Frontier Communications 2011 Annual Report Download - page 68

Download and view the complete annual report

Please find page 68 of the 2011 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 105

  • 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
  • 105

F-5
FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Explanatory Note
Effective July 1, 2010, Frontier’s scope of operations and balance sheet capitalization changed materially as a result of the
completion of the Transaction, as described in Note 3 of the Notes to Consolidated Financial Statements. Historical financial
data presented for Frontier is not indicative of the future financial position or operating results for Frontier, and includes the
results of operations of the Acquired Business, as defined in Note 3 of the Notes to Consolidated Financial Statements, from
the date of acquisition on July 1, 2010.
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2011 AND 2010
($ in thousands)
2011 2010
ASSETS
Current assets:
Cash and cash equivalents 326,094$ 251,263$
Accounts receivable, less allowances of $107,048 and $73,571, respectively 616,157 568,308
Prepaid expenses 63,422 100,603
Income taxes and other current assets 264,357 208,245
Total current assets 1,270,030 1,128,419
Restricted cash 144,680 187,489
Property, plant and equipment, net 7,547,523 7,590,614
Goodwill 6,337,719 6,292,194
Other intangibles, net 1,964,505 2,491,195
Other assets 196,311 200,319
Total assets 17,460,768$ 17,890,230$
LIABILITIES AND EQUITY
Current liabilities:
Long-term debt due within one year 94,016$ 280,002$
Accounts payable 519,548 436,886
Advanced billings 152,784 171,602
Accrued other taxes 64,392 167,857
Accrued interest 169,340 170,228
Other current liabilities 183,136 212,782
Total current liabilities 1,183,216 1,439,357
Deferred income taxes 2,458,018 2,220,677
Pension and other postretirement benefits 918,701 816,588
Other liabilities 225,858 220,251
Long-term debt 8,205,841 7,983,614
Equity:
Shareholders' equity of Frontier:
Common stock, $0.25 par value (1,750,000,000 authorized shares,
995,128,000 and 993,855,000 outstanding, respectively, and 1,027,986,000
issued, at December 31, 2011 and 2010) 256,997 256,997
Additional paid-in capital 4,773,383 5,525,471
Retained earnings 226,721 77,107
Accumulated other comprehensive loss, net of tax (386,963) (229,549)
Treasury stock (415,001) (433,286)
Total shareholders' equity of Frontier 4,455,137 5,196,740
Noncontrolling interest in a partnership 13,997 13,003
Total equity 4,469,134 5,209,743
Total liabilities and equity 17,460,768$ 17,890,230$
The accompanying Notes are an integral part of these Consolidated Financial Statements