Document and Entity Information
Document and Entity Information - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 21, 2022 | Jun. 30, 2021 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-11001 | ||
Entity Registrant Name | FRONTIER COMMUNICATIONS PARENT, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 06-0619596 | ||
Entity Address, Address Line One | 401 Merritt 7 | ||
Entity Address, City or Town | Norwalk | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06851 | ||
City Area Code | 203 | ||
Local Phone Number | 614-5600 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | FYBR | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,450 | ||
Entity Common Stock, Shares Outstanding | 244,421 | ||
Documents Incorporated By Reference | DOCUMENT INCORPORATED BY REFERENCEPortions of the proxy statement for the Registrant’s 2022 Annual Meeting of Stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0000020520 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Stamford, Connecticut | ||
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Successor [Member] | ||
Current assets: | ||
Cash and cash equivalents | $ 2,127 | |
Accounts receivable, less allowances of $57 and $130, respectively | 458 | |
Contract acquisition costs | ||
Prepaid expenses | 73 | |
Income taxes and other current assets | 30 | |
Total current assets | 2,688 | |
Property, plant and equipment, net | 9,199 | |
Intangibles, net | 4,227 | |
Other assets | 367 | |
Total assets | 16,481 | |
Current liabilities: | ||
Long-term debt due within one year | 15 | |
Accounts payable | 535 | |
Advanced billings | 197 | |
Accrued other taxes | 183 | |
Accrued interest | 76 | |
Pension and other postretirement benefits | 46 | |
Other current liabilities | 399 | |
Total current liabilities | 1,451 | |
Deferred income taxes | 387 | |
Pension and other postretirement benefits | 1,672 | |
Other liabilities | 403 | |
Long-term debt | 7,968 | |
Total liabilities not subject to compromise | 11,881 | |
Liabilities subject to compromise | ||
Total liabilities | 11,881 | |
Equity (Deficit): | ||
Common stock | 2 | |
Additional paid-in capital | 4,124 | |
Retained earnings (accumulated deficit) | 414 | |
Accumulated other comprehensive income (loss), net of tax | 60 | |
Treasury common stock | ||
Total equity (deficit) | 4,600 | |
Total liabilities and equity (deficit) | 16,481 | |
Predecessor [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1,829 | |
Accounts receivable, less allowances of $57 and $130, respectively | 553 | |
Contract acquisition costs | 97 | |
Prepaid expenses | 90 | |
Income taxes and other current assets | 85 | |
Total current assets | 2,654 | |
Property, plant and equipment, net | 12,931 | |
Intangibles, net | 677 | |
Other assets | 533 | |
Total assets | 16,795 | |
Current liabilities: | ||
Long-term debt due within one year | 5,781 | |
Accounts payable | 540 | |
Advanced billings | 202 | |
Accrued other taxes | 204 | |
Accrued interest | 47 | |
Pension and other postretirement benefits | 48 | |
Other current liabilities | 318 | |
Total current liabilities | 7,140 | |
Deferred income taxes | 343 | |
Pension and other postretirement benefits | 2,195 | |
Other liabilities | 452 | |
Long-term debt | ||
Total liabilities not subject to compromise | 10,130 | |
Liabilities subject to compromise | 11,565 | |
Total liabilities | 21,695 | |
Equity (Deficit): | ||
Common stock | 27 | |
Additional paid-in capital | 4,817 | |
Retained earnings (accumulated deficit) | (8,975) | |
Accumulated other comprehensive income (loss), net of tax | (755) | |
Treasury common stock | (14) | |
Total equity (deficit) | (4,900) | |
Total liabilities and equity (deficit) | $ 16,795 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Successor [Member] | ||
Allowances for accounts receivable, current | $ 57 | |
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 1,750,000 | |
Common stock, shares issued (in shares) | 244,416 | |
Common stock, shares outstanding (in shares) | 244,416 | |
Predecessor [Member] | ||
Allowances for accounts receivable, current | $ 130 | |
Common stock, par value | $ 0.25 | |
Common stock, shares authorized | 175,000 | |
Common stock, shares issued (in shares) | 106,025 | |
Common stock, shares outstanding (in shares) | 104,793 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Revenue | $ 4,180 | |||
Operating expenses: | ||||
Cost of service | 1,532 | |||
Selling, general and administrative expenses | 1,131 | |||
Depreciation and amortization | 734 | |||
Goodwill impairment | ||||
Loss on disposal of Northwest Operations | ||||
Restructuring costs and other charges | 21 | |||
Total operating expenses | 3,418 | |||
Operating income (loss) | 762 | |||
Investment and other income (loss), net | (5) | |||
Pension settlement costs | ||||
Loss on early extinguishment of debt | ||||
Reorganization items, net | ||||
Interest expense (see Note 10) | (257) | |||
Income (loss) before income taxes | 500 | |||
Income tax (benefit) expense | 86 | |||
Net income (loss) attributable to Frontier common shareholders | $ 414 | |||
Basic net income (loss) per share attributable to Frontier common shareholders | $ 1.69 | |||
Diluted net income (loss) per share attributable to Frontier common shareholders | $ 1.68 | |||
Total weighted average shares outstanding - basic | 244,405 | |||
Total weighted average shares outstanding - diluted | 245,885 | |||
Predecessor [Member] | ||||
Revenue | $ 2,231 | $ 7,155 | $ 8,107 | |
Operating expenses: | ||||
Cost of service | 830 | 2,701 | 3,057 | |
Selling, general and administrative expenses | 537 | 1,648 | 1,804 | |
Depreciation and amortization | 506 | 1,598 | 1,780 | |
Goodwill impairment | 5,725 | |||
Loss on disposal of Northwest Operations | 162 | 446 | ||
Restructuring costs and other charges | 7 | 87 | 168 | |
Total operating expenses | 1,880 | 6,196 | 12,980 | |
Operating income (loss) | 351 | 959 | (4,873) | |
Investment and other income (loss), net | 1 | (43) | (37) | |
Pension settlement costs | (159) | (57) | ||
Loss on early extinguishment of debt | (72) | (20) | ||
Reorganization items, net | 4,171 | (409) | ||
Interest expense (see Note 10) | (118) | (762) | (1,535) | |
Income (loss) before income taxes | 4,405 | (486) | (6,522) | |
Income tax (benefit) expense | (136) | (84) | (611) | |
Net income (loss) attributable to Frontier common shareholders | $ 4,541 | $ (402) | $ (5,911) | |
Basic net income (loss) per share attributable to Frontier common shareholders | $ 43.42 | $ (3.85) | $ (56.80) | |
Diluted net income (loss) per share attributable to Frontier common shareholders | $ 43.28 | $ (3.85) | $ (56.80) | |
Total weighted average shares outstanding - basic | 104,584 | 104,467 | 104,065 | |
Total weighted average shares outstanding - diluted | 104,924 | 104,467 | 104,065 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Net income (loss) | $ 414 | |||
Other comprehensive income (loss), net of tax | 60 | |||
Comprehensive income (loss) | $ 474 | |||
Predecessor [Member] | ||||
Net income (loss) | $ 4,541 | $ (402) | $ (5,911) | |
Other comprehensive income (loss), net of tax | 359 | (105) | (108) | |
Comprehensive income (loss) | $ 4,900 | $ (507) | $ (6,019) |
Consolidated Statements Of Equi
Consolidated Statements Of Equity (Deficit) - USD ($) $ in Millions | Successor [Member]Common Stock [Member] | Successor [Member]Additional Paid-In Capital [Member] | Successor [Member]Retained Earnings (Deficit) [Member] | Successor [Member]Accumulated Other Comprehensive Income (Loss) [Member] | Successor [Member] | Predecessor [Member]Common Stock [Member] | Predecessor [Member]Additional Paid-In Capital [Member] | Predecessor [Member]Retained Earnings (Deficit) [Member]Restatement Adjustment [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Predecessor [Member]Retained Earnings (Deficit) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Predecessor [Member]Retained Earnings (Deficit) [Member] | Predecessor [Member]Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Predecessor [Member]Accumulated Other Comprehensive Income (Loss) [Member] | Predecessor [Member]Treasury Common Stock [Member] | Predecessor [Member]Restatement Adjustment [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Predecessor [Member] |
Balance at beginning at Dec. 31, 2018 | $ 27 | $ 4,802 | $ 11 | $ (2,752) | $ (463) | $ (14) | $ 11 | $ 1,600 | |||||||
Balance (in shares) at Dec. 31, 2018 | 106,025,000 | (489,000) | |||||||||||||
Stock plans | 13 | $ 1 | 14 | ||||||||||||
Stock plans (in shares) | (405,000) | ||||||||||||||
Net income (loss) | (5,911) | (5,911) | |||||||||||||
Other comprehensive income (loss), net of tax | (108) | (108) | |||||||||||||
Balance at ending (Accounting Standards Update 2018-02 [Member]) at Dec. 31, 2019 | $ 79 | $ (79) | (79) | ||||||||||||
Balance at ending at Dec. 31, 2019 | $ 27 | 4,815 | (8,573) | (650) | $ (13) | (4,394) | |||||||||
Balance (in shares) at Dec. 31, 2019 | 106,025,000 | (894,000) | |||||||||||||
Stock plans | 2 | $ (1) | 1 | ||||||||||||
Stock plans (in shares) | (338,000) | ||||||||||||||
Net income (loss) | (402) | (402) | |||||||||||||
Other comprehensive income (loss), net of tax | (105) | (105) | |||||||||||||
Balance at ending at Dec. 31, 2020 | $ 27 | 4,817 | (8,975) | (755) | $ (14) | (4,900) | |||||||||
Balance (in shares) at Dec. 31, 2020 | 106,025,000 | (1,232,000) | |||||||||||||
Stock plans | 1 | $ (1) | |||||||||||||
Stock plans (in shares) | (122,000) | ||||||||||||||
Net income (loss) | 4,541 | 4,541 | |||||||||||||
Other comprehensive income (loss), net of tax | 359 | 359 | |||||||||||||
Cancellation of Predecessor equity | $ (27) | (4,818) | $ 4,434 | $ 396 | $ 15 | ||||||||||
Cancellation of Predecessor equity (in shares) | (106,025,000) | 1,354,000 | |||||||||||||
Issuance of Successor common stock | $ 2 | 4,106 | $ 4,108 | ||||||||||||
Issuance of Successor common stock (in shares) | 244,401,000 | 244,401,000 | 244,401,000 | ||||||||||||
Balance at ending at Apr. 30, 2021 | $ 2 | $ 4,106 | $ 4,108 | ||||||||||||
Balance (in shares) at Apr. 30, 2021 | 244,401,000 | ||||||||||||||
Stock plans | $ 18 | $ 18 | |||||||||||||
Stock plans (in shares) | 15,000 | ||||||||||||||
Net income (loss) | $ 414 | 414 | |||||||||||||
Other comprehensive income (loss), net of tax | $ 60 | 60 | |||||||||||||
Balance at ending at Dec. 31, 2021 | $ 2 | $ 4,124 | $ 414 | $ 60 | $ 4,600 | ||||||||||
Balance (in shares) at Dec. 31, 2021 | 244,416,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Cash flows provided from (used by) operating activities: | ||||
Net income (loss) | $ 414 | |||
Adjustments to reconcile net loss to net cash provided from (used by) operating activities: | ||||
Depreciation and amortization | 734 | |||
Loss on early extinguishment of debt | ||||
Pension settlement costs | ||||
Pension/OPEB special termination benefit enhancements | ||||
Stock-based compensation expense | 18 | |||
Amortization of deferred financing costs | ||||
Non-cash reorganization items | ||||
Other adjustments | (18) | |||
Deferred income taxes | 81 | |||
Goodwill impairment | ||||
Loss on disposal of Northwest Operations | ||||
Change in accounts receivable | 59 | |||
Change in accounts payable and other liabilities | 115 | |||
Change in prepaid expenses, income taxes and other assets | 48 | |||
Net cash provided from (used by) operating activities | 1,451 | |||
Cash flows provided from (used by) investing activities: | ||||
Capital expenditures - Business operations | (1,205) | |||
Proceeds on sale of interest | 7 | |||
Other | 5 | |||
Net cash used by investing activities | (1,193) | |||
Cash flows provided from (used by) financing activities: | ||||
Long-term debt principal payments | (17) | |||
Proceeds from long-term debt borrowings | 1,000 | |||
Proceeds from revolving debt | ||||
Repayment of revolving debt | ||||
Financing costs paid | (13) | |||
Finance lease obligation payments | (13) | |||
Other | 23 | |||
Net cash provided from (used by) financing activities | 980 | |||
Increase (Decrease) in cash, cash equivalents, and restricted cash | 1,238 | |||
Cash, cash equivalents, and restricted cash at the beginning of the period | 940 | |||
Cash, cash equivalents, and restricted cash at the end of the period | $ 940 | 2,178 | ||
Cash paid during the period for: | ||||
Interest | 281 | |||
Income tax payments, net | 28 | |||
Reorganization items, net | ||||
Non-cash investing activities: | ||||
Increase (Decrease) in capital expenditures due to changes in accounts payable | (26) | |||
Predecessor [Member] | ||||
Cash flows provided from (used by) operating activities: | ||||
Net income (loss) | 4,541 | $ (402) | $ (5,911) | |
Adjustments to reconcile net loss to net cash provided from (used by) operating activities: | ||||
Depreciation and amortization | 506 | 1,598 | 1,780 | |
Loss on early extinguishment of debt | 72 | 20 | ||
Pension settlement costs | 159 | 57 | ||
Pension/OPEB special termination benefit enhancements | 44 | |||
Stock-based compensation expense | (1) | 3 | 15 | |
Amortization of deferred financing costs | 15 | 30 | ||
Non-cash reorganization items | (5,467) | 93 | ||
Other adjustments | 1 | 6 | ||
Deferred income taxes | (148) | (91) | (619) | |
Goodwill impairment | 5,725 | |||
Loss on disposal of Northwest Operations | 162 | 446 | ||
Change in accounts receivable | 36 | 73 | 48 | |
Change in accounts payable and other liabilities | (168) | 342 | (122) | |
Change in prepaid expenses, income taxes and other assets | 46 | (41) | (5) | |
Net cash provided from (used by) operating activities | (654) | 1,989 | 1,508 | |
Cash flows provided from (used by) investing activities: | ||||
Capital expenditures - Business operations | (500) | (1,181) | (1,226) | |
Proceeds on sale of interest | 9 | 27 | 88 | |
Other | 1 | 4 | 4 | |
Net cash used by investing activities | (490) | (19) | (1,134) | |
Cash flows provided from (used by) financing activities: | ||||
Long-term debt principal payments | (1) | (4,948) | (2,008) | |
Proceeds from long-term debt borrowings | 225 | 4,950 | 1,650 | |
Proceeds from revolving debt | 949 | |||
Repayment of revolving debt | (749) | (475) | ||
Financing costs paid | (4) | (121) | (44) | |
Finance lease obligation payments | (7) | (23) | (35) | |
Other | (16) | (2) | (5) | |
Net cash provided from (used by) financing activities | 197 | (893) | 32 | |
Increase (Decrease) in cash, cash equivalents, and restricted cash | (947) | 1,077 | 406 | |
Cash, cash equivalents, and restricted cash at the beginning of the period | 1,887 | $ 940 | 810 | 404 |
Cash, cash equivalents, and restricted cash at the end of the period | 940 | 1,887 | 810 | |
Cash paid during the period for: | ||||
Interest | 84 | 612 | 1,469 | |
Income tax payments, net | 9 | 8 | 4 | |
Reorganization items, net | 1,397 | 270 | ||
Non-cash investing activities: | ||||
Increase (Decrease) in capital expenditures due to changes in accounts payable | $ (5) | $ (117) | $ 13 |
Description Of Business And Sum
Description Of Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Description Of Business And Summary Of Significant Accounting Policies | (1) Description of Business and Summary of Significant Accounting Policies: (a)Description of Business:Frontier Communications Parent, Inc. is a provider of communications services in the United States, with approximately 2.8 million broadband subscribers and 15,600 employees, operating in 25 states. Frontier was incorporated in 1935, originally under the name of Citizens Utilities Company and was known as Citizens Communications Company until July 31, 2008. Frontier and its subsidiaries are referred to as “we,” “us,” “our,” “Frontier,” or the “Company” in this report. (b)Basis of Presentation and Use of Estimates:Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain reclassifications of amounts previously reported have been made to conform to the current presentation. In 2021, we recategorized our previous operating expenses categories (“Cost of service expense”, “Network related expense,” and “Selling, general, and administrative expense”) into two expense lines: “Cost of service” and “Selling, general, and administrative expenses”. All historical periods presented have been updated to conform to the new categorization. All significant intercompany balances and transactions have been eliminated in consolidation. For our financial statements as of and for the period ended December 31, 2021, we evaluated subsequent events and transactions for potential recognition or disclosure through the date that we filed this Form 10-K with the Securities and Exchange Commission (SEC). The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the disclosure of contingent assets and liabilities, and (iii) the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. Estimates and judgments are used when accounting for the application of fresh start accounting, allowance for credit losses, asset impairments, indefinite-lived intangibles, depreciation and amortization, income taxes, business combinations, and pension and other postretirement benefits, among others. For information about our use of estimates as a result of fresh start accounting, see Note 4. Chapter 11 Bankruptcy Emergence On April 14, 2020 (the “Petition Date”), Frontier Communications Corporation, a Delaware corporation (“Old Frontier”), and its subsidiaries (collectively with Old Frontier, the “Debtors”), commenced cases under chapter 11 (the “Chapter 11 Cases”) of title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). On August 27, 2020, the Bankruptcy Court confirmed the Fifth Amended Joint Plan of Reorganization of Frontier Communications Corporation and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan” or the “Plan of Reorganization”), which was filed with the Bankruptcy Court on August 21, 2020, and on April 30, 2021 (the “Effective Date”), the Debtors satisfied the conditions precedent to consummation of the Plan as set forth in the Plan, and the Debtors emerged from the Chapter 11 Cases without any need for further action or order of the Bankruptcy Court. See Note 3 for additional information related to our emergence from Chapter 11 Cases. Fresh Start AccountingUpon emergence from bankruptcy, we adopted fresh start accounting in accordance with Accounting Standards Codification (ASC) Topic 852 – Reorganizations (ASC 852) and became a new entity for financial reporting purposes. As a result, the consolidated financial statements after the Effective Date are not comparable with the consolidated financial statements on or before that date as indicated by the “black line” division in the financial statements and footnote tables, which emphasizes the lack of comparability between amounts presented. References to “Successor” relate to our financial position and results of operations after the Effective Date. References to “Predecessor” refer to the financial position and results of operations of Old Frontier and its subsidiaries on or before the Effective Date. See Note 4 for additional information related to fresh start accounting. During the Predecessor period, ASC 852 was applied in preparing the consolidated financial statements. ASC 852 requires the financial statements, for periods subsequent to the commencement of the Chapter 11 Cases, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. ASC 852 requires certain additional reporting for financial statements prepared between the bankruptcy filing date and the date of emergence from bankruptcy, including: (i) Reclassification of pre-petition liabilities that are unsecured, under-secured or where it cannot be determined that the liabilities are fully secured, to a separate line item on the consolidated balance sheet called, "Liabilities subject to compromise"; and (ii) Segregation of “Reorganization items, net” as a separate line on the consolidated statements of comprehensive loss, included within income from continuing operations. Upon application of fresh start accounting, we allocated the reorganization value to our individual assets and liabilities, except for deferred income taxes, based on their estimated fair values in conformity with ASC Topic 805, Business Combinations. The amount of deferred taxes was determined in accordance with ASC Topic 740, Income Taxes. The Effective Date fair values of our assets and liabilities differed materially from their recorded values as reflected on the historical balance sheets, see Note 4. (c) Changes in Accounting Policies: The accounting policy differences between Predecessor and Successor include: Universal Service Fund and Other Surcharges - Frontier collects various taxes, Universal Service Fund (USF) surcharges (primarily federal USF), and certain other taxes, from its customers and subsequently remits them to governmental authorities. The Predecessor recorded USF and other taxes on a gross basis on the consolidated statement of operations, included within “Revenue” and “Cost of service expense”. After emergence, the Successor records these USF and other taxes on a net basis. Provision for Bad Debt – The Predecessor reported the provision for bad debt as a reduction of revenue. After emergence, the Successor reports bad debt expense as an operating expense included in “Selling, general, and administrative expenses”. Contract Acquisition Costs - During the Predecessor period, certain commissions to obtain new customers were deferred and amortized over four years, which represented the estimated customer contract period. As a result of fresh start accounting, that assumption was reevaluated and the period of benefit for our retail customers was determined to be less than one year. As such, these costs are now expensed as incurred. Actuarial Losses on Defined Benefit Plans - Historically, actuarial gains (losses) were recognized as they occurred and included in “Accumulated other comprehensive income (loss)” and were subject to amortization over the estimated average remaining service period of participants. As part of fresh start accounting, Frontier has made an accounting policy election to recognize these gains and losses immediately in the period they occur as Investment and other income (loss) on the consolidated statement of operations. Government Grants Revenue - Certain governmental grants that were historically presented on a net basis as part of capital expenditures, are now presented on a gross basis and included in ”Revenue” on the consolidated statement of operations. Administrative Expenses – Historically, the Predecessor capitalized certain administrative expenses, that following emergence, are expensed during the period incurred and included in “Selling, general, and administrative expense” on the consolidated statement of operations. (d) Going Concern:In accordance with the requirements of Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements Going Concern (ASU 2014-15)”, and ASC 205, “Presentation of Financial Statements”, the Company has the responsibility to evaluate at each reporting period, including interim periods, whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations. In its evaluation for this report, management considered the Company’s current financial condition and liquidity sources, including current funds available, forecasted future cash flows and the Company’s conditional and unconditional obligations due within one year following the date of issuance of this Annual Report on Form 10-K. During the pendency of the Chapter 11 Cases, the Predecessor’s ability to continue as a going concern was contingent upon a variety of factors, including the Bankruptcy Court’s approval of the Plan and the Predecessor’s ability to successfully implement the Plan. As a result of the effectiveness of the Plan, the Company believes it has the ability to meet its obligations for at least one year from the date of issuance of this Form 10-K. Accordingly, the accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course business. (e)Impact of COVID-19:The outbreak of COVID-19 and measures taken to prevent its spread across the globe have impacted our business in several ways. While overall the operational and financial impacts to Frontier of the COVID-19 pandemic for the year ended December 31, 2021 were not significant, we continue to closely monitor the evolution of the pandemic, including new COVID-19 variants, as well as the ongoing impact to our employees, our customers, our suppliers, and our results of operations. In an effort to reduce the economic impacts of COVID-19, the United States federal government has responded with multiple stimulus bills. In addition, some of the states we operate in have issued executive orders as a result of COVID-19 that further impact our business. State and federal governments, and health authorities, may continue to recommend or mandate measures that could impact our operations. Frontier’s response to COVID-19 has included comprehensive operational safety precautions for our employees and customers. To date, we have not experienced significant disruptions in our workforce due to COVID-19 related absences or legislative or regulatory changes. Through December 31, 2021, we have not experienced any material disruptions in our supply chain. However, the challenges and continuing uncertainty of the COVID-19 pandemic could result in further impacts to our business and operations, such as disruptions in our supply chain, inflation in pricing for key materials or labor, or other adverse changes. Some of our business partners, have been impacted by COVID-related workforce absences and other disruptions which have affected our service levels and distribution of work. In particular, network electronics that require microchip processors have experienced supply chain constraints due to the global microchip shortage. We continue to closely track our customers’ payment activity as well as external factors which could materially impact payment trends. With more people working from home, we have experienced higher demands on our network and higher sales activity for our consumer broadband service offering. This sustained increase in network demand could lead to reduced network availability and potential outages, which may impair our ability to meet customer service level commitments, lead to higher costs, higher customer churn and potential increased regulatory actions. These potential changes, among others, could have a material financial impact to Frontier. (f)Cash Equivalents:We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash of $17 million is included in “Other current assets” as of December 31, 2021 and $34 million and $58 million is included within “Other assets” on our consolidated balance sheet as of December 31, 2021 and 2020, respectively. These amounts represent cash collateral required for certain Letter of Credit obligations and utility vendors. (g)Revenue Recognition: Revenue for data & Internet services, voice services, video services and switched and non-switched access services is recognized as services are provided to customers. Services that are billed in advance include monthly recurring network access services (including data services), special access services, and monthly recurring voice, video, and related charges. Revenue is recognized by measuring progress toward the complete satisfaction of the Company’s performance obligations. The unearned portion of these fees is deferred as a component of “Advanced billings” on our consolidated balance sheet and recognized as revenue over the period that the services are provided. Services that are billed in arrears include non-recurring network access services (including data services), switched access services, and non-recurring voice and video services. The earned but unbilled portion of these fees is recognized as revenue in our consolidated statements of operations and accrued in “Accounts receivable” on our consolidated balance sheet in the period that services are provided. Excise taxes are recognized as a liability when billed. Satisfaction of Performance ObligationsFrontier satisfies its obligations to customers by transferring goods and services in exchange for consideration received from the customer. The timing of Frontier’s satisfaction of the performance obligation may differ from the timing of the customer’s payment. Bundled Service and Allocation of DiscountsWhen customers purchase more than one service, revenue for each is determined by allocating the total transaction price based upon the relative stand-alone selling price of each service. We frequently offer service discounts as an incentive to customers, which reduce the total transaction price. Any incentives which are considered cash equivalents (e.g. gift cards) that are granted will similarly result in a reduction of the total transaction price. Cash equivalent incentives are accounted for on a portfolio basis and are recognized in the month they are awarded to customers. Customer IncentivesIn the process of acquiring and/or retaining customers, we may issue a variety of incentives aside from service discounts or cash equivalent incentives. Those incentives that have stand-alone value (e.g. gift cards not considered cash equivalents or free goods/services) are considered separate performance obligations. While these incentives are free to the customer, a portion of the consideration received from the customer is ascribed to them based upon their relative stand-alone selling price. These types of incentives are accounted for on a portfolio basis with both revenue and expense recognized in the month they are awarded to the customer. The earned revenue associated with these incentives is reflected in “Other” revenue while the associated costs are reflected in “Cost of Services. Upfront FeesAll non-refundable upfront fees assessed to our customers provide them with a material right to renew; therefore, they are deferred by creating a contract liability and amortized into “Data and Internet service revenue” for fees charged to our wholesale customers and “other revenue” for fees charged to all other customers over the average customer life using a portfolio approach. Customer Acquisition CostsSales commission expenses are recognized as incurred. According to ASC 606, incremental costs in obtaining a contract with a customer are deferred and recorded as a contract asset if the period of benefit is expected to be greater than one year. For our retail customers, this period of benefit has been determined to be less than one year. As such, the Company applies the practical expedient that allows such costs to be expensed as incurred. Taxes, Surcharges and SubsidiesFrontier collects various taxes, Universal Service Funds (USF) surcharges (primarily federal USF), and certain other surcharges from its customers and subsequently remits these taxes to governmental authorities. USF and other surcharges amounted to $83 million during the four months ended April 30, 2021, and $193 million, and $221 million for the years ended December 31, 2020 and 2019, respectively. In June 2015, Frontier accepted the FCC offer of support to price cap carriers under the Connect America Fund (CAF) Phase II program, which was intended to provide long-term support for broadband in high-cost unserved or underserved areas. We recognize FCC’s CAF Phase II subsidies into revenue on a straight-line basis. (h)Property, Plant and Equipment:Property, plant, and equipment are stated at original cost, including capitalized interest, or fair market value as of the date of acquisition for acquired properties. Maintenance and repairs are charged to operating expenses as incurred. The gross book value of routine property, plant and equipment retirements is charged against accumulated depreciation. (i)Definite and Indefinite Lived Intangible Assets:Intangible assets are initially recorded at estimated fair value. Frontier historically amortized its acquired customer lists and certain other finite-lived intangible assets over their estimated useful lives on an accelerated basis. Upon emergence from bankruptcy, customer relationship intangibles were established for business and wholesale customers. These intangibles are amortized on a straight-line basis over their assigned useful life of between 11 and 16 years. Additionally, trademark and tradename assets established upon emergence are amortized on a straight-line basis over 5 years. We review such intangible assets to assess whether any potential impairment exists and whether factors exist that would necessitate a change in useful life and a different amortization period. (j)Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of:We review long-lived assets to be held and used, including customer lists and property, plant and equipment, and long-lived assets to be disposed of for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the asset to the future undiscounted net cash flows expected to be generated by the asset. Recoverability of assets held for sale is measured by comparing the carrying amount of the assets to their estimated fair market value. If any assets are considered to be impaired, the impairment is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value. Also, we periodically reassess the useful lives of our long-lived assets to determine whether any changes are required. (k)Lease Accounting:We determine if an arrangement contains a lease at inception. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and Finance lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating and finance lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms used in accounting for leases may reflect options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. ROU assets for operating leases are recorded to “Other Assets”, and the related liabilities recorded to “Other current liabilities”, and “Other liabilities” on our consolidated balance sheets. Assets subject to finance leases are included in “Property, Plant & Equipment”, with corresponding liabilities recorded to “Other current liabilities”, and “Other liabilities” on our consolidated balance sheets. (l)Income Taxes and Deferred Income Taxes: We file a consolidated federal income tax return. We utilize the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recorded for the tax effect of temporary differences between the financial statement basis and the tax basis of assets and liabilities using tax rates expected to be in effect when the temporary differences are expected to reverse. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we are not able to realize a portion of our net deferred tax assets in the future, we would make an adjustment to the deferred tax asset valuation allowance, which would increase the provision for income taxes. The tax effect of a change in tax law or rates included in income tax expense from continuing operations includes effect of changes in deferred tax assets and liabilities initially recognized through a charge or credit to other comprehensive income (loss). The residual tax effects typically are released when the item giving rise to the tax effect is disposed of, liquidated, or terminated. Since the Company has adopted the portfolio approach to release the residual tax effects, there is no release for the residual tax effect from the sale of our Northwest Operations. (m) Stock Plans:We have various stock-based compensation plans. Awards under these plans are granted to eligible employees and directors. Awards may be made in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units or other stock-based awards, including awards with performance, market, and time-vesting conditions. The compensation cost recognized is based on awards ultimately expected to vest. GAAP requires forfeitures to be estimated and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements: Recently Adopted Accounting Pronouncements Financial Instrument Credit LossesIn June 2016, The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments – Credit Losses” (CECL or ASU 2016-13). This standard, along with its amendments, update the current financial statement impairment model requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. For the Company, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. Upon emergence from the Chapter 11 Cases, effective as of April 30, 2021, Frontier adopted the standard as part of its fresh start accounting policy changes. The adoption of CECL did not result in a material impact to our financial position or results of operations. Recent Accounting Pronouncements Not Yet Adopted Reference Rate ReformIn March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. This standard provides optional expedients, and allows for certain exceptions to existing GAAP, for contract modifications triggered by the expected market transition of certain benchmark interest rates to alternative reference rates. The standard applies to contracts and other arrangements that reference the London Interbank Offering Rate (LIBOR) or any other rates ending after December 31, 2022. Frontier is evaluating the impact of the adoption of this standard, including optional expedients, on our consolidated financial statements. Government Assistance In November 2021, the FASB issued ASU 2021-10, which requires business entities to disclose information about certain government assistance they receive. Such disclosure requirements include the nature of the transactions and the related accounting policy used, the line items on the balance sheet and income statement that are affected and the amounts applicable to each financial statement line item and significant terms and conditions of the transactions. ASU 2021-10 will be effective for annual periods beginning after December 15, 2021 (year ending December 31, 2022 for the Company). Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2021-10 will have on its disclosures. |
Emergence From The Chapter 11 C
Emergence From The Chapter 11 Cases | 12 Months Ended |
Dec. 31, 2021 | |
Emergence From The Chapter 11 Cases [Abstract] | |
Emergence From The Chapter 11 Cases | (3) Emergence from the Chapter 11 Cases On April 14, 2020, the Debtors commenced the Chapter 11 Cases in Bankruptcy Court. The Chapter 11 Cases were jointly administered under the caption In re Frontier Communications Corporation., et al., Case No. 20-22476 (RDD). On August 27, 2020, the Bankruptcy Court entered the Order Confirming the Plan (the “Confirmation Order”). On the Effective Date, the Debtors satisfied all conditions precedent required for consummation of the Plan as set forth in the Plan, the Plan became effective in accordance with its terms and the Debtors emerged from the Chapter 11 Cases without any need for further action or order of the Bankruptcy Court. On the Effective Date, pursuant to the terms of the Plan (i) Old Frontier completed a series of transactions pursuant to which it transferred all of its assets in a taxable sale to an indirectly wholly owned subsidiary of Frontier Communications Parent, Inc., a Delaware corporation (“Frontier” or the “Company”), prior to winding down its business, (ii) all of the obligations under Old Frontier’s unsecured senior note indentures were cancelled, and (iii) in connection with emergence, Frontier issued 244,401,000 shares of common stock that were transferred to holders of the allowed senior notes claims (as defined by the Plan) and the Restructuring Support Agreement was automatically terminated. For a description of the Company’s DIP financing and exit financing upon Emergence, see Note 10 Long-Term Debt. Reorganization items incurred as a result of the Chapter 11 Cases presented separately in the accompanying consolidated statements of operations were as follows: Reorganization Items and Liabilities Subject to Compromise Effective on April 14, 2020, we began to apply the provisions of ASC 852, Reorganizations (ASC 852), which is applicable to companies under bankruptcy protection, and requires amendments to the presentation of certain financial statement line items. ASC 852 requires that the financial statements for periods including and after the filing of the Chapter 11 Cases distinguish transactions and events that are directly associated with the Restructuring from the ongoing operations of the business. Expenses (including professional fees), realized gains and losses, and provisions for losses that can be directly associated with the Restructuring must be reported separately as reorganization items, net in the consolidated statements of operations beginning April 14, 2020, the date of filing of the Chapter 11 Cases. Liabilities that may be affected by the Plan must be reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts as a result of the Plan or negotiations with creditors. The amounts currently classified as liabilities subject to compromise may be subject to future adjustments depending on Bankruptcy Court actions, further developments with respect to disputed claims, determinations of secured status of certain claims, the values of any collateral securing such claims, or other events. Any resulting changes in classification will be reflected in subsequent financial statements. If there is uncertainty about whether a secured claim is undersecured, or will be impaired under the Plan, the entire amount of the claim is included with prepetition claims in Liabilities subject to compromise. As a result of the filing of the Chapter 11 Cases on April 14, 2020, the classification of pre-petition indebtedness is generally subject to compromise pursuant to the Plan. Generally, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities are stayed. Although payment of pre-petition claims generally is not permitted, the Bankruptcy Court granted the Company Parties authority to pay certain pre-petition claims in designated categories and subject to certain terms and conditions. This relief generally was designed to preserve the value of the Company Parties’ businesses and assets. Among other things, the Bankruptcy Court authorized the Company Parties’ to pay certain pre-petition claims relating to employee wages and benefits, taxes, and critical vendors. The Company Parties are paying and intend to pay undisputed post-petition liabilities in the ordinary course of business. In addition, the Company Parties may reject certain pre-petition executory contracts and unexpired leases with respect to their operations with the approval of the Bankruptcy Court. Any damages resulting from the rejection of executory contracts and unexpired leases are treated as general unsecured claims. On the Effective Date, the Debtors satisfied all conditions precedent required for consummation of the Plan as set forth in the Plan, the Plan became effective in accordance with its terms and the Debtors emerged from the Chapter 11 Cases without any need for further action or order of the Bankruptcy Court. On the Effective Date, pursuant to the terms of the Plan, all of the obligations under Old Frontier’s unsecured senior note indentures were cancelled, and in connection with emergence, Frontier issued 244,401,000 shares of common stock that were transferred to holders of the allowed senior notes claims (as defined by the Plan) and the Restructuring Support Agreement was automatically terminated. The accompanying consolidated balance sheet as of December 31, 2020 includes amounts classified as Liabilities subject to compromise, which represent liabilities the Company anticipates will be allowed as claims in the Chapter 11 Cases. These amounts represent the Company's current estimate of known or potential obligations to be resolved in connection with the Chapter 11 Cases and may differ from actual future settlement amounts paid. Differences between liabilities estimated and claims filed, or to be filed, will be investigated, and resolved in connection with the claims resolution process. Liabilities subject to compromise consisted of the following: As of($ in millions) December 31, 2020 Accounts payable $ 57Other current liabilities 62Accounts payable, and other current liabilities 119 Debt subject to compromise 10,949Accrued interest on debt subject to compromise 497Long-term debt and accrued interest 11,446 Liabilities subject to compromise $ 11,565 Reorganization items incurred as a result of the Chapter 11 Cases presented separately in the accompanying consolidated statements of operations were as follows: Predecessor For the four months For the year ended ended April 30, December 31, ($ in millions) 2021 2020 Write-off of debt issuance costs and original issue net discount on debt subject to compromise $ - $ (93)Gain on settlement of liabilities subject to compromise 5,274 -Fresh start valuation adjustments (1,038) -Debtor-in-possession financing costs (15) (121)Secured Creditor Settlement - (58)Professional fees and other bankruptcy related costs (50) (137) Reorganization items, net $ 4,171 $ (409) The Company has incurred significant costs associated with the reorganization, primarily legal and professional fees. Write-off of deferred debt issuance costs, the write-off of original issue net discount related to debt subject to compromise and the DIP financing costs were also included in reorganization items. The Reorganization items for the year ended December 31, 2020 were adjusted to reflect the October 30, 2020 Bankruptcy Court order limiting certain professional fees. |
