Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Consolidated Balance Sheets [Abstract] | ||
| Allowances for accounts receivable, current | $ 66 | $ 53 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 1,750,000 | 1,750,000 |
| Common stock, shares issued (in shares) | 249,695 | 245,813 |
| Common stock, shares outstanding (in shares) | 249,695 | 245,813 |
Consolidated Statements Of Comprehensive (Loss) Income - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Consolidated Statements Of Comprehensive (Loss) Income [Abstract] | |||
| Net (loss) income | $ (322) | $ 29 | $ 441 |
| Other comprehensive (loss) income, net of tax | (19) | 17 | 19 |
| Comprehensive (loss) income | $ (341) | $ 46 | $ 460 |
Description of Business and Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Description of Business and Summary of Significant Accounting Policies [Abstract] | |
| Description Of Business And Summary Of Significant Accounting Policies | (1) Description of Business and Summary of Significant Accounting Policies:
(a)Description of Business: Frontier Communications Parent, Inc. is a provider of communications services in the United States, with approximately 3.1 million broadband subscribers and approximately 13,000 employees, operating in 25 states. We were incorporated in 1935, originally under the name of Citizens Utilities Company and was known as Citizens Communications Company until July 31, 2008. Frontier and its subsidiaries are referred to as “we,” “us,” “our,” “Frontier,” or the “Company” in this report.
(b)Basis of Presentation and Use of Estimates: Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The consolidated financial statements include the accounts of Frontier Communications Parent, Inc., all consolidated subsidiaries and variable interest entities of which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.
For our financial statements as of and for the period ended December 31, 2024, we evaluated subsequent events and transactions for potential recognition or disclosure through the date that we filed this Form 10-K with the Securities and Exchange Commission (SEC).
The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the disclosure of contingent assets and liabilities, and (iii) the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. Estimates and judgments are used when accounting for the application of allowance for credit losses, asset impairments, indefinite-lived intangibles, depreciation and amortization, income taxes, and pension and other postretirement benefits, among others.
(c) Going Concern: In accordance with the requirements of Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements Going Concern (ASU 2014-15)”, and ASC 205, “Presentation of Financial Statements”, we have the responsibility to evaluate at each reporting period, including interim periods, whether conditions and/or events raise substantial doubt about the Company’s ability to meet its future financial obligations. In its evaluation for this report, management considered our current financial condition and liquidity sources, including current funds available, forecasted future cash flows and our conditional and unconditional obligations due within one year following the date of issuance of this Annual Report on Form 10-K.
Accordingly, the accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course business.
(d)Cash Equivalents and Restricted Cash: We consider all liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash amounts represent cash collateral required for certain Letter of Credit obligations and utility vendors and collateral for debt arrangements.
At December 31, 2024 and December 31, 2023, the Company had $161 million and $114 million, respectively, in restricted cash, and is included in “Other assets” on our consolidated balance sheet. Pursuant to the terms of the Company’s securitized financing facility and secured fiber network revenue term notes, as described in Note 8, restricted cash is held in securitization escrow accounts. As of December 31, 2024, and 2023 approximately $56 million and $42 million, respectively, is current restricted cash, included in “Income taxes and other current assets” on our consolidated balance sheet, held for the purpose of paying interest and certain fees. In addition, as of December 31, 2024, and 2023 approximately $105 million and $72 million, respectively, is noncurrent restricted cash held for the purpose of satisfying the required liquidity reserve amount.
(e) Short-Term Investments: Given the long-term nature of our fiber build, we have invested cash into short-term investments to improve interest income while preserving funding flexibility.
As of December 31, 2024, the Company had no short-term investments. As of December 31, 2023, the Company had short-term investments of $1,075 million.
Other Investments In connection with the closing of the securitization transaction, approximately $63 million in the form of U.S. Treasuries was deposited in an escrow account established with a trustee, for the purpose of paying interest and principal on $47 million in remaining debt of our subsidiary Frontier Southwest Incorporated. As of December 31, 2024 and December 31, 2023, this balance was approximately $57 million and $62 million, respectively, and is included in “Other assets” on our consolidated balance sheets. See Note 11 for further details.
(f)Revenue Recognition: Revenue for data and Internet services, voice services, video services and switched and non-switched access services is recognized as services are provided to customers. Services that are billed in advance include monthly recurring network access services (including data services), special access services, and monthly recurring voice, video, and related charges. Revenue is recognized by measuring progress toward the complete satisfaction of our performance obligations. The unearned portion of these fees is deferred as a component of “Advanced billings” on our consolidated balance sheet and recognized as revenue over the period that the services are provided. Services that are billed in arrears include non-recurring network access services (including data services), switched access services, and non-recurring voice and video services. The earned but unbilled portion of these fees is recognized as revenue in our consolidated statements of operations and accrued in “Accounts receivable” on our consolidated balance sheet in the period that services are provided. Excise taxes are recognized as a liability when billed.
