Frontier Communications 2010 Annual Report Download - page 97

Download and view the complete annual report

Please find page 97 of the 2010 Frontier Communications annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 104

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104

($ in thousands) 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 . . . . . . . . . . . . $608,625
The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the years
ended December 31, 2010 and 2009:
($ in thousands)
Interest in
Limited
Partnerships
Commingled
Funds
For the year ended
December 31, 2010
Balance, beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $29,727 $13,922
Realized gains/(losses)................................................ (246) —
Unrealized gains ..................................................... 1,531 2,456
Purchases and (sales), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,623 21,000
Balance, end of year ................................................. $42,635 $37,378
($ in thousands)
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
F-38
FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements