10-Q Filing

FRONTIER COMMUNICATIONS PARENT, INC. CIK: 20520 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001562762-20-000173`
Period End Date	20200331
Filing Date	20200506
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	c520-20200331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 33 Cash Flow Statement 53 Stockholders Equity 18 Comprehensive Income 6

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$100.00M	USD	Point-in-time
Allowances for accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$120.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.25	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.25	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$941.00M	USD	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$760.00M	USD	Point-in-time
Accounts receivable, less allowances of $100 and $120, respectively	`AccountsReceivableNetCurrent`	$596.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	106.03M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	106.03M	shares	Point-in-time
Accounts receivable, less allowances of $100 and $120, respectively	`AccountsReceivableNetCurrent`	$629.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	105.13M	shares	Point-in-time
Contract acquisition costs	`CapitalizedContractCostNetCurrent`	$105.00M	USD	Point-in-time
Contract acquisition costs	`CapitalizedContractCostNetCurrent`	$105.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	104.99M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$89.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$98.00M	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$1.41B	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$1.40B	USD	Point-in-time
Income taxes and other current assets	`OtherAssetsCurrent`	$53.00M	USD	Point-in-time
Income taxes and other current assets	`OtherAssetsCurrent`	$56.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.20B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.04B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$12.89B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$12.96B	USD	Point-in-time
Other intangibles, net	`OtherIntangibleAssetsNet`	$921.00M	USD	Point-in-time
Other intangibles, net	`OtherIntangibleAssetsNet`	$1.02B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$475.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$468.00M	USD	Point-in-time
Total assets	`Assets`	$17.49B	USD	Point-in-time
Total assets	`Assets`	$17.49B	USD	Point-in-time
Long-term debt due within one year	`LongTermDebtCurrent`	$994.00M	USD	Point-in-time
Long-term debt due within one year	`LongTermDebtCurrent`	$17.31B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$357.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$437.00M	USD	Point-in-time
Advanced billings	`ContractWithCustomerLiabilityAdvancedBillingsCurrent`	$221.00M	USD	Point-in-time
Advanced billings	`ContractWithCustomerLiabilityAdvancedBillingsCurrent`	$219.00M	USD	Point-in-time
Accrued other taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$206.00M	USD	Point-in-time
Accrued other taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$209.00M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$619.00M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$407.00M	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$43.00M	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$43.00M	USD	Point-in-time
Liabilities held for sale	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$115.00M	USD	Point-in-time
Liabilities held for sale	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$123.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$359.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$375.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.23B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.80B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$462.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$477.00M	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.86B	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.90B	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$411.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$412.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$16.31B	USD	Point-in-time
Common stock, $0.25 par value (175,000 authorized shares, 106,025 issued and 104,989 and 105,131 outstanding at March 31, 2020 and December 31, 2019, respectively)	`CommonStockValue`	$27.00M	USD	Point-in-time
Common stock, $0.25 par value (175,000 authorized shares, 106,025 issued and 104,989 and 105,131 outstanding at March 31, 2020 and December 31, 2019, respectively)	`CommonStockValue`	$27.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.82B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.82B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.76B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.57B	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-564.00M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-650.00M	USD	Point-in-time
Treasury common stock	`TreasuryStockValue`	$13.00M	USD	Point-in-time
Treasury common stock	`TreasuryStockValue`	$13.00M	USD	Point-in-time
Total equity (deficit)	`StockholdersEquity`	$-4.39B	USD	Point-in-time
Total equity (deficit)	`StockholdersEquity`	$-4.49B	USD	Point-in-time
Total liabilities and equity (deficit)	`LiabilitiesAndStockholdersEquity`	$17.49B	USD	Point-in-time
Total liabilities and equity (deficit)	`LiabilitiesAndStockholdersEquity`	$17.49B	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$2.10B	USD	1 Quarter
Revenue	`Revenues`	$1.93B	USD	1 Quarter
Network access expenses	`NetworkAccessExpenses`	$286.00M	USD	1 Quarter
Network access expenses	`NetworkAccessExpenses`	$338.00M	USD	1 Quarter
Network related expenses	`NetworkRelatedExpenses`	$456.00M	USD	1 Quarter
Network related expenses	`NetworkRelatedExpenses`	$444.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$444.00M	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`	$415.00M	USD	1 Quarter