Fresh Start Accounting
Fresh Start Accounting | 12 Months Ended |
Dec. 31, 2021 | |
Fresh Start Accounting [Abstract] | |
Fresh Start Accounting | (4) Fresh Start Accounting: In connection with our emergence from bankruptcy and in accordance with ASC 852, we qualified for and adopted fresh start accounting on the Effective Date. We were required to adopt fresh start accounting because (i) the holders of existing voting shares of the Predecessor received less than 50% of the voting shares of the Successor, and (ii) the reorganization value of our assets immediately prior to confirmation of the Plan was less than the post-petition liabilities and allowed claims. The adoption of fresh start accounting resulted in a new reporting entity for financial reporting purposes with no beginning retained earnings or deficit. The cancellation of all outstanding shares of Old Frontier common stock on the Effective Date and issuance of new shares of common stock of the Successor caused a related change of control of the Company under ASC 852. Upon the application of fresh start accounting, Frontier allocated the reorganization value to its individual assets based on their estimated fair values. Each asset and liability existing as of the Effective Date, other than deferred taxes, have been stated at the fair value, and determined at appropriate risk-adjusted interest rates. Deferred taxes were determined in conformity with applicable accounting standards. Reorganization value represents the fair value of the Successor’s assets before considering liabilities. Our reorganization value is derived from an estimate of enterprise value. Enterprise value represents the estimated fair value of an entity’s long-term debt and shareholders’ equity. In support of the Plan, the enterprise value of the Successor was estimated to be approximately $12.5 billion. The valuation analysis was prepared using financial information and financial projections and applying standard valuation techniques, including a risked net asset value analysis. The Effective Date estimated fair values of certain of the Company's assets and liabilities differed materially from their recorded values as reflected on the historical balance sheets. As a result of the application of fresh start accounting and the effects of the implementation of the Plan, the Company’s consolidated financial statements after April 30, 2021 are not comparable to the Company’s consolidated financial statements as of or prior to that date. Reorganization ValueAs set forth in the Plan of Reorganization, the enterprise value of the Successor Company was estimated to be between $10.5 billion and $12.5 billion. Based on the estimates and assumptions discussed below, the Company estimated the enterprise value to be $12.5 billion as of the Effective Date. The Company based their enterprise value on projections which included higher capital expenditures to enhance the network and would result in higher revenue and Earnings before interest, taxes, depreciation, and amortization (“EBITDA”). Management, with the assistance of its valuation advisors, estimated the enterprise value (“EV”) of the Successor Company, which was approved by the Bankruptcy Court, using various valuation methodologies, including a Discounted Cash Flow analysis (DCF), the Guideline Public Company Method (GPCM), and the Guideline Transaction Method (GTM). Under the DCF analysis, the enterprise value was estimated by discounting the projections’ unlevered free cash flow by the Weighted Average Cost of Capital (WACC), the Company’s estimated rate of return. A terminal value was estimated by applying a Gordon Growth Model to the normalized level of cash flows in the terminal period. The Gordon Growth Model was based on the WACC and the perpetual growth rate, and the terminal value was added back to the discounted cash flows. Under the GPCM, the Company’s enterprise value was estimated by performing an analysis of publicly traded companies that operate in a similar industry. A range of Enterprise Value / EBITDA (EV/EBITDA) multiples were selected based on the financial and operating attributes of Frontier relative to the comparable publicly traded companies. The selected range of multiples were applied to the Company’s forecasted EBITDA to estimate the enterprise value of the Company. The GTM approach is similar to the GPCM, in that it relies on EV/EBITDA multiples but rather than of publicly traded companies, the multiples are based on precedent transactions. A range of multiples was derived by analyzing the operating and financial attributes of the acquired companies and the implied EV/EBITDA multiples. This range of multiples were then applied to the forecasted EBITDA of the Company to arrive an enterprise value. The following table reconciles the enterprise value to the estimated fair value of the Successor common stock as of the Effective Date: ($ in millions and shares in thousands, except per share data) Enterprise value $ 12,500 Plus: Cash and cash equivalents and restricted cash 940 Less: Fair value of debt and other liabilities (7,267)Less: Pension and other postretirement benefits (1,774)Less: Deferred tax liability (291)Fair value of Successor stockholders’ equity $ 4,108 Shares issued upon emergence 244,401 Per share value $ 17 The reconciliation of the Company’s enterprise value to reorganization value as of the Effective Date is as follows: ($ in millions) Enterprise value $ 12,500 Plus: Cash and cash equivalents and restricted cash 940 Plus: Current liabilities (excluding debt, finance leases, and non-operating liabilities) 1,179 Plus: Long term liabilities (excluding debt, finance leases, deferred tax liability) 307 Reorganization value $ 14,926 The adjustments set forth in the following unaudited Consolidated Balance Sheet reflect the consummation of the transactions contemplated by the Plan (reflected in the column “Reorganization Adjustments”) as well as fair value adjustments as a result of the adoption of fresh start accounting (reflected in the column “Fresh Start Adjustments”). The following table reflects the reorganization and application of ASC 852 on our consolidated balance sheet as of April 30, 2021: ($ in millions) Predecessor Reorganization Fresh Start Successor April 30, 2021 Adjustments Adjustments April 30, 2021 ASSETS Current assets: Cash and cash equivalents $ 2,059 $ (1,169)(1) $ - $ 890 Accounts receivable, net 516 - - 516 Contract acquisition costs 91 - (91)(8) - Prepaid expenses 92 - - 92 Income taxes and other current assets 45 - (3)(8) 42 Total current assets 2,803 (1,169) (94) 1,540 Property, plant and equipment, net 13,020 - (4,473)(9) 8,547 Other intangibles, net 578 - 3,863(10) 4,441 Other assets 526 (8)(1) (120)(8)(11) 398 Total assets $ 16,927 $ (1,177) $ (824) $ 14,926 LIABILITIES AND EQUITY (DEFICIT) Current liabilities: Long-term debt due within one year $ 5,782 $ (5,767)(3) $ - $ 15 Accounts payable 518 (6)(2) - 512 Advanced billings 208 - - 208 Accrued other taxes 185 - - 185 Accrued interest 81 (1)(2) - 80 Pension and other postretirement benefits 48 - - 48 Other current liabilities 309 53(2) (36)(11) 326 Total current liabilities 7,131 (5,721) (36) 1,374 Deferred income taxes 389 70(14) (168)(14) 291 Pension and other postretirement benefits 2,163 - (437)(13) 1,726 Other liabilities 440 - (28)(11) 412 Long-term debt - 6,738(3) 277(12) 7,015 Total liabilities not subject to compromise 10,123 1,087 (392) 10,818 Liabilities subject to compromise 11,570 (11,570)(7) - - Total liabilities 21,693 (10,483) (392) 10,818 Equity (Deficit): Shareholders' equity of Frontier: Successor common stock - 2(5) - 2 Predecessor common stock 27 (27)(4) - - Successor additional paid-in capital - 4,106(5) - 4,106 Predecessor additional paid-in capital 4,818 (4,818)(4) - - Retained earnings (deficit) (8,855) 10,028(6) (1,173)(15) - Accumulated other comprehensive income (loss), net of tax (741) - 741(16) - Treasury common stock (15) 15(4) - - Total equity (deficit) (4,766) 9,306 (432) 4,108 Total liabilities and equity (deficit) $ 16,927 $ (1,177) $ (824) $ 14,926 Reorganization AdjustmentsIn accordance with the Plan of Reorganization, the following adjustments were made: (1) Reflects net cash payments as of the Effective Date from implementation of the Plan as follows: ($ in millions) Sources: Net proceeds from Incremental Exit Term Loan Facility $220 Release of restricted cash from other assets to cash 8Total sources 228 Uses: Payments of Excess to Unsecured senior notes holders (1,313) Payments of pre-petition accounts payable and contract cure payments (62) Payments of professional fees and other bankruptcy related costs (22)Total uses (1,397)Net uses of cash $(1,169) (2) Reflects the reinstatement of accounts payable and accrued expenses upon emergence, as well as payments made on the Effective Date. (3) Reflects the conversion of our DIP-to-Exit term loan facility, DIP-to-Exit First Lien Notes, and DIP-to-Exit Second Lien Notes. Also represent the reclassification of the debt from current liabilities during bankruptcy to non-current liabilities based on the maturity of the debt recorded by the Company. (4) Reflects the cancellation of Predecessor common stock, additional paid in capital and treasury stock. (5) Reflects the issuance of Successor common stock and additional paid in capital to the unsecured senior note holders. (6) Reflects the cumulative impact of reorganization adjustments. ($ in millions) Gain on settlement of Liabilities Subject to Compromise $ 5,274 Cancellation of Predecessor equity 4,754 Net impact on accumulated deficit $ 10,028 (7) As part of the Plan of Reorganization, the Bankruptcy Court approved the settlement of claims reported within Liabilities subject to compromise in the Company’s Consolidated balance sheet at their respective allowed claim amounts. The table below indicates the disposition of Liabilities subject to compromise: ($ in millions) Liabilities subject to compromise pre-emergence $ 11,570 Reinstated on the Effective Date: Accounts payable (66) Other current liabilities (59) Less: total liabilities reinstated (125) Amounts settled per the Plan of Reorganization Issuance of take back debt (750) Payment for settlement of unsecured senior noteholders (1,313) Equity issued at emergence to unsecured senior noteholders (4,108) Total amounts settled (6,171) Gain on settlement of Liabilities Subject to Compromise $ 5,274 Fresh Start AdjustmentsIn accordance with the application of fresh start accounting, the following adjustments were made: (8)Reflects unamortized deferred commissions paid to acquire new customers that are eliminated upon emergence as this is not a probable future benefit for the Successor. Costs to obtain customers have been reflected as part of intangible assets. Adjustment also reflects the elimination of certain contract assets and contract liabilities. (9)Property Plant & Equipment – Reflects the decrease in net book value of property and equipment to the estimated fair value as of the Effective Date. Personal property valued consisted of outside and inside plant network equipment, computers and software, vehicles, office furniture, fixtures and equipment, computers and software, and construction-in-progress. The fair value of our personal property was estimated using the cost approach, while the income approach was considered to assess economic sufficiency to support asset values. As a part of the valuation process, the third-party advisors’ diligence procedures included using internal data to identify and value assets. Real property valued consisted of land, buildings, and leasehold improvements. The fair value was estimated using the cost approach and sales comparison (market) approach, with consideration of economic sufficiency to support certain asset values. The following table summarizes the components of property and equipment, net as of April 30, 2021, and the fair value as of the Effective Date: Predecessor Fair Value Successor ($ in millions) Historical Value Adjustment Fair Value Land $ 209 $ 40 $ 249 Buildings and leasehold improvements 2,134 (958) 1,176 General support 1,635 (1,462) 173 Central office/electronic circuit equipment 8,333 (7,364) 969 Poles 1,359 (843) 516 Cable, fiber, and wire 11,824 (8,755) 3,069 Conduit 1,611 (282) 1,329 Construction work in progress 1,048 18 1,066 Property, plant, and equipment $ 28,153 $(19,606) $ 8,547 Less: Accumulated depreciation (15,133) 15,133 - Property, plant, and equipment, net $ 13,020 $(4,473) $ 8,547 (10)Reflects the fair value adjustment to recognize trademark, trade name and customer relationship. For purposes of estimating the fair values of customer relationships, the Company utilized an Income Approach, specifically, the Multi-Period Excess Earnings method, or MPEEM. The MPEEM estimates fair value based on the present value of the incremental after-tax cash flows attributable only to the subject intangible assets after deducting contributory asset charges. The cash flows attributable to the customer relationships were adjusted for contributory asset charges related to the working capital, fixed assets, trade name/trademarks and assembled workforce. The discount rate utilized to present-value the after-tax cash flows was based on the overall weighted cost of capital of the Company as well as the asset specific risks of the intangible assets. Changes in these inputs could have a significant impact on the fair value of the customer relationships intangible assets. For purposes of estimating the fair value of trademarks and tradenames, an Income approach was used, specifically, the Relief from Royalty Method. The estimated royalty rates were historical third-party transactions regarding the licensing of similar type of assets as well as a review of historical assumptions used in prior transactions. The selected royalty rates were applied to the revenue generated by the trademarks and tradenames to determine the amount of royalty payments saved as a result of owning these assets. The forecasted cash flows were based on the Company’s projected revenues and the resulting royalty savings were discounted using a rate based on the overall weighted cost of capital of the Company as well as the asset specific risks of the intangible assets. (11)Reflects the fair value adjustment to the right of use assets and lease liabilities. Upon application of fresh start accounting, the Company revalued its right-of-use assets and lease liabilities using the incremental borrowing rate applicable to the Company after emergence from bankruptcy and commensurate with its new capital structure. In addition, the Company decreased the right-of-use assets to recognize $4 million related to the unfavorable lease contracts. (12)Reflects the fair value adjustment to adjust Long-term debt as of the Effective Date. This adjustment is to state the Company's debt at estimated fair values. (13)Reflects a remeasurement of pension and Other Postretirement Benefits related accounts as part of fresh start accounting considerations at emergence. (14)Reflects the impact of fresh start adjustments on deferred taxes. Frontier purchased the assets, including the stock of subsidiaries, of Frontier Communications Corporation (“Predecessor’s Parent”) at the time of emergence. The Predecessor’s Parent’s federal and state net operating loss carryforwards are expected to have been utilized as a result of the taxable gain realized upon emergence. To the extent not utilized to offset taxable gain, such net operating loss carryforwards are expected to be reduced in accordance with Section 108 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). As part of the taxable purchase, elections were made under Code section 338(h)(10) to step up the value of assets in certain subsidiaries to fair market value. All other subsidiaries carried over their deferred taxes. The adjustments reflect a $1.5 billion reduction in deferred tax assets for federal and state net operating loss carryforwards, a reduction in valuation allowance and a reduction in deferred tax liabilities. (15)Reflects the cumulative impact of the fresh start adjustments as discussed above and the elimination of Predecessor accumulated earnings. (16)Reflects the derecognition of accumulated other comprehensive loss. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | (5) Revenue Recognition: We categorize our products, services, and other revenues into the following categories: Data and Internet services include broadband services for consumer and business customers. We provide data transmission services to high volume business customers and other carriers with dedicated high capacity circuits (“nonswitched access”) including services to wireless providers (“wireless backhaul”); Voice services include traditional local and long-distance wireline services, Voice over Internet Protocol (VoIP) services, as well as a number of unified messaging services offered to our consumer and business customers. Voice services also include the long-distance voice origination and termination services that we provide to our business customers and other carriers; Video services include revenues generated from services provided directly to consumer customers as linear terrestrial television services, through Dish satellite TV services, and through partnerships with over-the-top (OTT) video providers. Video services also includes pay-per-view revenues, video on demand, equipment rentals, and video advertising. The Company has made the strategic decision to limit sales of new traditional TV services focusing on our broadband products and OTT video options; Other customer revenue includes switched access revenue, rents collected for collocation services, and revenue from other services and fees. Switched access revenue includes revenues derived from allowing other carriers to use our network to originate and/or terminate their local and long-distance voice traffic (switched access). These services are primarily billed on a minutes-of-use basis applying tariffed rates filed with the FCC or state agencies; and Subsidy and other regulatory revenue includes revenues generated from cost subsidies from state and federal authorities, including the Connect America Fund Phase II. The following tables provide a summary of revenues, by category. Revenues in the following tables include revenues for the Northwest Operations for the four months ended April 30, 2020 (prior to its disposal): Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Data and Internet services $ 2,224 $ 1,125 $ 3,478 $ 3,756 Voice services 1,091 647 2,085 2,500 Video services 397 223 789 1,005 Other 246 125 429 477 Revenue from contracts with customers (1) 3,958 2,120 6,781 7,738 Subsidy and other regulatory revenue (2) 222 111 374 369 Total revenue $ 4,180 $ 2,231 $ 7,155 $ 8,107 Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Consumer (3) $ 2,125 $ 1,133 $ 3,609 $ 4,175 Business and Wholesale 1,833 987 3,172 3,563 Revenue from contracts with customers (1) 3,958 2,120 6,781 7,738 Subsidy and other regulatory revenue (2) 222 111 374 369 Total revenue $ 4,180 $ 2,231 $ 7,155 $ 8,107 (1)Includes $21 million for the four months ended April 30, 2021 and $42 million for the eight months ended December 31, 2021, and $67 million, and $70 million of lease revenue for the years ended December 31, 2020, and 2019 respectively.(2)Includes $30 million in transition services provided to the purchaser in connection with the divestiture of the Northwest Operations for the year ended December 31, 2020.(3)Due to changes in methodology during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts. The following is a summary of the changes in the contract assets and contract liabilities: Contract Assets Contract Liabilities ($ in millions) Current Noncurrent Current Noncurrent Balance at December 31, 2020 (Predecessor) $ 6 $ 9 $ 58 $ 20 Revenue recognized included in opening contract balance (4) - (23) (3) Cash received, excluding amounts recognized as revenue - - 22 2 Balance at April 30, 2021 (Predecessor) $ 2 $ 9 $ 57 $ 19 Fresh start accounting adjustments (2) (9) (42) (18) Balance at April 30, 2021 (Predecessor) $ - $ - $ 15 $ 1 Balance at April 30, 2021 (Successor) $ - $ - $ 15 $ 1 Revenue recognized included in opening contract balance - - (20) (2) Credits granted, excluding amounts recognized as revenue - - 30 14 Reclassified between current and concurrent - - 2 (2) Balance at December 31, 2021 (Successor) $ - $ - $ 27 $ 11 Contract Assets Contract Liabilities ($ in millions) Current Noncurrent Current Noncurrent Balance at January 1, 2019 (Predecessor) $ 37 $ 8 $ 41 $ 21 Revenue recognized included in opening contract balance (34) - (68) (12) Cash received, excluding amounts recognized as revenue - - 85 11 Credits granted, excluding amounts recognized as revenue 3 1 - - Reclassified between Current and Noncurrent - - - - Balance at December 31, 2020 (Predecessor) $ 6 $ 9 $ 58 $ 20 The unsatisfied obligations for retail customers consist of amounts in advance billings, which are expected to be earned within the following monthly billing cycle. Unsatisfied obligations for wholesale customers are based on a point-in-time calculation and determined by the number of circuits provided and the contractual price. These wholesale customer obligations change from period to period based on new circuits added as well as circuits that are terminated. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. Successor ($ in millions) Revenue from contracts with customers 2022 $ 758 2023 383 2024 214 2025 96 2026 53 Thereafter 91 Total $ 1,595 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable [Abstract] | |
Accounts Receivable | (6) Accounts Receivable: The components of accounts receivable, net at December 31, 2021 and 2020 are as follows: Successor Predecessor ($ in millions) December 31, 2021 December 31, 2020 Retail and Wholesale $ 441 $ 608 Other 74 75 Less: Allowance for doubtful accounts (57) (130) Accounts receivable, net $458 $ 553 An analysis of the activity in the allowance for credit losses is as follows: Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended ($ in millions) December 31, April 30, December 31, December 31, 2021 2021 2020 2019 Balance at beginning of the Period: $ - $ 130 $ 120 $ 105 Increases: Provision for bad debt charged to expense 14 - - - Increases: Provision for bad debt charged to revenue 38 37 106 109 Write-offs charged against allowance, net of recoveries 5 (167) (96) (83) Reclassified to Assets Held for Sale and Other - - - (11) Balance at end of Period: $ 57 $ - $ 130 $ 120 As of April 30, 2021, the fair value of our net accounts receivable balances approximated their carrying values; therefore, no fair value adjustment for fresh start accounting was required. Our allowance for doubtful accounts decreased during the eight months ended December 31, 2021, primarily as a result of resolutions of carrier disputes. We maintain an allowance for credit losses based on the estimated ability to collect accounts receivable. The allowance for credit losses is increased by recording an expense for the provision for bad debts for retail customers, and through decreases to revenue at the time of billing for wholesale customers. The allowance is decreased when customer accounts are written off, or when customers are given credits. The provision for bad debts was $14 million for the four months ended April 30, 2021, and $14 million for the eight months ended December 31, 2021. It was $106 million and $109 million for the years ended December 31, 2020 and 2019, respectively. In accordance with ASC 326, Frontier performs its calculation to estimate expected credit losses, utilizing rates that are consistent with the Company’s write offs (net of recoveries) because such events affect the entity’s loss given default experience. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | (7) Property, Plant, and Equipment: Property, plant, and equipment, net at December 31, 2021 and 2020 are as follows: Successor Predecessor Estimated December 31, December 31, ($ in millions) Useful Lives 2021 2020 Land N/A $ 251 $ 212 Buildings and leasehold improvements 40 years 1,195 2,139 General support 5 to 15 years 212 1,643 Central office/electronic circuit equipment 5 to 8 years 1,266 8,270 Poles 30 years 677 1,371 Cable, fiber, and wire 15 to 25 years 4,101 11,883 Conduit 50 years 1,374 1,619 Construction work in progress 631 558 Property, plant, and equipment 9,707 27,695 Less: Accumulated depreciation (508) (14,764) Property, plant, and equipment, net $ 9,199 $ 12,931 As of April 30, 2021, as a result of fresh start accounting, we have adjusted our property, plant, and equipment balance to fair value. See Note 4 for additional information. Property, plant, and equipment includes approximately $129 million and $143 million of fixed assets recognized under capital leases as of December 31, 2021 and 2020, respectively. During 2021, we sold certain properties consisting of land and buildings for approximately $15 million in cash. The aggregate carrying value of the properties was approximately $14 million, resulting in a gain on sale of $1 million, which, given our composite group method of accounting for depreciation, was recognized against “Accumulated Depreciation” in our consolidated balance sheet. We also sold certain properties subject to leaseback, generating $23 million in proceeds. During 2020, we sold certain properties consisting of land and buildings for approximately $27 million in cash. The aggregate carrying value of the properties was approximately $37 million, resulting in a loss on the sale of $10 million, which, given our composite group method of accounting for depreciation, was recognized against “Accumulated Depreciation” in our consolidated balance sheet. Depreciation expense is principally based on the composite group method. Depreciation expense was as follows: Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions)2021 2021 2020 2019 Depreciation expense$ 520 $ 407 $ 1,225 $ 1,335 We adopted revised estimated remaining useful lives for certain plant assets as of October 1, 2021, as a result of an annual independent study of the estimated remaining useful lives of our plant assets, with an insignificant impact to depreciation expense. |
Goodwil And Intangibles
Goodwil And Intangibles | 12 Months Ended |
Dec. 31, 2021 | |
Goodwil And Intangibles [Abstract] | |
Goodwill And Intangibles | (8) Goodwill and Intangibles: All goodwill was fully impaired as of December 31, 2019, other than goodwill of $658 million associated with the planned disposal of Frontier Northwest which was classified in Assets held for sale as of December 31, 2019. The goodwill impairment charge was $5,725 million for the year ended December 31, 2019. Accumulated goodwill impairment charges were $9,154 million as of both December 31, 2020 and 2019. We also considered whether the carrying values of finite-lived intangible assets and property plant and equipment may not be recoverable or whether the carrying value of certain indefinite-lived intangible assets were impaired. No impairment was present for either intangibles or property plant and equipment as of December 31, 2021, 2020, and 2019. As a result of fresh start accounting, on the Effective Date, intangible assets and related accumulated amortization of the Predecessor were eliminated. Successor intangible assets were recorded at fair value as of the Effective Date. See Note 4. The balances of these assets as of December 31, 2021 are as follows: Successor December 31, 2021 Gross Carrying Accumulated Net Carrying ($ in millions) Amount Amortization Amount Intangibles: Customer Relationships - Business $ 800 $ (48) $ 752 Customer Relationships - Wholesale 3,491 (146) 3,345 Trademarks & Tradenames 150 (20) 130 Total intangibles $ 4,441 $ (214) $ 4,227 The components of other intangibles at December 31, 2020 were as follows: Predecessor December 31, 2020 Gross Carrying Accumulated Net Carrying ($ in millions) Amount Amortization Amount Intangibles: Customer base $4,332 $(3,781) $551 Trade name 122 - 122 Royalty agreement 72 (68) 4 Total intangibles $4,526 $(3,849) $677 Amortization expense was as follows: Successor Predecessor For the eight months For the four months For the year ended For the year ended ended December 31, ended April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Amortization expense $214 $99 $343 $445 For the Predecessor, amortization expense was primarily for our customer base acquired as a result of our acquisitions in 2010, 2014, and 2016 with each based on a useful life of 8 to 12 years and amortized on an accelerated method. Our trade name was an indefinite-lived intangible asset that was not subject to amortization. Following our emergence from bankruptcy, we amortize our intangible assets on a straight line basis, over the assigned useful lives of 16 years for our wholesale customer relationships, 11 years for our business customer relationships, and 5 years for our trademarks and tradenames. Amortization expense based on our current estimate of useful lives, is estimated to be approximately $321 million in 2022, 2023, 2024, and 2025, and $301 million in 2026. |
Divestiture Of Northwest Operat
Divestiture Of Northwest Operations | 12 Months Ended |
Dec. 31, 2021 | |
Divestiture Of Northwest Operations [Abstract] | |
Divestiture Of Northwest Operations | (9) Divestiture of Northwest Operations: On May 1, 2020, Frontier completed the sale of its Northwest Operations pursuant to the terms and conditions of the Purchase Agreement, dated as of May 28, 2019, for gross proceeds of $1,352 million, subject to certain closing adjustments. Net of funding certain pension and other retiree medical liabilities, funding of indebtedness, funding certain escrows and other closing adjustments, we received $1,131 million in proceeds. A portion of the proceeds from the sale were held in escrow as recourse for indemnity claims that may arise under the purchase agreement for a period of one year after the sale completion date. During the first and second quarters of 2021, all proceeds previously held in escrow related to indemnification obligations, employee liabilities, and adjustments to working capital were received by the Company and as of December 31, 2021, there are no remaining proceeds held in escrow accounts included in other current assets. As of May 28, 2019, the Northwest Operations were included in Frontier’s continuing operations and designated as assets held for sale and liabilities related to assets held for sale and we discontinued recording depreciation on Property, Plant and Equipment and finite-lived intangible assets of this business as required by GAAP. Upon closing of the transaction on May 1, 2020, we derecognized net assets of $1,132 million, including property, plant, and equipment of $1,084 million, goodwill of $658 million, a $603 million valuation allowance on our assets held for sale, and $150 million of defined benefit pension and other postretirement benefit plan obligations, net of transferred pension plan assets. During the years ended December 31, 2020 and 2019, Frontier recorded a loss on disposal of $162 million and $446 million, respectively, associated with the sale of the Northwest Operations. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | (10) Long-Term Debt: Chapter 11 RestructuringThe filing of the Chapter 11 Cases constituted an event of default that accelerated substantially all then-outstanding obligations under Old Frontier’s debt agreements and notes as follows: the amended and restated credit agreement, dated as of February 27, 2017 (as amended, the JPM Credit Agreement);the 8.000% first lien secured notes due April 1, 2027 (the Original First Lien Notes);the 8.500% second lien secured notes due April 1, 2026 (the Original Second Lien Notes); andthe unsecured notes and debentures and the secured and unsecured debentures of the Company’s subsidiaries. As of the Effective Date, amounts that were outstanding under the JPM Credit Agreement, the Original First Lien Notes, and the Original Second Lien Notes were repaid in full. On the Effective Date, pursuant to the terms of the Plan, all of the obligations under Old Frontier’s unsecured senior note indentures were cancelled, and in connection with emergence, Frontier issued 244,401,000 shares of common stock that were transferred to holders of the allowed senior notes claims (as defined under the Plan). Interest expense for the four months ended April 30, 2021 and for the year ended December 31, 2020 recorded on our Predecessor statements of operations was lower than contractual interest of $450 million and $1,456 million, respectively, because we ceased accruing interest on the Petition Date in accordance with the terms of the Plan and ASC Topic 852. The activity in long-term debt is summarized as follows: ($ in millions) Principal debt outstanding, December 31, 2020 (Predecessor) $ 16,769 Issuance of incremental term loan 225 Issuance of Takeback Notes 750 Conversion of Unsecured Senior Notes (10,949) Repayment of long term subsidiary debt at security (1) Principal debt outstanding, April 30, 2021 (Predecessor) $ 6,794 Less: Unamortized debt issuance costs (2) Less: Unamortized premium (discount) (39) Less: Long-term debt due within one year (15) Carrying amount of debt, April 30, 2021 (Predecessor) $ 6,738 Fresh start accounting fair value adjustment 277(1) Total Long-term debt, April 30, 2021 (Predecessor) $ 7,015 Principal debt outstanding, April 30, 2021 (Successor) $ 6,794 New borrowings 1,000 Repayment of long-term debt at maturity (17) Principal debt outstanding, December 31, 2021 (Successor) $ 7,777(2) Plus: Unamortized fair value adjustment 219 Less: Unamortized debt issuance costs (13) Less: Long-term debt due within one year (15) Long-term debt, December 31, 2021 (Successor) $ 7,968 (1)Upon emergence, Frontier adjusted the carrying value of our debt to fair value. The adjustment consisted of the elimination of the existing unamortized debt issuance costs and unamortized discounts and recording a balance of $236 million as a fair value adjustment. The fair value accounting adjustment is being amortized into interest expense using the effective interest method. This amortization resulted in $18 million for the eight months ended December 31, 2021.(2)Weighted average interest rate as of December 31, 2021 was 5.702%. Interest rate includes amortization of debt issuance costs and debt discounts. The interest rate at December 31, 2021 represent a weighted average of multiple issuances. Additional information regarding our senior unsecured debt, senior secured debt, and subsidiary debt at December 31, 2021 and 2020 is as follows: Successor Predecessor December 31, 2021 December 31, 2020 Principal Interest Principal Interest ($ in millions) Outstanding Rate Outstanding Rate Secured debt issued by Frontier Term loan due 10/8/2027 $ 1,464 4.500% (Variable) $ 1,250 5.750% (Variable) First lien notes due 10/15/2027 1,150 5.875% 1,150 5.875% First lien notes due 5/1/2028 1,550 5.000% 1,550 5.000% Second lien notes due 11/1/2029 750 5.875% - Second lien notes due 5/1/2029 1,000 6.750% 1,000 6.750% Second lien notes due 2030 1,000 6.000% - IDRB due 5/1/2030 13 6.200% 14 6.200% Total secured debt issued by Frontier 6,927 4,964 Unsecured debt issued by Frontier Senior notes due 4/15/2020 - 172 8.500% Senior notes due 9/15/2020 - 55 8.875% Senior notes due 7/1/2021 - 89 9.250% Senior notes due 9/15/2021 - 220 6.250% Senior notes due 4/15/2022 - 500 8.750% Senior notes due 9/15/2022 - 2,188 10.500% Senior notes due 1/15/2023 - 850 7.125% Senior notes due 4/15/2024 - 750 7.625% Senior notes due 1/15/2025 - 775 6.875% Senior notes due 9/15/2025 - 3,600 11.000% Debentures due 11/1/2025 - 138 7.000% Debentures due 8/15/2026 - 2 6.800% Senior notes due 1/15/2027 - 346 7.875% Senior notes due 8/15/2031 - 945 9.000% Debentures due 10/1/2034 - 1 7.680% Debentures due 7/1/2035 - 125 7.450% Debentures due 10/1/2046 - 193 7.050% Total unsecured debt issued by Frontier - 10,949 Secured debt issued by subsidiaries Debentures due 11/15/2031 100 8.500% 100 8.500% RUS loan contracts due 1/3/2028 - 6 6.154% Total secured debt issued by subsidiaries 100 106 Unsecured debt issued by subsidiaries Debentures due 5/15/2027 200 6.750% 200 6.750% Debentures due 2/1/2028 300 6.860% 300 6.860% Debentures due 2/15/2028 200 6.730% 200 6.730% Debentures due 10/15/2029 50 8.400% 50 8.400% Total unsecured debt issued by subsidiaries 750 750 Debt prior to reclassification to liabilities subject to compromise 7,777 5.702%(1) 16,769 8.188%(1) Less: debt subject to compromise - (10,949) Unamortized fair value adjustment 219 - Carrying amount of Total Debt $ 7,996 $ 5,820 (1) Interest rate represents a weighted average of the stated interest rates of multiple issuances Credit Facilities and Term Loans Credit AgreementsOn October 8, 2020, Old Frontier entered into that certain Credit Agreement with JPMorgan Chase Bank, N.A. (“JPM”), as administrative agent and collateral agent, and each lender from time to time party thereto (the “DIP to Exit Term Credit Agreement”), which provided for a senior secured superpriority DIP term loan facility in the aggregate principal amount of $500 million (the “Initial DIP Term Loan Facility”). On November 25, 2020, Old Frontier entered into an incremental amendment to the DIP to Exit Term Credit Agreement (the “Incremental DIP Term Loan Amendment”), which provided for an additional senior secured superpriority DIP term loan facility in the aggregate principal amount of $750 million (the “Incremental DIP Term Loan Facility” and, together with the Initial DIP Term Loan Facility, the “DIP Term Loan Facility”). On April 14, 2021, Old Frontier entered into a Refinancing and Incremental Facility Amendment No. 2 (the “Refinancing and Incremental Amendment”), providing for, among other things, an amendment to the Amended and Restated Credit Agreement (as defined below) providing for the New Incremental Commitment (as defined below). On October 8, 2020, Old Frontier also entered into the debtor-in-possession revolving facility (the “DIP Revolving Facility”), pursuant to the Senior Secured Superpriority Debtor-In-Possession Credit Agreement, dated as of October 8, 2020, by and among Old Frontier, as the borrower and a debtor and debtor-in-possession under Chapter 11 of the Bankruptcy Code, Goldman Sachs Bank USA, as administrative agent, JPM, as collateral agent and each lender and issuing bank from time to time party thereto (the “DIP to Exit Revolving Credit Agreement”). Pursuant to the Refinancing and Incremental Amendment, JPM agreed to provide, subject to certain conditions, including emergence from the Chapter 11 Cases, an incremental exit term loan facility in an aggregate principal amount of $225 million (the “New Incremental Commitment”). The New Incremental Commitment replaced the original incremental commitment, with certain of old Frontier’s noteholders and/or their affiliates. In connection with the emergence from the Chapter 11 Cases, on the Effective Date, Frontier Communications Holdings, LLC, a Delaware limited liability company and indirect subsidiary of the Company (the “Borrower” or the “New Frontier Issuer”, as the case may be) entered into that certain Amended and Restated Credit Agreement with JPM, as administrative agent and collateral agent, Goldman Sachs Bank USA, as revolver agent, and each lender from time to time party thereto (the “Amended and Restated Credit Agreement”) to amend and restate the DIP to Exit Term Credit Agreement to, among other things, incorporate the DIP Revolving Facility from the DIP to Exit Revolving Credit Agreement, which incorporation resulted in the termination of the DIP to Exit Revolving Credit Agreement. Pursuant to the Amended and Restated Credit Agreement, the DIP Term Loan Facility was converted into an exit term loan facility in an aggregate principal amount of $1,468 million after giving effect to the New Incremental Commitment (the “Term Loan Facility”) and the DIP Revolving Facility converted into an exit revolving facility in the aggregate principal amount of $625 million (the “Revolving Facility”) and became subject to the Amended and Restated Credit Agreement. Term Loan FacilityThe Term Loan Facility’s maturity date is October 8, 2027. At Frontier’s election, the determination of interest rates for the Term Loan Facility is based on margins over the alternate base rate or over LIBOR. The interest rate margin with respect to any LIBOR loan under the Term Loan Facility is 3.75% for LIBOR loans or 2.75% with respect to any alternate base rate loan, with a 0.75% LIBOR floor. Subject to certain exceptions and thresholds, the security package under the Term Loan Facility includes pledges of the equity interests in certain of our subsidiaries, which as of the issue date is limited to certain specified pledged entities and substantially all personal property of Frontier Video Services Inc., a Delaware corporation (“Frontier Video”), which same assets also secure the First Lien Notes (as defined below). The Term Loan Facility is guaranteed by the same subsidiaries that guarantee the First Lien Notes. The Term Loan Facility includes customary negative covenants for loan agreements of this type, including covenants limiting Frontier and its restricted subsidiaries’ (other than certain covenants therein which are limited to subsidiary guarantors) ability to, among other things, incur additional indebtedness, create liens on assets, make investments, loans or advances, engage in mergers, consolidations, sales of assets and acquisitions, pay dividends and distributions and make payments in respect of certain material payment subordinated indebtedness, in each case subject to customary exceptions for loan agreements of this type. The Term Loan Facility also includes certain customary representations and warranties, affirmative covenants and events of default, including, but not limited to, payment defaults, breaches of representations and warranties, covenant defaults, certain events under ERISA, upon the conversion date, unstayed judgments in favor of a third-party involving an aggregate liability in excess of a certain threshold, change of control, upon the conversion date, specified governmental actions having a material adverse effect or condemnation or damage to a material portion of the collateral. Revolving FacilityThe $625 