10-Q Filing

FRONTIER COMMUNICATIONS PARENT, INC. CIK: 20520 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001562762-21-000179`
Period End Date	20210331
Filing Date	20210430
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	c520-20210331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 36 Cash Flow Statement 49 Stockholders Equity 14 Comprehensive Income 6

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$130.00M	USD	Point-in-time
Allowances for accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$148.00M	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`	$2.11B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.83B	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
Accounts receivable, less allowances of $148 and $130, respectively	`AccountsReceivableNetCurrent`	$553.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	104.79M	shares	Point-in-time
Accounts receivable, less allowances of $148 and $130, respectively	`AccountsReceivableNetCurrent`	$519.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	104.67M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	106.03M	shares	Point-in-time
Contract acquisition costs	`CapitalizedContractCostNetCurrent`	$97.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	106.03M	shares	Point-in-time
Contract acquisition costs	`CapitalizedContractCostNetCurrent`	$93.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$90.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$85.00M	USD	Point-in-time
Income taxes and other current assets	`OtherAssetsCurrent`	$43.00M	USD	Point-in-time
Income taxes and other current assets	`OtherAssetsCurrent`	$85.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.65B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.85B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$12.93B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$12.99B	USD	Point-in-time
Other intangibles, net	`OtherIntangibleAssetsNet`	$677.00M	USD	Point-in-time
Other intangibles, net	`OtherIntangibleAssetsNet`	$598.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$533.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$528.00M	USD	Point-in-time
Total assets	`Assets`	$16.96B	USD	Point-in-time
Total assets	`Assets`	$16.80B	USD	Point-in-time
Long-term debt due within one year	`LongTermDebtCurrent`	$5.78B	USD	Point-in-time
Long-term debt due within one year	`LongTermDebtCurrent`	$5.78B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$507.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$540.00M	USD	Point-in-time
Advanced billings	`ContractWithCustomerLiabilityAdvancedBillingsCurrent`	$210.00M	USD	Point-in-time
Advanced billings	`ContractWithCustomerLiabilityAdvancedBillingsCurrent`	$202.00M	USD	Point-in-time
Accrued other taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$204.00M	USD	Point-in-time
Accrued other taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$202.00M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$96.00M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$47.00M	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$48.00M	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$48.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$306.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$318.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.14B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.15B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$430.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$343.00M	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$2.19B	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$2.19B	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$445.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$452.00M	USD	Point-in-time
Total liabilities not subject to compromise	`LiabilitiesNotSubjectToCompromise`	$10.13B	USD	Point-in-time
Total liabilities not subject to compromise	`LiabilitiesNotSubjectToCompromise`	$10.22B	USD	Point-in-time
Liabilities subject to compromise	`LiabilitiesSubjectToCompromise`	$11.57B	USD	Point-in-time
Liabilities subject to compromise	`LiabilitiesSubjectToCompromise`	$11.56B	USD	Point-in-time
Total liabilities	`Liabilities`	$21.79B	USD	Point-in-time
Total liabilities	`Liabilities`	$21.70B	USD	Point-in-time
Common stock, $0.25 par value (175,000 authorized shares, 106,025 issued, and 104,671 and 104,793 outstanding, at March 31, 2021 and December 31, 2020, respectively)	`CommonStockValue`	$27.00M	USD	Point-in-time
Common stock, $0.25 par value (175,000 authorized shares, 106,025 issued, and 104,671 and 104,793 outstanding, at March 31, 2021 and December 31, 2020, 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`	$-8.91B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.97B	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-755.00M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-744.00M	USD	Point-in-time
Treasury common stock	`TreasuryStockValue`	$14.00M	USD	Point-in-time
Treasury common stock	`TreasuryStockValue`	$15.00M	USD	Point-in-time
Total equity (deficit)	`StockholdersEquity`	$-4.90B	USD	Point-in-time
Total equity (deficit)	`StockholdersEquity`	$-4.83B	USD	Point-in-time
Total liabilities and equity (deficit)	`LiabilitiesAndStockholdersEquity`	$16.96B	USD	Point-in-time
Total liabilities and equity (deficit)	`LiabilitiesAndStockholdersEquity`	$16.80B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Interest expense, contractual interest	`ContractualInterestExpenseOnPrepetitionLiabilitiesNotRecognizedInStatementOfOperations`	$338.00M	USD	1 Quarter
Revenue	`Revenues`	$1.93B	USD	1 Quarter
Revenue	`Revenues`	$1.68B	USD	1 Quarter
Network access expenses	`CostOfGoodsAndServicesSold`	$198.00M	USD	1 Quarter
Network access expenses	`CostOfGoodsAndServicesSold`	$286.00M	USD	1 Quarter
Network related expenses	`NetworkRelatedExpenses`	$444.00M	USD	1 Quarter
Network related expenses	`NetworkRelatedExpenses`	$422.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$444.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$408.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$415.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$387.00M	USD	1 Quarter
Loss on disposal of Northwest Operations	`GainLossOnSaleOfBusiness`	$-24.00M	USD	1 Quarter
Restructuring costs and other charges	`RestructuringCharges`	$2.00M	USD	1 Quarter
Restructuring costs and other charges	`RestructuringCharges`	$48.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$1.66B	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$1.42B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$272.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$259.00M	USD	1 Quarter
Investment and other income, net	`InvestmentAndOtherNonoperatingIncomeExpenseNet`	$2.00M	USD	1 Quarter
Investment and other income, net	`InvestmentAndOtherNonoperatingIncomeExpenseNet`	$5.00M	USD	1 Quarter
Pension settlement costs	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$103.00M	USD	1 Quarter
Reorganization items, net	`ReorganizationItems`	$25.00M	USD	1 Quarter
Interest expense (contractual interest for the three months ended March 31, 2021 was $338 million)	`InterestExpense`	$89.00M	USD	1 Quarter
Interest expense (contractual interest for the three months ended March 31, 2021 was $338 million)	`InterestExpense`	$383.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$147.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-209.00M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-23.00M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$87.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-186.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$60.00M	USD	1 Quarter
Basic and diluted net earnings (loss) per share attributable to Frontier common shareholders	`EarningsPerShareBasicAndDiluted`	$0.57	USD	1 Quarter
Basic and diluted net earnings (loss) per share attributable to Frontier common shareholders	`EarningsPerShareBasicAndDiluted`	$-1.78	USD	1 Quarter
Total weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	104.56M	shares	1 Quarter
Total weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	104.36M	shares	1 Quarter
Total weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	104.90M	shares	1 Quarter
Total weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	104.36M	shares	1 Quarter