Loss on disposal of Northwest Operations	`GainLossOnSaleOfBusiness`	$-24.00M	USD	1 Quarter
Restructuring costs and other charges	`RestructuringCosts`	$28.00M	USD	1 Quarter
Restructuring costs and other charges	`RestructuringCosts`	$48.00M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.66B	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.76B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$272.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$339.00M	USD	1 Quarter
Investment and other income (loss), net	`NonoperatingIncomeExpense`	$-9.00M	USD	1 Quarter
Investment and other income (loss), net	`NonoperatingIncomeExpense`	$5.00M	USD	1 Quarter
Pension settlement costs	`PensionSettlementCosts`	$103.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-20.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$383.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$379.00M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-209.00M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-69.00M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-23.00M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$18.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-87.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-186.00M	USD	1 Quarter
Basic and diluted net loss per share attributable to Frontier common shareholders	`EarningsPerShareBasicAndDiluted`	$-1.78	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`	104.36M	shares	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-87.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-186.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$484.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$415.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-20.00M	USD	1 Quarter
Pension settlement costs	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$103.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$8.00M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$9.00M	USD	1 Quarter
Other adjustments	`OtherNoncashIncomeExpense`	$-1.00M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$30.00M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-16.00M	USD	1 Quarter
Loss on disposal of Northwest Operations	`GainLossOnSaleOfBusiness`	$-24.00M	USD	1 Quarter
Change in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-29.00M	USD	1 Quarter
Change in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-7.00M	USD	1 Quarter
Change in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$110.00M	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`	$-2.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$282.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$477.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$286.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$305.00M	USD	1 Quarter
Proceeds on sale of assets	`ProceedsFromSaleOfRealEstateAndBusinessLines`	$74.00M	USD	1 Quarter
Proceeds on sale of assets	`ProceedsFromSaleOfRealEstateAndBusinessLines`	$2.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.00M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-282.00M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-231.00M	USD	1 Quarter
Long-term debt principle payments	`RepaymentsOfLongTermDebt`	$5.00M	USD	1 Quarter
Long-term debt principle payments	`RepaymentsOfLongTermDebt`	$2.00B	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`	$30.00M	USD	1 Quarter
Finance lease obligation payments	`RepaymentsOfLongTermCapitalLeaseObligations`	$8.00M	USD	1 Quarter
Finance lease obligation payments	`RepaymentsOfLongTermCapitalLeaseObligations`	$8.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-286.00M	USD	1 Quarter
Increase (Decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-235.00M	USD	1 Quarter
Increase (Decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$182.00M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$991.00M	USD	Point-in-time
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`	$404.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$809.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$991.00M	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`	$404.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$809.00M	USD	Point-in-time
Interest	`InterestPaidNet`	$525.00M	USD	1 Quarter
Interest	`InterestPaidNet`	$163.00M	USD	1 Quarter
Income tax payments, net	`IncomeTaxesPaidNet`	$1.00M	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.53B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.39B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.60B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.49B	USD	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	105.13M	shares	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	104.99M	shares	Point-in-time
Stock plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.00M	USD	1 Quarter
Stock plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$3.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-87.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-186.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$8.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$86.00M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.53B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.39B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.60B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.49B	USD	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	105.13M	shares	Point-in-time
Common Stock Balance (in shares)	`CommonStockSharesOutstanding`	104.99M	shares	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-87.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-186.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$8.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$86.00M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-100.00M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-79.00M	USD	1 Quarter

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