Frontier Communications 2013 Annual Report Download - page 67

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FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2013 AND 2012
($ in thousands)
2013 2012
ASSETS
Current assets:
Cash and cash equivalents ........................................... $ 880,039 $ 1,326,532
Accounts receivable, less allowances of $71,362 and $93,267,
respectively. . ..................................................... 479,210 533,704
Restricted cash . ..................................................... 11,411 15,408
Prepaid expenses .................................................... 68,573 66,972
Income taxes and other current assets ................................ 179,606 144,587
Total current assets . ............................................ 1,618,839 2,087,203
Restricted cash .......................................................... 2,000 27,252
Property, plant and equipment, net ........................................ 7,255,762 7,504,896
Goodwill . . .............................................................. 6,337,719 6,337,719
Other intangibles, net .................................................... 1,214,932 1,542,739
Other assets ............................................................. 206,232 233,822
Total assets .................................................... $16,635,484 $17,733,631
LIABILITIES AND EQUITY
Current liabilities:
Long-term debt due within one year.................................. $ 257,916 $ 560,550
Accounts payable ................................................... 327,256 338,148
Advanced billings ................................................... 137,319 146,317
Accrued other taxes ................................................. 66,276 66,342
Accrued interest..................................................... 188,639 209,327
Other current liabilities . . ............................................ 324,181 232,836
Total current liabilities .......................................... 1,301,587 1,553,520
Deferred income taxes ................................................... 2,417,108 2,357,210
Pension and other postretirement benefits ................................. 725,333 1,055,058
Other liabilities .......................................................... 262,308 266,625
Long-term debt .......................................................... 7,873,667 8,381,947
Equity:
Shareholders’ equity of Frontier:
Common stock, $0.25 par value (1,750,000,000 authorized shares,
999,462,000 and 998,410,000 outstanding, respectively, and
1,027,986,000 issued, at December 31, 2013 and 2012) ............. 256,997 256,997
Additional paid-in capital ............................................ 4,321,056 4,639,563
Retained earnings ................................................... 76,108 63,205
Accumulated other comprehensive loss, net of tax . . . ................. (260,530) (483,576)
Treasury stock . ..................................................... (338,150) (368,593)
Total shareholders’ equity of Frontier . . .......................... 4,055,481 4,107,596
Noncontrolling interest in a partnership ............................... — 11,675
Total equity .................................................... 4,055,481 4,119,271
Total liabilities and equity .................................. $16,635,484 $17,733,631
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-5