million Revolving Facility will be available on a revolving basis until April 30, 2025. At Frontier’s election, the determination of interest rates for the Revolving Facility is based on margins over the alternate base rate or over LIBOR. The interest rate margin with respect to any LIBOR loan under the Exit Revolving Facility is 3.50% or 2.50% with respect to any alternate base rate loans, with a 0% LIBOR floor. Subject to customary exceptions and thresholds, the security package under the Revolving Facility includes pledges of the equity interests in certain of our subsidiaries, which as of the issue date is limited to certain specified pledged entities and substantially all personal property of Frontier Video, which same assets also secure the First Lien Notes. The Revolving Facility is guaranteed by the same subsidiaries that guarantee the First Lien Notes. After giving effect to approximately $96 million of letters of credit previously outstanding, Frontier has $529 million of available borrowing capacity under the Revolving Facility. The Revolving Facility includes customary negative covenants for loan agreements of this type, including covenants limiting Frontier and its restricted subsidiaries’ (other than certain covenants therein which are limited to subsidiary guarantors) ability to, among other things, incur additional indebtedness, create liens on assets, make investments, loans or advances, engage in mergers, consolidations, sales of assets and acquisitions, pay dividends and distributions and make payments in respect of certain material payment subordinated indebtedness, in each case subject to customary exceptions for loan agreements of this type. The Revolving Facility also includes certain customary representations and warranties, affirmative covenants, and events of default, including, but not limited to, payment defaults, breaches of representations and warranties, covenant defaults, certain events under ERISA, change of control or damage to a material portion of the collateral. On October 13, 2021, the Issuer entered into an amendment (the “Amendment”) to its senior secured credit facility. The Amendment, among other things, modifies the financial covenant from a maximum first lien leverage ratio covenant of 2.75:1.00 to a maximum first lien leverage ratio covenant of 3.00:1.00. Senior Secured Notes Second Lien Notes due 2030On October 13, 2021, New Frontier Issuer issued $1.0 billion aggregate principal amount of 6.000% Second Lien Secured Notes due 2030 (the “Second Lien Notes due 2030”) in an offering pursuant to exemptions from the registration requirements of the Securities Act of 1933, as amended. The Company intends to use the net proceeds of this offering to fund capital investments and operating costs arising from the Company’s fiber build and expansion of its fiber customer base, and for general corporate purposes. The Second Lien Notes due 2030 were issued pursuant to an indenture, dated as of October 13, 2021 (the “Second Lien 2030 Indenture”), by and among the Issuer, the guarantors party thereto, the grantor party thereto and Wilmington Trust, National Association, as trustee and as collateral agent. Second Lien Notes due May 2029In connection with the DIP financing, on November 25, 2020, Old Frontier issued $1.0 billion aggregate principal amount of 6.750% Second Lien Secured Notes due May 1, 2029 (the “Second Lien Notes due May 2029”). The Second Lien Notes due May 2029 were issued pursuant to an indenture, dated as of November 25, 2020 (the “Second Lien May 2029 Indenture”), by and among Old Frontier, the guarantors party thereto, the grantor party thereto and Wilmington Trust, National Association, as trustee and as collateral agent. On the Effective Date, in accordance with the Second Lien May 2029 Indenture and the Plan, New Frontier Issuer entered into a supplemental indenture with Wilmington Trust, National Association, as trustee, and assumed the obligations under the Second Lien Notes due May 2029 and the Second Lien May 2029 Indenture. Second Lien Notes due November 2029 or “Takeback Notes”On April 30, 2021, New Frontier Issuer issued $750 million aggregate principal amount of 5.875% Second Lien Secured Notes due November 2029 (the “Second Lien Notes due November 2029” or the “Takeback Notes”) pursuant to an indenture, dated as of April 30, 2021 (the “Takeback Notes Indenture”), by and among New Frontier Issuer, the guarantors party thereto, the grantor party thereto and Wilmington Trust, National Association, as trustee and as collateral agent. At Old Frontier’s direction, the Takeback Notes were issued to holders of claims arising under, derived from, based on, or related to the unsecured notes issued by Old Frontier in partial satisfaction of such claims. The Second Lien Notes due 2030, the Second Lien Notes due May 2029 and the Takeback Notes are collectively referred to as the Second Lien Notes. The Second Lien 2030 Indenture, the Second Lien May 2029 Indenture and the Takeback Notes Indenture are collectively referred to as the Second Lien Notes Indentures. The Second Lien Notes and the First Lien Notes (as defined below) are referred to herein collectively as the “Notes”. The Second Lien Notes are secured by a second-priority lien, subject to permitted liens, by all the assets that secure New Frontier Issuer’s obligations under the Term Loan Facility, the Revolving Facility, and the First Lien Notes (as defined below). The Second Lien Notes Indentures contain customary negative covenants, subject to a number of important exceptions and qualifications, including, without limitation, covenants related to incurring additional debt and issuing preferred stock; incurring or creating liens; redeeming and/or prepaying certain debt; paying dividends on stock or repurchasing stock; making certain investments; engaging in specified sales of assets; entering into transactions with affiliates; and engaging in consolidation, mergers and acquisitions. Certain of these covenants will be suspended during such time, if any, that the Second Lien Notes have investment grade ratings by at least two of Moody’s, S&P or Fitch. The Second Lien Notes Indentures also provides for customary events of default which, if any of them occurs, would permit, or require the principal of and accrued interest on the Second Lien Notes to become or to be declared due and payable. First Lien NotesIn connection with the DIP financing, (a) on October 8, 2020, Old Frontier issued $1,150 million aggregate principal amount of 5.875% First Lien Secured Notes due October 15, 2027 (the “First Lien Notes due 2027”) and (b) on November 25, 2020, Old Frontier issued $1,550 million aggregate principal amount of 5.000% First Lien Secured Notes due May 1, 2028 (the “First Lien Notes due 2028” and, together with the First Lien Notes due 2027, the “First Lien Notes”). The First Lien Notes due 2027 were issued pursuant to an indenture, dated as of October 8, 2020 (the “2027 First Lien Indenture”), by and among Old Frontier, the guarantors party thereto, the grantor party thereto, JPMorgan Chase Bank N.A., as collateral agent, and Wilmington Trust, National Association, as trustee. The First Lien Notes due 2028 were issued pursuant to an indenture, dated as of November 25, 2020 (the “2028 First Lien Indenture” and, together with the 2027 First Lien Indenture, the “First Lien Indentures”), by and among Old Frontier, the guarantors party thereto, the grantor party thereto, JPMorgan Chase Bank N.A., as collateral agent and Wilmington Trust, National Association, as trustee. On the Effective Date, in accordance with the Indentures and the Plan, New Frontier Issuer entered into supplemental indentures to the First Lien Indentures with Wilmington Trust, National Association, as trustee, and assumed the obligations under each series of the First Lien Notes and each of the First Lien Indentures. The First Lien Notes are secured on a first-priority basis and pari passu with its senior secured credit facilities, subject to permitted liens and certain exceptions, by all the assets that secure Frontier’s obligations under the Term Loan Facility and the Revolving Facility. The First Lien Indentures contain customary negative covenants, subject to a number of important exceptions and qualifications, including, without limitation, covenants related to incurring additional debt and issuing preferred stock; incurring or creating liens; redeeming and/or prepaying certain debt; paying dividends on our stock or repurchasing stock; making certain investments; engaging in specified sales of assets; entering into transactions with affiliates; and engaging in consolidation, mergers and acquisitions. Certain of these covenants will be suspended during such time, if any, that the First Lien Notes have investment grade ratings by at least two of Moody’s, S&P or Fitch. The First Lien Notes Indentures also provides for customary events of default which, if any of them occurs, would permit, or require the principal of and accrued interest on the First Lien Notes to become or to be declared due and payable. Gain/Loss on Extinguishment of DebtDuring the year ended December 31, 2020, Frontier recorded a loss on early extinguishment of debt of $72 million driven primarily by the write-off of unamortized original issuance cost associated with the retired Term Loan B, the Original First Lien Notes, and the Original Second Lien Notes. During the year ended December 31, 2019, Frontier recorded a gain on early extinguishment of debt of $20 million driven primarily by the write-off of unamortized original issuance costs associated with the retired Term Loan A and 2016 CoBank Credit Agreement. Other ObligationsDuring 2018, Frontier contributed real estate properties with an aggregate fair value of $37 million for the purpose of funding a portion of its contribution obligations to its qualified defined benefit pension plan. The pension plan obtained independent appraisals of the property and, based on these appraisals, the pension plan recorded the contributions at aggregate fair value of $37 million for 2019. Frontier has entered into a lease for the contributed properties. The properties are managed on behalf of the pension plan by an independent fiduciary, and the terms of the lease were negotiated with the fiduciary on an arm’s-length basis. For properties contributed in 2018, leases have initial terms of 20 years at a combined average aggregate annual rent of approximately $5 million. The contribution and leaseback of the properties were treated as financing transactions and, accordingly, Frontier continues to depreciate the carrying value of the property in its financial statements and no gain or loss was recognized. An obligation of $54 million is included in our consolidated balance sheet within “Other liabilities” as of December 31, 2021 and the liability is reduced annually by a portion of the lease payments made to the pension plan. Under the new lease standard, liabilities for these finance transactions are included in our financing lease liabilities. Refer to Note 12 for additional details. |
Restructuring And Other Charges
Restructuring And Other Charges | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Other Charges [Abstract] | |
Restructuring And Other Charges | (11) Restructuring and Other Charges: Restructuring and other charges consists of severance and employee costs related to workforce reductions. It also includes professional fees related to our Chapter 11 Cases that were incurred after the emergence date as well as professional fees related to our restructuring and transformation that were incurred prior to the Petition Date. During the four months ended April 30, 2021, we incurred $7 million of severance and employee costs resulting from workforce reductions. During the eight months ended December 31, 2021, we incurred $21 million in expenses consisting of $11 million of severance and employee costs resulting from workforce reductions, and $10 million of professional fees related to our balance sheet and other restructuring. During 2020, we incurred $87 million in expenses consisting of $8 million directly associated with transformation initiatives, $7 million of severance and employee costs resulting from workforce reductions, and $72 million of consulting and advisory costs related to our balance sheet restructuring activities through the Petition Date.Effective with the Petition date, these other charges consisting of consulting and advisory costs incurred were recorded in Reorganization items, net in the consolidated statement of operations. During 2019, we incurred $168 million in expenses related to changes in the operation of our business, consisting of $46 million directly associated with transformation initiatives, $44 million of pension/OPEB special termination benefit enhancements related to a voluntary severance program, $38 million of severance and employee costs resulting from workforce reductions, and $40 million of consulting and advisory costs related to our balance sheet restructuring activities, which are included in “Restructuring costs and other charges” in our consolidated statement of operations for the year ended December 31, 2019. The following is a summary of the changes in the liabilities established for restructuring and related programs: ($ in millions) Balance at December 31, 2019 (Predecessor) $15 Severance expense 7 Transformation costs 8 Other costs 72 Cash payments during the period (100) Balance at December 31, 2020 (Predecessor) 2 Severance expense 7 Cash payments during the period (2) Balance at April 30, 2021 (Predecessor) $7 Balance at April 30, 2021 (Successor) $7 Severance expense 11 Other costs 10 Cash payments during the period (21) Balance at December 31, 2021 (Successor) $7 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | (((12) Leases: With the adoption of ASC 842 on January 1, 2020, Frontier elected to apply the ‘package of practical expedients’, which permits the Company to not reassess under the new standard its prior conclusions including lease identification, lease classification, and initial direct costs. Additionally, Frontier elected to apply the land easement practical expedient, which permits the Company to account for land easements under the new standard only on a prospective basis. Frontier did not apply the use of hindsight practical expedient. The components of lease cost are as follows: Successor Predecessor For the eight For the four For the year months ended months ended ended December 31, April 30, December 31, ($ in millions)2021 2021 2020 Lease cost: Finance lease cost: Amortization of right-of-use assets$ 13 $ 7 $ 15 Interest on lease liabilities 6 4 13 Finance lease cost 19 11 28 Operating lease cost (1) 38 19 68 Sublease income (11) (4) (11) Total Lease cost$ 46 $ 26 $ 85 (1)Includes short-term lease costs of $1 million for the four months ended April 30, 2021, $2 million for the eight months ended December 31, 2021 and $2 million for the year ended December 31, 2020. Includes variable lease costs of $2 million for the four months ended April 30, 2021, $4 million for the eight months ended December 31, 2021 and $6 million for the year ended December 31, 2020. Supplemental balance sheet information related to leases is as follows: Successor Predecessor ($ in millions)December 31, 2021 December 31, 2020 Operating right-of-use assets$200(1) $215(1) Finance right-of-use assets$129(2) $143(2) Operating lease liabilities$204(3) $223(3) Finance lease liabilities$148(4) $145(4) Operating leases: Weighted-average remaining lease term 8.02 years 7.75 years Weighted-average discount rate 5.89% 8.26% Finance leases: Weighted-average remaining lease term 12.74 years 8.96 years Weighted-average discount rate 8.24% 8.13% (1)Operating ROU assets are included in Other assets on our consolidated balance sheet.(2)Finance ROU assets are included in Property, plant, and equipment on our December 31, 2021 consolidated balance sheets.(3)This amount represents $41 million and $163 million, and $48 million and $175 million, included in other current liabilities and other liabilities, respectively, on our December 31, 2021 and 2020 consolidated balance sheets.(4)This amount represents $20 million and $128 million, and $21 million and $124 million, included in other current liabilities and other liabilities, respectively, on our December 31, 2021 and 2020 consolidated balance sheets. Supplemental cash flow information related to leases is as follows: Successor Predecessor For the eight For the four For the year months ended months ended ended December 31, April 30, December 31, ($ in millions)2021 2021 2020 Cash paid for amount included in the measurement of lease liabilities, net of amounts received as revenue: Operating cash flows provided by operating leases$ 63 $ 21 $ 67 Operating cash flows used by operating leases$ (38) $ (14) $ (68) Operating cash flows used by finance leases$ (6) $ (5) $ (13) Financing cash flows used by finance leases$ (13) $ (7) $ (23) Right-of-use assets obtained in exchange for lease liabilities: Operating leases$ 10 $ 8 $ 28 Finance leases$ 25 $ - $ 3 LesseeFor lessee agreements, Frontier elected to apply the short-term lease recognition exemption for all leases that qualify and as such, does not recognize assets or liabilities for leases with terms of less than twelve months, including existing leases at transition. Frontier elected not to separate lease and non-lease components. As of January 1, 2020, Frontier has operating and finance leases for administrative and network properties, vehicles, and certain equipment. Our leases have remaining lease terms of 1 year to 87 years, some of which include options to extend the leases, and some of which include options to terminate the leases within 1 year. The following represents a maturity analysis for our operating and finance lease liabilities as of December 31, 2021: Successor Operating Finance ($ in millions) Leases Leases Future maturities: 2022$ 45 $ 29 2023 40 26 2024 36 19 2025 32 17 2026 27 14 Thereafter 72 105 Total lease payments 252 210 Less: imputed interest (48) (62) Present value of lease liabilities$ 204 $ 148 (2) Upon adoption of ASC 842 on January 1, 2019, we recorded the unamortized deferred gain balances for previous sale-leasebacks of real estate assets as a transition adjustment, which had the effect of increasing our accumulated deficit by $15 million ($11 million net of tax). LessorFrontier is the lessor for operating leases of towers, datacenters, corporate offices, and certain equipment. Our leases have remaining lease terms of 1 year to 65 years, some of which include options to extend the leases, and some of which include options to terminate the leases within 1 year. None of these leases include options for our lessees to purchase the underlying asset. A significant number of Frontier’s service contracts with its customers include equipment rentals. The Company has elected to apply the practical expedient to account for those associated equipment rentals and services as a single, combined component. We have evaluated the service component to be ‘predominant’ in these contracts and have accounted for the combined component as a single performance obligation under ASC 606. For the four months ended April 30, 2021, the eight months ended December 31, 2021 and the year ended December 31, 2020, Frontier, as a lessor, recognized revenue of $21 million, $42 million, and $67 million, respectively. The following represents a maturity analysis for our future operating lease payments from customers as of December 31, 2021: Successor Operating ($ in millions)Lease Payments Future maturities of lease payments from customers: 2022$ 10 2023 10 2024 8 2025 1 2026 - Thereafter 1 Total lease payments from customers$ 30 |
Investment and Other Income (Lo
Investment and Other Income (Loss), Net | 12 Months Ended |
Dec. 31, 2021 | |
Investment and Other Income (Loss), Net [Abstract] | |
Investment and Other Income (Loss), Net | (13) Investment and Other Income (Loss), Net: The components of investment and other income (loss), net are as follows: Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Interest and dividend income $ 1 $ - $ 4 $ 9 Pension and OPEB benefit (costs) 2 2 (43) (42) All other, net (8) (1) (4) (4) Total investment and other income (loss), net $ (5) $ 1 $ (43) $ (37) Pension and OPEB benefit (cost) consists of interest costs, expected return on plan assets, amortization of prior service (costs) and recognition of actuarial (gain) loss. Service cost components of pension and OPEB benefit costs are included in “Selling, general, and administrative expenses” on our consolidated statements of operations. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2021 | |
Capital Stock [Abstract] | |
Capital Stock | (14) Capital Stock: Frontier’s authorized capital stock consists of 1,750 million shares of common stock, par value $0.01 per share and 50 million shares of preferred stock, par value $0.01 per share. As of December 31, 2021, approximately 244 million shares of common stock were issued and outstanding and no shares of preferred stock were issued and outstanding. |
Stock Plans
Stock Plans | 12 Months Ended |
Dec. 31, 2021 | |
Stock Plans [Abstract] | |
Stock Plans | (15) Stock Plans: Upon emergence, all outstanding stock-based compensation plans of Old Frontier were terminated and, in accordance with the Plan, the form of Frontier Communications Parent, Inc. 2021 Management Incentive Plan (the “2021 Incentive Plan”) was approved and adopted by the Board. The Incentive Plan permits stock-based awards to be made to employees, directors, or consultants of the Company or its affiliates, as determined by the Compensation and Human Capital Committee of the Board. Successor Plans - The 2021 Incentive Plan On July 7, 2021, Frontier’s Compensation and Human Capital Committee, in consultation with the full Board and the Committee’s independent executive compensation consultant, reviewed and approved a long-term equity award program or “Emergence LTI Program” under the 2021 Incentive Plan. The Emergence LTI Program consists of both Restricted Stock Units (RSUs) and Performance Stock Units (PSUs). RSUs are time-based awards that vest on a ratable basis over three years from the grant date of the award. Vesting of PSUs is tied to the financial performance and long-term targets of the Company over a three-year performance period (a Measurement Period). The number of awards that vest after the three year Measurement Period is dependent on the actual performance of the Company versus targets set for the awards. Under the 2021 Incentive Plan, 15,600,000 shares of common stock have been reserved for issuance. As of December 31, 2021, unvested awards relating to approximately 3,700,000 shares were outstanding under the Emergence LTI Program. Restricted StockThe following summary presents information regarding unvested restricted stock under the 2021 Incentive Plan: Weighted Average Number of Grant Date Aggregate Shares Fair Value Fair Value (in thousands) (per share) (in millions) Balance at April 30, 2021 (Successor) - $ - $ - Restricted stock granted 2,578 $28.66 $ 75 Restricted stock vested (21) $28.44 $ - Restricted stock forfeited (74) $28.52 Balance at December 31, 2021 (Successor) 2,483 $28.67 $ 72 For purposes of determining compensation expense, the fair value of each restricted stock grant is estimated based on the closing price of our common stock on the date of grant. The non-vested restricted stock units granted in 2021 generally vest, and are expensed, on a ratable basis over three years from the grant date of the award. Total remaining unrecognized compensation cost associated with unvested restricted stock awards that is deferred at December 31, 2021 was $58 million and the weighted average vesting period over which this cost is expected to be recognized is approximately 2 years. None of the restricted stock awards may be sold, assigned, pledged, or otherwise transferred, voluntarily or involuntarily, by the employees until the restrictions lapse, subject to limited exceptions. The restrictions are time-based. Compensation expense, recognized in “Selling, general and administrative expenses”, of ($1) million, $12 million, $2 million, and $11 million for the four months ended April 30, 2021, the eight months ended December 31, 2021, and the year ended 2020 and 2019, respectively, has been recorded in connection with restricted stock. Performance Stock Units Under the 2021 Incentive Plan, a target number of performance units are awarded to each participant with respect to the three year Measurement Period. The performance metrics under the 2021 PSU grants consist of targets for (1) Adjusted Fiber EBITDA, (2) Fiber Locations Constructed and (3) Expansion Fiber Penetration. In addition, there is an overall relative total shareholder return (TSR)” modifier, which is based on Frontier’s total return to stockholders over the Measurement Period relative to the S&P 400 Mid Cap Index. Each performance metric is weighted 33.3%, and targets for each metric are set for each of the three years during the Measurement Period. Achievement of the metrics will be measured separately, and the number of awards earned will be determined based on actual performance relative to the targets of each performance metric, plus the effect of the TSR modifier. Achievement is measured on a cumulative basis for each performance metric individually at the end of the three year Measurement Period. The payout of the PSUs can range from 0% to a maximum award payout of 300% of the target units. PSUs awards, to the extent earned, will be paid out in the form of common stock shortly following the end of the Measurement Period. The number of shares of common stock or units earned at the end of the Measurement Period may be more or less than the number of target performance shares or units granted as a result of performance. An executive must maintain a satisfactory performance rating during the Measurement Period and must be employed by Frontier upon determination in order for the award to vest. The Compensation and Human Capital Committee will determine the number of shares earned for the Measurement Period in the first quarter of the year following the end of the Measurement Period. Under ASC 718, Stock Based Compensation Expense, we establish a grant date and determine the fair value once the targets are finalized. For the 2021 PSU awards, the targets related to two of the three performance metrics have not been established. As a result, as of December 31, 2021, we have recognized associated expense with respect to 1/3 of the aggregate outstanding 2021 PSU awards. The following summary presents information regarding performance shares as of December 31, 2021 and changes during the eight months then ended with regard to performance shares awarded under the 2021 Incentive Plan: 2021 Incentive Plan Weighted Average Number of Grant Date Aggregate Shares Fair Value Fair Value (in thousands) (per share) (in millions) Balance at April 30, 2021 (Successor) - $ - $ - Target performance shares awarded, net 3,157 $25.62 $ 92 Target performance shares earned - $ - $ - Target performance shares forfeited (13) $25.61 Balance at December 31, 2021 (Successor) 3,144 $25.62 $ 92 For purposes of determining compensation expense, the fair value of each performance share grant is estimated based on the closing price of a share of our common stock on the date of the grant, adjusted to reflect the fair value of the relative TSR modifier. As of December 31, 2021, this includes the 2021 PSU awards associated with the Expansion Fiber Penetration performance metric only, or one third of the total 2021 PSU awards. At December 31, 2021, we estimate the attainment of the Expansion Fiber Penetration targets for the 2021 PSU grants is probable at the end of the Measurement Period and, therefore, we recognized $5 million in stock-based compensation expense related to these PSUs. Non-Employee Director Equity Compensation Non-employee directors receive $250,000 of annual core compensation which includes $150,000 of RSUs granted annually. In 2021, non-employee directors received an initial emergence RSU grant valued at $300,000. In addition, Board committee chairs receive retainers for their committee service in the form of RSUs. In 2021, we recognized $1 million in stock-based compensation expense related to non-employee director units. Predecessor Plans - 2017 Equity Incentive PlanUnder the 2017 EIP, awards of our common stock were granted to eligible employees in the form of incentive stock options, non-qualified stock options, SARs, restricted stock, performance shares or other stock-based awards. No awards were granted more than 10 years after the effective date (May 10, 2017) of the 2017 EIP plan. The exercise price of stock options and SARs under the EIPs generally were equal to or greater than the fair market value of the underlying common stock on the date of grant. Stock options were not ordinarily exercisable on the date of grant but vested over a period of time (generally four years). Under the terms of the EIPs, subsequent stock dividends and stock splits had the effect of increasing the option shares outstanding, which correspondingly decreased the average exercise price of outstanding options. Restricted StockThe following summary presents information regarding unvested restricted stock with regard to restricted stock under the 2017 EIP: Weighted Average Number of Grant Date Aggregate Shares Fair Value Fair Value (in thousands) (per share) (in millions) Balance at December 31, 2018 (Predecessor)1,858 $16.02 $4 Restricted stock granted 105 $2.00 $ - Restricted stock vested(1,039) $19.05 $(1) Restricted stock forfeited(24) $28.30 Balance at December 31, 2019 (Predecessor)900 $10.57 $1 Restricted stock granted - $0.00 $ - Restricted stock vested(387) $15.04 $ - Restricted stock forfeited(209) $7.79 Balance at December 31, 2020 (Predecessor)304 $6.78 $ - Restricted stock granted - $ - $ - Restricted stock vested(41) $8.23 $ - Restricted stock forfeited(109) $8.23 Balance at April 30, 2021 (Predecessor)154 $5.38 $ - Cancellation of restricted stock(154) $ - $ - Balance at April 30, 2021 (Predecessor) - $ - $ - Performance SharesOn February 15, 2012, Old Frontier’s Compensation Committee, adopted the Frontier Long-Term Incentive Plan (the LTIP). LTIP awards were granted in the form of performance shares or units/cash. The LTIP was offered under the EIPs, and participants consisted of senior vice presidents and above. The LTIP awards had performance, market, and time-vesting conditions. During the first 90 days of a three year performance period (a Measurement Period), a target number of performance shares or units were awarded to each LTIP participant with respect to the Measurement Period. The performance metrics under the LTIP were (1) annual targets for operating cash flow or adjusted free cash flow per share based on the goal set and (2) an overall performance “modifier, based on Frontier’s total return to stockholders (i.e., Total Shareholder Return or TSR) relative to the Integrated Telecommunications Services Group (GICS Code 50101020) for the Measurement Period. Operating cash flow or adjusted free cash flow per share performance was determined at the end of each year and the annual results were averaged at the end of the Measurement Period to determine the preliminary number of shares earned under the LTIP award. The TSR performance measure was then applied to decrease or increase payouts based on Frontier’s three year relative TSR performance. LTIP awards, to the extent earned, were paid out in the form of common stock or cash shortly following the end of the Measurement Period. During 2020, all of the remaining performance shares under the LTIP were cancelled. The following summary presents information regarding LTIP target performance shares: Number of Shares (in thousands) Balance at December 31, 2018 (Predecessor)497 LTIP target performance shares granted - LTIP target performance shares earned(381) LTIP target performance shares forfeited(20) Balance at December 31, 2019 (Predecessor)96 LTIP target performance shares/units granted - LTIP target performance shares/units earned - LTIP target performance shares/units forfeited(96) Balance at December 31, 2020 (Predecessor) - For purposes of determining compensation expense, the fair value of each performance share was measured at the end of each reporting period and, therefore, fluctuated based on the price of Frontier common stock as well as performance relative to the targets. Frontier recognized an expense, included in “Selling, general, and administrative expenses” of $0 million, and $4 million during 2020 and 2019, respectively, for the LTIP. Old Frontier Non-Employee Directors’ Compensation Plans Beginning October 1, 2013, stock units awarded under Old Frontier’s non-employee director compensation programs were credited to a director’s account in an amount determined by dividing: the total cash value of the fees payable to the director by the closing price of Frontier common stock on the grant date of the units. Units were credited to the director’s account quarterly and directors were given the option to elect to convert the units to stock (on a 1:1 basis) or cash upon their retirement or death. As of June 2019, Old Frontier began compensating non-employee directors entirely in cash and no further stock units were issued. Eight directors participated in the Director Plans during all or part of 2019. The total plan units earned were 0 and 155,045 in 2020 and 2019, respectively. Since directors had the option to receive distributions from their stock units in cash, they were considered liability-based awards. Prior to adoption of ASU 2018-07, “Compensation – Stock Compensation (ASC 718): Improvements to Non-employee Share-Based payment accounting;” compensation expense was based on the current market value of our common stock at each reporting date. Upon adoption, compensation expense for all unvested awards was based on the market value of our common stock at the date of adoption and compensation expense for awards granted following adoption were based on the market value of our common stock at the grant date for each award. Compensation costs associated with the issuance of stock units to non-employee directors were $1 million in 2019. Cash compensation associated with the Director Plans was $5 million in 2020, and $4 million in 2019. These costs are recognized in “Selling, general and administrative expenses”. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | (16) Income Taxes: The following is a reconciliation of the provision for income taxes computed at the federal statutory rate to income taxes computed at the effective rates: Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, 2021 2021 2020 2019 Consolidated tax provision at federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State income tax provisions, net of federal income tax benefit 3.1 0.5 21.7 2.6 Tax reserve adjustment 0.1 - (0.7) - Fresh start and reorganization adjustments - (24.9) - - Changes in certain deferred tax balances (8.2) - (35.8) (2.3) Interest expense deduction - - 30.7 - Restructuring cost - 0.3 (10.0) - Goodwill impairment - - - (11.8) Loss on disposal of Northwest Operations - - (9.1) - Share-based payments - - (0.2) (0.1) Federal research and development credit (0.4) - (0.5) - All other, net 1.6 - 0.1 - Effective tax rate 17.2 % (3.1)% 17.2 % 9.4 % Under ASC 740 – 270, income tax expense for the four months ended April 30, 2021, is based on the actual year to date effective tax rate for the first four months of the year inclusive of the impact of the fresh start and reorganization adjustments. Income tax expense for the eight months ended December 31, 2021 is based on the actual year to date effective tax rate for the successor period. CARES ActOn March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The CARES Act contains numerous income tax provisions, such as relaxing limitations on the deductibility of interest and the use of net operating losses arising in taxable years beginning after December 31, 2017. The CARES Act has a number of beneficial tax provisions (e.g., deferral of the employer portion of social security taxes for the remainder of 2020, the ability to claim additional interest deductions, net operating loss carrybacks, and removal of the 80% usage limitation for post-2017 NOLs for tax years 2018, 2019 and 2020). Employers can defer payment of the employer’s share of the Social Security tax that they otherwise are responsible for paying on wages. The deferral applies to affected taxes normally required to be paid from March 27, 2020, through December 31, 2020. The deferred tax must be paid over the following two years, with half to be paid by December 31, 2021, and the other half to be paid by December 31, 2022. Under the program, Frontier deferred a total of $30 million and has repaid $30 million. Following CARES ACT, the consolidated Act as a second stimulus package was signed into law on 12/27/2020 with no impact to the Company. Other Tax ItemsAs of December 31, 2021, $13 million of expected income tax refunds are included in “Income taxes and other current assets” in the consolidated balance sheet. For the four months ended April 30, 2021 and the eight months ended December 31, 2021, we paid net federal and state income tax amounting to $9 million and $28 million, respectively. In 2020 and 2019, we paid net federal and state income tax totaling $8 million and $4 million, respectively. The components of the net deferred income tax liability (asset) are as follows: Successor Predecessor December 31, December 31, ($ in millions) 2021 2020 Deferred income tax liabilities: Property, plant, and equipment basis differences $ 859 $ 1,873 Intangibles 140 - Deferred revenue/expense (3) 44 Other, net 46 56 $ 1,042 $ 1,973 Deferred income tax assets: Pension liability $ 212 $ 308 Intangibles - 681 Tax operating loss carryforward 185 923 Employee benefits 151 207 Interest expense deduction limitation carryforward - 44 Accrued expenses 76 75 Lease obligations 75 83 Tax credit 4 40 Allowance for doubtful accounts 14 35 Other, net 30 17 747 2,413 Less: Valuation allowance (92) (783) Net deferred income tax asset 655 1,630 Net deferred income tax liability $ 387 $ 343 Our federal net operating loss carryforward as of December 31, 2021, is estimated at $312 million. The majority of the federal loss carryforward will begin to expire between 2036 and 2038, with $18 million carrying forward indefinitely, unless otherwise used. Our state tax operating loss carryforward as of December 31, 2021, is estimated at $1.8 billion. A portion of our state loss carryforward will continue to expire annually through 2041, unless otherwise used. Our federal research and development credit as of December 31, 2021, is estimated at $1 million. The federal research and development credit will begin to expire after 2041, unless otherwise used. Our various state credits as of December 31, 2021, are estimated at $3 million. The state credits will begin to expire after 2026, unless otherwise used. Frontier considered positive and negative evidence in regard to evaluating certain deferred tax assets during the second quarter of 2021, including the development of recent years of pre-tax book losses. As of December 31, 2021, Frontier has a valuation allowance of $92 million to reduce deferred tax assets to an amount more likely than not to be realized. This valuation allowance is related to state net operating losses, state tax credits, and the state impact from the federal limitation on interest expense deduction. In evaluating Frontier’s ability to realize its deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. Management also considered the projected reversal of deferred tax liabilities and projected future taxable income in making this assessment. Based upon this assessment, management believes it is more likely than not Frontier will realize the benefits of these deductible differences, net of valuation allowance. The provision (benefit) for federal and state income taxes, as well as the taxes charged or credited to equity of Frontier, includes amounts both payable currently and deferred for payment in future periods as indicated below: Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions)2021 2021 2020 2019 Income tax expense (benefit): Current: Federal$ - $ - $ (12) $ 1 State 8 12 19 7 Total Current 8 12 7 8 Deferred: Federal (84) (116) (84) (606) State 162 (32) (7) (13) Total Deferred 78 (148) (91) (619) Total income tax benefit 86 (136) (84) (611) Income taxes charged (credited) to equity of Frontier: Deferred income taxes (benefits) arising from the recognition of additional pension/OPEB liability 19 - 35 32 Total income taxes charged (credited) to equity of Frontier - - 35 32 Total income tax expense (benefit)$ 105 $ (136) $ (49) $ (579) U.S. GAAP requires applying a “more likely than not” threshold to the recognition and derecognition of uncertain tax positions either taken or expected to be taken in Frontier’s income tax returns. The total amount of our gross tax liability for tax positions that may not be sustained under a “more likely than not” threshold amounts to $1 million as of December 31, 2021, including immaterial interest. The amount of our uncertain tax positions, for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease during the next twelve months, and which would affect our effective tax rate is $0 million as of December 31, 2021. Frontier’s policy regarding the classification of interest and penalties is to include these amounts as a component of income tax expense. This treatment of interest and penalties is consistent with prior periods. We are subject to income tax examinations generally for the years 2018 forward for federal and 2016 forward for state filing jurisdictions. We also maintain uncertain tax positions in various state jurisdictions. The following table sets forth the changes in Frontier’s balance of unrecognized tax benefits: Successor Predecessor ($ in millions) December 31, April 30, December 31, 2021 2021 2020 Unrecognized tax benefits - beginning of period $ 1 $ 16 $ 12 Gross increases - prior period tax positions - - 4 Gross increases - current period tax positions - (15) - Gross decreases - expired statute of limitations - - - Unrecognized tax benefits - end of period $ 1 $ 1 $ 16 |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Net Income (Loss) Per Common Share [Abstract] | |
