Frontier Communications 2006 Annual Report Download - page 53
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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2006 and 2005
($ in thousands)
2006 2005
ASSETS
Current assets:
Cash and cash equivalents ........................................ $ 1,041,106 $ 263,749
Accounts receivable, less allowances of $108,537 and $31,385,
respectively ................................................. 187,737 203,070
Prepaid expenses ............................................... 30,377 27,753
Other current assets ............................................. 13,773 12,447
Assets of discontinued operations .................................. — 162,716
Total current assets ......................................... 1,272,993 669,735
Property, plant and equipment, net ..................................... 2,983,504 3,058,312
Goodwill, net ...................................................... 1,917,751 1,921,465
Other intangibles, net ............................................... 432,353 558,733
Investments ....................................................... 16,474 15,999
Other assets ....................................................... 168,130 203,323
Total assets ............................................... $ 6,791,205 $ 6,427,567
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Long-term debt due within one year ................................ $ 39,271 $ 227,693
Accounts payable .............................................. 153,890 140,494
Advanced billings .............................................. 39,417 29,245
Income taxes accrued ........................................... 9,897 5,776
Other taxes accrued ............................................. 21,434 20,501
Interest accrued ................................................ 103,342 101,021
Other current liabilities .......................................... 58,392 70,763
Liabilities of discontinued operations ............................... — 46,266
Total current liabilities ...................................... 425,643 641,759
Deferred income taxes ............................................... 514,130 325,084
Other liabilities .................................................... 332,645 423,785
Long-term debt .................................................... 4,460,755 3,995,130
Shareholders’ equity:
Common stock, $0.25 par value (600,000,000 authorized shares;
322,265,000 and 328,168,000 outstanding, respectively, and 343,956,000
issued at December 31, 2006 and 2005) ........................... 85,989 85,989
Additional paid-in capital ........................................ 1,207,399 1,374,610
Retained earnings/(deficit) ....................................... 134,705 (85,344)
Accumulated other comprehensive loss, net of tax ..................... (81,899) (123,242)
Treasury stock ................................................. (288,162) (210,204)
Total shareholders’ equity .................................... 1,058,032 1,041,809
Total liabilities and shareholders’ equity .................... $ 6,791,205 $ 6,427,567
The accompanying Notes are an integral part of these Consolidated Financial Statements.
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