Frontier Communications 2004 Annual Report Download - page 49

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F-5
CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2004 AND 2003
($ in thousands)
* Represents securities of a subsidiary trust, the sole assets of which are securities of a subsidiary partnership, substantially all
the assets of which are convertible debentures of the Company. The consolidation of this item changed effective January 1,
2004 as a result of the application of a newly mandated accounting standard “FIN 46R.” See Note 16 for a complete
discussion.
The accompanying Notes are an integral part of these Consolidated Financial Statements.
2004 2003
ASSETS
Current assets:
Cash and cash equivalents 167,463$ 583,671$
Accounts receivable, less allowances of $36,042 and $47,332, respectively 236,306 248,750
Prepaid expenses 30,753 39,434
Other current assets 15,055 11,648
Assets held for sale - 23,130
Total current assets 449,577 906,633
Property, plant and equipment, net 3,338,300 3,530,542
Goodwill, net 1,940,318 1,940,318
Other intangibles, net 685,111 812,407
Investments 23,062 57,103
Other assets 232,051 198,542
Total assets 6,668,419$ 7,445,545$
LIABILITIES AND EQUITY
Current liabilities:
Long-term debt due within one year 6,383$ 88,002$
Accounts payable 169,999 192,607
Advanced billings 29,446 29,473
Income taxes accrued 27,446 77,159
Other taxes accrued 30,203 32,039
Interest accrued 82,534 81,244
Customer deposits 927 2,105
Other current liabilities 70,582 74,997
Liabilities related to assets held for sale - 11,128
Total current liabilities 417,520 588,754
Deferred income taxes 232,766 198,312
Customer advances for construction and contributions in aid of construction 94,601 122,035
Other liabilities 294,294 264,382
Equity units - 460,000
Long-term debt 4,266,998 4,195,629
Company Obligated Mandatorily Redeemable Convertible Preferred Securities* - 201,250
Shareholders' equity:
Common stock, $0.25 par value (600,000,000 authorized shares; 339,633,000 and 284,709,000
outstanding and 339,635,000 and 295,434,000 issued at December 31, 2004 and 2003, respectively) 84,909 73,858
Additional paid-in capital 1,664,627 1,953,317
Accumulated deficit (287,719) (365,181)
Accumulated other comprehensive loss, net of tax (99,569) (71,676)
Treasury stock (8) (175,135)
Total shareholders' equity 1,362,240 1,415,183
Total liabilities and equity 6,668,419$ 7,445,545$