Frontier Communications 2009 Annual Report Download - page 67
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FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2009 and 2008
($ in thousands)
2009 2008
ASSETS
Current assets:
Cash and cash equivalents ............................................. $ 358,693 $ 163,627
Accounts receivable, less allowances of $30,171 and $40,125,
respectively ......................................................... 190,745 222,247
Prepaid expenses . . . ................................................... 28,081 33,265
Income taxes .......................................................... 102,561 48,820
Total current assets ............................................... 680,080 467,959
Property, plant and equipment, net . ......................................... 3,133,521 3,239,973
Goodwill, net . . ............................................................ 2,642,323 2,642,323
Other intangibles, net....................................................... 247,527 359,674
Other assets. . . . ............................................................ 174,804 178,747
Total assets....................................................... $6,878,255 $6,888,676
LIABILITIES AND EQUITY
Current liabilities:
Long-term debt due within one year .................................... $ 7,236 $ 3,857
Accounts payable. . . ................................................... 139,556 141,940
Advanced billings . . ................................................... 49,589 51,225
Other taxes accrued. ................................................... 28,750 25,585
Interest accrued ....................................................... 107,119 102,370
Other current liabilities ................................................ 60,427 57,798
Total current liabilities . . . ......................................... 392,677 382,775
Deferred income taxes. . . ................................................... 722,192 670,489
Other liabilities ............................................................ 630,187 584,121
Long-term debt ............................................................ 4,794,129 4,721,685
Equity:
Shareholders’ equity of Frontier:
Common stock, $0.25 par value (600,000,000 authorized shares;
312,328,000 and 311,314,000 outstanding, respectively, and
349,456,000 issued at December 31, 2009 and 2008).................. 87,364 87,364
Additional paid-in capital .............................................. 956,401 1,117,936
Retained earnings. . . ................................................... 2,756 38,163
Accumulated other comprehensive loss, net of tax....................... (245,519) (237,152)
Treasury stock......................................................... (473,391) (487,266)
Total shareholders’ equity of Frontier .............................. 327,611 519,045
Noncontrolling interest in a partnership . . . ................................ 11,459 10,561
Total equity . . . ................................................... 339,070 529,606
Total liabilities and equity .................................... $6,878,255 $6,888,676
The accompanying Notes are an integral part of these Consolidated Financial Statements.
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