Satisfaction of Performance Obligations We satisfy our obligations to customers by transferring goods and services in exchange for consideration received from the customer. The timing of our satisfaction of the performance obligation may differ from the timing of the customer’s payment.
Bundled Service and Allocation of Discounts When customers purchase more than one service, revenue for each is determined by allocating the total transaction price based upon the relative stand-alone selling price of each service. We frequently offer service discounts as an incentive to customers, which reduce the total transaction price. Any incentives which are considered cash equivalents (e.g. gift cards) that are granted will similarly result in a reduction of the total transaction price. Cash equivalent incentives are accounted for on a portfolio basis and are recognized in the month they are awarded to customers.
Customer Incentives In the process of acquiring and/or retaining customers, we may issue a variety of incentives aside from service discounts or cash equivalent incentives. Those incentives that have stand-alone value (e.g. gift cards not considered cash equivalents or free goods/services) are considered separate performance obligations. While these incentives are free to the customer, a portion of the consideration received from the customer is ascribed to them based upon their relative stand-alone selling price. These types of incentives are accounted for on a portfolio basis with both revenue and expense recognized in the month they are awarded to the customer. The earned revenue associated with these incentives is reflected in “Other” revenue while the associated costs are reflected in “Cost of Services”.
Upfront Fees All non-refundable upfront fees assessed to our customers provide them with a material right to renew; therefore, they are deferred by creating a contract liability and amortized into “Data and Internet service revenue” for fees charged to our wholesale customers and “Other revenue” for fees charged to all other customers over the average customer life using a portfolio approach.
Customer Acquisition Costs Sales commission expenses are recognized as incurred. According to ASC 606, incremental costs in obtaining a contract with a customer are deferred and recorded as a contract asset if the period of benefit is expected to be greater than one year. For our retail customers, this period of benefit has been determined to be less than one year. As such, we applied the practical expedient that allows such costs to be expensed as incurred.
Taxes, Surcharges and Subsidies We collect various taxes, Universal Service Funds (USF) surcharges (primarily federal USF), and certain other surcharges from our customers and subsequently remits these taxes to governmental authorities.
In June 2015, we accepted the FCC offer of support to price cap carriers under the Connect America Fund (“CAF”) Phase II program, which was intended to provide long-term support for broadband build commitments in high cost unserved or underserved areas. The -year funding term ended on December 31, 2021. The Universal Service Administrative Company (“USAC”) and the FCC are reviewing carriers’ CAF II program completion data, and if USAC or the FCC determines that we did not satisfy certain applicable CAF Phase II requirements, we could be required to return a portion of the funds previously received and may be subject to certain other penalties, requirements and obligations.
In May 2022, we accepted the FCC offer under the Rural Digital Opportunity Fund (“RDOF”) Phase I program, which provides funding over a -year period to support the construction of broadband networks in rural communities across the country. We accepted $37 million in annual support through 2032 in return for our commitment to make broadband available to households within the RDOF eligible areas. We will recognize the FCC’s RDOF Phase I subsidies into revenue on a straight-line basis over the ten-year funding term which will end March 31, 2032. We are required to complete the RDOF deployment by December 31, 2028. Thereafter, USAC and the FCC will review carriers’ RDOF program completion data, and if USAC or the FCC determines that we did not satisfy applicable FCC RDOF requirements, funding provided to us can be discontinued and we could be required to return a portion of the funds previously received and may be subject to certain other penalties, requirements and obligations. Fines and penalties could also be assessed to the extent Frontier were ever to decide to surrender RDOF locations previously awarded. We accrue for any potential shortfall in the household build commitment that we deem to be probable and reasonably estimated.
On July 24, 2024, the U.S. Court of Appeals for the Fifth Circuit held that certain delegations of authority in the USF contribution system are unconstitutional. The court remanded the case to the FCC. The Fifth Circuit subsequently stayed the decision to allow the FCC to file a petition with, the U.S. Supreme Court seeking review. The stay allows for the continued collection of USF contributions while the Supreme Court considers the case. The precise impact of the case is unclear at this time, including the extent to which the decision applies to parties other than the petitioner. We cannot predict how this or future court decisions will impact the company’s ability to receive federal universal service funds in the future.