Net Income (Loss) Per Common Share | (17) Net Income (Loss) Per Common Share: The reconciliation of the net loss per common share calculation is as follows: Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, 2021 2021 2020 2019 ($ in millions and shares in thousands, except per share amounts) Net income (loss) used for basic and diluted earnings (loss) per share: Net income (loss) attributable to Frontier common shareholders $ 414 $ 4,541 $ (402) $ (5,911) Less: Dividends paid on unvested restricted stock awards - - - - Total basic net income (loss) attributable to Frontier common shareholders $ 414 $ 4,541 $ (402) $ (5,911) Effect of loss related to dilutive stock units - - - - Total diluted net income (loss) attributable to Frontier common shareholders $ 414 $ 4,541 $ (402) $ (5,911) Basic earnings (loss) per share: Total weighted average shares and unvested restricted stock awards outstanding - basic 244,405 104,799 104,944 105,356 Less: Weighted average unvested restricted stock awards - (215) (477) (1,291) Total weighted average shares outstanding - basic 244,405 104,584 104,467 104,065 Basic net income (loss) per share attributable to Frontier common shareholders $ 1.69 $ 43.42 $ (3.85) $ (56.80) Diluted earnings (loss) per share: Total weighted average shares outstanding - basic 244,405 104,584 104,467 104,065 Effect of dilutive shares 1,480 340 - - Total weighted average shares outstanding - diluted 245,885 104,924 104,467 104,065 Diluted net income (loss) per share attributable to Frontier common shareholders $ 1.68 $ 43.28 $ (3.85) $ (56.80) In calculating diluted net income per common share for the years ended December 31, 2021, and diluted net loss for 2020 and 2019 the effect of all common stock equivalents is excluded from the computation as the effect would be antidilutive. Stock UnitsAs of December 31, 2021, there were no stock units outstanding. As of April 30, 2021, there were 339,544 stock units issued under Old Frontier director and employee compensation plans that were included in the diluted EPS calculation for the four months ended April 30, 2021 as the effect would be dilutive. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | (18) Comprehensive Income (Loss): Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting shareholders’ equity (deficit) and pension/postretirement benefit (OPEB) liabilities that, under GAAP, are excluded from net income (loss). The components of accumulated other comprehensive income (loss), net of tax, are as follows: ($ in millions) Pension Costs OPEB Costs Total Balance at December 31, 2018 (Predecessor) (1) $ (489) $ 26 $ (463) Other comprehensive income (loss) before reclassifications (201) 17 (184) Amounts reclassified from accumulated other comprehensive loss to net loss 89 (13) 76 Net current-period other comprehensive income (loss) (112) 4 (108) Impact of adoption of ASU 2018-02 (83) 4 (79) Balance at December 31, 2019 (Predecessor) (1) (684) 34 (650) Other comprehensive income (loss) before reclassifications (320) (76) (396) Amounts reclassified from accumulated other comprehensive loss to net loss 305 (14) 291 Net current-period other comprehensive income (loss) 15 (90) (105) Balance at December 31, 2020 (Predecessor) (1) $ (699) $ (56) $ (755) Other comprehensive income before reclassifications 270 74 344 Amounts reclassified from accumulated other comprehensive loss to net loss 19 (4) 15 Net current-period other comprehensive income 289 70 359 Cancellation of Predecessor equity 410 (14) 396 Balance at April 30, 2021 (Predecessor) (1) - - - Balance at April 30, 2021 (Successor) (1) $ - $ - $ - Other comprehensive income before reclassifications - 64 64 Amounts reclassified from accumulated other comprehensive income to net loss - (4) (4) Net current-period other comprehensive income - 60 60 Balance at December 31, 2021 (Successor) (1) $ - $ 60 $ 60 (1)Pension and OPEB amounts are net of deferred tax balances of $15 million, $234 million, $204 million, and $250 million as of December 31, 2021, 2020, 2019, and 2018, respectively. As a result of the pension settlement accounting discussed in Note 20, Frontier recorded pension settlement charges totaling $159 million ($122 million net of tax), and $57 million ($43 million net of tax), which were reclassified from accumulated Other comprehensive income (loss) during 2020 and 2019, respectively. The significant items reclassified from each component of accumulated other comprehensive loss are as follows: Amount Reclassified from Accumulated Other Comprehensive Loss (1) Successor Predecessor For the eight For the four For the year months ended months ended For the year ended Affected line item in the Details about Accumulated Other December 31, April 30, December 31, December 31, statement where net Comprehensive Loss Components 2021 2021 2020 2019 income (loss) is presented Amortization of Pension Cost Items(2) Actuarial gains (losses) $ - $ (24) $ (99) $ (58) Loss on disposal - - (81) - Pension settlement costs - - (159) (57) Reclassifications, pretax - (24) (339) (115) Loss before income taxes Tax Impact - 5 34 26 Income tax benefit Reclassifications, net of tax $ - $ (19) $ (305) $ (89) Net loss Amortization of OPEB Cost Items(2) Prior-service credits (costs) $ 5 $ 10 $ 32 $ 11 Actuarial gains (losses) - (5) (6) 4 Loss on disposal - - (7) - Reclassifications, pretax 5 5 19 15 Income before income taxes Tax impact (1) (1) (5) (2) Income tax expense Reclassifications, net of tax $ 4 $ 4 $ 14 $ 13 Net gain (1)Amounts in parentheses indicate losses.(2)These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs (see Note 20 - Retirement Plans for additional details). |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information [Abstract] | |
Segment Information | (19) Segment Information: The Company’s operations are assessed and managed by our CEO, the Company’s chief operating decision maker, on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. Under this organizational and reporting structure, the Company has one operating and one reportable segment. Frontier provides both regulated and unregulated voice, data and video services to consumer and business customers and is typically the incumbent voice services provider in its service areas. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Plans [Abstract] | |
Retirement Plans | (20) Retirement Plans: We sponsor a noncontributory defined benefit pension plan covering a significant number of our former and current employees and other postretirement benefit plans that provide medical, dental, life insurance and other benefits for covered retired employees and their beneficiaries and covered dependents. The pension plan and postretirement benefit plans are closed to the majority of our newly hired employees. The benefits are based on years of service and final average pay or career average pay. Contributions are made in amounts sufficient to meet ERISA funding requirements while considering tax deductibility. Plan assets are invested in a diversified portfolio of equity and fixed-income securities and alternative investments. The accounting results for pension and other postretirement benefit costs and obligations are dependent upon various actuarial assumptions applied in the determination of such amounts. These actuarial assumptions include the following: discount rates, expected long-term rate of return on plan assets, future compensation increases, employee turnover, healthcare cost trend rates, expected retirement age, optional form of benefit and mortality. We review these assumptions for changes annually with our independent actuaries. We consider our discount rate and expected long-term rate of return on plan assets to be our most critical assumptions. The discount rate is used to value, on a present value basis, our pension and other postretirement benefit obligations as of the balance sheet date. The same rate is also used in the interest cost component of the pension and postretirement benefit cost determination for the following year. The measurement date used in the selection of our discount rate is the balance sheet date. Our discount rate assumption is determined annually with assistance from our independent actuaries based on the pattern of expected future benefit payments and the prevailing rates available on long-term, high quality corporate bonds that approximate the benefit obligation. As of December 31, 2021, 2020 and 2019, we utilized an estimation technique that is based upon a settlement model (Bond:Link) that permits us to closely match cash flows to the expected payments to participants. This rate can change from year-to-year based on market conditions that affect corporate bond yields. As a result of the technique described above, Frontier is utilizing a discount rate of 2.90% as of December 31, 2021 for its qualified pension plan, compared to rates of 2.60% and 3.40% in 2020 and 2019, respectively. The discount rate for postretirement plans as of December 31, 2021 was 3.00% compared to a range of 2.60% to 2.80% in 2020 and 3.40% to 3.50% in 2019. The expected long-term rate of return on plan assets is applied in the determination of periodic pension and postretirement benefit cost as a reduction in the computation of the expense. In developing the expected long-term rate of return assumption, we considered published surveys of expected market returns, 10 and 20 year actual returns of various major indices, and our own historical 5 year, 10 year and 20 year investment returns. The expected long-term rate of return on plan assets is based on an asset allocation assumption of 40% in long-duration fixed income securities, and 60% in equity securities and other investments. We review our asset allocation at least annually and make changes when considered appropriate. Our pension asset investment allocation decisions are made by the Retirement Investment & Administration Committee (RIAC), a committee comprised of members of management, pursuant to a delegation of authority by the Board of Directors. Asset allocation decisions take into account expected market return assumptions of various asset classes as well as expected pension benefit payment streams. When analyzing anticipated benefit payments, management considers both the absolute amount of the payments as well as the timing of such payments. Our expected long-term rate of return on plan assets was 7.50% in 2021 and 2020. For 2022, we expect to assume a rate of return of 7.50%. Our pension plan assets are valued at fair value as of the measurement date. The measurement date used to determine pension and other postretirement benefit measures for the pension plan and the postretirement benefit plan is December 31. During the four months of April 30, 2021, and the eight months ended December 31, 2021, we capitalized $7 million and $15 million, respectively, of pension and OPEB expense into the cost of our capital expenditures, as the costs relate to our engineering and plant construction activities. We capitalized $25 million and $24 million of pension and OPEB expense into the cost of our capital expenditures during the years ended December 31, 2020 and 2019, respectively, as the costs relate to our engineering and plant construction activities. During 2019, the Company recognized a charge of $44 million to reflect the cost of pension/OPEB special termination benefit enhancements related to a voluntary severance program. Pension Benefits The following tables set forth the pension plan’s projected benefit obligations, fair values of plan assets and the pension benefit liability recognized on our consolidated balance sheets as of December 31, 2021 and 2020 and the components of total pension benefit cost for the years ended December 31, 2021, 2020 and 2019. The below tables include all investment activity related to assets and obligations that were transferred in connection with the planned divestiture of our Northwest Operations: Successor Predecessor For the eight For the four For the months ended months ended year ended December 31, April 30, December 31, ($ in millions) 2021 2021 2020 Change in projected benefit obligation (PBO) PBO at the beginning of the period $ 3,418 $ 3,708 $ 3,726 Service cost 53 32 95 Interest cost 69 31 108 Actuarial (gain) loss 30 (328) 506 Benefits paid (93) (25) (73) Impact of Divestiture of Northwest Operations(1) - - (189) Settlements - - (465) PBO at the end of the period $ 3,477 $ 3,418 $ 3,708 Change in plan assets Fair value of plan assets at the beginning of the period $ 2,586 $ 2,507 $ 2,730 Fair value of plan assets for the Northwest Operations - - (70) Actual return on plan assets 152 72 321 Employer contributions 10 32 64 Settlements - - (465) Benefits paid (93) (25) (73) Fair value of plan assets at the end of the period $ 2,655 $ 2,586 $ 2,507 Funded status $ (822) $ (832) $ (1,201) Amounts recognized in the consolidated balance sheet Pension and other postretirement benefits - current $ - $ - $ - Pension and other postretirement benefits - noncurrent $ (822) $ (832) $ (1,201) Accumulated other comprehensive loss $ - $ - $ 915 (1) Includes a gain of $20 million related to the elimination of future compensation increases as a result of the divestiture of the Northwest Operations. Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Components of total pension benefit cost Service cost $53 $32 $95 $82 Interest cost on projected benefit obligation 69 31 108 130 Expected return on plan assets (127) (61) (171) (172) Loss recognized 6 - - - Amortization of unrecognized loss - 24 99 58 Net periodic pension benefit cost 1 26 131 98 Pension settlement costs - - 159 57 Special termination benefit enhancements - - - 38 Gain on disposal, net - - (38) - Total pension benefit cost $1 $26 $252 $193 As part of fresh start accounting, Frontier remeasured its net pension obligation as of April 30, 2021. In revaluing the pension benefit obligation, the assumed discount rate was 3.10% and the assumed rate of return on Plan assets was 7.50%. The discount rate increased compared to the 2.60% used in the December 31, 2020 valuation. This change as well as other changes in assumptions lead to a pension obligation decrease as a result of actuarial gains of $328 million. The largest contributors to the $30 million actuarial loss from April 30, 2021 to December 31, 2021, were the decrease in the assumed discount rate from 3.10% to 2.90%. The largest contributors to the actuarial loss affecting the benefit obligation from December 31, 2019 to December 31, 2020 was the decrease in the discount rate from 3.40% to 2.60% and decrease in the interest rate related assumptions (cash balance interest crediting rates and lump sum conversion interest rates). The pension plan contains provisions that provide certain employees with the option of receiving a lump sum payment upon retirement. These payments are recorded as a settlement only if, in the aggregate, they exceed the sum of the annual service and interest costs for the Pension Plan’s net periodic pension benefit cost. During year ended December 31, 2020, lump sum pension settlement payments to terminated or retired individuals amounted to $465 million, which exceeded the settlement threshold of $211 million, and as a result, Frontier recognized non-cash settlement charges totaling $159 million during 2020. The non-cash charge accelerated the recognition of a portion of the previously unrecognized actuarial losses in the Pension Plan. These non-cash charges increased our recorded net loss and accumulated deficit, with an offset to accumulated other comprehensive loss in shareholders’ equity. In accordance with ASC 715, Compensation - Retirement Benefits (ASC 715), Frontier remeasured its pension plan during the year ended December 31, 2020. These remeasurements resulted in an increase in our pension liabilities and a remeasurement charge to Other comprehensive income (loss) of $506 million for the year ended December 31, 2020. Frontier recognized non-cash settlement charges totaling $57 million during 2019. The plan’s weighted average asset allocations at December 31, 2021 and 2020 by asset category are as follows: 2021 2020 Asset category: Equity securities 49 % 49 % Debt securities 44 % 37 % Alternative and other investments 7 % 14 % Total 100 % 100 % The plan’s expected benefit payments over the next 10 years are as follows: ($ in millions) Amount 2022 $ 257 2023 254 2024 252 2025 252 2026 250 2027-2031 1,181 Total $ 2,446 In 2021, we elected the provisions of American Rescue Plan Act, or ARPA retroactive to the 2019 plan year, which resulted in 1) a shortfall amortization period change from 7 to 15 years with a fresh start for the existing shortfall, commencing in the 2019 plan year and 2) interest rate stabilization, commencing in the 2020 plan year. These elections resulted in the creation of a funding balance that we used to satisfy certain required contributions in 2021. As a result of these changes, our pension plan contributions in the fiscal year 2021 were $42 million. In 2020, we made $64 million in contributions to the pension plan. These represent the contributions for the 2019 plan year and reflect the fact that we received a pension funding waiver for all 2020 plan year contributions. The pension funding waiver was in the amount of $127 million, which is being paid over five years. Assumptions used in the computation of annual pension costs and valuation of the beginning/end of period obligations were as follows: 12/31/2021 4/30/2021 12/31/2020 12/31/2019 Discount rate - used at period end to value obligation 2.90 % 3.10% 2.60 % 3.40 % Discount rate - used at beginning of period to compute annual cost 3.10 % 2.60 % 3.40 % 4.30 % Expected long-term rate of return on plan assets 7.50 % 7.50 % 7.50 % 7.50 % Rate of increase in compensation levels 2.00 % 2.00 % 2.00 % 2.00 % Postretirement Benefits Other Than Pensions - “OPEB” The following tables set forth the OPEB plans’ benefit obligations, fair values of plan assets and the postretirement benefit liability recognized on our consolidated balance sheets as of December 31, 2021 and 2020 and the components of total postretirement benefit cost for the years ended December 31, 2021, 2020 and 2019. The below tables include all investment activity related to assets and obligations that are expected to be transferred in connection with the planned divestiture of our Northwest Operations: Successor Predecessor For the eight For the four For the year months ended months ended ended December 31, April 30, December 31, ($ in millions) 2021 2021 2020 Change in benefit obligation Benefit obligation at the beginning of the period $ 941 $ 1,042 $ 972 Impact of Divestiture of Northwest Operations - - (31) Service cost 11 7 20 Interest cost 18 9 33 Plan amendments (79) - - Plan participants' contributions 6 4 9 Actuarial (gain) loss 37 (99) 100 Benefits paid (37) (22) (61) Special termination benefits - - - Benefit obligation at the end of the period $ 897 $ 941 $ 1,042 Change in plan assets Fair value of plan assets at the beginning of the period $ - $ - $ - Plan participants' contributions 6 4 9 Employer contribution 31 18 52 Benefits paid (37) (22) (61) Fair value of the plan assets at end of the period $ - $ - $ - Funded status $ (897) $ (941) $ (1,042) Amounts recognized in the consolidated balance sheet Pension and other postretirement benefits - current $ (46) $ (48) $ (48) Pension and other postretirement benefits - noncurrent $ (851) $ (893) $ (994) Accumulated other comprehensive (gain) loss $ (75) $ - $ 74 Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Components of total postretirement benefit cost Service cost $ 11 $ 7 $ 20 $ 20 Interest cost on projected benefit obligation 18 9 33 41 Amortization of prior service credit (5) (10) (32) (11) (Gain) loss recognized 37 - - - Amortization of unrecognized (gain) loss - 5 6 (4) Net periodic postretirement benefit cost 61 11 27 46 Special termination benefit enhancements - - - 6 Gain on disposal, net - - (24) - Total postretirement benefit cost $ 61 $ 11 $ 3 $ 52 As part of the fresh start accounting, Frontier remeasured its net OPEB obligation as of April 30, 2021 resulting in actuarial gains of $99 million primarily driven by an increase in the discount rates used to measure our OPEB plans reduction when compared to December 31, 2020. The decrease in the discount rate from April 30, 2021 to December 31, 2021 primarily resulted in the actuarial loss of $37 million at December 31, 2021. During the eight months ended December 31, 2021, Frontier amended the medical coverage for certain postretirement benefit plans, which resulted in remeasurements of its other postretirement benefit obligation and prior service credits of $79 million which were deferred in Accumulated comprehensive income as December 31, 2021. During 2020, actuarial losses of $100 million were primarily driven by reductions in the discount rates used to measure our OPEB plans. Assumptions used in the computation of annual OPEB costs and valuation of the beginning/end of period OPEB obligations were as follows: 12/31/2021 4/30/2021 12/31/2020 12/31/2019 Discount rate - used at period end to value obligation 3.00% 3.30% 2.60% - 2.80% 3.40% - 3.50% Discount rate - used to compute annual cost 2.80% - 3.30% 2.60% - 2.80% 3.40% - 3.50% 4.30% - 4.40% The OPEB plan’s expected benefit payments over the next 10 years are as follows: ($ in millions) Gross Benefit Medicare Part D Subsidy Total 2022 $ 47 $ - $ 47 2023 44 - 44 2024 46 - 46 2025 45 - 45 2026 48 - 48 2027-2031 254 2 256 Total $ 484 $ 2 $ 486 For purposes of measuring year-end benefit obligations, we used, depending on medical plan coverage for different retiree groups, a 6.75% annual rate of increase in the per-capita cost of covered medical benefits, gradually decreasing to 5.00% in the year 2029 and remaining at that level thereafter. The amounts in accumulated other comprehensive (income) loss before tax that have not yet been recognized as components of net periodic benefit cost at December 31, 2021 and 2020 are as follows: Pension Plan OPEB (Successor) (Predecessor) (Successor) (Predecessor) ($ in millions) 2021 2020 2021 2020 Net actuarial loss $ - $ 915 $ - $ 192 Prior service credit - - (75) (118) Total $ - $ 915 $ (75) $ 74 The amounts recognized as a component of accumulated other comprehensive loss for the years ended December 31, 2021 and 2020 are as follows: Successor Predecessor For the eight For the four For the year months ended months ended ended Pension Plan December 31, April 30, December 31, ($ in millions) 2021 2021 2020 Accumulated other comprehensive (gain) loss at the beginning of the period $ - $ 915 $ 899 Net actuarial gain (loss) amortized during the period - (24) (99) Net loss on disposal recognized during the period - - (81) Prior service credit amortized during the period - - - Prior service credit occurring during the period - - - Net actuarial (gain) loss occurring during the period - (338) 355 Impact of fresh start accounting - (553) - Settlement loss recognized - - (159) Net amount recognized in comprehensive income (loss) for the period - (915) 16 Accumulated other comprehensive (gain) loss at end of the period $ - $ - $ 915 Successor Predecessor For the eight For the four For the year months ended months ended ended OPEB December 31, April 30, December 31, ($ in millions) 2021 2021 2020 Accumulated other comprehensive (gain) loss at the beginning of the period $ - $ 74 $ (45) Net actuarial gain (loss) recognized during the period - (5) (6) Net loss on disposal recognized during the period - - (7) Prior service credit amortized during the period 5 10 32 Impact of fresh start accounting - 20 - Prior service credit occurring during the period (80) - - Net actuarial (gain) loss occurring during the period - (99) 100 Settlement loss recognized - - - Net amount recognized in comprehensive income (loss) for the period (75) (74) 119 Accumulated other comprehensive (gain) loss at end of the period $ (75) $ - $ 74 401(k) Savings PlansWe sponsor employee retirement savings plans under section 401(k) of the Internal Revenue Code. The plans cover substantially all full-time employees. Under certain plans, we provide matching contributions. Employer contributions were $14 million for the four months ended April 30, 2021, $25 million for the eight months ended December 31, 2021 and $39 million and $44 million for the years ended December 31, 2020 and 2019, respectively. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | (21) Fair Value of Financial Instruments: Fair value is defined under GAAP as the exit price associated with the sale of an asset or transfer of a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value under GAAP must maximize the use of observable inputs and minimize the use of unobservable inputs. In addition, GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The three input levels in the hierarchy of fair value measurements are defined by the FASB generally as follows: Input Level Description of InputLevel 1 Observable inputs such as quoted prices in active markets for identical assets.Level 2 Inputs other than quoted prices in active markets that are either directly or indirectly observable.Level 3 Unobservable inputs in which little or no market data exists. The following tables represent Frontier’s pension plan assets measured at fair value on a recurring basis as of December 31, 2021 and 2020: Successor Fair Value Measurements at December 31, 2021 ($ in millions) Total Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 39 $ 39 $ - $ - U.S. Government Obligations 62 - 62 - Corporate and Other Obligations 525 - 525 - Common Stock 496 496 - - Interest in Registered Investment Companies (1) 887 887 - - Interest in Limited Partnerships and Limited Liability Companies 165 - - 165 Total investments at fair value $ 2,174 $ 1,422 $ 587 $ 165 Common/Collective Trusts (1) 510 Interest and Dividend Receivable 5 Due from Broker for Securities Sold 28 Value of Funds Held in Insurance Co. 6 Due to Broker for Securities Purchased (68) Total Plan Assets, at Fair Value $ 2,655 Predecessor Fair Value Measurements at December 31, 2020 ($ in millions) Total Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 55 $ 55 $ - $ - U.S. Government Obligations 48 - 48 - Corporate and Other Obligations 506 - 506 - Common Stock 510 510 - - Preferred Stock 3 3 - - Interest in Registered Investment Companies (1) 140 140 - - Interest in Limited Partnerships and Limited Liability Companies 166 - - 166 Total investments at fair value $ 1,428 $ 708 $ 554 $ 166 Common/Collective Trusts (1) 1,073 Interest in Registered Investment Companies (1) 32 Interest and Dividend Receivable 5 Due from Broker for Securities Sold 22 Receivable Associated with Insurance Contract 7 Due to Broker for Securities Purchased (60) Total Plan Assets, at Fair Value $ 2,507 (1)Investments that are measured at fair value using the net asset value (NAV) practical expedient have not been classified in the fair value hierarchy. The fair value of common/collective trusts are estimated using the NAV per share multiplied by the number of shares of the trust investment held as of the measurement date. Additionally, the fair value of certain assets totaling $32 million as of December 31, 2019, respectively, included in “Interest in Registered Investment Companies” were estimated using the NAV practical expedient. These balances are intended to permit reconciliation of the fair value hierarchy to the plan asset amounts presented in Note 20 - Retirement Plans. There have been no reclassifications of investments between Levels 1, 2 or 3 assets during the years ended December 31, 2021 or 2020. The tables below set forth a summary of changes in the fair value of the Plan’s Level 3 assets for the years ended December 31, 2021 and 2020: Interest in Limited Partnerships and Limited Liability Companies ($ in millions) 2021 2020 Balance at beginning of year $ 166 $ 163 Realized gains 22 14 Unrealized gains (1) 3 Purchases 1 - Sales and distributions (23) (14) Balance at end of year $ 165 $ 166 The following table provides further information regarding the redemption of the Plan’s Level 3 investments as well as information related to significant unobservable inputs and the range of values for those inputs for the Plan’s interest in certain limited partnerships and limited liability companies as of December 31, 2021: Successor Liquidation Capitalization ($ in millions) Fair Value Period Rate Interest in Limited Partnerships and Limited Liability Companies (3) MS IFHF SVP LP Cayman (1) $ 1 3 years N/A 426 E. Casino Road, LLC (2) 17 N/A 7.00% 100 Comm Drive, LLC (2) 10 N/A 7.75% 100 CTE Drive, LLC (2) 12 N/A 9.50% 6430 Oakbrook Parkway, LLC (2) 27 N/A 7.75% 8001 West Jefferson, LLC (2) 30 N/A 8.75% 1500 MacCorkle Ave SE, LLC (2) 16 N/A 8.75% 400 S. Pike Road West, LLC (2) 1 N/A 8.50% 601 N. US 131, LLC (2) 1 N/A 9.50% 9260 E. Stockton Blvd., LLC (2) 7 N/A 7.25% 120 E. Lime Street, LLC (2) 9 N/A 9.00% 610 N. Morgan Street, LLC (2) 34 N/A 8.50% Total Interest in Limited Partnerships and Limited Liability Companies $ 165 (1)The partnerships’ investment objective is to seek capital appreciation principally through investing in investment funds managed by third party investment managers who employ a variety of alternative investment strategies. These instruments are subject to certain withdrawal restrictions. The Plan is in the process of liquidating its interest in the partnerships and distributions are expected to be made over the next three years.(2)The entity invests in commercial real estate properties that are leased to Frontier. The leases are triple net, whereby Frontier is responsible for all expenses, including but not limited to, insurance, repairs and maintenance and payment of property taxes.(3)All Level 3 investments have the same redemption frequency (through the liquidation of underlying investments) and redemption notice period (none). The fair value of these properties is based on independent appraisals. The following table summarizes the carrying amounts and estimated fair values for long-term debt at December 31, 2021 and 2020. For the other financial instruments including cash, accounts receivable, restricted cash, accounts payable and other current liabilities, the carrying amounts approximate fair value due to the relatively short maturities of those instruments. The fair value of our long-term debt (including $10,949 million of debt classified in Liabilities subject to compromise at December 31, 2020) is estimated based upon quoted market prices at the reporting date for those financial instruments. In applying fresh start accounting, our debt obligations were recognized at fair value on our consolidated balance sheet as of April 30, 2021, as described further in Note 4. Successor Predecessor 2021 2020 Carrying Carrying ($ in millions) Amount Fair Value Amount Fair Value Total debt $ 7,777 $ 7,996 $ 16,769 $ 11,635 The fair value of our long-term debt is estimated based upon quoted market prices at the reporting date for those financial instruments. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (22) Commitments and Contingencies: Although from time to time we make short-term purchasing commitments to vendors with respect to capital expenditures, we generally do not enter into firm, written contracts for such activities. In connection with the accelerated fiber build, we have prioritized diversifying our vendor base and finalizing agreements with vendors for relevant labor and materials. Some of these agreements will have initial two-year terms with an option to extend for two years through 2025. In 2015, Frontier accepted the FCC’s CAF Phase II offer in 25 states, which provides $313 million in annual support through 2020 (since extended to 2021) in return for the Company’s commitment to make broadband available to households within the CAF II eligible areas. The Company was required to complete the CAF II deployment by December 31, 2021. Thereafter, the FCC will review carriers’ CAF II program completion data, and if the FCC determines that the Company did not satisfy applicable FCC CAF Phase II requirements, Frontier could be required to return a portion of the funds previously received and may be subject to certain other requirements and obligations. On January 30, 2020, the FCC adopted an order establishing the Rural Digital Opportunity Fund (RDOF) program. The FCC held the RDOF Phase I auction from October 29, 2020 through November 25, 2020, and announced the results on December 7, 2020. Frontier was awarded approximately $371 million over ten years to build gigabit-capable broadband over a fiber-to-the-premises network to approximately 127,000 locations in eight states (California, Connecticut, Florida, Illinois, New York, Pennsylvania, Texas, and West Virginia). Frontier submitted its Long Form application to the FCC on January 29, 2021 assuming the long-form application is granted by the FCC, anticipates that it will begin receiving funding in 2022. Frontier will be required to complete the buildout to these locations within six years after funding starts, with interim target milestones over this period. Beginning in 2022, Frontier will be required to issue letters of credit to the FCC as a condition for amounts awarded. After the FCC updates its maps with more granular broadband availability information, the FCC plans to hold a second auction (RDOF Phase II) for any remaining locations with the remaining funding, up to approximately $11.2 billion. On April 30, 2018, an amended consolidated class action complaint was filed in the United States District Court for the District of Connecticut on behalf of certain purported stockholders against Frontier, certain of its current and former directors and officers and the underwriters of certain Frontier securities offerings and in connection with certain disclosures relating to the CTF transaction. The complaint was brought on behalf of all persons who (1) acquired Frontier common stock between February 6, 2015 and February 28, 2018, inclusive, and/or (2) acquired Frontier common stock or Mandatory Convertible Preferred Stock. On March 8, 2019, the District Court granted in its entirety Frontier’s motion to dismiss the complaint and on March 24, 2020, the court denied plaintiffs’ motion for leave to amend. Plaintiffs appealed and prior to oral argument, the parties reached an agreement in principle to resolve the matter. The settlement, which will require court approval and will be covered by insurance, will have no material financial impact on the Company. In addition, shareholders filed derivative complaints on behalf of the Company in Connecticut, California, and Delaware courts. The derivative complaints, which were based, generally, on the same facts asserted in the consolidated class action complaint have been dismissed following Frontier’s restructuring. On May 19, 2021, the FTC, joined by the attorneys general of Arizona, Indiana, Michigan, North Carolina, and Wisconsin, and two California District Attorneys, filed a complaint against Frontier in the Federal District Court for the Central District of California alleging that Frontier violated federal and state laws by knowingly misrepresenting in its advertisements the Internet speeds it was capable of delivering to DSL customers. On October 4, 2021, the court granted in part and denied in part Frontier’s motion dismiss by dismissing the non-California state claims, but permitting the FTC’s and California’s claims to proceed in the litigation. Frontier believes that the plaintiffs’ claims are meritless and will defends itself vigorously. In addition, we are party to various legal proceedings (including individual actions, class and putative class actions, and governmental investigations) arising in the normal course of our business covering a wide range of matters and types of claims including, but not limited to, general contract disputes, billing disputes, rights of access, taxes and surcharges, consumer protection, advertising, sales and the provision of services, intellectual property, including, trademark, copyright, and patent infringement, employment, regulatory, tort, claims of competitors and disputes with other carriers. Litigation is subject to uncertainty and the outcome of individual matters is not predictable. However, we believe that the ultimate resolution of all such matters, after considering insurance coverage or other indemnities to which we are entitled, will not have a material adverse effect on our financial position, results of operations, or cash flows. In October 2013, the California Attorney General’s Office notified certain Verizon companies, including one of the subsidiaries that we acquired in the CTF transaction, of potential violations of California state hazardous waste statutes primarily arising from the disposal of electronic components, batteries, and aerosol cans at certain California facilities. We are cooperating with this investigation. We have accrued an amount for potential penalties that we deem to be probable and reasonably estimated, and we do not expect that any potential penalties, if ultimately incurred, will be material in comparison to the established accrual. We accrue an expense for pending litigation when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. Legal defense costs are expensed as incurred. None of our existing accruals for pending matters, after considering insurance coverage, is material. We monitor our pending litigation for the purpose of adjusting our accruals and revising our disclosures accordingly, when required. Litigation is, however, subject to uncertainty, and the outcome of any particular matter is not predictable. We will vigorously defend our interests in pending litigation, and as of this date, we believe that the ultimate resolution of all such matters, after considering insurance coverage or other indemnities to which we are entitled, will not have a material adverse effect on our consolidated financial position, results of operations, or our cash flows. We conduct certain of our operations in leased premises and also lease certain equipment and other assets pursuant to operating leases. The lease arrangements have terms ranging from 1 to 99 years and several contain rent escalation clauses providing for increases in monthly rent at specific intervals. When rent escalation clauses exist, we record annual rental expense based on the total expected rent payments on a straight-line basis over the lease term. Certain leases also have renewal options. Renewal options that are reasonably assured are included in determining the lease term. We are party to contracts with several unrelated long-distance carriers. The contracts provide fees based on traffic they carry for us subject to minimum monthly fees. We conduct certain of our operations in leased premises and also lease certain equipment and other assets pursuant to operating leases. The lease arrangements have terms ranging from 1 to 99 years and several contain rent escalation clauses providing for increases in monthly rent at specific intervals. When rent escalation clauses exist, we record annual rental expense based on the total expected rent payments on a straight-line basis over the lease term. Certain leases also have renewal options. Renewal options that are reasonably assured are included in determining the lease term. We are party to contracts with several unrelated long-distance carriers. The contracts provide fees based on traffic they carry for us subject to minimum monthly fees. At December 31, 2021, the estimated future payments for obligations under our noncancelable long-distance contracts and joint pole and communications service agreements are as follows: Successor ($ in millions) Amount Year ending December 31: 2022 $ 162 2023 137 2024 138 2025 2 2026 2 Thereafter 1 Total $ 442 At December 31, 2021, we have outstanding performance letters of credit as follows: Successor ($ in millions) Amount CNA Financial Corporation (CNA) $ 31 AIG Insurance 28 Zurich (1) 62 Total $ 121 (1) Zurich letters of credit exclude approximately $57 million of cash held in trust in lieu of issuing letters of credit. CNA serves as our insurance carrier with respect to casualty claims (auto liability, general liability, and workers’ compensation) with dates of loss prior to June 1, 2017 (except for those claims which arise out of the operations acquired from CTF that have dates of loss prior to April 1, 2016). As our insurance carrier, they administer the casualty claims and make claim payments on our behalf. We reimburse CNA for such services upon presentation of their invoice. To serve as our carrier and make payments on our behalf, CNA requires that we establish a letter of credit in their favor. CNA could potentially draw against this if we failed to reimburse CNA in accordance with the terms of our agreement. The amount of the letter of credit is reviewed annually and adjusted based on claims history. Zurich serves as our insurance carrier with respect to casualty claims (auto liability, general liability, and workers’ compensation) with dates of loss from June 1, 2017 and going forward. As our insurance carrier, they administer the casualty claims and make claim payments on our behalf. We reimburse Zurich for such services upon presentation of their invoice. To serve as our carrier and make payments on our behalf, Zurich requires that we establish letters of credit in their favor. Zurich could potentially draw against these letters of credit if we failed to reimburse Zurich in accordance with the terms of our agreement. The amount of the letters of credit is reviewed annually and adjusted based on claims history. AIG Insurance serves as our insurance carrier with respect to casualty claims (auto liability, general liability, and workers’ compensation) that were acquired from CTF, as well as new claims which arise out of the operations acquired from CTF that have dates of loss prior to April 1, 2016. Sedgwick, a third-party claims administrator, administers the casualty claims and makes claim payments on our behalf. We reimburse Sedgwick for such services upon presentation of their invoice. However, to serve as our insurance carrier, AIG Insurance requires that we establish a letter of credit in their favor. AIG Insurance could potentially draw against this letter of credit if we failed to meet the insurance-related and claims-related obligations we assumed in accordance with the terms of our agreement. The amount of the letter of credit is reviewed annually and adjusted based on claims history. |
Description Of Business And S_2
Description Of Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Description Of Business | (a)Description of Business:Frontier Communications Parent, Inc. is a provider of communications services in the United States, with approximately 2.8 million broadband subscribers and 15,600 employees, operating in 25 states. Frontier was incorporated in 1935, originally under the name of Citizens Utilities Company and was known as Citizens Communications Company until July 31, 2008. Frontier and its subsidiaries are referred to as “we,” “us,” “our,” “Frontier,” or the “Company” in this report. |
