Frontier Communications 2004 Annual Report Download - page 63

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements
F-19
Summarized balance sheet information for the gas and electric operations (assets held for sale) is set forth below:
(9) Investments:
The components of investments at December 31, 2004 and 2003 are as follows:
Marketable Securities
During 2004, we sold our investments in D & E Communications, Inc. (D & E) and Hungarian Telephone and Cable
Corp. (HTCC) for approximately $13,300,000 and $13,200,000 in cash, respectively. Accordingly, we recorded net
realized gains of $12,066,000 in our statement of operations for the sale of these marketable securities.
As of December 31, 2004 and 2003, we owned 3,059,000 shares of Adelphia Communications Corp. (Adelphia)
common stock. As a result of Adelphia’s price declines and filing for bankruptcy, we recognized losses of
$95,300,000 and $79,000,000 on our investment for the years ended December 31, 2002 and 2001, respectively, as
the declines were determined to be other than temporary. As a result of the write downs, our “book cost basis” was
reduced to zero and subsequent increases and decreases, except for those deemed other than temporary, are included
in accumulated other comprehensive income (loss).
The following summarizes the adjusted cost, gross unrealized holding gains and losses and fair market value for
marketable securities:
At December 31, 2004 and 2003, we did not have any investments that have been in a continuous unrealized loss
position deemed to be temporary for more than 12 months. The Company has determined that market fluctuations
during the period are not other than temporary because the severity and duration of the unrealized losses were not
significant.
($ in thousands) 2003
Current assets 4,688$
Net property, plant and equipment 7,225
Other assets 11,217
Total assets held for sale 23,130$
Current liabilities 3,651$
Other liabilities 7,477
Total liabilities related to assets held for sale 11,128$
($ in thousands) 2004 2003
Marketable equity securities 2,336$ 44,314$
Other fixed income securities - 2
Equity method investments 20,726 12,787
23,062$ 57,103$
($ in thousands) Adjusted Aggregate Fair
Investment Classification Cost Gains (Losses) Market Value
As of December 31, 2004
Available-for-Sale 1,138$ 1,198$ -$ 2,336$
As of December 31, 2003
Available-for-Sale 14,452$ 29,864$ -$ 44,316$
Unrealized Holding