(g)Property, Plant and Equipment: Property, plant and equipment are stated at original cost, including capitalized interest. Maintenance and repairs are charged to operating expenses as incurred. The gross book value of routine property, plant and equipment retired is charged against accumulated depreciation.
(h)Definite and Indefinite Lived Intangible Assets: Intangible assets are initially recorded at estimated fair value. Customer relationship intangibles were established for business and wholesale customers. These intangibles are amortized on a straight-line basis over their assigned useful lives of between 11 and 16 years. Additionally, trademark and tradename assets established are amortized on a straight-line basis over 5 years. We review such intangible assets annually, or more often if indicators of impairment arise, to determine whether there is evidence that indicates an impairment condition may exist that would necessitate a change in useful life and a different amortization period.
(i)Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of: We review long-lived assets to be held and used, including customer lists and property, plant and equipment, and long-lived assets to be disposed of for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the asset to the future undiscounted net cash flows expected to be generated by the asset. Recoverability of assets held for sale is measured by comparing the carrying amount of the assets to their estimated fair market value. If any assets are considered to be impaired, the impairment is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value. Also, we periodically reassess the useful lives of our long-lived assets to determine whether any changes are required.
(j)Lease Accounting: We determine if an arrangement contains a lease at inception. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and Finance lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating and finance lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms used in accounting for leases may reflect options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. ROU assets for operating leases are recorded to “Other Assets”, and the related liabilities recorded to “Other current liabilities”, and “Other liabilities” on our consolidated balance sheets. Assets subject to finance leases are included in “Property, Plant & Equipment”, with corresponding liabilities recorded to “Other current liabilities”, and “Other liabilities” on our consolidated balance sheets.
We assess potential impairments to our leases annually, or as indicators exist, if indicators of impairment arise to determine whether there is evidence that indicate an impairment condition may exist. We continue to review our real estate portfolio and, during the first quarter of 2022, determined to either terminate or market for sublease certain facilities leases, which triggered an impairment of $44 million for our finance and operating lease assets recorded as restructuring charges and other costs. See Note 10 for further details.
(k)Income Taxes and Deferred Income Taxes: We file a consolidated federal income tax return. We utilize the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recorded for the tax effect of temporary differences between the financial statement basis and the tax basis of assets and liabilities using tax rates expected to be in effect when the temporary differences are expected to reverse.
We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, tax-planning strategies, and results of recent operations. If we determine that we are not able to realize a portion of our net deferred tax assets in the future, we would make an adjustment to the deferred tax asset valuation allowance, which would increase the provision for income taxes.
The tax effect of a change in tax law or rates included in income tax expense from continuing operations includes effect of changes in deferred tax assets and liabilities initially recognized through a charge or credit to other comprehensive income (loss). The residual tax effects typically are released when the item giving rise to the tax effect is disposed of, liquidated, or terminated.
(l) Stock Plans: We have one stock-based compensation plan under which grants are made and awards remain outstanding. Awards under this plan may be made to employees, directors or consultants of the Company or its affiliates, as determined by the Compensation and Human Capital Committee of the Board. Awards may be made in the form of restricted stock, restricted stock units, incentive stock options, non-qualified stock options, stock appreciation rights or other stock-based awards, including awards with performance, market, and time-vesting conditions. The compensation cost recognized is based on awards ultimately expected to vest. GAAP requires forfeitures to be estimated and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Merger Agreement |
12 Months Ended |
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Dec. 31, 2024 | |
| Merger Agreement [Abstract] | |
| Merger Agreement | (2) Merger Agreement:
On September 4, 2024, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Verizon Communications Inc., a Delaware corporation (“Verizon”), and France Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Verizon (“Merger Sub”), pursuant to which, subject to the satisfaction or waiver (to the extent permitted by law) of specified conditions, Merger Sub will be merged with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Verizon.
Subject to such terms and conditions of the Merger Agreement, which has been unanimously approved by the Board, at the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.01 per share, of the Company issued and outstanding immediately prior to the Effective Time (subject to certain exceptions set forth in the Merger Agreement) shall be converted into the right to receive $38.50 in cash, without interest (the “Merger Consideration”).
