10-Q Filing

FRONTIER COMMUNICATIONS PARENT, INC. CIK: 20520 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001562762-23-000214`
Period End Date	20230331
Filing Date	20230505
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	fybr-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 32 Cash Flow Statement 55 Stockholders Equity 14 Comprehensive Income 6

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$43.00M	USD	Point-in-time
Allowances for accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$47.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.75B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.75B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$322.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.13B	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	245.02M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	245.23M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$1.75B	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$900.00M	USD	Point-in-time
Accounts receivable, less allowances of $43 and $47, respectively	`AccountsReceivableNetCurrent`	$430.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	245.23M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	245.02M	shares	Point-in-time
Accounts receivable, less allowances of $43 and $47, respectively	`AccountsReceivableNetCurrent`	$438.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$57.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$63.00M	USD	Point-in-time
Income taxes and other current assets	`OtherAssetsCurrent`	$19.00M	USD	Point-in-time
Income taxes and other current assets	`OtherAssetsCurrent`	$30.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.54B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.60B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$12.75B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$11.85B	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$3.91B	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$3.83B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$280.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$271.00M	USD	Point-in-time
Total assets	`Assets`	$18.62B	USD	Point-in-time
Total assets	`Assets`	$19.40B	USD	Point-in-time
Long-term debt due within one year	`LongTermDebtCurrent`	$15.00M	USD	Point-in-time
Long-term debt due within one year	`LongTermDebtCurrent`	$15.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.37B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.41B	USD	Point-in-time
Advanced billings	`ContractWithCustomerLiabilityAdvancedBillingsCurrent`	$207.00M	USD	Point-in-time
Advanced billings	`ContractWithCustomerLiabilityAdvancedBillingsCurrent`	$194.00M	USD	Point-in-time
Accrued other taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$137.00M	USD	Point-in-time
Accrued other taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$102.00M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$104.00M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$182.00M	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`	$396.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$398.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.29B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.31B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$558.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$560.00M	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.04B	USD	Point-in-time
Pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.03B	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$483.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$493.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$9.11B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$9.84B	USD	Point-in-time
Total liabilities	`Liabilities`	$14.23B	USD	Point-in-time
Total liabilities	`Liabilities`	$13.49B	USD	Point-in-time
Common stock, $0.01 par value (1,750,000 authorized shares, 245,232 and 245,021 issued, and outstanding at March 31, 2023 and December 31, 2022, respectively)	`CommonStockValue`	$2.00M	USD	Point-in-time
Common stock, $0.01 par value (1,750,000 authorized shares, 245,232 and 245,021 issued, and outstanding at March 31, 2023 and December 31, 2022, respectively)	`CommonStockValue`	$2.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.20B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.22B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$858.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$855.00M	USD	Point-in-time
Accumulated other comprehensive income, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$79.00M	USD	Point-in-time
Accumulated other comprehensive income, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$83.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$5.16B	USD	Point-in-time
Total equity	`StockholdersEquity`	$5.13B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$19.40B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$18.62B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$1.45B	USD	1 Quarter
Revenue	`Revenues`	$1.44B	USD	1 Quarter
Cost of service	`CostOfGoodsAndServicesSold`	$542.00M	USD	1 Quarter
Cost of service	`CostOfGoodsAndServicesSold`	$553.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$435.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$417.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$330.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$284.00M	USD	1 Quarter
Restructuring costs and other charges	`RestructuringCharges`	$54.00M	USD	1 Quarter
Restructuring costs and other charges	`RestructuringCharges`	$8.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$1.30B	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$1.33B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$143.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$121.00M	USD	1 Quarter
Investment and other income, net (See Note 10)	`InvestmentAndOtherNonoperatingIncomeExpenseNet`	$2.00M	USD	1 Quarter
Investment and other income, net (See Note 10)	`InvestmentAndOtherNonoperatingIncomeExpenseNet`	$77.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$103.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$141.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$95.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$30.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$65.00M	USD	1 Quarter
