Frontier Communications 2007 Annual Report Download - page 55
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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2007 and 2006
($ in thousands)
2007 2006
ASSETS
Current assets:
Cash and cash equivalents ........................................... $ 226,466 $1,041,106
Accounts receivable, less allowances of $32,748 and $108,537,
respectively .................................................... 234,762 187,737
Prepaid expenses .................................................. 29,437 30,377
Other current assets ................................................ 33,489 13,773
Total current assets ............................................ 524,154 1,272,993
Property, plant and equipment, net ........................................ 3,335,244 2,983,504
Goodwill, net ......................................................... 2,634,559 1,917,751
Other intangibles, net .................................................. 547,735 432,353
Investments .......................................................... 21,191 16,474
Other assets .......................................................... 193,186 174,461
Total assets .................................................. $7,256,069 $6,797,536
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Long-term debt due within one year ................................... $ 2,448 $ 39,271
Accounts payable ................................................. 179,402 153,890
Advanced billings ................................................. 44,722 39,417
Income taxes accrued .............................................. — 9,897
Other taxes accrued ................................................ 21,400 21,434
Interest accrued ................................................... 116,923 103,342
Other current liabilities ............................................. 80,996 58,392
Total current liabilities ......................................... 445,891 425,643
Deferred income taxes .................................................. 711,645 514,130
Other liabilities ....................................................... 363,737 332,645
Long-term debt ....................................................... 4,736,897 4,467,086
Shareholders’ equity:
Common stock, $0.25 par value (600,000,000 authorized shares;
327,749,000 and 322,265,000 outstanding, respectively,
and 349,456,000 and 343,956,000 issued at December 31,
2007 and 2006, respectively) ...................................... 87,364 85,989
Additional paid-in capital ........................................... 1,280,508 1,207,399
Retained earnings ................................................. 14,001 134,705
Accumulated other comprehensive loss, net of tax ........................ (77,995) (81,899)
Treasury stock .................................................... (305,979) (288,162)
Total shareholders’ equity ....................................... 997,899 1,058,032
Total liabilities and shareholders’ equity ....................... $7,256,069 $6,797,536
The accompanying Notes are an integral part of these Consolidated Financial Statements.
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