Basis Of Presentation And Use Of Estimates | (b)Basis of Presentation and Use of Estimates:Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain reclassifications of amounts previously reported have been made to conform to the current presentation. In 2021, we recategorized our previous operating expenses categories (“Cost of service expense”, “Network related expense,” and “Selling, general, and administrative expense”) into two expense lines: “Cost of service” and “Selling, general, and administrative expenses”. All historical periods presented have been updated to conform to the new categorization. All significant intercompany balances and transactions have been eliminated in consolidation. For our financial statements as of and for the period ended December 31, 2021, we evaluated subsequent events and transactions for potential recognition or disclosure through the date that we filed this Form 10-K with the Securities and Exchange Commission (SEC). The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the disclosure of contingent assets and liabilities, and (iii) the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. Estimates and judgments are used when accounting for the application of fresh start accounting, allowance for credit losses, asset impairments, indefinite-lived intangibles, depreciation and amortization, income taxes, business combinations, and pension and other postretirement benefits, among others. For information about our use of estimates as a result of fresh start accounting, see Note 4. Chapter 11 Bankruptcy Emergence On April 14, 2020 (the “Petition Date”), Frontier Communications Corporation, a Delaware corporation (“Old Frontier”), and its subsidiaries (collectively with Old Frontier, the “Debtors”), commenced cases under chapter 11 (the “Chapter 11 Cases”) of title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). On August 27, 2020, the Bankruptcy Court confirmed the Fifth Amended Joint Plan of Reorganization of Frontier Communications Corporation and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan” or the “Plan of Reorganization”), which was filed with the Bankruptcy Court on August 21, 2020, and on April 30, 2021 (the “Effective Date”), the Debtors satisfied the conditions precedent to consummation of the Plan as set forth in the Plan, and the Debtors emerged from the Chapter 11 Cases without any need for further action or order of the Bankruptcy Court. See Note 3 for additional information related to our emergence from Chapter 11 Cases. Fresh Start AccountingUpon emergence from bankruptcy, we adopted fresh start accounting in accordance with Accounting Standards Codification (ASC) Topic 852 – Reorganizations (ASC 852) and became a new entity for financial reporting purposes. As a result, the consolidated financial statements after the Effective Date are not comparable with the consolidated financial statements on or before that date as indicated by the “black line” division in the financial statements and footnote tables, which emphasizes the lack of comparability between amounts presented. References to “Successor” relate to our financial position and results of operations after the Effective Date. References to “Predecessor” refer to the financial position and results of operations of Old Frontier and its subsidiaries on or before the Effective Date. See Note 4 for additional information related to fresh start accounting. During the Predecessor period, ASC 852 was applied in preparing the consolidated financial statements. ASC 852 requires the financial statements, for periods subsequent to the commencement of the Chapter 11 Cases, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. ASC 852 requires certain additional reporting for financial statements prepared between the bankruptcy filing date and the date of emergence from bankruptcy, including: (i) Reclassification of pre-petition liabilities that are unsecured, under-secured or where it cannot be determined that the liabilities are fully secured, to a separate line item on the consolidated balance sheet called, "Liabilities subject to compromise"; and (ii) Segregation of “Reorganization items, net” as a separate line on the consolidated statements of comprehensive loss, included within income from continuing operations. Upon application of fresh start accounting, we allocated the reorganization value to our individual assets and liabilities, except for deferred income taxes, based on their estimated fair values in conformity with ASC Topic 805, Business Combinations. The amount of deferred taxes was determined in accordance with ASC Topic 740, Income Taxes. The Effective Date fair values of our assets and liabilities differed materially from their recorded values as reflected on the historical balance sheets, see Note 4. |
Changes In Accounting Policies | (c) Changes in Accounting Policies: The accounting policy differences between Predecessor and Successor include: Universal Service Fund and Other Surcharges - Frontier collects various taxes, Universal Service Fund (USF) surcharges (primarily federal USF), and certain other taxes, from its customers and subsequently remits them to governmental authorities. The Predecessor recorded USF and other taxes on a gross basis on the consolidated statement of operations, included within “Revenue” and “Cost of service expense”. After emergence, the Successor records these USF and other taxes on a net basis. Provision for Bad Debt – The Predecessor reported the provision for bad debt as a reduction of revenue. After emergence, the Successor reports bad debt expense as an operating expense included in “Selling, general, and administrative expenses”. Contract Acquisition Costs - During the Predecessor period, certain commissions to obtain new customers were deferred and amortized over four years, which represented the estimated customer contract period. As a result of fresh start accounting, that assumption was reevaluated and the period of benefit for our retail customers was determined to be less than one year. As such, these costs are now expensed as incurred. Actuarial Losses on Defined Benefit Plans - Historically, actuarial gains (losses) were recognized as they occurred and included in “Accumulated other comprehensive income (loss)” and were subject to amortization over the estimated average remaining service period of participants. As part of fresh start accounting, Frontier has made an accounting policy election to recognize these gains and losses immediately in the period they occur as Investment and other income (loss) on the consolidated statement of operations. Government Grants Revenue - Certain governmental grants that were historically presented on a net basis as part of capital expenditures, are now presented on a gross basis and included in ”Revenue” on the consolidated statement of operations. Administrative Expenses – Historically, the Predecessor capitalized certain administrative expenses, that following emergence, are expensed during the period incurred and included in “Selling, general, and administrative expense” on the consolidated statement of operations. |
Going Concern | (d) Going Concern:In accordance with the requirements of Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements Going Concern (ASU 2014-15)”, and ASC 205, “Presentation of Financial Statements”, the Company has the responsibility to evaluate at each reporting period, including interim periods, whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations. In its evaluation for this report, management considered the Company’s current financial condition and liquidity sources, including current funds available, forecasted future cash flows and the Company’s conditional and unconditional obligations due within one year following the date of issuance of this Annual Report on Form 10-K. During the pendency of the Chapter 11 Cases, the Predecessor’s ability to continue as a going concern was contingent upon a variety of factors, including the Bankruptcy Court’s approval of the Plan and the Predecessor’s ability to successfully implement the Plan. As a result of the effectiveness of the Plan, the Company believes it has the ability to meet its obligations for at least one year from the date of issuance of this Form 10-K. Accordingly, the accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course business. |
Impact Of Covid-19 | (e)Impact of COVID-19:The outbreak of COVID-19 and measures taken to prevent its spread across the globe have impacted our business in several ways. While overall the operational and financial impacts to Frontier of the COVID-19 pandemic for the year ended December 31, 2021 were not significant, we continue to closely monitor the evolution of the pandemic, including new COVID-19 variants, as well as the ongoing impact to our employees, our customers, our suppliers, and our results of operations. In an effort to reduce the economic impacts of COVID-19, the United States federal government has responded with multiple stimulus bills. In addition, some of the states we operate in have issued executive orders as a result of COVID-19 that further impact our business. State and federal governments, and health authorities, may continue to recommend or mandate measures that could impact our operations. Frontier’s response to COVID-19 has included comprehensive operational safety precautions for our employees and customers. To date, we have not experienced significant disruptions in our workforce due to COVID-19 related absences or legislative or regulatory changes. Through December 31, 2021, we have not experienced any material disruptions in our supply chain. However, the challenges and continuing uncertainty of the COVID-19 pandemic could result in further impacts to our business and operations, such as disruptions in our supply chain, inflation in pricing for key materials or labor, or other adverse changes. Some of our business partners, have been impacted by COVID-related workforce absences and other disruptions which have affected our service levels and distribution of work. In particular, network electronics that require microchip processors have experienced supply chain constraints due to the global microchip shortage. We continue to closely track our customers’ payment activity as well as external factors which could materially impact payment trends. With more people working from home, we have experienced higher demands on our network and higher sales activity for our consumer broadband service offering. This sustained increase in network demand could lead to reduced network availability and potential outages, which may impair our ability to meet customer service level commitments, lead to higher costs, higher customer churn and potential increased regulatory actions. These potential changes, among others, could have a material financial impact to Frontier. |
Cash Equivalents | (f)Cash Equivalents:We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash of $17 million is included in “Other current assets” as of December 31, 2021 and $34 million and $58 million is included within “Other assets” on our consolidated balance sheet as of December 31, 2021 and 2020, respectively. These amounts represent cash collateral required for certain Letter of Credit obligations and utility vendors. |
Revenue Recognition | (g)Revenue Recognition: Revenue for data & Internet services, voice services, video services and switched and non-switched access services is recognized as services are provided to customers. Services that are billed in advance include monthly recurring network access services (including data services), special access services, and monthly recurring voice, video, and related charges. Revenue is recognized by measuring progress toward the complete satisfaction of the Company’s performance obligations. The unearned portion of these fees is deferred as a component of “Advanced billings” on our consolidated balance sheet and recognized as revenue over the period that the services are provided. Services that are billed in arrears include non-recurring network access services (including data services), switched access services, and non-recurring voice and video services. The earned but unbilled portion of these fees is recognized as revenue in our consolidated statements of operations and accrued in “Accounts receivable” on our consolidated balance sheet in the period that services are provided. Excise taxes are recognized as a liability when billed. Satisfaction of Performance ObligationsFrontier satisfies its obligations to customers by transferring goods and services in exchange for consideration received from the customer. The timing of Frontier’s satisfaction of the performance obligation may differ from the timing of the customer’s payment. Bundled Service and Allocation of DiscountsWhen customers purchase more than one service, revenue for each is determined by allocating the total transaction price based upon the relative stand-alone selling price of each service. We frequently offer service discounts as an incentive to customers, which reduce the total transaction price. Any incentives which are considered cash equivalents (e.g. gift cards) that are granted will similarly result in a reduction of the total transaction price. Cash equivalent incentives are accounted for on a portfolio basis and are recognized in the month they are awarded to customers. Customer IncentivesIn the process of acquiring and/or retaining customers, we may issue a variety of incentives aside from service discounts or cash equivalent incentives. Those incentives that have stand-alone value (e.g. gift cards not considered cash equivalents or free goods/services) are considered separate performance obligations. While these incentives are free to the customer, a portion of the consideration received from the customer is ascribed to them based upon their relative stand-alone selling price. These types of incentives are accounted for on a portfolio basis with both revenue and expense recognized in the month they are awarded to the customer. The earned revenue associated with these incentives is reflected in “Other” revenue while the associated costs are reflected in “Cost of Services. Upfront FeesAll non-refundable upfront fees assessed to our customers provide them with a material right to renew; therefore, they are deferred by creating a contract liability and amortized into “Data and Internet service revenue” for fees charged to our wholesale customers and “other revenue” for fees charged to all other customers over the average customer life using a portfolio approach. Customer Acquisition CostsSales commission expenses are recognized as incurred. According to ASC 606, incremental costs in obtaining a contract with a customer are deferred and recorded as a contract asset if the period of benefit is expected to be greater than one year. For our retail customers, this period of benefit has been determined to be less than one year. As such, the Company applies the practical expedient that allows such costs to be expensed as incurred. Taxes, Surcharges and SubsidiesFrontier collects various taxes, Universal Service Funds (USF) surcharges (primarily federal USF), and certain other surcharges from its customers and subsequently remits these taxes to governmental authorities. USF and other surcharges amounted to $83 million during the four months ended April 30, 2021, and $193 million, and $221 million for the years ended December 31, 2020 and 2019, respectively. In June 2015, Frontier accepted the FCC offer of support to price cap carriers under the Connect America Fund (CAF) Phase II program, which was intended to provide long-term support for broadband in high-cost unserved or underserved areas. We recognize FCC’s CAF Phase II subsidies into revenue on a straight-line basis. |
Property, Plant And Equipment | (h)Property, Plant and Equipment:Property, plant, and equipment are stated at original cost, including capitalized interest, or fair market value as of the date of acquisition for acquired properties. Maintenance and repairs are charged to operating expenses as incurred. The gross book value of routine property, plant and equipment retirements is charged against accumulated depreciation. |
Definite And Indefinite Lived Intangible Assets | (i)Definite and Indefinite Lived Intangible Assets:Intangible assets are initially recorded at estimated fair value. Frontier historically amortized its acquired customer lists and certain other finite-lived intangible assets over their estimated useful lives on an accelerated basis. Upon emergence from bankruptcy, customer relationship intangibles were established for business and wholesale customers. These intangibles are amortized on a straight-line basis over their assigned useful life of between 11 and 16 years. Additionally, trademark and tradename assets established upon emergence are amortized on a straight-line basis over 5 years. We review such intangible assets to assess whether any potential impairment exists and whether factors exist that would necessitate a change in useful life and a different amortization period. |
Impairment Of Long-Lived Assets And Long-Lived Assets To Be Disposed Of | (j)Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of:We review long-lived assets to be held and used, including customer lists and property, plant and equipment, and long-lived assets to be disposed of for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the asset to the future undiscounted net cash flows expected to be generated by the asset. Recoverability of assets held for sale is measured by comparing the carrying amount of the assets to their estimated fair market value. If any assets are considered to be impaired, the impairment is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value. Also, we periodically reassess the useful lives of our long-lived assets to determine whether any changes are required. |
Lease Accounting | (k)Lease Accounting:We determine if an arrangement contains a lease at inception. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and Finance lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating and finance lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms used in accounting for leases may reflect options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. ROU assets for operating leases are recorded to “Other Assets”, and the related liabilities recorded to “Other current liabilities”, and “Other liabilities” on our consolidated balance sheets. Assets subject to finance leases are included in “Property, Plant & Equipment”, with corresponding liabilities recorded to “Other current liabilities”, and “Other liabilities” on our consolidated balance sheets. |
Income Taxes And Deferred Income Taxes | (l)Income Taxes and Deferred Income Taxes: We file a consolidated federal income tax return. We utilize the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recorded for the tax effect of temporary differences between the financial statement basis and the tax basis of assets and liabilities using tax rates expected to be in effect when the temporary differences are expected to reverse. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we are not able to realize a portion of our net deferred tax assets in the future, we would make an adjustment to the deferred tax asset valuation allowance, which would increase the provision for income taxes. The tax effect of a change in tax law or rates included in income tax expense from continuing operations includes effect of changes in deferred tax assets and liabilities initially recognized through a charge or credit to other comprehensive income (loss). The residual tax effects typically are released when the item giving rise to the tax effect is disposed of, liquidated, or terminated. Since the Company has adopted the portfolio approach to release the residual tax effects, there is no release for the residual tax effect from the sale of our Northwest Operations. |
Stock Plans | (m) Stock Plans:We have various stock-based compensation plans. Awards under these plans are granted to eligible employees and directors. Awards may be made in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units or other stock-based awards, including awards with performance, market, and time-vesting conditions. The compensation cost recognized is based on awards ultimately expected to vest. GAAP requires forfeitures to be estimated and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Emergence From The Chapter 11_2
Emergence From The Chapter 11 Cases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Emergence From The Chapter 11 Cases [Abstract] | |
Schedule Of Liabilities Subject To Compromise | As of($ in millions) December 31, 2020 Accounts payable $ 57Other current liabilities 62Accounts payable, and other current liabilities 119 Debt subject to compromise 10,949Accrued interest on debt subject to compromise 497Long-term debt and accrued interest 11,446 Liabilities subject to compromise $ 11,565 |
Schedule Of Reorganization Items | Predecessor For the four months For the year ended ended April 30, December 31, ($ in millions) 2021 2020 Write-off of debt issuance costs and original issue net discount on debt subject to compromise $ - $ (93)Gain on settlement of liabilities subject to compromise 5,274 -Fresh start valuation adjustments (1,038) -Debtor-in-possession financing costs (15) (121)Secured Creditor Settlement - (58)Professional fees and other bankruptcy related costs (50) (137) Reorganization items, net $ 4,171 $ (409) |
Fresh Start Accounting (Tables)
Fresh Start Accounting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fresh Start Accounting [Abstract] | |
Reconciliation Of Enterprise And Reorganization Value | The following table reconciles the enterprise value to the estimated fair value of the Successor common stock as of the Effective Date: ($ in millions and shares in thousands, except per share data) Enterprise value $ 12,500 Plus: Cash and cash equivalents and restricted cash 940 Less: Fair value of debt and other liabilities (7,267)Less: Pension and other postretirement benefits (1,774)Less: Deferred tax liability (291)Fair value of Successor stockholders’ equity $ 4,108 Shares issued upon emergence 244,401 Per share value $ 17 The reconciliation of the Company’s enterprise value to reorganization value as of the Effective Date is as follows: ($ in millions) Enterprise value $ 12,500 Plus: Cash and cash equivalents and restricted cash 940 Plus: Current liabilities (excluding debt, finance leases, and non-operating liabilities) 1,179 Plus: Long term liabilities (excluding debt, finance leases, deferred tax liability) 307 Reorganization value $ 14,926 |
Fresh Start | The following table reflects the reorganization and application of ASC 852 on our consolidated balance sheet as of April 30, 2021: ($ in millions) Predecessor Reorganization Fresh Start Successor April 30, 2021 Adjustments Adjustments April 30, 2021 ASSETS Current assets: Cash and cash equivalents $ 2,059 $ (1,169)(1) $ - $ 890 Accounts receivable, net 516 - - 516 Contract acquisition costs 91 - (91)(8) - Prepaid expenses 92 - - 92 Income taxes and other current assets 45 - (3)(8) 42 Total current assets 2,803 (1,169) (94) 1,540 Property, plant and equipment, net 13,020 - (4,473)(9) 8,547 Other intangibles, net 578 - 3,863(10) 4,441 Other assets 526 (8)(1) (120)(8)(11) 398 Total assets $ 16,927 $ (1,177) $ (824) $ 14,926 LIABILITIES AND EQUITY (DEFICIT) Current liabilities: Long-term debt due within one year $ 5,782 $ (5,767)(3) $ - $ 15 Accounts payable 518 (6)(2) - 512 Advanced billings 208 - - 208 Accrued other taxes 185 - - 185 Accrued interest 81 (1)(2) - 80 Pension and other postretirement benefits 48 - - 48 Other current liabilities 309 53(2) (36)(11) 326 Total current liabilities 7,131 (5,721) (36) 1,374 Deferred income taxes 389 70(14) (168)(14) 291 Pension and other postretirement benefits 2,163 - (437)(13) 1,726 Other liabilities 440 - (28)(11) 412 Long-term debt - 6,738(3) 277(12) 7,015 Total liabilities not subject to compromise 10,123 1,087 (392) 10,818 Liabilities subject to compromise 11,570 (11,570)(7) - - Total liabilities 21,693 (10,483) (392) 10,818 Equity (Deficit): Shareholders' equity of Frontier: Successor common stock - 2(5) - 2 Predecessor common stock 27 (27)(4) - - Successor additional paid-in capital - 4,106(5) - 4,106 Predecessor additional paid-in capital 4,818 (4,818)(4) - - Retained earnings (deficit) (8,855) 10,028(6) (1,173)(15) - Accumulated other comprehensive income (loss), net of tax (741) - 741(16) - Treasury common stock (15) 15(4) - - Total equity (deficit) (4,766) 9,306 (432) 4,108 Total liabilities and equity (deficit) $ 16,927 $ (1,177) $ (824) $ 14,926 Reorganization AdjustmentsIn accordance with the Plan of Reorganization, the following adjustments were made: (1) Reflects net cash payments as of the Effective Date from implementation of the Plan as follows: ($ in millions) Sources: Net proceeds from Incremental Exit Term Loan Facility $220 Release of restricted cash from other assets to cash 8Total sources 228 Uses: Payments of Excess to Unsecured senior notes holders (1,313) Payments of pre-petition accounts payable and contract cure payments (62) Payments of professional fees and other bankruptcy related costs (22)Total uses (1,397)Net uses of cash $(1,169) (2) Reflects the reinstatement of accounts payable and accrued expenses upon emergence, as well as payments made on the Effective Date. (3) Reflects the conversion of our DIP-to-Exit term loan facility, DIP-to-Exit First Lien Notes, and DIP-to-Exit Second Lien Notes. Also represent the reclassification of the debt from current liabilities during bankruptcy to non-current liabilities based on the maturity of the debt recorded by the Company. (4) Reflects the cancellation of Predecessor common stock, additional paid in capital and treasury stock. (5) Reflects the issuance of Successor common stock and additional paid in capital to the unsecured senior note holders. (6) Reflects the cumulative impact of reorganization adjustments. ($ in millions) Gain on settlement of Liabilities Subject to Compromise $ 5,274 Cancellation of Predecessor equity 4,754 Net impact on accumulated deficit $ 10,028 (7) As part of the Plan of Reorganization, the Bankruptcy Court approved the settlement of claims reported within Liabilities subject to compromise in the Company’s Consolidated balance sheet at their respective allowed claim amounts. The table below indicates the disposition of Liabilities subject to compromise: ($ in millions) Liabilities subject to compromise pre-emergence $ 11,570 Reinstated on the Effective Date: Accounts payable (66) Other current liabilities (59) Less: total liabilities reinstated (125) Amounts settled per the Plan of Reorganization Issuance of take back debt (750) Payment for settlement of unsecured senior noteholders (1,313) Equity issued at emergence to unsecured senior noteholders (4,108) Total amounts settled (6,171) Gain on settlement of Liabilities Subject to Compromise $ 5,274 Fresh Start AdjustmentsIn accordance with the application of fresh start accounting, the following adjustments were made: (8)Reflects unamortized deferred commissions paid to acquire new customers that are eliminated upon emergence as this is not a probable future benefit for the Successor. Costs to obtain customers have been reflected as part of intangible assets. Adjustment also reflects the elimination of certain contract assets and contract liabilities. (9)Property Plant & Equipment – Reflects the decrease in net book value of property and equipment to the estimated fair value as of the Effective Date. Personal property valued consisted of outside and inside plant network equipment, computers and software, vehicles, office furniture, fixtures and equipment, computers and software, and construction-in-progress. The fair value of our personal property was estimated using the cost approach, while the income approach was considered to assess economic sufficiency to support asset values. As a part of the valuation process, the third-party advisors’ diligence procedures included using internal data to identify and value assets. Real property valued consisted of land, buildings, and leasehold improvements. The fair value was estimated using the cost approach and sales comparison (market) approach, with consideration of economic sufficiency to support certain asset values. The following table summarizes the components of property and equipment, net as of April 30, 2021, and the fair value as of the Effective Date: Predecessor Fair Value Successor ($ in millions) Historical Value Adjustment Fair Value Land $ 209 $ 40 $ 249 Buildings and leasehold improvements 2,134 (958) 1,176 General support 1,635 (1,462) 173 Central office/electronic circuit equipment 8,333 (7,364) 969 Poles 1,359 (843) 516 Cable, fiber, and wire 11,824 (8,755) 3,069 Conduit 1,611 (282) 1,329 Construction work in progress 1,048 18 1,066 Property, plant, and equipment $ 28,153 $(19,606) $ 8,547 Less: Accumulated depreciation (15,133) 15,133 - Property, plant, and equipment, net $ 13,020 $(4,473) $ 8,547 (10)Reflects the fair value adjustment to recognize trademark, trade name and customer relationship. For purposes of estimating the fair values of customer relationships, the Company utilized an Income Approach, specifically, the Multi-Period Excess Earnings method, or MPEEM. The MPEEM estimates fair value based on the present value of the incremental after-tax cash flows attributable only to the subject intangible assets after deducting contributory asset charges. The cash flows attributable to the customer relationships were adjusted for contributory asset charges related to the working capital, fixed assets, trade name/trademarks and assembled workforce. The discount rate utilized to present-value the after-tax cash flows was based on the overall weighted cost of capital of the Company as well as the asset specific risks of the intangible assets. Changes in these inputs could have a significant impact on the fair value of the customer relationships intangible assets. For purposes of estimating the fair value of trademarks and tradenames, an Income approach was used, specifically, the Relief from Royalty Method. The estimated royalty rates were historical third-party transactions regarding the licensing of similar type of assets as well as a review of historical assumptions used in prior transactions. The selected royalty rates were applied to the revenue generated by the trademarks and tradenames to determine the amount of royalty payments saved as a result of owning these assets. The forecasted cash flows were based on the Company’s projected revenues and the resulting royalty savings were discounted using a rate based on the overall weighted cost of capital of the Company as well as the asset specific risks of the intangible assets. (11)Reflects the fair value adjustment to the right of use assets and lease liabilities. Upon application of fresh start accounting, the Company revalued its right-of-use assets and lease liabilities using the incremental borrowing rate applicable to the Company after emergence from bankruptcy and commensurate with its new capital structure. In addition, the Company decreased the right-of-use assets to recognize $4 million related to the unfavorable lease contracts. (12)Reflects the fair value adjustment to adjust Long-term debt as of the Effective Date. This adjustment is to state the Company's debt at estimated fair values. (13)Reflects a remeasurement of pension and Other Postretirement Benefits related accounts as part of fresh start accounting considerations at emergence. (14)Reflects the impact of fresh start adjustments on deferred taxes. Frontier purchased the assets, including the stock of subsidiaries, of Frontier Communications Corporation (“Predecessor’s Parent”) at the time of emergence. The Predecessor’s Parent’s federal and state net operating loss carryforwards are expected to have been utilized as a result of the taxable gain realized upon emergence. To the extent not utilized to offset taxable gain, such net operating loss carryforwards are expected to be reduced in accordance with Section 108 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). As part of the taxable purchase, elections were made under Code section 338(h)(10) to step up the value of assets in certain subsidiaries to fair market value. All other subsidiaries carried over their deferred taxes. The adjustments reflect a $1.5 billion reduction in deferred tax assets for federal and state net operating loss carryforwards, a reduction in valuation allowance and a reduction in deferred tax liabilities. (15)Reflects the cumulative impact of the fresh start adjustments as discussed above and the elimination of Predecessor accumulated earnings. (16)Reflects the derecognition of accumulated other comprehensive loss. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Disaggregation Of Revenue | Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Data and Internet services $ 2,224 $ 1,125 $ 3,478 $ 3,756 Voice services 1,091 647 2,085 2,500 Video services 397 223 789 1,005 Other 246 125 429 477 Revenue from contracts with customers (1) 3,958 2,120 6,781 7,738 Subsidy and other regulatory revenue (2) 222 111 374 369 Total revenue $ 4,180 $ 2,231 $ 7,155 $ 8,107 Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Consumer (3) $ 2,125 $ 1,133 $ 3,609 $ 4,175 Business and Wholesale 1,833 987 3,172 3,563 Revenue from contracts with customers (1) 3,958 2,120 6,781 7,738 Subsidy and other regulatory revenue (2) 222 111 374 369 Total revenue $ 4,180 $ 2,231 $ 7,155 $ 8,107 (1)Includes $21 million for the four months ended April 30, 2021 and $42 million for the eight months ended December 31, 2021, and $67 million, and $70 million of lease revenue for the years ended December 31, 2020, and 2019 respectively.(2)Includes $30 million in transition services provided to the purchaser in connection with the divestiture of the Northwest Operations for the year ended December 31, 2020.(3)Due to changes in methodology during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts. |
Changes In Contract Assets And Contract Liabilities | Contract Assets Contract Liabilities ($ in millions) Current Noncurrent Current Noncurrent Balance at December 31, 2020 (Predecessor) $ 6 $ 9 $ 58 $ 20 Revenue recognized included in opening contract balance (4) - (23) (3) Cash received, excluding amounts recognized as revenue - - 22 2 Balance at April 30, 2021 (Predecessor) $ 2 $ 9 $ 57 $ 19 Fresh start accounting adjustments (2) (9) (42) (18) Balance at April 30, 2021 (Predecessor) $ - $ - $ 15 $ 1 Balance at April 30, 2021 (Successor) $ - $ - $ 15 $ 1 Revenue recognized included in opening contract balance - - (20) (2) Credits granted, excluding amounts recognized as revenue - - 30 14 Reclassified between current and concurrent - - 2 (2) Balance at December 31, 2021 (Successor) $ - $ - $ 27 $ 11 Contract Assets Contract Liabilities ($ in millions) Current Noncurrent Current Noncurrent Balance at January 1, 2019 (Predecessor) $ 37 $ 8 $ 41 $ 21 Revenue recognized included in opening contract balance (34) - (68) (12) Cash received, excluding amounts recognized as revenue - - 85 11 Credits granted, excluding amounts recognized as revenue 3 1 - - Reclassified between Current and Noncurrent - - - - Balance at December 31, 2020 (Predecessor) $ 6 $ 9 $ 58 $ 20 |
Performance Obligations, Revenue | Successor ($ in millions) Revenue from contracts with customers 2022 $ 758 2023 383 2024 214 2025 96 2026 53 Thereafter 91 Total $ 1,595 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable [Abstract] | |
Accounts Receivable | Successor Predecessor ($ in millions) December 31, 2021 December 31, 2020 Retail and Wholesale $ 441 $ 608 Other 74 75 Less: Allowance for doubtful accounts (57) (130) Accounts receivable, net $458 $ 553 |
Activity In The Allowance For Credit Losses | Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended ($ in millions) December 31, April 30, December 31, December 31, 2021 2021 2020 2019 Balance at beginning of the Period: $ - $ 130 $ 120 $ 105 Increases: Provision for bad debt charged to expense 14 - - - Increases: Provision for bad debt charged to revenue 38 37 106 109 Write-offs charged against allowance, net of recoveries 5 (167) (96) (83) Reclassified to Assets Held for Sale and Other - - - (11) Balance at end of Period: $ 57 $ - $ 130 $ 120 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment, Net | Successor Predecessor Estimated December 31, December 31, ($ in millions) Useful Lives 2021 2020 Land N/A $ 251 $ 212 Buildings and leasehold improvements 40 years 1,195 2,139 General support 5 to 15 years 212 1,643 Central office/electronic circuit equipment 5 to 8 years 1,266 8,270 Poles 30 years 677 1,371 Cable, fiber, and wire 15 to 25 years 4,101 11,883 Conduit 50 years 1,374 1,619 Construction work in progress 631 558 Property, plant, and equipment 9,707 27,695 Less: Accumulated depreciation (508) (14,764) Property, plant, and equipment, net $ 9,199 $ 12,931 |
Schedule Of Depreciation Expense | Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions)2021 2021 2020 2019 Depreciation expense$ 520 $ 407 $ 1,225 $ 1,335 |
Goodwil And Intangibles (Tables
Goodwil And Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwil And Intangibles [Abstract] | |
Schedule Of Intangible Assets | The balances of these assets as of December 31, 2021 are as follows: Successor December 31, 2021 Gross Carrying Accumulated Net Carrying ($ in millions) Amount Amortization Amount Intangibles: Customer Relationships - Business $ 800 $ (48) $ 752 Customer Relationships - Wholesale 3,491 (146) 3,345 Trademarks & Tradenames 150 (20) 130 Total intangibles $ 4,441 $ (214) $ 4,227 The components of other intangibles at December 31, 2020 were as follows: Predecessor December 31, 2020 Gross Carrying Accumulated Net Carrying ($ in millions) Amount Amortization Amount Intangibles: Customer base $4,332 $(3,781) $551 Trade name 122 - 122 Royalty agreement 72 (68) 4 Total intangibles $4,526 $(3,849) $677 |
Schedule Of Amortization Expense | Successor Predecessor For the eight months For the four months For the year ended For the year ended ended December 31, ended April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Amortization expense $214 $99 $343 $445 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | ($ in millions) Principal debt outstanding, December 31, 2020 (Predecessor) $ 16,769 Issuance of incremental term loan 225 Issuance of Takeback Notes 750 Conversion of Unsecured Senior Notes (10,949) Repayment of long term subsidiary debt at security (1) Principal debt outstanding, April 30, 2021 (Predecessor) $ 6,794 Less: Unamortized debt issuance costs (2) Less: Unamortized premium (discount) (39) Less: Long-term debt due within one year (15) Carrying amount of debt, April 30, 2021 (Predecessor) $ 6,738 Fresh start accounting fair value adjustment 277(1) Total Long-term debt, April 30, 2021 (Predecessor) $ 7,015 Principal debt outstanding, April 30, 2021 (Successor) $ 6,794 New borrowings 1,000 Repayment of long-term debt at maturity (17) Principal debt outstanding, December 31, 2021 (Successor) $ 7,777(2) Plus: Unamortized fair value adjustment 219 Less: Unamortized debt issuance costs (13) Less: Long-term debt due within one year (15) Long-term debt, December 31, 2021 (Successor) $ 7,968 (1)Upon emergence, Frontier adjusted the carrying value of our debt to fair value. The adjustment consisted of the elimination of the existing unamortized debt issuance costs and unamortized discounts and recording a balance of $236 million as a fair value adjustment. The fair value accounting adjustment is being amortized into interest expense using the effective interest method. This amortization resulted in $18 million for the eight months ended December 31, 2021.(2)Weighted average interest rate as of December 31, 2021 was 5.702%. Interest rate includes amortization of debt issuance costs and debt discounts. The interest rate at December 31, 2021 represent a weighted average of multiple issuances. |
Schedule Of Secured And Unsecured Debt | Successor Predecessor December 31, 2021 December 31, 2020 Principal Interest Principal Interest ($ in millions) Outstanding Rate Outstanding Rate Secured debt issued by Frontier Term loan due 10/8/2027 $ 1,464 4.500% (Variable) $ 1,250 5.750% (Variable) First lien notes due 10/15/2027 1,150 5.875% 1,150 5.875% First lien notes due 5/1/2028 1,550 5.000% 1,550 5.000% Second lien notes due 11/1/2029 750 5.875% - Second lien notes due 5/1/2029 1,000 6.750% 1,000 6.750% Second lien notes due 2030 1,000 6.000% - IDRB due 5/1/2030 13 6.200% 14 6.200% Total secured debt issued by Frontier 6,927 4,964 Unsecured debt issued by Frontier Senior notes due 4/15/2020 - 172 8.500% Senior notes due 9/15/2020 - 55 8.875% Senior notes due 7/1/2021 - 89 9.250% Senior notes due 9/15/2021 - 220 6.250% Senior notes due 4/15/2022 - 500 8.750% Senior notes due 9/15/2022 - 2,188 10.500% Senior notes due 1/15/2023 - 850 7.125% Senior notes due 4/15/2024 - 750 7.625% Senior notes due 1/15/2025 - 775 6.875% Senior notes due 9/15/2025 - 3,600 11.000% Debentures due 11/1/2025 - 138 7.000% Debentures due 8/15/2026 - 2 6.800% Senior notes due 1/15/2027 - 346 7.875% Senior notes due 8/15/2031 - 945 9.000% Debentures due 10/1/2034 - 1 7.680% Debentures due 7/1/2035 - 125 7.450% Debentures due 10/1/2046 - 193 7.050% Total unsecured debt issued by Frontier - 10,949 Secured debt issued by subsidiaries Debentures due 11/15/2031 100 8.500% 100 8.500% RUS loan contracts due 1/3/2028 - 6 6.154% Total secured debt issued by subsidiaries 100 106 Unsecured debt issued by subsidiaries Debentures due 5/15/2027 200 6.750% 200 6.750% Debentures due 2/1/2028 300 6.860% 300 6.860% Debentures due 2/15/2028 200 6.730% 200 6.730% Debentures due 10/15/2029 50 8.400% 50 8.400% Total unsecured debt issued by subsidiaries 750 750 Debt prior to reclassification to liabilities subject to compromise 7,777 5.702%(1) 16,769 8.188%(1) Less: debt subject to compromise - (10,949) Unamortized fair value adjustment 219 - Carrying amount of Total Debt $ 7,996 $ 5,820 (1) Interest rate represents a weighted average of the stated interest rates of multiple issuances |
Restructuring And Other Charg_2
Restructuring And Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Other Charges [Abstract] | |
Changes In Restructuring Reserve | ($ in millions) Balance at December 31, 2019 (Predecessor) $15 Severance expense 7 Transformation costs 8 Other costs 72 Cash payments during the period (100) Balance at December 31, 2020 (Predecessor) 2 Severance expense 7 Cash payments during the period (2) Balance at April 30, 2021 (Predecessor) $7 Balance at April 30, 2021 (Successor) $7 Severance expense 11 Other costs 10 Cash payments during the period (21) Balance at December 31, 2021 (Successor) $7 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components Of Lease Cost | Successor Predecessor For the eight For the four For the year months ended months ended ended December 31, April 30, December 31, ($ in millions)2021 2021 2020 Lease cost: Finance lease cost: Amortization of right-of-use assets$ 13 $ 7 $ 15 Interest on lease liabilities 6 4 13 Finance lease cost 19 11 28 Operating lease cost (1) 38 19 68 Sublease income (11) (4) (11) Total Lease cost$ 46 $ 26 $ 85 (1)Includes short-term lease costs of $1 million for the four months ended April 30, 2021, $2 million for the eight months ended December 31, 2021 and $2 million for the year ended December 31, 2020. Includes variable lease costs of $2 million for the four months ended April 30, 2021, $4 million for the eight months ended December 31, 2021 and $6 million for the year ended December 31, 2020. |
Supplemental Balance Sheet Information Related To Leases | Successor Predecessor ($ in millions)December 31, 2021 December 31, 2020 Operating right-of-use assets$200(1) $215(1) Finance right-of-use assets$129(2) $143(2) Operating lease liabilities$204(3) $223(3) Finance lease liabilities$148(4) $145(4) Operating leases: Weighted-average remaining lease term 8.02 years 7.75 years Weighted-average discount rate 5.89% 8.26% Finance leases: Weighted-average remaining lease term 12.74 years 8.96 years Weighted-average discount rate 8.24% 8.13% (1)Operating ROU assets are included in Other assets on our consolidated balance sheet.(2)Finance ROU assets are included in Property, plant, and equipment on our December 31, 2021 consolidated balance sheets.(3)This amount represents $41 million and $163 million, and $48 million and $175 million, included in other current liabilities and other liabilities, respectively, on our December 31, 2021 and 2020 consolidated balance sheets.(4)This amount represents $20 million and $128 million, and $21 million and $124 million, included in other current liabilities and other liabilities, respectively, on our December 31, 2021 and 2020 consolidated balance sheets. |
Supplemental Cash Flow Information Related To Leases | Successor Predecessor For the eight For the four For the year months ended months ended ended December 31, April 30, December 31, ($ in millions)2021 2021 2020 Cash paid for amount included in the measurement of lease liabilities, net of amounts received as revenue: Operating cash flows provided by operating leases$ 63 $ 21 $ 67 Operating cash flows used by operating leases$ (38) $ (14) $ (68) Operating cash flows used by finance leases$ (6) $ (5) $ (13) Financing cash flows used by finance leases$ (13) $ (7) $ (23) Right-of-use assets obtained in exchange for lease liabilities: Operating leases$ 10 $ 8 $ 28 Finance leases$ 25 $ - $ 3 |