Basic net earnings per share attributable to Frontier common shareholders	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Basic net earnings per share attributable to Frontier common shareholders	`EarningsPerShareBasic`	$0.27	USD	1 Quarter
Diluted net earnings per share attributable to Frontier common shareholders	`EarningsPerShareDiluted`	$0.26	USD	1 Quarter
Diluted net earnings per share attributable to Frontier common shareholders	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Total weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	244.43M	shares	1 Quarter
Total weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	245.08M	shares	1 Quarter
Total weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	246.43M	shares	1 Quarter
Total weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	245.25M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$3.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$65.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$330.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$284.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$24.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$15.00M	USD	1 Quarter
Lease Impairment	`FinanceAndOperatingLeaseImpairmentLoss`	$44.00M	USD	1 Quarter
Amortization of premium	`AmortizationOfDebtDiscountPremium`	$-7.00M	USD	1 Quarter
Amortization of premium	`AmortizationOfDebtDiscountPremium`	$-7.00M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$7.00M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$7.00M	USD	1 Quarter
Other adjustments	`OtherNoncashIncomeExpense`	$-1.00M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-25.00M	USD	1 Quarter
Change in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.00M	USD	1 Quarter
Change in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-54.00M	USD	1 Quarter
Change in long-term pension and other postretirement liabilities	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-7.00M	USD	1 Quarter
Change in long-term pension and other postretirement liabilities	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-94.00M	USD	1 Quarter
Change in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$120.00M	USD	1 Quarter
Change in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$30.00M	USD	1 Quarter
Change in prepaid expenses, income taxes, and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-15.00M	USD	1 Quarter
Change in prepaid expenses, income taxes, and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-6.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$389.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$528.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.15B	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$447.00M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireInvestments`	$900.00M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireInvestments`	$225.00M	USD	1 Quarter
Sale of short-term investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$1.07B	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.00M	USD	1 Quarter
Net cash (used by) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-304.00M	USD	1 Quarter
Net cash (used by) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.34B	USD	1 Quarter
Long-term debt principal payments	`RepaymentsOfLongTermDebt`	$4.00M	USD	1 Quarter
Long-term debt principal payments	`RepaymentsOfLongTermDebt`	$3.00M	USD	1 Quarter
Proceeds from long-term debt borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$750.00M	USD	1 Quarter
Financing costs paid	`PaymentsOfFinancingCosts`	$13.00M	USD	1 Quarter
Finance lease obligation payments	`FinanceLeasePrincipalPayments`	$5.00M	USD	1 Quarter
Finance lease obligation payments	`FinanceLeasePrincipalPayments`	$5.00M	USD	1 Quarter
Taxes paid on behalf of employees for shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-4.00M	USD	1 Quarter
Net cash provided from (used by) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.00M	USD	1 Quarter
Net cash provided from (used by) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$725.00M	USD	1 Quarter
Increase (Decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$810.00M	USD	1 Quarter
Increase (Decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-829.00M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.18B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.35B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$322.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at January 1,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.13B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.18B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.35B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$322.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at March 31,	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.13B	USD	Point-in-time
Interest	`InterestPaidNet`	$83.00M	USD	1 Quarter
Interest	`InterestPaidNet`	$36.00M	USD	1 Quarter
Income tax payments, net	`IncomeTaxesPaidNet`	$5.00M	USD	1 Quarter
Income tax payments, net	`IncomeTaxesPaidNet`	$2.00M	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.16B	USD	Point-in-time
Balance at beginning	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.68B	USD	Point-in-time
Balance at beginning	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.13B	USD	Point-in-time
Balance at beginning	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.60B	USD	Point-in-time
Stock plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$15.00M	USD	1 Quarter
Stock plans, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$22.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$3.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$65.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$4.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-2.00M	USD	1 Quarter
Balance at ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.16B	USD	Point-in-time
Balance at ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.68B	USD	Point-in-time
Balance at ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.13B	USD	Point-in-time
Balance at ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.60B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$3.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$65.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$4.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-2.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$63.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$7.00M	USD	1 Quarter

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