At the Effective Time, other than as set forth below, each outstanding RSU (as defined below) and PSU (as defined below) will vest and be canceled and the holder thereof will be entitled to receive an amount in cash equal to the number of shares of Company Common Stock underlying such award (in the case of PSUs, based on attainment of all applicable performance goals at the greater of target and actual level of performance measured at the Effective Time) multiplied by the Merger Consideration. At the Effective Time, a portion of the outstanding RSUs and PSUs granted following the date of the Merger Agreement (determined by proration of any such grant based on the time remaining between the Effective Time and the end of the relevant vesting period) shall be automatically converted into a number of unvested restricted stock units of Verizon (“Verizon RSUs”) equal to the number of such RSUs and PSUs multiplied by an exchange ratio equal to the Merger Consideration divided by the five day volume weighted average price of Verizon common stock ending with the second complete trading day immediately prior to the closing date. Such conversion of PSUs shall be based on attainment of all applicable performance goals at the greater of target and actual level of performance measured at the Effective Time. The Verizon RSUs shall be subject to the same terms and conditions as applied to the RSUs and PSUs of the Company (including time-based vesting conditions but excluding performance-based vesting conditions) prior to the Effective Time.
The consummation of the Merger is subject to certain closing conditions, including, among other things: (i) the approval of the holders of a majority of the voting power represented by the outstanding shares of Company Common Stock entitled to vote thereon (the “Company Stockholder Approval”); (ii) the expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR waiting period”); (iii) the receipt of certain required consents or approvals from the FCC and certain specified state regulatory authorities; (iv) the absence of legal restraints prohibiting the Merger; and (v) other customary conditions specified in the Merger Agreement. The transaction is not subject to a financing condition. The Company Stockholder Approval was obtained on November 13, 2024 and the applicable HSR waiting period expired on February 14, 2025. Subject to the remaining conditions, the Company expects to consummate the merger by the first quarter of 2026.
The Merger Agreement contains certain termination rights for the Company and Verizon, including, among others, the right of either party to terminate the Merger Agreement if the Merger is not consummated by March 4, 2026 (subject to two automatic three-month extensions if certain closing conditions have not been satisfied).
Upon termination of the Merger Agreement under specified circumstances, the Company will be required to pay Verizon a termination fee equal to $320 million. Additionally, upon termination of the Merger Agreement under specified circumstances relating to the failure to obtain certain specified antitrust or other regulatory approvals, Verizon will be required to pay the Company a termination fee equal to $590 million.
The Company has incurred and will incur certain costs relating to the proposed Merger, such as financial advisory, legal, accounting and other professional services fees. |
Recent Accounting Pronouncements |
12 Months Ended |
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Dec. 31, 2024 | |
| Recent Accounting Pronouncements [Abstract] | |
| Recent Accounting Pronouncements |
(3) Recent Accounting Pronouncements:
Financial Accounting Standards Adopted During 2024
During the year ended December 31, 2024, we adopted, the Financial Accounting Standards Board’s (FASB) Accounting Standards Update ASU No. 2023-07 – Segment Reporting (Topic 280): Improvements to reportable segment disclosures. The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Currently, Topic 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that our chief operating decision maker (“CODM”) uses to assess segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in this update do not change or remove those disclosure requirements. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. Refer to Note 17 for further details.
Financial Accounting Standards Not Yet Adopted
ASU No. 2024-03 – Income Statement – Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures. This update requires public business entities to provide detailed disclosures in the notes to financial statements, disaggregating specific expense categories within relevant income statement captions. The required categories include purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, intangible asset amortization, and depletion. The standard is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
ASU No. 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate). For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. |
Revenue Recognition |
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| Revenue Recognition | (4) Revenue Recognition:
We categorize our products, services, and other revenues into the following categories:
Data and Internet services include broadband services for consumer and business customers. We provide data transmission services to high volume business customers and other carriers with dedicated high capacity circuits (“nonswitched access”) including services to wireless providers (“wireless backhaul”);
Voice services include traditional local and long-distance wireline services, Voice over Internet Protocol (VoIP) services, as well as a number of unified messaging services offered to our consumer and business customers. Voice services also include the long-distance voice origination and termination services that we provide to our business customers and other carriers;
Video services include revenues generated from services provided directly to consumer customers as linear terrestrial television services, through various satellite providers, and through partnerships with over-the-top (OTT) video providers. Video services also includes pay-per-view revenues, video on demand, equipment rentals, and video advertising. We have made the strategic decision to limit sales of new traditional TV services focusing on our broadband products and OTT video options;
Other customer revenue includes switched access revenue, rents collected for collocation services, and revenue from other services and fees. Switched access revenue includes revenues derived from allowing other carriers to use our network to originate and/or terminate their local and long-distance voice traffic (switched access). These services are primarily billed on a minutes-of-use basis applying tariffed rates filed with the FCC or state agencies; and
Subsidy and other regulatory revenue includes revenues generated from cost subsidies from state and federal authorities, including the CAF II and RDOF.