Maturity Analysis For Operating And Finance Lease Liabilities | Successor Operating Finance ($ in millions) Leases Leases Future maturities: 2022$ 45 $ 29 2023 40 26 2024 36 19 2025 32 17 2026 27 14 Thereafter 72 105 Total lease payments 252 210 Less: imputed interest (48) (62) Present value of lease liabilities$ 204 $ 148 (2) |
Maturity Analysis For Operating Leases From Customers | Successor Operating ($ in millions)Lease Payments Future maturities of lease payments from customers: 2022$ 10 2023 10 2024 8 2025 1 2026 - Thereafter 1 Total lease payments from customers$ 30 |
Investment and Other Income (_2
Investment and Other Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment and Other Income (Loss), Net [Abstract] | |
Components Of Investment And Other Income (Loss) | Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Interest and dividend income $ 1 $ - $ 4 $ 9 Pension and OPEB benefit (costs) 2 2 (43) (42) All other, net (8) (1) (4) (4) Total investment and other income (loss), net $ (5) $ 1 $ (43) $ (37) |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Target Performance Shares | 2021 Incentive Plan Weighted Average Number of Grant Date Aggregate Shares Fair Value Fair Value (in thousands) (per share) (in millions) Balance at April 30, 2021 (Successor) - $ - $ - Target performance shares awarded, net 3,157 $25.62 $ 92 Target performance shares earned - $ - $ - Target performance shares forfeited (13) $25.61 Balance at December 31, 2021 (Successor) 3,144 $25.62 $ 92 |
LTIP Target Performance Shares | Number of Shares (in thousands) Balance at December 31, 2018 (Predecessor)497 LTIP target performance shares granted - LTIP target performance shares earned(381) LTIP target performance shares forfeited(20) Balance at December 31, 2019 (Predecessor)96 LTIP target performance shares/units granted - LTIP target performance shares/units earned - LTIP target performance shares/units forfeited(96) Balance at December 31, 2020 (Predecessor) - |
2021 Incentive Plan [Member] | |
Restricted Shares Outstanding | Weighted Average Number of Grant Date Aggregate Shares Fair Value Fair Value (in thousands) (per share) (in millions) Balance at April 30, 2021 (Successor) - $ - $ - Restricted stock granted 2,578 $28.66 $ 75 Restricted stock vested (21) $28.44 $ - Restricted stock forfeited (74) $28.52 Balance at December 31, 2021 (Successor) 2,483 $28.67 $ 72 |
2017 EIP [Member] | |
Restricted Shares Outstanding | Weighted Average Number of Grant Date Aggregate Shares Fair Value Fair Value (in thousands) (per share) (in millions) Balance at December 31, 2018 (Predecessor)1,858 $16.02 $4 Restricted stock granted 105 $2.00 $ - Restricted stock vested(1,039) $19.05 $(1) Restricted stock forfeited(24) $28.30 Balance at December 31, 2019 (Predecessor)900 $10.57 $1 Restricted stock granted - $0.00 $ - Restricted stock vested(387) $15.04 $ - Restricted stock forfeited(209) $7.79 Balance at December 31, 2020 (Predecessor)304 $6.78 $ - Restricted stock granted - $ - $ - Restricted stock vested(41) $8.23 $ - Restricted stock forfeited(109) $8.23 Balance at April 30, 2021 (Predecessor)154 $5.38 $ - Cancellation of restricted stock(154) $ - $ - Balance at April 30, 2021 (Predecessor) - $ - $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Reconciliation Of Provision For Income Taxes | Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, 2021 2021 2020 2019 Consolidated tax provision at federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State income tax provisions, net of federal income tax benefit 3.1 0.5 21.7 2.6 Tax reserve adjustment 0.1 - (0.7) - Fresh start and reorganization adjustments - (24.9) - - Changes in certain deferred tax balances (8.2) - (35.8) (2.3) Interest expense deduction - - 30.7 - Restructuring cost - 0.3 (10.0) - Goodwill impairment - - - (11.8) Loss on disposal of Northwest Operations - - (9.1) - Share-based payments - - (0.2) (0.1) Federal research and development credit (0.4) - (0.5) - All other, net 1.6 - 0.1 - Effective tax rate 17.2 % (3.1)% 17.2 % 9.4 % |
Components Of Net Deferred Income Tax Liability (Asset) | Successor Predecessor December 31, December 31, ($ in millions) 2021 2020 Deferred income tax liabilities: Property, plant, and equipment basis differences $ 859 $ 1,873 Intangibles 140 - Deferred revenue/expense (3) 44 Other, net 46 56 $ 1,042 $ 1,973 Deferred income tax assets: Pension liability $ 212 $ 308 Intangibles - 681 Tax operating loss carryforward 185 923 Employee benefits 151 207 Interest expense deduction limitation carryforward - 44 Accrued expenses 76 75 Lease obligations 75 83 Tax credit 4 40 Allowance for doubtful accounts 14 35 Other, net 30 17 747 2,413 Less: Valuation allowance (92) (783) Net deferred income tax asset 655 1,630 Net deferred income tax liability $ 387 $ 343 |
Schedule Of Components Of Income Tax Expense (Benefit) | Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions)2021 2021 2020 2019 Income tax expense (benefit): Current: Federal$ - $ - $ (12) $ 1 State 8 12 19 7 Total Current 8 12 7 8 Deferred: Federal (84) (116) (84) (606) State 162 (32) (7) (13) Total Deferred 78 (148) (91) (619) Total income tax benefit 86 (136) (84) (611) Income taxes charged (credited) to equity of Frontier: Deferred income taxes (benefits) arising from the recognition of additional pension/OPEB liability 19 - 35 32 Total income taxes charged (credited) to equity of Frontier - - 35 32 Total income tax expense (benefit)$ 105 $ (136) $ (49) $ (579) |
Changes In The Balance Of Unrecognized Tax Benefits | Successor Predecessor ($ in millions) December 31, April 30, December 31, 2021 2021 2020 Unrecognized tax benefits - beginning of period $ 1 $ 16 $ 12 Gross increases - prior period tax positions - - 4 Gross increases - current period tax positions - (15) - Gross decreases - expired statute of limitations - - - Unrecognized tax benefits - end of period $ 1 $ 1 $ 16 |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Net Income (Loss) Per Common Share [Abstract] | |
Reconciliation Of Net Loss Per Share | Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, 2021 2021 2020 2019 ($ in millions and shares in thousands, except per share amounts) Net income (loss) used for basic and diluted earnings (loss) per share: Net income (loss) attributable to Frontier common shareholders $ 414 $ 4,541 $ (402) $ (5,911) Less: Dividends paid on unvested restricted stock awards - - - - Total basic net income (loss) attributable to Frontier common shareholders $ 414 $ 4,541 $ (402) $ (5,911) Effect of loss related to dilutive stock units - - - - Total diluted net income (loss) attributable to Frontier common shareholders $ 414 $ 4,541 $ (402) $ (5,911) Basic earnings (loss) per share: Total weighted average shares and unvested restricted stock awards outstanding - basic 244,405 104,799 104,944 105,356 Less: Weighted average unvested restricted stock awards - (215) (477) (1,291) Total weighted average shares outstanding - basic 244,405 104,584 104,467 104,065 Basic net income (loss) per share attributable to Frontier common shareholders $ 1.69 $ 43.42 $ (3.85) $ (56.80) Diluted earnings (loss) per share: Total weighted average shares outstanding - basic 244,405 104,584 104,467 104,065 Effect of dilutive shares 1,480 340 - - Total weighted average shares outstanding - diluted 245,885 104,924 104,467 104,065 Diluted net income (loss) per share attributable to Frontier common shareholders $ 1.68 $ 43.28 $ (3.85) $ (56.80) |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss), Net Of Tax | ($ in millions) Pension Costs OPEB Costs Total Balance at December 31, 2018 (Predecessor) (1) $ (489) $ 26 $ (463) Other comprehensive income (loss) before reclassifications (201) 17 (184) Amounts reclassified from accumulated other comprehensive loss to net loss 89 (13) 76 Net current-period other comprehensive income (loss) (112) 4 (108) Impact of adoption of ASU 2018-02 (83) 4 (79) Balance at December 31, 2019 (Predecessor) (1) (684) 34 (650) Other comprehensive income (loss) before reclassifications (320) (76) (396) Amounts reclassified from accumulated other comprehensive loss to net loss 305 (14) 291 Net current-period other comprehensive income (loss) 15 (90) (105) Balance at December 31, 2020 (Predecessor) (1) $ (699) $ (56) $ (755) Other comprehensive income before reclassifications 270 74 344 Amounts reclassified from accumulated other comprehensive loss to net loss 19 (4) 15 Net current-period other comprehensive income 289 70 359 Cancellation of Predecessor equity 410 (14) 396 Balance at April 30, 2021 (Predecessor) (1) - - - Balance at April 30, 2021 (Successor) (1) $ - $ - $ - Other comprehensive income before reclassifications - 64 64 Amounts reclassified from accumulated other comprehensive income to net loss - (4) (4) Net current-period other comprehensive income - 60 60 Balance at December 31, 2021 (Successor) (1) $ - $ 60 $ 60 (1)Pension and OPEB amounts are net of deferred tax balances of $15 million, $234 million, $204 million, and $250 million as of December 31, 2021, 2020, 2019, and 2018, respectively. |
Reclassification Out Of AOCI | Amount Reclassified from Accumulated Other Comprehensive Loss (1) Successor Predecessor For the eight For the four For the year months ended months ended For the year ended Affected line item in the Details about Accumulated Other December 31, April 30, December 31, December 31, statement where net Comprehensive Loss Components 2021 2021 2020 2019 income (loss) is presented Amortization of Pension Cost Items(2) Actuarial gains (losses) $ - $ (24) $ (99) $ (58) Loss on disposal - - (81) - Pension settlement costs - - (159) (57) Reclassifications, pretax - (24) (339) (115) Loss before income taxes Tax Impact - 5 34 26 Income tax benefit Reclassifications, net of tax $ - $ (19) $ (305) $ (89) Net loss Amortization of OPEB Cost Items(2) Prior-service credits (costs) $ 5 $ 10 $ 32 $ 11 Actuarial gains (losses) - (5) (6) 4 Loss on disposal - - (7) - Reclassifications, pretax 5 5 19 15 Income before income taxes Tax impact (1) (1) (5) (2) Income tax expense Reclassifications, net of tax $ 4 $ 4 $ 14 $ 13 Net gain (1)Amounts in parentheses indicate losses.(2)These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs (see Note 20 - Retirement Plans for additional details). |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Plans [Abstract] | |
Projected Benefit Obligation, Fair Values Of Plan Assets And Amounts Recognized In The Balance Sheet | Successor Predecessor For the eight For the four For the months ended months ended year ended December 31, April 30, December 31, ($ in millions) 2021 2021 2020 Change in projected benefit obligation (PBO) PBO at the beginning of the period $ 3,418 $ 3,708 $ 3,726 Service cost 53 32 95 Interest cost 69 31 108 Actuarial (gain) loss 30 (328) 506 Benefits paid (93) (25) (73) Impact of Divestiture of Northwest Operations(1) - - (189) Settlements - - (465) PBO at the end of the period $ 3,477 $ 3,418 $ 3,708 Change in plan assets Fair value of plan assets at the beginning of the period $ 2,586 $ 2,507 $ 2,730 Fair value of plan assets for the Northwest Operations - - (70) Actual return on plan assets 152 72 321 Employer contributions 10 32 64 Settlements - - (465) Benefits paid (93) (25) (73) Fair value of plan assets at the end of the period $ 2,655 $ 2,586 $ 2,507 Funded status $ (822) $ (832) $ (1,201) Amounts recognized in the consolidated balance sheet Pension and other postretirement benefits - current $ - $ - $ - Pension and other postretirement benefits - noncurrent $ (822) $ (832) $ (1,201) Accumulated other comprehensive loss $ - $ - $ 915 (1) Includes a gain of $20 million related to the elimination of future compensation increases as a result of the divestiture of the Northwest Operations. |
Net Periodic Benefit Cost | Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Components of total pension benefit cost Service cost $53 $32 $95 $82 Interest cost on projected benefit obligation 69 31 108 130 Expected return on plan assets (127) (61) (171) (172) Loss recognized 6 - - - Amortization of unrecognized loss - 24 99 58 Net periodic pension benefit cost 1 26 131 98 Pension settlement costs - - 159 57 Special termination benefit enhancements - - - 38 Gain on disposal, net - - (38) - Total pension benefit cost $1 $26 $252 $193 |
Weighted Average Asset Allocations, By Asset Category | 2021 2020 Asset category: Equity securities 49 % 49 % Debt securities 44 % 37 % Alternative and other investments 7 % 14 % Total 100 % 100 % |
Expected Benefit Payments Over The Next Ten Years | ($ in millions) Amount 2022 $ 257 2023 254 2024 252 2025 252 2026 250 2027-2031 1,181 Total $ 2,446 |
Schedule Of Assumptions Used | 12/31/2021 4/30/2021 12/31/2020 12/31/2019 Discount rate - used at period end to value obligation 2.90 % 3.10% 2.60 % 3.40 % Discount rate - used at beginning of period to compute annual cost 3.10 % 2.60 % 3.40 % 4.30 % Expected long-term rate of return on plan assets 7.50 % 7.50 % 7.50 % 7.50 % Rate of increase in compensation levels 2.00 % 2.00 % 2.00 % 2.00 % |
Schedule Of Changes In Projected Benefit Obligations For OPEB | Successor Predecessor For the eight For the four For the year months ended months ended ended December 31, April 30, December 31, ($ in millions) 2021 2021 2020 Change in benefit obligation Benefit obligation at the beginning of the period $ 941 $ 1,042 $ 972 Impact of Divestiture of Northwest Operations - - (31) Service cost 11 7 20 Interest cost 18 9 33 Plan amendments (79) - - Plan participants' contributions 6 4 9 Actuarial (gain) loss 37 (99) 100 Benefits paid (37) (22) (61) Special termination benefits - - - Benefit obligation at the end of the period $ 897 $ 941 $ 1,042 Change in plan assets Fair value of plan assets at the beginning of the period $ - $ - $ - Plan participants' contributions 6 4 9 Employer contribution 31 18 52 Benefits paid (37) (22) (61) Fair value of the plan assets at end of the period $ - $ - $ - Funded status $ (897) $ (941) $ (1,042) Amounts recognized in the consolidated balance sheet Pension and other postretirement benefits - current $ (46) $ (48) $ (48) Pension and other postretirement benefits - noncurrent $ (851) $ (893) $ (994) Accumulated other comprehensive (gain) loss $ (75) $ - $ 74 |
Schedule Of Net Benefit Costs For OPEB | Successor Predecessor For the eight For the four For the year For the year months ended months ended ended ended December 31, April 30, December 31, December 31, ($ in millions) 2021 2021 2020 2019 Components of total postretirement benefit cost Service cost $ 11 $ 7 $ 20 $ 20 Interest cost on projected benefit obligation 18 9 33 41 Amortization of prior service credit (5) (10) (32) (11) (Gain) loss recognized 37 - - - Amortization of unrecognized (gain) loss - 5 6 (4) Net periodic postretirement benefit cost 61 11 27 46 Special termination benefit enhancements - - - 6 Gain on disposal, net - - (24) - Total postretirement benefit cost $ 61 $ 11 $ 3 $ 52 |
Schedule Of Assumptions Used For OPEB | 12/31/2021 4/30/2021 12/31/2020 12/31/2019 Discount rate - used at period end to value obligation 3.00% 3.30% 2.60% - 2.80% 3.40% - 3.50% Discount rate - used to compute annual cost 2.80% - 3.30% 2.60% - 2.80% 3.40% - 3.50% 4.30% - 4.40% |
Schedule Of Expected Benefit Payments For OPEB | ($ in millions) Gross Benefit Medicare Part D Subsidy Total 2022 $ 47 $ - $ 47 2023 44 - 44 2024 46 - 46 2025 45 - 45 2026 48 - 48 2027-2031 254 2 256 Total $ 484 $ 2 $ 486 |
Net Periodic Benefit Cost Not Yet Recognized | Pension Plan OPEB (Successor) (Predecessor) (Successor) (Predecessor) ($ in millions) 2021 2020 2021 2020 Net actuarial loss $ - $ 915 $ - $ 192 Prior service credit - - (75) (118) Total $ - $ 915 $ (75) $ 74 |
Amounts Recognized As A Component Of AOCI | Successor Predecessor For the eight For the four For the year months ended months ended ended Pension Plan December 31, April 30, December 31, ($ in millions) 2021 2021 2020 Accumulated other comprehensive (gain) loss at the beginning of the period $ - $ 915 $ 899 Net actuarial gain (loss) amortized during the period - (24) (99) Net loss on disposal recognized during the period - - (81) Prior service credit amortized during the period - - - Prior service credit occurring during the period - - - Net actuarial (gain) loss occurring during the period - (338) 355 Impact of fresh start accounting - (553) - Settlement loss recognized - - (159) Net amount recognized in comprehensive income (loss) for the period - (915) 16 Accumulated other comprehensive (gain) loss at end of the period $ - $ - $ 915 Successor Predecessor For the eight For the four For the year months ended months ended ended OPEB December 31, April 30, December 31, ($ in millions) 2021 2021 2020 Accumulated other comprehensive (gain) loss at the beginning of the period $ - $ 74 $ (45) Net actuarial gain (loss) recognized during the period - (5) (6) Net loss on disposal recognized during the period - - (7) Prior service credit amortized during the period 5 10 32 Impact of fresh start accounting - 20 - Prior service credit occurring during the period (80) - - Net actuarial (gain) loss occurring during the period - (99) 100 Settlement loss recognized - - - Net amount recognized in comprehensive income (loss) for the period (75) (74) 119 Accumulated other comprehensive (gain) loss at end of the period $ (75) $ - $ 74 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Of Financial Instruments [Abstract] | |
Pension Plan Assets Measured At Fair Value On Recurring Basis | Successor Fair Value Measurements at December 31, 2021 ($ in millions) Total Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 39 $ 39 $ - $ - U.S. Government Obligations 62 - 62 - Corporate and Other Obligations 525 - 525 - Common Stock 496 496 - - Interest in Registered Investment Companies (1) 887 887 - - Interest in Limited Partnerships and Limited Liability Companies 165 - - 165 Total investments at fair value $ 2,174 $ 1,422 $ 587 $ 165 Common/Collective Trusts (1) 510 Interest and Dividend Receivable 5 Due from Broker for Securities Sold 28 Value of Funds Held in Insurance Co. 6 Due to Broker for Securities Purchased (68) Total Plan Assets, at Fair Value $ 2,655 Predecessor Fair Value Measurements at December 31, 2020 ($ in millions) Total Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 55 $ 55 $ - $ - U.S. Government Obligations 48 - 48 - Corporate and Other Obligations 506 - 506 - Common Stock 510 510 - - Preferred Stock 3 3 - - Interest in Registered Investment Companies (1) 140 140 - - Interest in Limited Partnerships and Limited Liability Companies 166 - - 166 Total investments at fair value $ 1,428 $ 708 $ 554 $ 166 Common/Collective Trusts (1) 1,073 Interest in Registered Investment Companies (1) 32 Interest and Dividend Receivable 5 Due from Broker for Securities Sold 22 Receivable Associated with Insurance Contract 7 Due to Broker for Securities Purchased (60) Total Plan Assets, at Fair Value $ 2,507 (1)Investments that are measured at fair value using the net asset value (NAV) practical expedient have not been classified in the fair value hierarchy. The fair value of common/collective trusts are estimated using the NAV per share multiplied by the number of shares of the trust investment held as of the measurement date. Additionally, the fair value of certain assets totaling $32 million as of December 31, 2019, respectively, included in “Interest in Registered Investment Companies” were estimated using the NAV practical expedient. These balances are intended to permit reconciliation of the fair value hierarchy to the plan asset amounts presented in Note 20 - Retirement Plans. |
Changes In Fair Value of Plan's Level 3 Assets | Interest in Limited Partnerships and Limited Liability Companies ($ in millions) 2021 2020 Balance at beginning of year $ 166 $ 163 Realized gains 22 14 Unrealized gains (1) 3 Purchases 1 - Sales and distributions (23) (14) Balance at end of year $ 165 $ 166 |
Redemption Of The Plan's Level 3 Investments | Successor Liquidation Capitalization ($ in millions) Fair Value Period Rate Interest in Limited Partnerships and Limited Liability Companies (3) MS IFHF SVP LP Cayman (1) $ 1 3 years N/A 426 E. Casino Road, LLC (2) 17 N/A 7.00% 100 Comm Drive, LLC (2) 10 N/A 7.75% 100 CTE Drive, LLC (2) 12 N/A 9.50% 6430 Oakbrook Parkway, LLC (2) 27 N/A 7.75% 8001 West Jefferson, LLC (2) 30 N/A 8.75% 1500 MacCorkle Ave SE, LLC (2) 16 N/A 8.75% 400 S. Pike Road West, LLC (2) 1 N/A 8.50% 601 N. US 131, LLC (2) 1 N/A 9.50% 9260 E. Stockton Blvd., LLC (2) 7 N/A 7.25% 120 E. Lime Street, LLC (2) 9 N/A 9.00% 610 N. Morgan Street, LLC (2) 34 N/A 8.50% Total Interest in Limited Partnerships and Limited Liability Companies $ 165 (1)The partnerships’ investment objective is to seek capital appreciation principally through investing in investment funds managed by third party investment managers who employ a variety of alternative investment strategies. These instruments are subject to certain withdrawal restrictions. The Plan is in the process of liquidating its interest in the partnerships and distributions are expected to be made over the next three years.(2)The entity invests in commercial real estate properties that are leased to Frontier. The leases are triple net, whereby Frontier is responsible for all expenses, including but not limited to, insurance, repairs and maintenance and payment of property taxes.(3)All Level 3 investments have the same redemption frequency (through the liquidation of underlying investments) and redemption notice period (none). The fair value of these properties is based on independent appraisals. |
Fair Value Of Long-Term Debt | Successor Predecessor 2021 2020 Carrying Carrying ($ in millions) Amount Fair Value Amount Fair Value Total debt $ 7,777 $ 7,996 $ 16,769 $ 11,635 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Future Payments For Obligations Under Noncancelable Long Distance Contracts And Service Agreements | Successor ($ in millions) Amount Year ending December 31: 2022 $ 162 2023 137 2024 138 2025 2 2026 2 Thereafter 1 Total $ 442 |
Outstanding Performance Letters Of Credit | Successor ($ in millions) Amount CNA Financial Corporation (CNA) $ 31 AIG Insurance 28 Zurich (1) 62 Total $ 121 (1) Zurich letters of credit exclude approximately $57 million of cash held in trust in lieu of issuing letters of credit. |
Description Of Business And S_3
Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) item in Millions, $ in Millions | 4 Months Ended | 12 Months Ended | ||
Apr. 30, 2021USD ($) | Dec. 31, 2021USD ($)employeesegmentitem | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of subscribers | item | 2.8 | |||
Number of employees | employee | 15,600 | |||
Number of reportable segments | segment | 1 | |||
Other Current Assets [Member] | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Restricted cash | $ 17 | |||
Other Assets [Member] | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Restricted cash | $ 34 | $ 58 | ||
Customer Relationships - Business [Member] | Minimum [Member] | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 11 years | |||
Customer Relationships - Business [Member] | Maximum [Member] | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 16 years | |||
Trademarks and Tradenames [Member] | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Amortization method | 5 | |||
Successor [Member] | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Customer surcharges | $ 83 | |||
Successor [Member] | Customer Relationships - Business [Member] | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 11 years | |||
Successor [Member] | Trademarks and Tradenames [Member] | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 5 years | |||
Predecessor [Member] | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Customer surcharges | $ 193 | $ 221 |
Emergence From The Chapter 11_3
Emergence From The Chapter 11 Cases (Narrative) (Details) - shares | 4 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Dec. 31, 2021 | |
Plan of reorganization, date plan confirmed | Aug. 27, 2020 | |
Successor [Member] | ||
Shares issued upon emergence | 244,401,000 | |
Predecessor [Member] | ||
Shares issued upon emergence | 244,401,000 |
Emergence From The Chapter 11_4
Emergence From The Chapter 11 Cases (Schedule Of Liabilities Subject To Compromise) (Details) - Predecessor [Member] $ in Millions | Dec. 31, 2020USD ($) |
Accounts payable | $ 57 |
Other current liabilities | 62 |
Accounts payable and other current liabilities | 119 |
Debt subject to compromise | 10,949 |
Accrued interest on debt subject to compromise | 497 |
Long-term debt and accrued interest | 11,446 |
Liabilities subject to compromise | $ 11,565 |
Emergence From The Chapter 11_5
Emergence From The Chapter 11 Cases (Schedule Of Reorganization Items) (Details) - Predecessor [Member] - USD ($) $ in Millions | 4 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Write-off of debt issuance costs and original issue net discount on debt subject to compromise | $ (93) | ||
Gain on settlement of liabilities subject to compromise | $ 5,274 | ||
Fresh start valuation adjustments | (1,038) | ||
Debtor-in-possession financing costs | (15) | (121) | |
Secured Creditor Settlement | (58) | ||
Professional fees and other bankruptcy related costs | (50) | (137) | |
Reorganization items, net | $ 4,171 | $ (409) |
Fresh Start Accounting (Narrati
Fresh Start Accounting (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Apr. 30, 2021 |
Decrease in right-of-use related to unfavorable lease contracts | $ 4 | |
Reduction in deferred tax assets | 1,500 | |
Successor [Member] | ||
Enterprise value | $ 12,500 | $ 12,500 |
Successor [Member] | Minimum [Member] | ||
Enterprise value | 10,500 | |
Successor [Member] | Maximum [Member] | ||
Enterprise value | $ 12,500 |
Fresh Start Accounting (Reconci
Fresh Start Accounting (Reconciliation Of Enterprise Value To Estimated Fair Value) (Details) - Successor [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 4 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | |
Enterprise value | $ 12,500 | $ 12,500 |
Plus: Cash and cash equivalents and restricted cash | 940 | 2,178 |
Less: Fair value of debt and other liabilities | (7,267) | |
Less: Pension and other postretirement benefits | (1,774) | |
Less: Deferred tax liability | (291) | (387) |
Fair value of Successor stockholders' equity | $ 4,108 | $ 4,600 |
Shares issued upon emergence | 244,401 | |
Per share value | $ 17 |
Fresh Start Accounting (Recon_2
Fresh Start Accounting (Reconciliation Of Enterprise Value To Reorganization Value ) (Details) - Predecessor [Member] - USD ($) $ in Millions | Apr. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Enterprise value | $ 12,500 | |||
Plus: Cash and cash equivalents and restricted cash | 940 | $ 1,887 | $ 810 | $ 404 |
Plus: Current liabilities (excluding debt, finance leases, and non-operating liabilities) | 1,179 | |||
Plus: Long term liabilities (excluding debt, finance leases, deferred tax liability) | 307 | |||
Reorganization value | $ 14,926 |
Fresh Start Accounting (Fresh S
Fresh Start Accounting (Fresh Start - Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 |
Predecessor [Member] | |||
Current assets: | |||
Cash and cash equivalents | $ 1,829 | ||
Total current assets | 2,654 | ||
Property, plant and equipment, net | $ 13,020 | 12,931 | |
Total assets | 16,795 | ||
LIABILITIES AND EQUITY (DEFICIT) | |||
Long-term debt due within one year | 15 | 5,781 | |
Accounts payable | 540 | ||
Accrued other taxes | 204 | ||
Other current liabilities | 318 | ||
Total current liabilities | 7,140 | ||
Deferred income taxes | 343 | ||
Other liabilities | 452 | ||
Long-term debt | 6,738 | 5,820 | |
Total liabilities not subject to compromise | 10,130 | ||
Liabilities subject to compromise | 11,565 | ||
Total liabilities | 21,695 | ||
Equity (Deficit): | |||
Common stock | 27 | ||
Additional paid-in capital | |||
Retained earnings (deficit) | (8,975) | ||
Accumulated other comprehensive income (loss), net of tax | (755) | ||
Treasury common stock | 14 | ||
Total equity (deficit) | (4,900) | ||
Total liabilities and equity (deficit) | 16,795 | ||
Successor [Member] | |||
Current assets: | |||
Cash and cash equivalents | 2,127 | 890 | |
Accounts receivable, net | 516 | ||
Contract acquisition costs | |||
Prepaid expenses | 92 | ||
Income taxes and other current assets | 42 | ||
Total current assets | 2,688 | 1,540 | |
Property, plant and equipment, net | 9,199 | 8,547 | |
Other intangibles, net | 4,441 | ||
Other assets | 398 | ||
Total assets | 16,481 | 14,926 | |
LIABILITIES AND EQUITY (DEFICIT) | |||
Long-term debt due within one year | 15 | 15 | |
Accounts payable | 535 | 512 | |
Advanced billings | 208 | ||
Accrued other taxes | 183 | 185 | |
Accrued interest | 80 | ||
Pension and other postretirement benefits | 48 | ||
Other current liabilities | 399 | 326 | |
Total current liabilities | 1,451 | 1,374 | |
Deferred income taxes | 387 | 291 | |
Pension and other postretirement benefits | 1,726 | ||
Other liabilities | 403 | 412 | |
Long-term debt | 7,996 | 7,015 | |
Total liabilities not subject to compromise | 11,881 | 10,818 | |
Liabilities subject to compromise | |||
Total liabilities | 11,881 | 10,818 | |
Equity (Deficit): | |||
Common stock | 2 | 2 | |
Additional paid-in capital | 4,106 | ||
Retained earnings (deficit) | 414 | ||
Accumulated other comprehensive income (loss), net of tax | 60 | ||
Treasury common stock | |||
Total equity (deficit) | 4,600 | 4,108 | |
Total liabilities and equity (deficit) | $ 16,481 | 14,926 | |
Predecessor [Member] | Predecessor [Member] | |||
Current assets: | |||
Cash and cash equivalents | 2,059 | ||
Accounts receivable, net | 516 | ||
Contract acquisition costs | 91 | ||
Prepaid expenses | 92 | ||
Income taxes and other current assets | 45 | ||
Total current assets | 2,803 | ||
Property, plant and equipment, net | 13,020 | ||
Other intangibles, net | 578 | ||
Other assets | 526 | ||
Total assets | 16,927 | ||
LIABILITIES AND EQUITY (DEFICIT) | |||
Long-term debt due within one year | 5,782 | ||
Accounts payable | 518 | ||
Advanced billings | 208 | ||
Accrued other taxes | 185 | ||
Accrued interest | 81 | ||
Pension and other postretirement benefits | 48 | ||
Other current liabilities | 309 | ||
Total current liabilities | 7,131 | ||
Deferred income taxes | 389 | ||
Pension and other postretirement benefits | 2,163 | ||
Other liabilities | 440 | ||
Long-term debt | |||
Total liabilities not subject to compromise | 10,123 | ||
Liabilities subject to compromise | 11,570 | ||
Total liabilities | 21,693 | ||
Equity (Deficit): | |||
Common stock | 27 | ||
Additional paid-in capital | 4,818 | ||
Retained earnings (deficit) | (8,855) | ||
Accumulated other comprehensive income (loss), net of tax | (741) | ||
Treasury common stock | (15) | ||
Total equity (deficit) | (4,766) | ||
Total liabilities and equity (deficit) | 16,927 | ||
Predecessor [Member] | Successor [Member] | |||
Equity (Deficit): | |||
Common stock | |||
Additional paid-in capital | |||
Reorganization Adjustments [Member] | |||
Current assets: | |||
Cash and cash equivalents | (1,169) | ||
Accounts receivable, net | |||
Contract acquisition costs | |||
Prepaid expenses | |||
Income taxes and other current assets | |||
Total current assets | (1,169) | ||
Property, plant and equipment, net | |||
Other intangibles, net | |||
Other assets | (8) | ||
Total assets | (1,177) | ||
LIABILITIES AND EQUITY (DEFICIT) | |||
Long-term debt due within one year | (5,767) | ||
Accounts payable | (6) | ||
Advanced billings | |||
Accrued other taxes | |||
Accrued interest | (1) | ||
Pension and other postretirement benefits | |||
Other current liabilities | 53 | ||
Total current liabilities | (5,721) | ||
Deferred income taxes | 70 | ||
Pension and other postretirement benefits | |||
Other liabilities | |||
Long-term debt | 6,738 | ||
Total liabilities not subject to compromise | 1,087 | ||
Liabilities subject to compromise | (11,570) | ||
Total liabilities | (10,483) | ||
Equity (Deficit): | |||
Retained earnings (deficit) | 10,028 | ||
Accumulated other comprehensive income (loss), net of tax | |||
Treasury common stock | 15 | ||
Total equity (deficit) | 9,306 | ||
Total liabilities and equity (deficit) | (1,177) | ||
Reorganization Adjustments [Member] | Predecessor [Member] | |||
Equity (Deficit): | |||
Common stock | (27) | ||
Additional paid-in capital | (4,818) | ||
Reorganization Adjustments [Member] | Successor [Member] | |||
Current assets: | |||
Cash and cash equivalents | (1,169) | ||
LIABILITIES AND EQUITY (DEFICIT) | |||
Liabilities subject to compromise | 11,570 | ||
Equity (Deficit): | |||
Common stock | 2 | ||
Additional paid-in capital | 4,106 | ||
Retained earnings (deficit) | 10,028 | ||
Fresh Start Adjustments [Member] | |||
Current assets: | |||
Cash and cash equivalents | |||
Accounts receivable, net | |||
Contract acquisition costs | (91) | ||
Prepaid expenses | |||
Income taxes and other current assets | (3) | ||
Total current assets | (94) | ||
Property, plant and equipment, net | (4,473) | ||
Other intangibles, net | 3,863 | ||
Other assets | (120) | ||
Total assets | (824) | ||
LIABILITIES AND EQUITY (DEFICIT) | |||
Long-term debt due within one year | |||
Accounts payable | |||
Advanced billings | |||
Accrued other taxes | |||
Accrued interest | |||
Pension and other postretirement benefits | |||
Other current liabilities | (36) | ||
Total current liabilities | (36) | ||
Deferred income taxes | (168) | ||
Pension and other postretirement benefits | (437) | ||
Other liabilities | (28) | ||
Long-term debt | 277 | ||
Total liabilities not subject to compromise | (392) | ||
Liabilities subject to compromise | |||
Total liabilities | (392) | ||
Equity (Deficit): | |||
Retained earnings (deficit) | (1,173) | ||
Accumulated other comprehensive income (loss), net of tax | 741 | ||
Treasury common stock | |||
Total equity (deficit) | (432) | ||
Total liabilities and equity (deficit) | (824) | ||
Fresh Start Adjustments [Member] | Predecessor [Member] | |||
Equity (Deficit): | |||
Common stock | |||
Additional paid-in capital | |||
Fresh Start Adjustments [Member] | Successor [Member] | |||
Equity (Deficit): | |||
Common stock | |||
Additional paid-in capital |
Fresh Start Accounting (Fresh_2
Fresh Start Accounting (Fresh Start - Net Cash Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Apr. 30, 2021 |
Successor [Member] | ||
Cash and Cash Equivalents, at Carrying Value, Total | $ 2,127 | $ 890 |
Reorganization Adjustments [Member] | ||
Cash and Cash Equivalents, at Carrying Value, Total | (1,169) | |
Reorganization Adjustments [Member] | Successor [Member] | ||
Net proceeds from Incremental Exit Term Loan Facility | 220 | |
Release of restricted cash from other assets to cash | 8 | |
Total sources | 228 | |
Payments of Excess to Unsecured senior notes holders | (1,313) | |
Payments of pre-petition accounts payable and contract cure payments | (62) | |
Payments of professional fees and other bankruptcy related costs | (22) | |
Total uses | (1,397) | |
Cash and Cash Equivalents, at Carrying Value, Total | $ (1,169) |
Fresh Start Accounting (Fresh_3
Fresh Start Accounting (Fresh Start - Cumulative Impact Of Reorganization) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Apr. 30, 2021 |
Successor [Member] | ||
Net impact on accumulated deficit | $ 414 | |
Reorganization Adjustments [Member] | ||
Net impact on accumulated deficit | 10,028 | |
Reorganization Adjustments [Member] | Successor [Member] | ||
Gain on settlement of Liabilities Subject to Compromise | 5,274 | |
Cancellation of Predecessor equity | 4,754 | |
Net impact on accumulated deficit | $ 10,028 |
Fresh Start Accounting (Fresh_4
Fresh Start Accounting (Fresh Start - Disposition Of Liabilities Subject To Compromise) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Apr. 30, 2021 |
Successor [Member] | ||
Liabilities subject to compromise | ||
Reorganization Adjustments [Member] | ||
Liabilities subject to compromise | (11,570) | |
Reorganization Adjustments [Member] | Successor [Member] | ||
Liabilities subject to compromise | 11,570 | |
Reinstated on the Effective Date: | ||
Accounts payable | (66) | |
Other current liabilities | (59) | |
Less: total liabilities reinstated | (125) | |
Amounts settled per the Plan of Reorganization | ||
Issuance of take back debt | (750) | |
Payment for settlement of unsecured senior noteholders | (1,313) | |
Equity issued at emergence to unsecured senior noteholders | (4,108) | |
Total amounts settled | (6,171) | |
Gain on settlement of Liabilities Subject to Compromise | $ 5,274 |
Fresh Start Accounting (Fresh_5
Fresh Start Accounting (Fresh Start - Summary Of Components Of Property And Equipment, Net And Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 |
Fresh Start Adjustments [Member] | |||
Land | $ 40 | ||
Buildings and leasehold improvements | (958) | ||
General support | (1,462) | ||
Central office/electronic circuit equipment | (7,364) | ||
Poles | (843) | ||
Cable, fiber, and wire | (8,755) | ||
Conduit | (282) | ||
Construction work in progress | 18 | ||
Property, plant and equipment | (19,606) | ||
Less: Accumulated depreciation | 15,133 | ||
Property, plant and equipment, net | (4,473) | ||
Predecessor [Member] | |||
Land | 209 | ||
Buildings and leasehold improvements | 2,134 | ||
General support | 1,635 | ||
Central office/electronic circuit equipment | 8,333 | ||
Poles | 1,359 | ||
Cable, fiber, and wire | 11,824 | ||
Conduit | 1,611 | ||
Construction work in progress | 1,048 | ||
Property, plant and equipment | 28,153 | $ 27,695 | |
Less: Accumulated depreciation | (15,133) | (14,764) | |
Property, plant and equipment, net | 13,020 | $ 12,931 | |
Successor [Member] | |||
Land | 249 | ||
Buildings and leasehold improvements | 1,176 | ||
General support | 173 | ||
Central office/electronic circuit equipment | 969 | ||
Poles | 516 | ||
Cable, fiber, and wire | 3,069 | ||
Conduit | 1,329 | ||
Construction work in progress | 1,066 | ||
Property, plant and equipment | $ 9,707 | 8,547 | |
Less: Accumulated depreciation | (508) | ||
Property, plant and equipment, net | $ 9,199 | $ 8,547 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Successor [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Revenue from remaining performance obligations | $ 1,595 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation Of Revenue) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Northwest Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Transition services revenue | $ 30 | |||
Successor [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 3,958 | |||
Subsidy and other regulatory revenue | 222 | |||
Total revenue | 4,180 | |||
Lease revenue | 42 | |||
Successor [Member] | Data And Internet Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,224 | |||
Successor [Member] | Voice Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,091 | |||
Successor [Member] | Video Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 397 | |||
Successor [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 246 | |||
Successor [Member] | Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,125 | |||
Successor [Member] | Business And Wholesale [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 1,833 | |||
Predecessor [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 2,120 | 6,781 | $ 7,738 | |
Subsidy and other regulatory revenue | 111 | 374 | 369 | |
Total revenue | 2,231 | 7,155 | 8,107 | |
Lease revenue | 21 | 67 | 70 | |
Predecessor [Member] | Data And Internet Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,125 | 3,478 | 3,756 | |
Predecessor [Member] | Voice Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 647 | 2,085 | 2,500 | |
Predecessor [Member] | Video Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 223 | 789 | 1,005 | |
Predecessor [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 125 | 429 | 477 | |
Predecessor [Member] | Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,133 | 3,609 | 4,175 | |
Predecessor [Member] | Business And Wholesale [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 987 | $ 3,172 | $ 3,563 |
Revenue Recognition (Changes In
Revenue Recognition (Changes In Contract Assets And Contract Liabilities) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Successor [Member] | |||
Contract current assets, Beginning balance | |||
Contract current assets, Revenue recognized included in opening contract balance | |||
Contract current assets, Credits granted, excluding amounts recognized as revenue | |||
Contract current assets, Reclassified between current and concurrent | |||
Contract current assets, Ending balance | |||
Contract noncurrent assets, Beginning balance | |||
Contract noncurrent assets, Revenue recognized included in opening contract balance | |||
Contract noncurrent assets, Credits granted, excluding amounts recognized as revenue | |||
Contract noncurrent assets, Reclassified between current and concurrent | |||
Contract noncurrent assets, Ending balance | |||
Contract current liabilities, Beginning balance | 15 | ||
Contract current liabilities, Revenue recognized included in opening contract balance | (20) | ||
Contract current liabilities, Credits granted, excluding amounts recognized as revenue | 30 | ||
Contract current liabilities, Reclassified between current and concurrent | 2 | ||
Contract current liabilities, Ending balance | 15 | 27 | |
Contract noncurrent liabilities, Beginning balance | 1 | ||
Contract noncurrent liabilities, Revenue recognized included in opening contract balance | (2) | ||
Contract noncurrent liabilities, Credits granted, excluding amounts recognized as revenue | 14 | ||
Contract noncurrent liabilities, Reclassified between current and concurrent | (2) | ||
Contract noncurrent liabilities, Ending balance | 1 | 11 | |
Predecessor [Member] | |||
Contract current assets, Beginning balance | 6 | 2 | $ 37 |
Contract current assets, Revenue recognized included in opening contract balance | (4) | (34) | |
Contract current assets, Cash received, excluding amounts recognized as revenue | |||
Contract current assets, Credits granted, excluding amounts recognized as revenue | 3 | ||
Contract current assets, Reclassified between current and concurrent | |||
Contract current assets, Ending balance | 2 | 6 | |
Contract current assets, Ending balance after adjustments | |||
Contract noncurrent assets, Beginning balance | 9 | 9 | 8 |
Contract noncurrent assets, Revenue recognized included in opening contract balance | |||
Contract noncurrent assets, Cash received, excluding amounts recognized as revenue | |||
Contract noncurrent assets, Credits granted, excluding amounts recognized as revenue | 1 | ||
Contract noncurrent assets, Reclassified between current and concurrent | |||
Contract noncurrent assets, Ending balance | 9 | 9 | |
Contract noncurrent assets, Ending balance after adjustments | |||
Contract current liabilities, Beginning balance | 58 | 57 | 41 |
Contract current liabilities, Revenue recognized included in opening contract balance | (23) | (68) | |
Contract current liabilities, Cash received, excluding amounts recognized as revenue | 22 | 85 | |
Contract current liabilities, Credits granted, excluding amounts recognized as revenue | |||
Contract current liabilities, Reclassified between current and concurrent | |||
Contract current liabilities, Ending balance | 57 | 58 | |
Contract current liabilities, Ending balance after adjustments | 15 | ||
Contract noncurrent liabilities, Beginning balance | 20 | 19 | 21 |
Contract noncurrent liabilities, Revenue recognized included in opening contract balance | (3) | (12) | |
Contract noncurrent liabilities, Cash received, excluding amounts recognized as revenue | 2 | 11 | |
Contract noncurrent liabilities, Credits granted, excluding amounts recognized as revenue | |||
Contract noncurrent liabilities, Reclassified between current and concurrent | |||
Contract noncurrent liabilities, Ending balance | 19 | $ 20 | |