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-186.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$60.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$415.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$387.00M	USD	1 Quarter
Pension settlement costs	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$103.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$-1.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.00M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$8.00M	USD	1 Quarter
Other adjustments	`OtherNoncashIncomeExpense`	$-1.00M	USD	1 Quarter
Other adjustments	`OtherNoncashIncomeExpense`	$-1.00M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-84.00M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$30.00M	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`	$-34.00M	USD	1 Quarter
Change in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$110.00M	USD	1 Quarter
Change in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$48.00M	USD	1 Quarter
Change in prepaid expenses, income taxes and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.00M	USD	1 Quarter
Change in prepaid expenses, income taxes and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-52.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$477.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$665.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$384.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$286.00M	USD	1 Quarter
Proceeds on sale of assets	`ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets`	$2.00M	USD	1 Quarter
Proceeds on sale of assets	`ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets`	$2.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.00M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-380.00M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-282.00M	USD	1 Quarter
Long-term debt principal payments	`RepaymentsOfLongTermDebt`	$5.00M	USD	1 Quarter
Finance lease obligation payments	`FinanceLeasePrincipalPayments`	$5.00M	USD	1 Quarter
Finance lease obligation payments	`FinanceLeasePrincipalPayments`	$8.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.00M	USD	1 Quarter
Increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$182.00M	USD	1 Quarter
Increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$278.00M	USD	1 Quarter
Cash, cash equivalents and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.17B	USD	Point-in-time
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`	$809.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.89B	USD	Point-in-time
Cash, cash equivalents and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.17B	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`	$809.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.89B	USD	Point-in-time
Interest	`InterestPaidNet`	$40.00M	USD	1 Quarter
Interest	`InterestPaidNet`	$163.00M	USD	1 Quarter
Income tax payments, net	`IncomeTaxesPaidNet`	$1.00M	USD	1 Quarter
Reorganization items, net	`ReorganizationItemsNet`	$56.00M	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.39B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.83B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.90B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.49B	USD	Point-in-time
Stock plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.00M	USD	1 Quarter
Stock plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-186.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$60.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$11.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$86.00M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.39B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.83B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.90B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.49B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-186.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$60.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$11.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$86.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$71.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-100.00M	USD	1 Quarter

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