Frontier Communications 2009 Annual Report Download - page 99

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The following table represents the Company’s pension plan assets measured at fair value on a recurring
basis:
Total
Quoted
Prices in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fair Value Measurements at December 31, 2009
Cash and Cash Equivalents . . . .............. $ 23,202 $ — $ 23,202 $ —
U.S. Government Obligations . .............. 85,255 — 85,255 —
Corporate and Other Obligations ............ 200,671 — 200,671 —
Common Stock ............................ 67,571 67,571 — —
Commingled Funds. . ....................... 36,120 — 22,198 13,922
Common/Collective Trust Funds ............ 29,799 — 29,799 —
Interest in Registered Investment Companies .. 139,929 59,564 80,365 —
Interest in Limited Partnerships ............. 29,727 — — 29,727
Insurance Contracts . ....................... 900 — 900 —
Other...................................... (75) — (75) —
Total investments, at fair value ............. $613,099 $127,135 $442,315 $43,649
Interest and Dividends Receivable........... 1,872
Due from Broker for Securities Sold . . . ..... 36,715
Receivable Associated with Insurance
Contract. ................................ 6,284
Due to Broker for Securities Purchased ..... (49,345)
Total Plan Assets, at Fair Value ............ $608,625
The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets:
Interest in
Limited
Partnerships
Commingled
Funds
For the year ended
December 31, 2009
Balance, beginning of year. ........................................... $28,924 $12,515
Realized gains/(losses) ................................................ (2,475) —
Unrealized gains . .................................................... 3,786 1,407
Purchases and (sales), net . . ........................................... (508) —
Balance, end of year ................................................. $29,727 $13,922
The fair value of our OPEB plan assets, which are measured using Level 1 inputs, was $8.0 million as of
December 31, 2009.
The following table summarizes the carrying amounts and estimated fair values for certain of our financial
instruments at December 31, 2009 and 2008. For the other financial instruments, representing cash, accounts
receivables, long-term debt due within one year, accounts payable and other accrued liabilities, the carrying
amounts approximate fair value due to the relatively short maturities of those instruments. Other equity method
investments for which market values are not readily available are carried at cost, which approximates fair
value.
($ in thousands)
Carrying
Amount Fair Value
Carrying
Amount Fair Value
2009 2008
Long-term debt ..................................... $4,794,129 $4,628,132 $4,721,685 $3,651,924
F-37
FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements