-in-time
Advanced billings	`ContractWithCustomerLiabilityAdvancedBillingsCurrent`	$256.00M	USD	Point-in-time
Accrued other taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$182.00M	USD	Point-in-time
Accrued other taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$198.00M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$226.00M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$381.00M	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$39.00M	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$39.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$421.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$394.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.56B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.01B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.13B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.11B	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.75B	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.73B	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$281.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$426.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$16.53B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$16.36B	USD	Point-in-time
Common stock, $0.25 par value (175,000 authorized shares, 106,025 issued and 105,307 and 105,536 outstanding, at March 31, 2019 and December 31, 2018, respectively)	`CommonStockValue`	$27.00M	USD	Point-in-time
Common stock, $0.25 par value (175,000 authorized shares, 106,025 issued and 105,307 and 105,536 outstanding, at March 31, 2019 and December 31, 2018, respectively)	`CommonStockValue`	$27.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.80B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.80B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.75B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.75B	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-463.00M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-534.00M	USD	Point-in-time
Treasury common stock	`TreasuryStockValue`	$14.00M	USD	Point-in-time
Treasury common stock	`TreasuryStockValue`	$14.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$1.60B	USD	Point-in-time
Total equity	`StockholdersEquity`	$1.53B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$23.66B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$23.36B	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$2.10B	USD	1 Quarter
Revenue	`Revenues`	$2.20B	USD	1 Quarter
Network access expenses	`NetworkAccessExpenses`	$338.00M	USD	1 Quarter
Network access expenses	`NetworkAccessExpenses`	$372.00M	USD	1 Quarter
Network related expenses	`NetworkRelatedExpenses`	$483.00M	USD	1 Quarter
Network related expenses	`NetworkRelatedExpenses`	$456.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$469.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$456.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$484.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$505.00M	USD	1 Quarter
Restructuring costs and other charges	`RestructuringCosts`	$28.00M	USD	1 Quarter
Restructuring costs and other charges	`RestructuringCosts`	$4.00M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.83B	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.76B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$339.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$366.00M	USD	1 Quarter
Investment and other income (loss), net	`NonoperatingIncomeExpense`	$8.00M	USD	1 Quarter
Investment and other income (loss), net	`NonoperatingIncomeExpense`	$-9.00M	USD	1 Quarter
Gain (loss) on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$33.00M	USD	1 Quarter
Gain (loss) on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-20.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$374.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$379.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-69.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$33.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$18.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$13.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$20.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-87.00M	USD	1 Quarter
Less: Dividends on preferred stock	`PreferredStockDividendsIncomeStatementImpact`	$53.00M	USD	1 Quarter
Net loss attributable to Frontier common shareholders	`NetIncomeLossNetOfPreferredDividends`	$-87.00M	USD	1 Quarter
Net loss attributable to Frontier common shareholders	`NetIncomeLossNetOfPreferredDividends`	$-33.00M	USD	1 Quarter
Basic and diluted net loss per share attributable to Frontier common shareholders	`EarningsPerShareBasicAndDiluted`	$-0.44	USD	1 Quarter
Basic and diluted net loss per share attributable to Frontier common shareholders	`EarningsPerShareBasicAndDiluted`	$-0.84	USD	1 Quarter
Total weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	103.89M	shares	1 Quarter
Total weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	77.42M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$20.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-87.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$484.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$505.00M	USD	1 Quarter
(Gain) loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$33.00M	USD	1 Quarter
(Gain) loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-20.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.00M	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`	$-16.00M	USD	1 Quarter
Change in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.00M	USD	1 Quarter
Change in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-7.00M	USD	1 Quarter
Change in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-261.00M	USD	1 Quarter
Change in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$-157.00M	USD	1 Quarter
Change in prepaid expenses, income taxes and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$13.00M	USD	1 Quarter
Change in prepaid expenses, income taxes and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$251.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$282.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$305.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$297.00M	USD	1 Quarter
Proceeds on sale of assets	`ProceedsFromSaleOfRealEstateAndBusinessLines`	$10.00M	USD	1 Quarter
Proceeds on sale of assets	`ProceedsFromSaleOfRealEstateAndBusinessLines`	$74.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$2.00M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-289.00M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-231.00M	USD	1 Quarter
Long-term debt payments	`RepaymentsOfLongTermDebt`	$1.63B	USD	1 Quarter
Long-term debt payments	`RepaymentsOfLongTermDebt`	$2.00B	USD	1 Quarter
Proceeds from long-term debt borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$1.60B	USD	1 Quarter
Proceeds from long-term debt borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$1.65B	USD	1 Quarter
Proceeds from revolving debt	`ProceedsFromLinesOfCredit`	$375.00M	USD	1 Quarter
Repayment of revolving debt	`RepaymentsOfLinesOfCredit`	$275.00M	USD	1 Quarter
Financing costs paid	`PaymentsOfFinancingCosts`	$26.00M	USD	1 Quarter
Financing costs paid	`PaymentsOfFinancingCosts`	$30.00M	USD	1 Quarter
Premium paid to retire debt	`PaymentsOfDebtExtinguishmentCosts`	$16.00M	USD	1 Quarter
Dividends paid on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$53.00M	USD	1 Quarter
Finance lease obligation payments	`RepaymentsOfLongTermCapitalLeaseObligations`	$8.00M	USD	1 Quarter
Finance lease obligation payments	`RepaymentsOfLongTermCapitalLeaseObligations`	$10.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-5.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-286.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-137.00M	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`	$-235.00M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$169.00M	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`	$404.00M	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`	$169.00M	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`	$404.00M	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`	$525.00M	USD	1 Quarter
Income tax payments (refunds), net	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income tax payments (refunds), net	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Dividends on preferred stock per share	`PreferredStockDividendsPerShareDeclared`	$5.56	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.40B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.27B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.53B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.60B	USD	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	105.54M	shares	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	105.31M	shares	Point-in-time
Stock plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$3.00M	USD	1 Quarter
Stock plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.00M	USD	1 Quarter
Dividends on preferred stock ($5.56 per share)	`AdjustmentsToAdditionalPaidInCapitalPreferredDividendsInExcessOfRetainedEarnings`	$53.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$20.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-87.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$8.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.00M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.40B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.27B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.53B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.60B	USD	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	105.54M	shares	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	105.31M	shares	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$20.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-87.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$8.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$19.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-79.00M	USD	1 Quarter

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