Contract noncurrent liabilities, Ending balance after adjustments | 1 | ||
Fresh Start Adjustments [Member] | Predecessor [Member] | |||
Contract current assets, Beginning balance | (2) | ||
Contract current assets, Ending balance | (2) | ||
Contract noncurrent assets, Beginning balance | (9) | ||
Contract noncurrent assets, Ending balance | (9) | ||
Contract current liabilities, Beginning balance | (42) | ||
Contract current liabilities, Ending balance | (42) | ||
Contract noncurrent liabilities, Beginning balance | $ (18) | ||
Contract noncurrent liabilities, Ending balance | $ (18) |
Revenue Recognition (Performanc
Revenue Recognition (Performance Obligations, Revenue) (Details) - Successor [Member] $ in Millions | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue from remaining performance obligations | $ 1,595 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue from remaining performance obligations | $ 758 |
Performance obligation satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue from remaining performance obligations | $ 383 |
Performance obligation satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue from remaining performance obligations | $ 214 |
Performance obligation satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue from remaining performance obligations | $ 96 |
Performance obligation satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue from remaining performance obligations | $ 53 |
Performance obligation satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue from remaining performance obligations | $ 91 |
Performance obligation satisfaction period | 1 year |
Accounts Receivable (Narrative)
Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Provision for uncollectible amounts | $ 14 | |||
Predecessor [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Provision for uncollectible amounts | $ 14 | $ 106 | $ 109 |
Accounts Receivable (Accounts R
Accounts Receivable (Accounts Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Successor [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: Allowance for doubtful accounts | $ (57) | ||||
Accounts receivable, net | 458 | ||||
Successor [Member] | Retail And Wholesale [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable | 441 | ||||
Successor [Member] | Other [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable | $ 74 | ||||
Predecessor [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: Allowance for doubtful accounts | $ (130) | $ (120) | $ (105) | ||
Accounts receivable, net | 553 | ||||
Predecessor [Member] | Retail And Wholesale [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable | 608 | ||||
Predecessor [Member] | Other [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable | $ 75 |
Accounts Receivable (Activity I
Accounts Receivable (Activity In The Allowance For Credit Losses) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Allowance for credit losses, Beginning Balance | ||||
Increases: Provision for bad debt charged to expense | 14 | |||
Increases: Provision for bad debt charged to revenue | 38 | |||
Write-offs charged against allowance, net of recoveries | 5 | |||
Reclassified to Assets Held for Sale and Other | ||||
Allowance for credit losses, Ending Balance | 57 | |||
Predecessor [Member] | ||||
Allowance for credit losses, Beginning Balance | 130 | $ 120 | $ 105 | |
Increases: Provision for bad debt charged to expense | ||||
Increases: Provision for bad debt charged to revenue | 37 | 106 | 109 | |
Write-offs charged against allowance, net of recoveries | (167) | (96) | (83) | |
Reclassified to Assets Held for Sale and Other | (11) | |||
Allowance for credit losses, Ending Balance | $ 130 | $ 120 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 | |
Successor [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from sale of certain properties subject to leaseback | $ 23 | ||
Successor [Member] | Land and Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from sale of property | 15 | ||
Aggregate carrying value | 14 | ||
Gain (Loss) on sale of property | 1 | ||
Successor [Member] | Capital Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 129 | ||
Predecessor [Member] | Land and Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from sale of property | $ 27 | ||
Aggregate carrying value | 37 | ||
Gain (Loss) on sale of property | (10) | ||
Predecessor [Member] | Capital Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 143 | ||
Predecessor [Member] | Accounting Standards Update 2016-02 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Unamortized deferred gain, net | $ 11 |
Property, Plant, And Equipment
Property, Plant, And Equipment (Property, Plant And Equipment, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | N/A | ||
Buildings and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 40 years | ||
General Support [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 5 to 15 years | ||
Central Office Electronic Circuit Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 5 to 8 years | ||
Poles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 30 years | ||
Cable, Fiber and Wire [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 15 to 25 years | ||
Conduit [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 50 years | ||
Successor [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 9,707 | $ 8,547 | |
Less: Accumulated depreciation | (508) | ||
Property, plant and equipment, net | 9,199 | 8,547 | |
Successor [Member] | Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 251 | ||
Successor [Member] | Buildings and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,195 | ||
Successor [Member] | General Support [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 212 | ||
Successor [Member] | Central Office Electronic Circuit Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,266 | ||
Successor [Member] | Poles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 677 | ||
Successor [Member] | Cable, Fiber and Wire [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 4,101 | ||
Successor [Member] | Conduit [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,374 | ||
Successor [Member] | Construction Work In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 631 | ||
Predecessor [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 28,153 | $ 27,695 | |
Less: Accumulated depreciation | (15,133) | (14,764) | |
Property, plant and equipment, net | $ 13,020 | 12,931 | |
Predecessor [Member] | Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 212 | ||
Predecessor [Member] | Buildings and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 2,139 | ||
Predecessor [Member] | General Support [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,643 | ||
Predecessor [Member] | Central Office Electronic Circuit Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 8,270 | ||
Predecessor [Member] | Poles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,371 | ||
Predecessor [Member] | Cable, Fiber and Wire [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 11,883 | ||
Predecessor [Member] | Conduit [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,619 | ||
Predecessor [Member] | Construction Work In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 558 |
Property, Plant, And Equipmen_2
Property, Plant, And Equipment (Schedule Of Depreciation Expense) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Depreciation expense | $ 520 | |||
Predecessor [Member] | ||||
Depreciation expense | $ 407 | $ 1,225 | $ 1,335 |
Goodwil And Intangibles (Narrat
Goodwil And Intangibles (Narrative) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangibles impairment | $ 0 | $ 0 | $ 0 | ||
Customer Relationships - Business [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life | 11 years | ||||
Customer Relationships - Business [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life | 16 years | ||||
Successor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill impairment | |||||
Estimated future amortization expense, 2022 | 321 | $ 321 | |||
Estimated future amortization expense, 2023 | 321 | 321 | |||
Estimated future amortization expense, 2024 | 321 | 321 | |||
Estimated future amortization expense, 2025 | 321 | 321 | |||
Estimated future amortization expense, 2026 | $ 301 | $ 301 | |||
Successor [Member] | Customer Relationships - Wholesale [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life | 16 years | ||||
Successor [Member] | Customer Relationships - Business [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life | 11 years | ||||
Successor [Member] | Trademarks and Tradenames [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life | 5 years | ||||
Predecessor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Accumulated goodwill impairment charges | 9,154 | 9,154 | |||
Goodwill associated with planned disposal | 658 | ||||
Goodwill impairment | $ 5,725 | ||||
Predecessor [Member] | Customer Base [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life | 8 years | ||||
Predecessor [Member] | Customer Base [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life | 12 years |
Goodwil And Intangibles (Schedu
Goodwil And Intangibles (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Successor [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,441 | |
Accumulated Amortization | (214) | |
Net Carrying Amount | 4,227 | |
Successor [Member] | Customer Relationships - Business [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 800 | |
Accumulated Amortization | (48) | |
Net Carrying Amount | 752 | |
Successor [Member] | Customer Relationships - Wholesale [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,491 | |
Accumulated Amortization | (146) | |
Net Carrying Amount | 3,345 | |
Successor [Member] | Trademarks and Tradenames [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 150 | |
Accumulated Amortization | (20) | |
Net Carrying Amount | $ 130 | |
Predecessor [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,526 | |
Accumulated Amortization | (3,849) | |
Net Carrying Amount | 677 | |
Predecessor [Member] | Customer Base [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,332 | |
Accumulated Amortization | (3,781) | |
Net Carrying Amount | 551 | |
Predecessor [Member] | Trade Name [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 122 | |
Net Carrying Amount | 122 | |
Predecessor [Member] | Royalty Agreement [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 72 | |
Accumulated Amortization | (68) | |
Net Carrying Amount | $ 4 |
Goodwil And Intangibles (Sche_2
Goodwil And Intangibles (Schedule Of Amortization Expense) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Amortization expense | $ 214 | |||
Predecessor [Member] | ||||
Amortization expense | $ 99 | $ 343 | $ 445 |
Divestiture Of Northwest Oper_2
Divestiture Of Northwest Operations (Narrative) (Details) - USD ($) $ in Millions | May 01, 2020 | May 28, 2019 | Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Northwest Operations [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Gross proceeds from divestiture | $ 1,352 | |||||
Net proceeds | $ 1,131 | |||||
Net assets, Derecognized | 1,132 | |||||
Property, plant, and equipment, Derecognized | 1,084 | |||||
Goodwill, Derecognized | 658 | |||||
Valuation allowance, Derecognized | 603 | |||||
Defined benefit pension and other postretirement benefit plan obligations, Derecognized | $ 150 | |||||
Loss on disposal of Northwest Operations | $ 162 | $ 446 | ||||
Successor [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net proceeds | ||||||
Loss on disposal of Northwest Operations | ||||||
Predecessor [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net proceeds | 1,131 | |||||
Loss on disposal of Northwest Operations | $ 162 | $ 446 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Oct. 13, 2021 | Apr. 30, 2021 | Apr. 14, 2021 | Nov. 25, 2020 | Oct. 08, 2020 | Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 12, 2021 |
Debt Instrument [Line Items] | ||||||||||||
Maximum lien leverage ratio covenant | 3.00% | 2.75% | ||||||||||
Lease term of contributed property | 20 years | |||||||||||
Combined average aggregate annual rent | $ 5,000,000 | |||||||||||
Gain (loss) on contribution of property to defined benefit | $ 0 | |||||||||||
Finance lease liability obligation | $ 54,000,000 | $ 54,000,000 | ||||||||||
DIP Term Loan Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
DIP, Maximum line of credit | $ 750,000,000 | $ 500,000,000 | ||||||||||
First Lien Notes Due 4/1/2027 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 8.00% | 8.00% | ||||||||||
Maturity date | Apr. 1, 2027 | |||||||||||
Second Lien Notes Due 4/1/2026 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 8.50% | 8.50% | ||||||||||
Maturity date | Apr. 1, 2026 | |||||||||||
New Incremental Commitment [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
DIP, Maximum line of credit | $ 225,000,000 | |||||||||||
Term Loan Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
DIP, Maximum line of credit | $ 1,468,000,000 | |||||||||||
Maturity date | Oct. 8, 2027 | |||||||||||
Term Loan Facility [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 3.75% | |||||||||||
Term Loan Facility [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 2.75% | |||||||||||
Term Loan Facility [Member] | LIBOR Floor Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 0.75% | |||||||||||
Revolving Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of credit outstanding | $ 96,000,000 | $ 96,000,000 | ||||||||||
Available borrowing capacity | 529,000,000 | 529,000,000 | ||||||||||
DIP, Maximum line of credit | 625,000,000 | |||||||||||
Line of credit facility maximum borrowing capacity | 625,000,000 | $ 625,000,000 | ||||||||||
Revolving Facility [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 3.50% | |||||||||||
Revolving Facility [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 2.50% | |||||||||||
Revolving Facility [Member] | LIBOR Floor Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 0.00% | |||||||||||
Senior Secured Notes [Member] | Second Lien Notes Due 2030 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 1,000,000,000 | |||||||||||
Interest rate | 6.00% | |||||||||||
Maturity year | 2030 | |||||||||||
Senior Secured Notes [Member] | DIP-to-Exit First Lien Notes Due 10/15/2027 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 1,150,000,000 | |||||||||||
Interest rate | 5.875% | |||||||||||
Maturity date | Oct. 15, 2027 | |||||||||||
Senior Secured Notes [Member] | DIP-to-Exit First Lien Notes Due 5/1/2028 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 1,550,000,000 | |||||||||||
Interest rate | 5.00% | |||||||||||
Maturity date | May 1, 2028 | |||||||||||
Senior Secured Notes [Member] | Second Lien Notes Due 05/01/2029 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 1 | |||||||||||
Interest rate | 6.75% | |||||||||||
Maturity date | May 1, 2029 | |||||||||||
Senior Secured Notes [Member] | Takeback Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 750,000,000 | $ 750,000,000 | ||||||||||
Interest rate | 5.875% | 5.875% | ||||||||||
Maturity date | Nov. 1, 2029 | |||||||||||
Successor [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on early extinguishment of debt | ||||||||||||
Interest expense | $ 1,456,000,000 | |||||||||||
Successor [Member] | Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Common stock shares issued | 244,401,000 | 244,401,000 | ||||||||||
Predecessor [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on early extinguishment of debt | $ (72,000,000) | $ (20,000,000) | ||||||||||
Financing obligation for contributions of real property to pension plan | $ 37,000,000 | $ 37,000,000 | ||||||||||
Interest expense | $ 450,000,000 |
Long-Term Debt (Long-Term Debt)
Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal debt outstanding, beginning | $ 6,794 | |||
New borrowings | 1,000 | |||
Repayment of long-term debt at maturity | (17) | |||
Principal debt outstanding, ending | $ 6,794 | 7,777 | ||
Less: Unamortized debt issuance costs | (13) | |||
Plus: Unamortized fair value adjustment | 219 | |||
Less: Long-term debt due within one year | (15) | (15) | ||
Carrying amount of Total debt | 7,015 | 7,996 | ||
Long-term debt | 7,968 | |||
Amortization | $ 18 | |||
Weighted average interest rate | 5.702% | |||
Predecessor [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal debt outstanding, beginning | 16,769 | $ 6,794 | ||
Issuance of incremental term loan | 225 | |||
Issuance of Takeback Notes | 750 | |||
New borrowings | 225 | $ 4,950 | $ 1,650 | |
Conversion of Unsecured Senior Notes | (10,949) | |||
Repayment of long term subsidiary debt at maturity | (1) | |||
Principal debt outstanding, ending | 6,794 | 16,769 | ||
Less: Unamortized debt issuance costs | (2) | |||
Less: Unamortized premium (discount) | (39) | |||
Less: Long-term debt due within one year | (15) | (5,781) | ||
Carrying amount of Total debt | 6,738 | 5,820 | ||
Fresh start accounting fair value adjustment | 277 | |||
Long-term debt | 7,015 | |||
Long-term debt, fair value adjustment | $ (236) |
Long-Term Debt (Schedule Of Sec
Long-Term Debt (Schedule Of Secured And Unsecured Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2021 | |
Secured Debt [Member] | Term Loan Due 10/8/2027 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Oct. 8, 2027 | Oct. 8, 2027 | |
Secured Debt [Member] | First Lien Notes Due 10/15/2027 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Oct. 15, 2027 | Oct. 15, 2027 | |
Secured Debt [Member] | First Lien Notes Due 5/1/2028 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | May 1, 2028 | May 1, 2028 | |
Secured Debt [Member] | Second Lien Notes Due 11/1/2029 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Nov. 1, 2029 | Nov. 1, 2029 | |
Secured Debt [Member] | Second Lien Notes Due 5/1/2029 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | May 1, 2029 | May 1, 2029 | |
Secured Debt [Member] | IDRB Due 5/1/2030 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | May 1, 2030 | May 1, 2030 | |
Interest rate | 6.20% | ||
Unsecured Debt [Member] | Senior Note Due 4/15/2020 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Apr. 15, 2020 | Apr. 15, 2020 | |
Unsecured Debt [Member] | Senior Note Due 9/15/2020 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 15, 2020 | Sep. 15, 2020 | |
Unsecured Debt [Member] | Senior Note Due 7/1/2021 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jul. 1, 2021 | Jul. 1, 2021 | |
Unsecured Debt [Member] | Senior Note Due 9/15/2021 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 15, 2021 | Sep. 15, 2021 | |
Unsecured Debt [Member] | Senior Note Due 4/15/2022 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Apr. 15, 2022 | Apr. 15, 2022 | |
Unsecured Debt [Member] | Senior Note Due 9/15/2022 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 15, 2022 | Sep. 15, 2022 | |
Unsecured Debt [Member] | Senior Note Due 1/15/2023 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jan. 15, 2023 | Jan. 15, 2023 | |
Unsecured Debt [Member] | Senior Note Due 4/15/2024 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Apr. 15, 2024 | Apr. 15, 2024 | |
Unsecured Debt [Member] | Senior Note Due 1/15/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jan. 15, 2025 | Jan. 15, 2025 | |
Unsecured Debt [Member] | Senior Note Due 9/15/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 15, 2025 | Sep. 15, 2025 | |
Unsecured Debt [Member] | Debentures Due 11/1/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Nov. 1, 2025 | Nov. 1, 2025 | |
Unsecured Debt [Member] | Debentures Due 8/15/2026 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Aug. 15, 2026 | Aug. 15, 2026 | |
Unsecured Debt [Member] | Senior Note Due 1/15/2027 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jan. 15, 2027 | Jan. 15, 2027 | |
Unsecured Debt [Member] | Senior Note Due 8/15/2031 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Aug. 15, 2031 | Aug. 15, 2031 | |
Unsecured Debt [Member] | Debentures Due 10/1/2034 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Oct. 1, 2034 | Oct. 1, 2034 | |
Unsecured Debt [Member] | Debentures Due 7/1/2035 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jul. 1, 2035 | Jul. 1, 2035 | |
Unsecured Debt [Member] | Debentures Due 10/1/2046 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Oct. 1, 2046 | Oct. 1, 2046 | |
Secured Subsidiary Debt [Member] | Debentures Due 11/15/2031 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Nov. 15, 2031 | Nov. 15, 2031 | |
Secured Subsidiary Debt [Member] | RUS Loan Contracts Due 1/3/2028 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jan. 3, 2028 | Jan. 3, 2028 | |
Unsecured Subsidiary Debt [Member] | Debentures Due 5/15/2027 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | May 15, 2027 | May 15, 2027 | |
Unsecured Subsidiary Debt [Member] | Debentures Due 2/1/2028 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Feb. 1, 2028 | Feb. 1, 2028 | |
Unsecured Subsidiary Debt [Member] | Debentures Due 2/15/2028 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Feb. 15, 2028 | Feb. 15, 2028 | |
Unsecured Subsidiary Debt [Member] | Debentures Due 10/15/2029 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Oct. 15, 2029 | Oct. 15, 2029 | |
Successor [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 7,777 | $ 6,794 | |
Weighted average interest rate | 5.702% | ||
Plus: Unamortized fair value adjustment | $ 219 | ||
Carrying amount of debt | 7,996 | 7,015 | |
Successor [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | 6,927 | ||
Successor [Member] | Secured Debt [Member] | Term Loan Due 10/8/2027 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 1,464 | ||
Interest rate | 4.50% | ||
Successor [Member] | Secured Debt [Member] | First Lien Notes Due 10/15/2027 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 1,150 | ||
Interest rate | 5.875% | ||
Successor [Member] | Secured Debt [Member] | First Lien Notes Due 5/1/2028 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 1,550 | ||
Interest rate | 5.00% | ||
Successor [Member] | Secured Debt [Member] | Second Lien Notes Due 11/1/2029 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 750 | ||
Interest rate | 5.875% | ||
Successor [Member] | Secured Debt [Member] | Second Lien Notes Due 5/1/2029 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 1,000 | ||
Interest rate | 6.75% | ||
Successor [Member] | Secured Debt [Member] | Second Lien Notes Due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 1,000 | ||
Interest rate | 6.00% | ||
Successor [Member] | Secured Debt [Member] | IDRB Due 5/1/2030 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 13 | ||
Successor [Member] | Secured Subsidiary Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | 100 | ||
Successor [Member] | Secured Subsidiary Debt [Member] | Debentures Due 11/15/2031 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 100 | ||
Interest rate | 8.50% | ||
Successor [Member] | Unsecured Subsidiary Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 750 | ||
Successor [Member] | Unsecured Subsidiary Debt [Member] | Debentures Due 5/15/2027 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 200 | ||
Interest rate | 6.75% | ||
Successor [Member] | Unsecured Subsidiary Debt [Member] | Debentures Due 2/1/2028 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 300 | ||
Interest rate | 6.86% | ||
Successor [Member] | Unsecured Subsidiary Debt [Member] | Debentures Due 2/15/2028 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 200 | ||
Interest rate | 6.73% | ||
Successor [Member] | Unsecured Subsidiary Debt [Member] | Debentures Due 10/15/2029 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 50 | ||
Interest rate | 8.40% | ||
Successor [Member] | Total Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 7,777 | ||
Weighted average interest rate | 5.702% | ||
Predecessor [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 16,769 | 6,794 | |
Less: debt subject to compromise | 10,949 | ||
Carrying amount of debt | 5,820 | $ 6,738 | |
Predecessor [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | 4,964 | ||
Predecessor [Member] | Secured Debt [Member] | Term Loan Due 10/8/2027 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 1,250 | ||
Interest rate | 5.75% | ||
Predecessor [Member] | Secured Debt [Member] | First Lien Notes Due 10/15/2027 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 1,150 | ||
Interest rate | 5.875% | ||
Predecessor [Member] | Secured Debt [Member] | First Lien Notes Due 5/1/2028 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 1,550 | ||
Interest rate | 5.00% | ||
Predecessor [Member] | Secured Debt [Member] | Second Lien Notes Due 5/1/2029 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 1,000 | ||
Interest rate | 6.75% | ||
Predecessor [Member] | Secured Debt [Member] | IDRB Due 5/1/2030 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 14 | ||
Interest rate | 6.20% | ||
Predecessor [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 10,949 | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 4/15/2020 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 172 | ||
Interest rate | 8.50% | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 9/15/2020 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 55 | ||
Interest rate | 8.875% | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 7/1/2021 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 89 | ||
Interest rate | 9.25% | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 9/15/2021 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 220 | ||
Interest rate | 6.25% | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 4/15/2022 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 500 | ||
Interest rate | 8.75% | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 9/15/2022 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 2,188 | ||
Interest rate | 10.50% | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 1/15/2023 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 850 | ||
Interest rate | 7.125% | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 4/15/2024 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 750 | ||
Interest rate | 7.625% | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 1/15/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 775 | ||
Interest rate | 6.875% | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 9/15/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 3,600 | ||
Interest rate | 11.00% | ||
Predecessor [Member] | Unsecured Debt [Member] | Debentures Due 11/1/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 138 | ||
Interest rate | 7.00% | ||
Predecessor [Member] | Unsecured Debt [Member] | Debentures Due 8/15/2026 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 2 | ||
Interest rate | 6.80% | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 1/15/2027 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 346 | ||
Interest rate | 7.875% | ||
Predecessor [Member] | Unsecured Debt [Member] | Senior Note Due 8/15/2031 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 945 | ||
Interest rate | 9.00% | ||
Predecessor [Member] | Unsecured Debt [Member] | Debentures Due 10/1/2034 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 1 | ||
Interest rate | 7.68% | ||
Predecessor [Member] | Unsecured Debt [Member] | Debentures Due 7/1/2035 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 125 | ||
Interest rate | 7.45% | ||
Predecessor [Member] | Unsecured Debt [Member] | Debentures Due 10/1/2046 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 193 | ||
Interest rate | 7.05% | ||
Predecessor [Member] | Secured Subsidiary Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 106 | ||
Predecessor [Member] | Secured Subsidiary Debt [Member] | Debentures Due 11/15/2031 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 100 | ||
Interest rate | 8.50% | ||
Predecessor [Member] | Secured Subsidiary Debt [Member] | RUS Loan Contracts Due 1/3/2028 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 6 | ||
Interest rate | 6.154% | ||
Predecessor [Member] | Unsecured Subsidiary Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 750 | ||
Predecessor [Member] | Unsecured Subsidiary Debt [Member] | Debentures Due 5/15/2027 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 200 | ||
Interest rate | 6.75% | ||
Predecessor [Member] | Unsecured Subsidiary Debt [Member] | Debentures Due 2/1/2028 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 300 | ||
Interest rate | 6.86% | ||
Predecessor [Member] | Unsecured Subsidiary Debt [Member] | Debentures Due 2/15/2028 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 200 | ||
Interest rate | 6.73% | ||
Predecessor [Member] | Unsecured Subsidiary Debt [Member] | Debentures Due 10/15/2029 [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 50 | ||
Interest rate | 8.40% | ||
Predecessor [Member] | Total Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal debt outstanding | $ 16,769 | ||
Weighted average interest rate | 8.188% |
Restructuring And Other Charg_3
Restructuring And Other Charges (Narrative) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Restructuring costs and other charges | $ 21 | |||
Successor [Member] | Severance And Employee Costs [Member] | ||||
Restructuring costs and other charges | 11 | |||
Successor [Member] | Professional Fees [Member] | ||||
Restructuring costs and other charges | $ 10 | |||
Predecessor [Member] | ||||
Restructuring costs and other charges | $ 7 | $ 87 | $ 168 | |
Predecessor [Member] | Transformation Initiatives [Member] | ||||
Restructuring costs and other charges | 8 | 46 | ||
Predecessor [Member] | Pension/OPEB Special Termination Benefit Enhancements [Member] | ||||
Restructuring costs and other charges | 44 | |||
Predecessor [Member] | Severance And Employee Costs [Member] | ||||
Restructuring costs and other charges | $ 7 | 7 | 38 | |
Predecessor [Member] | Consulting And Advisory [Member] | ||||
Restructuring costs and other charges | $ 72 | $ 40 |
Restructuring And Other Charg_4
Restructuring And Other Charges (Changes In Restructuring Reserve) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Successor [Member] | |||
Restructuring Reserve, Beginning Balance | $ 7 | ||
Severance expense | 11 | ||
Other costs | 10 | ||
Cash payments during the period | (21) | ||
Restructuring Reserve, Ending Balance | $ 7 | 7 | |
Predecessor [Member] | |||
Restructuring Reserve, Beginning Balance | 2 | $ 7 | $ 15 |
Severance expense | 7 | 7 | |
Transformation costs | 8 | ||
Other costs | 72 | ||
Cash payments during the period | (2) | (100) | |
Restructuring Reserve, Ending Balance | $ 7 | $ 2 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Line Items] | ||||||
Option to terminate leases, Lessee | 1 year | |||||
Option to terminate leases, Lessor | 1 year | |||||
Minimum [Member] | ||||||
Leases [Line Items] | ||||||
Operating and finance lease terms, Lessee | 1 year | |||||
Operator lease terms, Lessor | 1 year | 1 year | ||||
Maximum [Member] | ||||||
Leases [Line Items] | ||||||
Operating and finance lease terms, Lessee | 87 years | |||||
Operator lease terms, Lessor | 65 years | 65 years | ||||
Successor [Member] | ||||||
Leases [Line Items] | ||||||
Retained earnings (deficit) | $ 414 | $ 414 | ||||
Lease revenue | $ 42 | |||||
Predecessor [Member] | ||||||
Leases [Line Items] | ||||||
Retained earnings (deficit) | $ (8,975) | |||||
Lease revenue | $ 21 | $ 67 | $ 70 | |||
Predecessor [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
Leases [Line Items] | ||||||
Retained earnings (deficit) | $ 15 | |||||
Unamortized deferred gain, net | $ 11 |
Leases (Components Of Lease Cos
Leases (Components Of Lease Cost) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Successor [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Amortization of right-of-use assets | $ 13 | ||
Interest on lease liabilities | 6 | ||
Finance lease cost | 19 | ||
Operating lease cost | 38 | ||
Short-term lease cost | 2 | ||
Variable lease cost | 4 | ||
Sublease income | (11) | ||
Total Lease cost | $ 46 | ||
Predecessor [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Amortization of right-of-use assets | $ 7 | $ 15 | |
Interest on lease liabilities | 4 | 13 | |
Finance lease cost | 11 | 28 | |
Operating lease cost | 19 | 68 | |
Short-term lease cost | 1 | 2 | |
Variable lease cost | 2 | 6 | |
Sublease income | (4) | (11) | |
Total Lease cost | $ 26 | $ 85 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Successor [Member] | ||
Supplemental Balance Sheet Information Related To Leases [Line Items] | ||
Operating right-of-use assets | $ 200 | |
Finance right-of-use assets | 129 | |
Operating lease liabilities | 204 | |
Finance lease liabilities | $ 148 | |
Operating leases, Weighted-average remaining lease term | 8 years 7 days | |
Operating leases, Weighted-average discount rate | 5.89% | |
Finance lease, Weighted-average remaining lease term | 12 years 8 months 26 days | |
Finance lease, Weighted-average discount rate | 8.24% | |
Successor [Member] | Other Current Liabilities [Member] | ||
Supplemental Balance Sheet Information Related To Leases [Line Items] | ||
Finance lease liabilities, Current | $ 20 | |
Current operating lease liabilities | 41 | |
Successor [Member] | Other Noncurrent Liabilities [Member] | ||
Supplemental Balance Sheet Information Related To Leases [Line Items] | ||
Financed lease liabilities, Noncurrent | 21 | |
Noncurrent operating lease liabilities | $ 48 | |
Predecessor [Member] | ||
Supplemental Balance Sheet Information Related To Leases [Line Items] | ||
Operating right-of-use assets | $ 215 | |
Finance right-of-use assets | 143 | |
Operating lease liabilities | 223 | |
Finance lease liabilities | $ 145 | |
Operating leases, Weighted-average remaining lease term | 7 years 9 months | |
Operating leases, Weighted-average discount rate | 8.26% | |
Finance lease, Weighted-average remaining lease term | 8 years 11 months 15 days | |
Finance lease, Weighted-average discount rate | 8.13% | |
Predecessor [Member] | Other Current Liabilities [Member] | ||
Supplemental Balance Sheet Information Related To Leases [Line Items] | ||
Finance lease liabilities, Current | $ 128 | |
Current operating lease liabilities | 163 | |
Predecessor [Member] | Other Noncurrent Liabilities [Member] | ||
Supplemental Balance Sheet Information Related To Leases [Line Items] | ||
Financed lease liabilities, Noncurrent | 124 | |
Noncurrent operating lease liabilities | $ 175 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating cash flows provided by operating leases | $ 63 | |||
Operating cash flows used by operating leases | (38) | |||
Operating cash flows used by finance leases | (6) | |||
Financing cash flows used by finance leases | (13) | |||
Right-of-use assets obtained in exchange for lease liabilities, Operating leases | 10 | |||
Right-of-use assets obtained in exchange for lease liabilities, Finance leases | $ 25 | |||
Predecessor [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating cash flows provided by operating leases | $ 21 | $ 67 | ||
Operating cash flows used by operating leases | (14) | (68) | ||
Operating cash flows used by finance leases | (5) | (13) | ||
Financing cash flows used by finance leases | (7) | (23) | $ (35) | |
Right-of-use assets obtained in exchange for lease liabilities, Operating leases | $ 8 | 28 | ||
Right-of-use assets obtained in exchange for lease liabilities, Finance leases | $ 3 |
Leases (Maturity Analysis For O
Leases (Maturity Analysis For Operating and Finance Lease Liabilities) (Details) - Successor [Member] $ in Millions | Dec. 31, 2021USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 45 |
2023 | 40 |
2024 | 36 |
2025 | 32 |
2026 | 27 |
Thereafter | 72 |
Total lease payments | 252 |
Less: imputed interest | (48) |
Present value of lease liabilities | 204 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2022 | 29 |
2023 | 26 |
2024 | 19 |
2025 | 17 |
2026 | 14 |
Thereafter | 105 |
Total lease payments | 210 |
Less: imputed interest | (62) |
Present value of lease liabilities | $ 148 |
Leases (Maturity Analysis For_2
Leases (Maturity Analysis For Operating Leases From Customers) (Details) - Successor [Member] $ in Millions | Dec. 31, 2021USD ($) |
Lessor, Lease, Description [Line Items] | |
2022 | $ 10 |
2023 | 10 |
2024 | 8 |
2025 | 1 |
2026 | |
Thereafter | 1 |
Total lease payments from customers | $ 30 |
Investment and Other Income (_3
Investment and Other Income (Loss), Net (Components Of Investment And Other Income (Loss)) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Interest and dividend income | $ 1 | |||
Pension and OPEB benefit (costs) | 2 | |||
All other, net | (8) | |||
Investment and other income (loss), net | $ (5) | |||
Predecessor [Member] | ||||
Interest and dividend income | $ 4 | $ 9 | ||
Pension and OPEB benefit (costs) | 2 | (43) | (42) | |
All other, net | (1) | (4) | (4) | |
Investment and other income (loss), net | $ 1 | $ (43) | $ (37) |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - Successor [Member] shares in Thousands | Dec. 31, 2021$ / sharesshares |
Class of Stock [Line Items] | |
Common stock, shares authorized | 1,750,000 |
Common stock, par value | $ / shares | $ 0.01 |
Common stock, shares issued | 244,416 |
Common stock, shares outstanding | 244,416 |
Preferred stock, shares authorized | 50,000 |
Preferred stock, par value | $ / shares | $ 0.01 |
Preferred stock, shares issued | 0 |
Preferred stock, shares outstanding | 0 |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 30, 2021USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2021USD ($)itemshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | |
2017 EIP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Plan authorization period | 10 years | ||||
Vesting period | 4 years | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Remaining unrecognized compensation cost associated with unvested restricted stock awards | $ 58,000 | $ 58,000 | |||
Weighted average period over which unvested restricted stock awards unrecognized compensation cost is expected to be recognized (in years) | 2 years | ||||
Compensation expense | $ (1,000) | 12,000 | $ 2,000 | $ 11,000 | |
Non-Employee Directors’ Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 1,000 | $ 1,000 | |||
Cash compensation | 250 | 250 | |||
Unrecognized compensation cost | 150 | 150 | |||
Non-Employee Directors’ Compensation 2021 And 2022 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 300 | $ 300 | |||
Director Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of directors participating in the plan during the period | item | 8 | ||||
Plan units earned during the period (in shares) | shares | 0 | 155,045 | |||
Cash compensation | $ 5,000 | $ 4,000 | |||
Performance Stock [Member] | LTIP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Initial period over which target number of performance shares are awarded | 90 days | ||||
Compensation expense | $ 0 | $ 4,000 | |||
Successor [Member] | Frontier Communications Parent, Inc. 2021 Management Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant under the plan (in shares) | shares | 15,600,000 | 15,600,000 | |||
Successor [Member] | Emergence LTI Program [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant under the plan (in shares) | shares | 3,700,000 | 3,700,000 | |||
Successor [Member] | Performance Stock [Member] | 2021 Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 5,000 |
Stock Plans (Restricted Shares
Stock Plans (Restricted Shares Outstanding) (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
2021 Incentive Plan [Member] | Successor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock granted (in shares) | 2,578 | |||
Restricted stock vested (in shares) | (21) | |||
Restricted stock forfeited (in shares) | (74) | |||
Balance at end of period (in shares) | 2,483 | |||
Restricted stock granted (in dollars per shares) | $ 28.66 | |||
Restricted stock vested (in dollars per shares) | 28.44 | |||
Restricted stock forfeited (in dollars per shares) | 28.52 | |||
Balance at end of period (in dollars per shares) | $ 28.67 | |||
Restricted stock granted | $ 75 | |||
Balance at end of period | $ 72 | |||
2017 EIP [Member] | Predecessor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Balance at beginning of period (in shares) | 304 | 154 | 900 | 1,858 |
Restricted stock granted (in shares) | 105 | |||
Restricted stock vested (in shares) | (41) | (387) | (1,039) | |
Restricted stock forfeited (in shares) | (109) | (209) | (24) | |
Balance at end of period (in shares) | 154 | 304 | 900 | |
Cancellation of restricted stock (in shares) | (154) | |||
Balance at beginning of period (in dollars per shares) | $ 6.78 | $ 5.38 | $ 10.57 | $ 16.02 |
Restricted stock granted (in dollars per shares) | 0 | 2 | ||
Restricted stock vested (in dollars per shares) | 8.23 | 15.04 | 19.05 | |
Restricted stock forfeited (in dollars per shares) | 8.23 | 7.79 | 28.30 | |
Balance at end of period (in dollars per shares) | $ 5.38 | $ 6.78 | $ 10.57 | |
Balance at beginning of period | $ 1 | $ 4 | ||
Restricted stock vested | (1) | |||
Balance at end of period | $ 1 |
Stock Plans (Target Performance
Stock Plans (Target Performance Shares) (Details) - Performance Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | 2021 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Balance at beginning of period (in shares) | ||||
Target performance shares awarded, net (in shares) | 3,157 | |||
Target performance shares earned (in shares) | ||||
Target performance shares forfeited (in shares) | (13) | |||
Balance at end of period (in shares) | 3,144 | |||
Balance at beginning of period (in dollars per shares) | ||||
Target performance shares awarded, net (in dollars per shares) | 25.62 | |||
Target performance shares earned (in dollars per shares) | ||||
Target performance shares forfeited (in dollars per shares) | 25.61 | |||
Balance at end of period (in dollars per shares) | $ 25.62 | |||
Balance at beginning of period | ||||
Target performance shares awarded, net | 92 | |||
Target performance shares earned | ||||
Balance at end of period | $ 92 | |||
Predecessor [Member] | LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Balance at beginning of period (in shares) | 96 | 497 | ||
Target performance shares awarded, net (in shares) | ||||
Target performance shares earned (in shares) | (381) | |||
Target performance shares forfeited (in shares) | (96) | (20) | ||
Balance at end of period (in shares) | 96 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||||
Expected income refunds | $ 13 | $ 13 | |||
Gross tax liability for tax positions that may not be sustained under a more likely than not threshold | 1 | 1 | |||
Effect of expiration of statute of limitations during next twelve months | 0 | $ 0 | |||
Deferred income tax payment period | 2 years | ||||
Percentage of limitation on use | 80.00% | ||||
Research Tax Credit Carryforward [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax credit expiration year | 2041 | ||||
Research and development credits | $ 1 | ||||
Internal Revenue Service (IRS) [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward | 312 | 312 | |||
Internal Revenue Service (IRS) [Member] | Indefinite Tax Period [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward | 18 | $ 18 | |||
State and Local Jurisdiction [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax credit expiration year | 2026 | ||||
Various tax credits | 3 | $ 3 | |||
State and Local Jurisdiction [Member] | State Net Operating Loss Carryforward [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforward | $ 1,800 | $ 1,800 | |||
Tax credit expiration year | 2041 | ||||
Minimum [Member] | Internal Revenue Service (IRS) [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax credit expiration year | 2036 | ||||
Maximum [Member] | Internal Revenue Service (IRS) [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax credit expiration year | 2038 | ||||
Successor [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Federal rate | 21.00% | ||||
Income taxes paid | $ 28 | ||||
Valuation allowance | 92 | $ 92 | |||
Deferred income tax payment | 30 | 30 | |||
Deferred payments related to social security taxes | $ 30 | $ 30 | |||
Predecessor [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Federal rate | 21.00% | 21.00% | 21.00% | ||
Income taxes paid | $ 9 | $ 8 | $ 4 | ||
Valuation allowance | $ 783 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Provision For Income Taxes) (Details) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Consolidated tax provision at federal statutory rate | 21.00% | |||
State income tax provisions, net of federal income tax benefit | 3.10% | |||
Tax reserve adjustment | 0.10% | |||
Changes in certain deferred tax balances | (8.20%) | |||
Federal research and development tax credit | (0.40%) | |||
All other, net | 1.60% | |||
Effective tax rate | 17.20% | |||
Predecessor [Member] | ||||
Consolidated tax provision at federal statutory rate | 21.00% | 21.00% | 21.00% | |
State income tax provisions, net of federal income tax benefit | 0.50% | 21.70% | 2.60% | |
Tax reserve adjustment | (0.70%) | |||
Fresh start and reorganization adjustments | (24.90%) | |||
Changes in certain deferred tax balances | (35.80%) | (2.30%) | ||
Interest expense deduction | 30.70% | |||
Restructuring cost | 0.30% | (10.00%) | ||
Goodwill impairment | (11.80%) | |||
Loss on disposal of Northwest Operations | (9.10%) | |||
Shared-based payments | (0.20%) | (0.10%) | ||
Federal research and development tax credit | (0.50%) | |||
All other, net | 0.10% | |||
Effective tax rate | (3.10%) | 17.20% | 9.40% |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Income Tax Liability (Asset) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Successor [Member] | ||
Deferred income tax liabilities: | ||
Property, plant and equipment basis differences | $ 859 | |
Intangibles | 140 | |
Deferred revenue/expense | (3) | |
Other, net | 46 | |
Gross deferred income tax liability | 1,042 | |
Deferred income tax assets: | ||
Pension liability | 212 | |
Tax operating loss carryforward | 185 | |
Employee benefits | 151 | |
Accrued expenses | 76 | |
Lease obligations | 75 | |
Tax credit | 4 | |
Allowance for doubtful accounts | 14 | |
Other, net | 30 | |
Gross deferred income tax asset | 747 | |
Less: Valuation allowance | (92) | |
Net deferred income tax asset | 655 | |
Net deferred income tax liability | $ 387 | |
Predecessor [Member] | ||
Deferred income tax liabilities: | ||
Property, plant and equipment basis differences | $ 1,873 | |
Deferred revenue/expense | 44 | |
Other, net | 56 | |
Gross deferred income tax liability | 1,973 | |
Deferred income tax assets: | ||
Pension liability | 308 | |
Intangibles | 681 | |
Tax operating loss carryforward | 923 | |
Employee benefits | 207 | |
Interest expense deduction limitation carryforward | 44 | |
Accrued expenses | 75 | |
Lease obligations | 83 | |
Tax credit | 40 | |
Allowance for doubtful accounts | 35 | |
Other, net | 17 | |
Gross deferred income tax asset | 2,413 | |
Less: Valuation allowance | (783) | |
Net deferred income tax asset | 1,630 | |
Net deferred income tax liability | $ 343 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Current [Abstract] | ||||
State | $ 8 | |||
Total Current | 8 | |||
Deferred [Abstract] | ||||
Federal | (84) | |||
State | 162 | |||
Total Deferred | 78 | |||
Total income tax benefit | 86 | |||
Income taxes charged (credited) to equity of Frontier [Abstract] | ||||
Deferred income taxes (benefits) arising from the recognition of additional pension/OPEB liability | 19 | |||
Total income tax benefit | $ 105 | |||
Predecessor [Member] | ||||
Current [Abstract] | ||||
Federal | $ (12) | $ 1 | ||
State | $ 12 | 19 | 7 | |
Total Current | 12 | 7 | 8 | |
Deferred [Abstract] | ||||
Federal | (116) | (84) | (606) | |
State | (32) | (7) | (13) | |
Total Deferred | (148) | (91) | (619) | |
Total income tax benefit | (136) | (84) | (611) | |
Income taxes charged (credited) to equity of Frontier [Abstract] | ||||
Deferred income taxes (benefits) arising from the recognition of additional pension/OPEB liability | 35 | 32 | ||
Total income taxes charged (credited) to equity of Frontier | 35 | 32 | ||
Total income tax benefit | $ (136) | $ (49) | $ (579) |
Income Taxes (Changes In The Ba
Income Taxes (Changes In The Balance Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Successor [Member] | |||
Unrecognized tax benefits - beginning of period | $ 1 | ||
Gross increases - prior period tax positions | |||
Gross increases - current period tax positions | |||
Gross decreases - expired statute of limitations | |||
Unrecognized tax benefits - end of period | $ 1 | 1 | |
Predecessor [Member] | |||
Unrecognized tax benefits - beginning of period | 16 | $ 1 | $ 12 |
Gross increases - prior period tax positions | 4 | ||
Gross increases - current period tax positions | (15) | ||
Gross decreases - expired statute of limitations | |||
Unrecognized tax benefits - end of period | $ 1 | $ 16 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share (Narrative) (Details) - Stock Units [Member] - shares | 4 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Dec. 31, 2021 | |
Successor [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares included in the computation of diluted earnings per share (in shares) | 0 | |
Predecessor [Member] | Old Frontier Director And Employee Compensation Plans [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares included in the computation of diluted earnings per share (in shares) | 339,544 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share (Reconciliation Of Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | ||||
Total basic net income (loss) attributable to Frontier common shareholders | $ 414 | |||
Total diluted net income (loss) attributable to Frontier common shareholders | $ 414 | |||
Total weighted average shares and unvested restricted stock awards outstanding - basic (in shares) | 244,405 | |||
Total weighted average shares outstanding - basic | 244,405 | |||
Basic net income (loss) per share attributable to Frontier common shareholders | $ 1.69 | |||
Total weighted average shares outstanding - basic | 244,405 | |||
Effect of dilutive stock units (in shares) | 1,480 | |||
Total weighted average shares outstanding - diluted | 245,885 | |||
Diluted net income (loss) per share attributable to Frontier common shareholders | $ 1.68 | |||
Predecessor [Member] | ||||
Total basic net income (loss) attributable to Frontier common shareholders | $ 4,541 | $ (402) | $ (5,911) | |
Total diluted net income (loss) attributable to Frontier common shareholders | $ 4,541 | $ (402) | $ (5,911) | |
Total weighted average shares and unvested restricted stock awards outstanding - basic (in shares) | 104,799 | 104,944 | 105,356 | |
Less: Weighted average unvested restricted stock awards | (215) | (477) | (1,291) | |
Total weighted average shares outstanding - basic | 104,584 | 104,467 | 104,065 | |
Basic net income (loss) per share attributable to Frontier common shareholders | $ 43.42 | $ (3.85) | $ (56.80) | |
Total weighted average shares outstanding - basic | 104,584 | 104,467 | 104,065 | |
Effect of dilutive stock units (in shares) | 340 | |||
Total weighted average shares outstanding - diluted | 104,924 | 104,467 | 104,065 | |
Diluted net income (loss) per share attributable to Frontier common shareholders | $ 43.28 | $ (3.85) | $ (56.80) |
Comprehensive Income (Loss) (Ac
Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss), Net Of Tax) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Successor [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net current-period other comprehensive income (loss) | $ 60 | ||||
Balance at ending | 4,600 | ||||
Successor [Member] | Pension And OPEB [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Deferred tax items | 15 | ||||
Successor [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income (loss) before reclassifications | 64 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) to net loss | (4) | ||||
Net current-period other comprehensive income (loss) | 60 | ||||
Balance at ending | 60 | ||||
Successor [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | OPEB [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income (loss) before reclassifications | 64 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) to net loss | (4) | ||||
Net current-period other comprehensive income (loss) | 60 | ||||
Balance at ending | 60 | ||||
Predecessor [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning | $ (4,900) | $ 4,108 | $ (4,394) | $ 1,600 | |
Net current-period other comprehensive income (loss) | 359 | (105) | (108) | ||
Balance at ending | 4,108 | (4,900) | (4,394) | ||
Predecessor [Member] | Pension And OPEB [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Deferred tax items | 234 | 204 | $ 250 | ||
Predecessor [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning | (755) | (650) | (463) | ||
Other comprehensive income (loss) before reclassifications | 344 | (396) | (184) | ||
Amounts reclassified from accumulated other comprehensive income (loss) to net loss | 15 | 291 | 76 | ||
Net current-period other comprehensive income (loss) | 359 | (105) | (108) | ||
Cancellation of Predecessor equity | 396 | ||||
Balance at ending | (755) | (650) | |||
Predecessor [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accounting Standards Update 2018-02 [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning | (79) | ||||
Balance at ending | (79) | ||||
Predecessor [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Pension [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning | (699) | (684) | (489) | ||
Other comprehensive income (loss) before reclassifications | 270 | (320) | (201) | ||
Amounts reclassified from accumulated other comprehensive income (loss) to net loss | 19 | 305 | 89 | ||
Net current-period other comprehensive income (loss) | 289 | 15 | (112) | ||
Cancellation of Predecessor equity | 410 | ||||
Balance at ending | (699) | (684) | |||
Predecessor [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Pension [Member] | Accounting Standards Update 2018-02 [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning | (83) | ||||
Balance at ending | (83) | ||||
Predecessor [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | OPEB [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning | (56) | 34 | 26 | ||
Other comprehensive income (loss) before reclassifications | 74 | (76) | 17 | ||
Amounts reclassified from accumulated other comprehensive income (loss) to net loss | (4) | (14) | (13) | ||
Net current-period other comprehensive income (loss) | 70 | (90) | 4 | ||
Cancellation of Predecessor equity | $ (14) | ||||
Balance at ending | (56) | 34 | |||
Predecessor [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | OPEB [Member] | Accounting Standards Update 2018-02 [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning | $ 4 | ||||
Balance at ending | $ 4 |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification Out Of AOCI) (Details) - Reclassification Out Of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | OPEB [Member] | Amortization Of Defined Benefit Cost Items [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, pretax | $ 5 | |||
Tax impact | (1) | |||
Reclassifications, net of tax | 4 | |||
Successor [Member] | OPEB [Member] | Prior-Service Credits (Costs) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, pretax | $ 5 | |||
Predecessor [Member] | Pension [Member] | Amortization Of Defined Benefit Cost Items [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, pretax | $ (24) | $ (339) | $ (115) | |
Tax impact | 5 | 34 | 26 | |
Reclassifications, net of tax | (19) | (305) | (89) | |
Predecessor [Member] | Pension [Member] | Actuarial Gains (Losses) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, pretax | (24) | (99) | (58) | |
Predecessor [Member] | Pension [Member] | Loss On Disposal [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, pretax | (81) | |||
Predecessor [Member] | Pension [Member] | Pension Settlement Cost [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, pretax | (159) | (57) | ||
Reclassifications, net of tax | 122 | 43 | ||
Predecessor [Member] | OPEB [Member] | Amortization Of Defined Benefit Cost Items [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, pretax | 5 | 19 | 15 | |
Tax impact | (1) | (5) | (2) | |
Reclassifications, net of tax | 4 | 14 | 13 | |
Predecessor [Member] | OPEB [Member] | Prior-Service Credits (Costs) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, pretax | 10 | 32 | 11 | |
Predecessor [Member] | OPEB [Member] | Actuarial Gains (Losses) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, pretax | $ (5) | (6) | $ 4 | |
Predecessor [Member] | OPEB [Member] | Loss On Disposal [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, pretax | $ (7) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Segment Information [Abstract] | |
Number of operating regions | 1 |
Number of reportable segments | 1 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Successor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate (in hundredths) | 2.90% | 2.90% | |||||
Rate of return on plan assets (in hundredths) | 7.50% | ||||||
Capitalization of pension and OPEB expense | $ 15 | ||||||
Special termination benefits enhancements | |||||||
Predecessor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Capitalization of pension and OPEB expense | $ 7 | $ 25 | $ 24 | ||||
Financing obligation for contributions of real property to pension plan | 37 | $ 37 | |||||
Contributions to plans | 18 | ||||||
Actuarial gains (loss) | 99 | ||||||
Benefit payments | 22 | ||||||
Special termination benefits enhancements | $ 44 | ||||||
Pension [Member] | Successor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate (in hundredths) | 2.90% | 2.90% | |||||
Rate of return on plan assets (in hundredths) | 7.50% | 7.50% | |||||
Pension settlement costs | $ 159 | ||||||
Remeasurement charges of other comprehensive income (loss) | |||||||
Contributions to plans | 10 | 42 | |||||
Actuarial gains (loss) | (30) | ||||||
Plan assets | $ 2,586 | 2,655 | $ 2,655 | ||||
Benefit payments | 93 | ||||||
Investment returns | $ (152) | ||||||
Pension [Member] | Predecessor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate (in hundredths) | 3.10% | 2.60% | 3.40% | ||||
Rate of return on plan assets (in hundredths) | 7.50% | 7.50% | 7.50% | ||||
Benefit obligation | $ 465 | ||||||
Settlement threshold | 211 | ||||||
Pension settlement costs | 159 | $ 57 | |||||
Remeasurement charges of other comprehensive income (loss) | $ (915) | 16 | |||||
Contributions to plans | 32 | 64 | |||||
Funding waiver amount and will amortized over next five years | 127 | ||||||
Actuarial gains (loss) | 328 | (506) | |||||
Plan assets | 2,586 | 2,507 | 2,730 | ||||
Benefit payments | 25 | 73 | |||||
Investment returns | $ (72) | (321) | |||||
Special termination benefits enhancements | 38 | ||||||
Pension [Member] | Scenario, Forecast [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Rate of return on plan assets (in hundredths) | 7.50% | ||||||
Pension [Member] | Minimum [Member] | Successor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Amortization period | 7 years | ||||||
Pension [Member] | Maximum [Member] | Successor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Amortization period | 15 years | ||||||
OPEB [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Annual rate of increase in the per-capita cost of covered medical benefits (in hundredths) | 6.75% | 6.75% | |||||
Annual rate of increase in the per-capita cost of covered medical benefits in 2029 (in hundredths) | 5.00% | 5.00% | |||||
OPEB [Member] | Successor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate (in hundredths) | 3.00% | 3.00% | |||||
Remeasurement charges of other comprehensive income (loss) | $ (75) | ||||||
Contributions to plans | 31 | ||||||
Prior service credit | (5) | ||||||
Accumulated benefit obligation | 79 | $ 79 | |||||
Actuarial gains (loss) | (37) | ||||||
Benefit payments | 37 | ||||||
OPEB [Member] | Predecessor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate (in hundredths) | 3.30% | ||||||
Remeasurement charges of other comprehensive income (loss) | $ (74) | 119 | |||||
Contributions to plans | 52 | ||||||
Prior service credit | (10) | (32) | (11) | ||||
Actuarial gains (loss) | 99 | (100) | |||||
Benefit payments | $ 61 | ||||||
Special termination benefits enhancements | $ 6 | ||||||
OPEB [Member] | Minimum [Member] | Predecessor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate (in hundredths) | 2.60% | 3.40% | |||||
OPEB [Member] | Maximum [Member] | Predecessor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate (in hundredths) | 2.80% | 3.50% | |||||
401(K) Plan [Member] | Successor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
401(k) savings plan employer contributions | $ 25 | ||||||
401(K) Plan [Member] | Predecessor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
401(k) savings plan employer contributions | $ 14 | $ 39 | $ 44 | ||||
Fixed Income Securities [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Target asset allocation | 40.00% | 40.00% | |||||
Equity Securities [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Target asset allocation | 60.00% | 60.00% | |||||
Northwest Operations [Member] | Predecessor [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Remeasurement charges of other comprehensive income (loss) | $ 506 |
Retirement Plans (Projected Ben
Retirement Plans (Projected Benefit Obligation, Fair Values Of Plan Assets And Amounts Recognized In The Balance Sheet) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | |||||
Amounts recognized in the consolidated balance sheet | |||||
Pension and other postretirement benefits - current | $ (46) | $ (46) | |||
Pension and other postretirement benefits - noncurrent | (1,672) | (1,672) | |||
Successor [Member] | Pension [Member] | |||||
Change in projected benefit obligation (PBO) | |||||
PBO at beginning of year | 3,418 | ||||
Service cost | 53 | ||||
Interest cost | 69 | ||||
Actuarial (gain) loss | 30 | ||||
Benefits paid | (93) | ||||
PBO at end of year | $ 3,418 | 3,477 | 3,477 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of year | 2,586 | ||||
Actual return on plan assets | 152 | ||||
Employer contribution | 10 | 42 | |||
Benefits paid | (93) | ||||
Fair value of plan assets at end of year | 2,586 | 2,655 | 2,655 | ||
Funded status | (822) | (822) | |||
Amounts recognized in the consolidated balance sheet | |||||
Pension and other postretirement benefits - noncurrent | (822) | (822) | |||
Accumulated other comprehensive (gain) loss | |||||
Successor [Member] | OPEB [Member] | |||||
Change in projected benefit obligation (PBO) | |||||
PBO at beginning of year | 941 | ||||
Service cost | 11 | ||||
Interest cost | 18 | ||||
Plan amendments | (79) | ||||
Plan participants' contributions | 6 | ||||
Actuarial (gain) loss | 37 | ||||
Benefits paid | (37) | ||||
PBO at end of year | 941 | 897 | 897 | ||
Change in plan assets | |||||
Plan participants' contributions | 6 | ||||
Employer contribution | 31 | ||||
Benefits paid | (37) | ||||
Funded status | (897) | (897) | |||
Amounts recognized in the consolidated balance sheet | |||||
Pension and other postretirement benefits - current | (46) | (46) | |||
Pension and other postretirement benefits - noncurrent | (851) | (851) | |||
Accumulated other comprehensive (gain) loss | (75) | (75) | |||
Predecessor [Member] | |||||
Change in projected benefit obligation (PBO) | |||||
PBO at beginning of year | 1,042 | 941 | 1,042 | ||
Service cost | 7 | ||||
Interest cost | 9 | ||||
Plan participants' contributions | 4 | ||||
Actuarial (gain) loss | (99) | ||||
Benefits paid | (22) | ||||
PBO at end of year | 941 | $ 1,042 | |||
Change in plan assets | |||||
Plan participants' contributions | 4 | ||||
Employer contribution | 18 | ||||
Benefits paid | (22) | ||||
Funded status | (941) | ||||
Amounts recognized in the consolidated balance sheet | |||||
Pension and other postretirement benefits - current | (48) | (48) | |||
Pension and other postretirement benefits - noncurrent | (893) | (2,195) | |||
Predecessor [Member] | Pension [Member] | |||||
Change in projected benefit obligation (PBO) | |||||
PBO at beginning of year | 3,708 | 3,418 | 3,708 | 3,726 | |
Impact of Divestiture of Northwest Operations | (189) | ||||
Service cost | 32 | 95 | $ 82 | ||
Interest cost | 31 | 108 | 130 | ||
Actuarial (gain) loss | (328) | 506 | |||
Benefits paid | (25) | (73) | |||
Settlements | (465) | ||||
PBO at end of year | 3,418 | 3,708 | 3,726 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of year | 2,507 | $ 2,586 | 2,507 | 2,730 | |
Fair value of plan assets for the Northwest Operations | (70) | ||||
Actual return on plan assets | 72 | 321 | |||
Employer contribution | 32 | 64 | |||
Settlements | (465) | ||||
Benefits paid | (25) | (73) | |||
Fair value of plan assets at end of year | 2,586 | 2,507 | 2,730 | ||
Funded status | (832) | (1,201) | |||
Amounts recognized in the consolidated balance sheet | |||||
Pension and other postretirement benefits - noncurrent | (832) | (1,201) | |||
Accumulated other comprehensive (gain) loss | 915 | 899 | |||
Elimination of future compensation increases | 20 | ||||
Predecessor [Member] | OPEB [Member] | |||||
Change in projected benefit obligation (PBO) | |||||
PBO at beginning of year | 1,042 | $ 1,042 | 972 | ||
Impact of Divestiture of Northwest Operations | (31) | ||||
Service cost | 7 | 20 | 20 | ||
Interest cost | 9 | 33 | 41 | ||
Plan participants' contributions | 9 | ||||
Actuarial (gain) loss | (99) | 100 | |||
Benefits paid | (61) | ||||
PBO at end of year | 1,042 | 972 | |||
Change in plan assets | |||||
Plan participants' contributions | 9 | ||||
Employer contribution | 52 | ||||
Benefits paid | (61) | ||||
Funded status | (1,042) | ||||
Amounts recognized in the consolidated balance sheet | |||||
Pension and other postretirement benefits - current | (48) | ||||
Pension and other postretirement benefits - noncurrent | (994) | ||||
Accumulated other comprehensive (gain) loss | $ 74 | $ (45) |
Retirement Plans (Net Periodic
Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Special termination benefits enhancements | |||||
Successor [Member] | Pension [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 53 | ||||
Interest cost on projected benefit obligation | 69 | ||||
Expected return on plan assets | (127) | ||||
(Gain) loss recognized | 6 | ||||
Net periodic benefit cost | 1 | ||||
Pension settlement costs | $ 159 | ||||
Total benefit cost | 1 | ||||
Successor [Member] | OPEB [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 11 | ||||
Interest cost on projected benefit obligation | 18 | ||||
(Gain) loss recognized | 37 | ||||
Amortization of prior service credit | (5) | ||||
Net periodic benefit cost | 61 | ||||
Total benefit cost | $ 61 | ||||
Predecessor [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 7 | ||||
Interest cost on projected benefit obligation | 9 | ||||
Special termination benefits enhancements | $ 44 | ||||
Predecessor [Member] | Pension [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 32 | 95 | 82 | ||
Interest cost on projected benefit obligation | 31 | 108 | 130 | ||
Expected return on plan assets | (61) | (171) | (172) | ||
Amortization of unrecognized (gain) loss | 24 | 99 | 58 | ||
Net periodic benefit cost | 26 | 131 | 98 | ||
Pension settlement costs | 159 | 57 | |||
Special termination benefits enhancements | 38 | ||||
Gain on disposal, net | (38) | ||||
Total benefit cost | 26 | 252 | 193 | ||
Predecessor [Member] | OPEB [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 7 | 20 | 20 | ||
Interest cost on projected benefit obligation | 9 | 33 | 41 | ||
Amortization of prior service credit | (10) | (32) | (11) | ||
Amortization of unrecognized (gain) loss | 5 | 6 | (4) | ||
Net periodic benefit cost | 11 | 27 | 46 | ||
Special termination benefits enhancements | 6 | ||||
Gain on disposal, net | (24) | ||||
Total benefit cost | $ 11 | $ 3 | $ 52 |
Retirement Plans (Weighted Aver
Retirement Plans (Weighted Average Asset Allocations, By Asset Category) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocation (in hundredths) | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocation (in hundredths) | 49.00% | 49.00% |
Debt Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocation (in hundredths) | 44.00% | 37.00% |
Alternative And Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted average asset allocation (in hundredths) | 7.00% | 14.00% |
Retirement Plans (Expected Bene
Retirement Plans (Expected Benefit Payments Over The Next Ten Years) (Details) - Pension [Member] $ in Millions | Dec. 31, 2021USD ($) |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2022 | $ 257 |
2023 | 254 |
2024 | 252 |
2025 | 252 |
2026 | 250 |
2027 - 2031 | 1,181 |
Total | $ 2,446 |
Retirement Plans (Schedule Of A
Retirement Plans (Schedule Of Assumptions Used) (Details) | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Successor [Member] | |||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||||
Discount rate - used at period end to value obligation (in hundredths) | 2.90% | 2.90% | |||
Discount rate - used at beginning of period to compute (in hundredths) | 3.10% | ||||
Expected long-term rate of return on plan assets (in hundredths) | 7.50% | ||||
Rate of increase in compensation levels (in hundredths) | 2.00% | ||||
Successor [Member] | Pension [Member] | |||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||||
Discount rate - used at period end to value obligation (in hundredths) | 2.90% | 2.90% | |||
Expected long-term rate of return on plan assets (in hundredths) | 7.50% | 7.50% | |||
Successor [Member] | OPEB [Member] | |||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||||
Discount rate - used at period end to value obligation (in hundredths) | 3.00% | 3.00% | |||
Successor [Member] | OPEB [Member] | Minimum [Member] | |||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||||
Discount rate - used at beginning of period to compute (in hundredths) | 2.80% | ||||
Successor [Member] | OPEB [Member] | Maximum [Member] | |||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||||
Discount rate - used at beginning of period to compute (in hundredths) | 3.30% | ||||
Predecessor [Member] | Pension [Member] | |||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||||
Discount rate - used at period end to value obligation (in hundredths) | 3.10% | 2.60% | 3.40% | ||
Discount rate - used at beginning of period to compute (in hundredths) | 2.60% | 3.40% | 4.30% | ||
Expected long-term rate of return on plan assets (in hundredths) | 7.50% | 7.50% | 7.50% | ||
Rate of increase in compensation levels (in hundredths) | 2.00% | 2.00% | 2.00% | ||
Predecessor [Member] | OPEB [Member] | |||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||||
Discount rate - used at period end to value obligation (in hundredths) | 3.30% | ||||
Predecessor [Member] | OPEB [Member] | Minimum [Member] | |||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||||
Discount rate - used at period end to value obligation (in hundredths) | 2.60% | 3.40% | |||
Discount rate - used at beginning of period to compute (in hundredths) | 2.60% | 3.40% | 4.30% | ||
Predecessor [Member] | OPEB [Member] | Maximum [Member] | |||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||||
Discount rate - used at period end to value obligation (in hundredths) | 2.80% | 3.50% | |||
Discount rate - used at beginning of period to compute (in hundredths) | 2.80% | 3.50% | 4.40% |
Retirement Plans (Schedule Of E
Retirement Plans (Schedule Of Expected Benefit Payments For OPEB) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Gross Benefits [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2022 | $ 47 |
2023 | 44 |
2024 | 46 |
2025 | 45 |
2026 | 48 |
2027 - 2031 | 254 |
Total | 484 |
Medicare Part D Subsidy [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2027 - 2031 | 2 |
Total | 2 |
OPEB [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2022 | 47 |
2023 | 44 |
2024 | 46 |
2025 | 45 |
2026 | 48 |
2027 - 2031 | 256 |
Total | $ 486 |
Retirement Plans (Net Periodi_2
Retirement Plans (Net Periodic Benefit Cost Not Yet Recognized) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Successor [Member] | Pension [Member] | ||||
Defined Benefit Plan [Abstract] | ||||
Total | ||||
Successor [Member] | OPEB [Member] | ||||
Defined Benefit Plan [Abstract] | ||||
Prior service credit | (75) | |||
Total | $ (75) | |||
Predecessor [Member] | Pension [Member] | ||||
Defined Benefit Plan [Abstract] | ||||
Net actuarial loss | $ 915 | |||
Total | 915 | $ 899 | ||
Predecessor [Member] | OPEB [Member] | ||||
Defined Benefit Plan [Abstract] | ||||
Net actuarial loss | 192 | |||
Prior service credit | (118) | |||
Total | $ 74 | $ (45) |
Retirement Plans (Amounts Recog
Retirement Plans (Amounts Recognized As A Component Of AOCI) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Successor [Member] | Pension [Member] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Accumulated other comprehensive (gain) loss at beginning of the period | ||||
Net actuarial (gain) loss amortized during the period | ||||
Net loss on disposal recognized during the period | ||||
Prior service credit amortized during the period | ||||
Prior service credit occurring during the period | ||||
Net actuarial loss occurring during the period | ||||
Impact of fresh start accounting | ||||
Settlement loss recognized | ||||
Net amount recognized in comprehensive (loss) for the period | ||||
Accumulated other comprehensive (gain) loss at end of the period | ||||
Successor [Member] | OPEB [Member] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Accumulated other comprehensive (gain) loss at beginning of the period | ||||
Net actuarial (gain) loss amortized during the period | ||||
Net loss on disposal recognized during the period | ||||
Prior service credit amortized during the period | 5 | |||
Prior service credit occurring during the period | (80) | |||
Net actuarial loss occurring during the period | ||||
Impact of fresh start accounting | ||||
Settlement loss recognized | ||||
Net amount recognized in comprehensive (loss) for the period | (75) | |||
Accumulated other comprehensive (gain) loss at end of the period | (75) | (75) | ||
Predecessor [Member] | Pension [Member] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Accumulated other comprehensive (gain) loss at beginning of the period | 915 | 915 | $ 899 | |
Net actuarial (gain) loss amortized during the period | (24) | (99) | ||
Net loss on disposal recognized during the period | (81) | |||
Prior service credit amortized during the period | ||||
Prior service credit occurring during the period | ||||
Net actuarial loss occurring during the period | (338) | 355 | ||
Impact of fresh start accounting | (553) | |||
Settlement loss recognized | (159) | |||
Net amount recognized in comprehensive (loss) for the period | (915) | 16 | ||
Accumulated other comprehensive (gain) loss at end of the period | 915 | |||
Predecessor [Member] | OPEB [Member] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Accumulated other comprehensive (gain) loss at beginning of the period | 74 | $ 74 | (45) | |
Net actuarial (gain) loss amortized during the period | (5) | (6) | ||
Net loss on disposal recognized during the period | (7) | |||
Prior service credit amortized during the period | 10 | 32 | ||
Prior service credit occurring during the period | ||||
Net actuarial loss occurring during the period | (99) | 100 | ||
Impact of fresh start accounting | 20 | |||
Settlement loss recognized | ||||
Net amount recognized in comprehensive (loss) for the period | (74) | 119 | ||
Accumulated other comprehensive (gain) loss at end of the period | $ 74 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reclassifications of investments between Level 1, 2, or 3 | $ 0 | $ 0 |
Predecessor [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities Subject To Compromise Debt | $ 10,949,000,000 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Pension Plan Assets Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Plan Assets, at Fair Value | $ 32 | ||
Successor [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | $ 2,174 | ||
Common/Collective Trusts | 510 | ||
Interest and Dividend Receivable | 5 | ||
Due from Broker for Securities Sold | 28 | ||
Receivable Associated with Insurance Contract | 6 | ||
Due to Broker for Securities Purchased | (68) | ||
Total Plan Assets, at Fair Value | 2,655 | ||
Successor [Member] | Cash and Cash Equivalents [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 39 | ||
Successor [Member] | U.S. Government Obligations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 62 | ||
Successor [Member] | Corporate and Other Obligations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 525 | ||
Successor [Member] | Common Stock [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 496 | ||
Successor [Member] | Interest in Registered Investment Companies [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 887 | ||
Successor [Member] | Interest in Limited Partnerships and Limited Liability Corporations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 165 | ||
Successor [Member] | Fair Value, Inputs, Level 1 [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 1,422 | ||
Successor [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 39 | ||
Successor [Member] | Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 496 | ||
Successor [Member] | Fair Value, Inputs, Level 1 [Member] | Interest in Registered Investment Companies [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 887 | ||
Successor [Member] | Fair Value, Inputs, Level 2 [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 587 | ||
Successor [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government Obligations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 62 | ||
Successor [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate and Other Obligations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 525 | ||
Successor [Member] | Fair Value, Inputs, Level 3 [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 165 | ||
Successor [Member] | Fair Value, Inputs, Level 3 [Member] | Interest in Limited Partnerships and Limited Liability Corporations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | $ 165 | ||
Predecessor [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | $ 1,428 | ||
Common/Collective Trusts | 1,073 | ||
Interest in Registered Investment Companies | 32 | ||
Interest and Dividend Receivable | 5 | ||
Due from Broker for Securities Sold | 22 | ||
Receivable Associated with Insurance Contract | 7 | ||
Due to Broker for Securities Purchased | (60) | ||
Total Plan Assets, at Fair Value | 2,507 | ||
Predecessor [Member] | Cash and Cash Equivalents [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 55 | ||
Predecessor [Member] | U.S. Government Obligations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 48 | ||
Predecessor [Member] | Corporate and Other Obligations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 506 | ||
Predecessor [Member] | Common Stock [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 510 | ||
Predecessor [Member] | Preferred Stock [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 3 | ||
Predecessor [Member] | Interest in Registered Investment Companies [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 140 | ||
Predecessor [Member] | Interest in Limited Partnerships and Limited Liability Corporations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 166 | ||
Predecessor [Member] | Fair Value, Inputs, Level 1 [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 708 | ||
Predecessor [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 55 | ||
Predecessor [Member] | Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 510 | ||
Predecessor [Member] | Fair Value, Inputs, Level 1 [Member] | Preferred Stock [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 3 | ||
Predecessor [Member] | Fair Value, Inputs, Level 1 [Member] | Interest in Registered Investment Companies [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 140 | ||
Predecessor [Member] | Fair Value, Inputs, Level 2 [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 554 | ||
Predecessor [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government Obligations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 48 | ||
Predecessor [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate and Other Obligations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 506 | ||
Predecessor [Member] | Fair Value, Inputs, Level 3 [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | 166 | ||
Predecessor [Member] | Fair Value, Inputs, Level 3 [Member] | Interest in Limited Partnerships and Limited Liability Corporations [Member] | Pension [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investments at fair value | $ 166 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Changes In Fair Value Of Plan's Level 3 Assets) (Details) - Interest in Limited Partnerships and Limited Liability Corporations [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Successor [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance, beginning of year | $ 166 | |
Realized gains | 22 | |
Unrealized gains | (1) | |
Purchases | 1 | |
Sales and distributions | (23) | |
Balance, end of year | 165 | $ 166 |
Predecessor [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance, beginning of year | $ 166 | 163 |
Realized gains | 14 | |
Unrealized gains | 3 | |
Purchases | ||
Sales and distributions | (14) | |
Balance, end of year | $ 166 |
Fair Value Of Financial Instr_6
Fair Value Of Financial Instruments (Redemption Of The Plan's Level 3 Investments) (Details) - Interest in Limited Partnerships and Limited Liability Corporations [Member] $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
MS IFHF SVP LP Cayman [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liquidation Period (in years) | 3 years | ||
E. Casino Road, LLC (Member) | Measurement Input, Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capitalization Rate | 7 | ||
Comm Drive, LLC [Member] | Measurement Input, Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capitalization Rate | 7.75 | ||
CTE Drive, LLC [Member] | Measurement Input, Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capitalization Rate | 9.50 | ||
Oakbrook Parkway LLC [Member] | Measurement Input, Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capitalization Rate | 7.75 | ||
West Jefferson, LLC [Member] | Measurement Input, Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capitalization Rate | 8.75 | ||
MacCorkle Ave SE, LLC [Member] | Measurement Input, Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capitalization Rate | 8.75 | ||
S. Pike Road West, LLC [Member] | Measurement Input, Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capitalization Rate | 8.50 | ||
N. US 131, LLC [Member] | Measurement Input, Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capitalization Rate | 9.50 | ||
E. Stockton Blvd, LLC [Member] | Measurement Input, Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capitalization Rate | 7.25 | ||
E. Lime Street, LLC [Member] | Measurement Input, Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capitalization Rate | 9 | ||
N. Morgan Street, LLC [Member] | Measurement Input, Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capitalization Rate | 8.50 | ||
Successor [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 165 | $ 166 | |
Successor [Member] | MS IFHF SVP LP Cayman [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 1 | ||
Liquidation Period (in years) | 3 years | ||
Successor [Member] | E. Casino Road, LLC (Member) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 17 | ||
Successor [Member] | Comm Drive, LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 10 | ||
Successor [Member] | CTE Drive, LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 12 | ||
Successor [Member] | Oakbrook Parkway LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 27 | ||
Successor [Member] | West Jefferson, LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 30 | ||
Successor [Member] | MacCorkle Ave SE, LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 16 | ||
Successor [Member] | S. Pike Road West, LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 1 | ||
Successor [Member] | N. US 131, LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 1 | ||
Successor [Member] | E. Stockton Blvd, LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 7 | ||
Successor [Member] | E. Lime Street, LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 9 | ||
Successor [Member] | N. Morgan Street, LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 34 | ||
Predecessor [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 166 | $ 163 |
Fair Value Of Financial Instr_7
Fair Value Of Financial Instruments (Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Successor [Member] | Carrying Amount [Member] | ||
Long-term debt [Abstract] | ||
Total debt | $ 7,777 | |
Successor [Member] | Fair Value [Member] | ||
Long-term debt [Abstract] | ||
Total debt | $ 7,996 | |
Predecessor [Member] | Carrying Amount [Member] | ||
Long-term debt [Abstract] | ||
Total debt | $ 16,769 | |
Predecessor [Member] | Fair Value [Member] | ||
Long-term debt [Abstract] | ||
Total debt | $ 11,635 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) $ in Millions | Dec. 07, 2020USD ($)stateitem | Dec. 31, 2021USD ($)state | Dec. 31, 2015USD ($)state |
Commitments And Contingencies [Line Items] | |||
Number of states of operation | state | 25 | ||
Annual support offered by the Federal Communications Commission | $ | $ 11,200 | ||
CAF Phase II [Member] | |||
Commitments And Contingencies [Line Items] | |||
Number of states of operation | state | 25 | ||
Annual support offered by the Federal Communications Commission | $ | $ 313 | ||
RDOF Program, Phase I [Member] | |||
Commitments And Contingencies [Line Items] | |||
Awarded amount | $ | $ 371 | ||
Period to build gigabit capable broadband | 10 years | ||
Number of location to build gigabit capable broadband | item | 127,000 | ||
Number of states to build gigabit capable broadband | state | 8 | ||
Minimum [Member] | |||
Commitments And Contingencies [Line Items] | |||
Terms of lease arrangements | 1 year | ||
Maximum [Member] | |||
Commitments And Contingencies [Line Items] | |||
Terms of lease arrangements | 99 years |
Commitments and Contingencies_3
Commitments and Contingencies (Future Payments For Obligations Under Noncancelable Long Distance Contracts And Service Agreements) (Details) - Successor [Member] $ in Millions | Dec. 31, 2021USD ($) |
2022 | $ 162 |
2023 | 137 |
2024 | 138 |
2025 | 2 |
2026 | 2 |
Thereafter | 1 |
Total | $ 442 |
Commitments and Contingencies_4
Commitments and Contingencies (Outstanding Performance Letters Of Credit) (Details) - Letter of Credit [Member] $ in Millions | Dec. 31, 2021USD ($) |
Zurich [Member] | |
Line of Credit Facility [Line Items] | |
Cash held in trust | $ 57 |
Successor [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit, amount outstanding | 121 |
Successor [Member] | CNA Financial Corporation (CNA) [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit, amount outstanding | 31 |
Successor [Member] | AIG Insurance [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit, amount outstanding | 28 |
Successor [Member] | Zurich [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit, amount outstanding | $ 62 |