The following tables provide a summary of revenues, by category.
(1)Includes $52 million, $62 million and $63 million of lease revenue for the years ended December 31, 2024, 2023 and 2022, respectively.
The following is a summary of the changes in the contract liabilities:
The unsatisfied obligations for retail customers consist of amounts in advance billings, which are expected to be earned within the following monthly billing cycle. Unsatisfied obligations for wholesale customers are based on a point-in-time calculation and determined by the number of circuits provided and the contractual price. These wholesale customer obligations change from period to period based on new circuits added as well as circuits that are terminated.
The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period.
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Accounts Receivable |
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| Accounts Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Receivable | (5) Accounts Receivable:
The components of accounts receivable, net at December 31, 2024 and 2023 are as follows:
An analysis of the activity in the allowance for credit losses is as follows:
We maintain an allowance for credit losses based on the estimated ability to collect accounts receivable. The allowance for credit losses is increased by recording an expense for the provision for bad debts for retail customers, and through decreases to revenue at the time of billing for wholesale customers. The allowance is decreased when customer accounts are written off, or when customers are given credits.
The provision for bad debts charged to expense was $39 million, $35 million and $26 million for the year ended December 31, 2024, 2023 and 2022, respectively.
Approximately $440 million and $143 million of credits related to customers are included in other current liabilities on our consolidated balance sheets as of December 31, 2024, and December 31, 2023, respectively. In accordance with ASC 326, we performed calculations to estimate expected credit losses, utilizing rates that are consistent with our write offs (net of recoveries) because such events affect the entity’s loss given default experience. |
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Property, Plant And Equipment |
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| Property, Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant And Equipment |
(6) Property, Plant, and Equipment:
Property, plant, and equipment, net at December 31, 2024 and 2023 are as follows:
Property, plant, and equipment includes approximately $246 million and $179 million of fixed assets recognized under finance leases as of December 31, 2024 and 2023, respectively.
As of December 31, 2024, our materials and supplies were $431 million, as compared to $594 million as of December 31, 2023. Components of this include fiber, network electronics, and customer premises equipment.
Beginning in the second half of 2023, Frontier negotiated payment terms with certain of our vendors, (referred to as vendor financing), which are excluded from capital expenditures and reported as financing activities on the statement of cash flows. As of December 31, 2024, our capital expenditures were $2,783 million. For the year ended December 31, 2024, our vendor financing payments were $463 million. As of December 31, 2024, there was $585 million, $8 million, and $24 million in “Accounts payable and accrued liabilities”, “Other current liabilities” and “Other liabilities”, respectively, for payables associated with capital expenditures, and $16 million included in “Other current liabilities” for vendor financing payables associated with capital expenditures. For the year ended December 31, 2024, we had capitalized interest of $49 million.
In 2024, we sold certain properties consisting of land and buildings for approximately $18 million. The aggregate carrying value of the properties was approximately $11 million, resulting in a gain on sale of $7 million.
In 2023, we had asset sales and transactions of $63 million, including approximately $47 million in net proceeds related to certain wireless towers. Approximately $19 million of the proceeds related to wireless towers that qualified as sales, included in investing cash flows, and the remaining $28 million in proceeds related to wireless towers that were subject to sale-leaseback agreements and included in financing cash flows. After taking these sales and transactions into account, along with our capital expenditures, our net capital activity was $3,148 million for the year ended December 31, 2023.
During 2022, we sold a property that was subject to leaseback, generating approximately $70 million in proceeds.
Depreciation expense is principally based on the composite group method. Depreciation expense was as follows:
We adopted revised estimated remaining useful lives for certain plant assets as of October 1, 2024, as a result of an annual independent study of the estimated remaining useful lives of our plant assets, with an insignificant impact to depreciation expense. |
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Intangibles |
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| Intangibles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangibles | (7) Intangibles:
We consider whether the carrying values of finite-lived intangible assets and property plant and equipment may not be recoverable or whether the carrying value of certain indefinite-lived intangible assets were impaired. No impairment was present for either intangibles or property plant and equipment as of December 31, 2024, 2023, and 2022.
The balances of these assets are as follows:
Amortization expense was as follows:
We amortize our intangible assets on a straight line basis, over the assigned useful lives of 16 years for our wholesale customer relationships, 11 years for our business customer relationships, and five years for our trademarks and tradenames. Amortization expense based on our current estimate of useful lives, is estimated to be approximately $321 million in 2025, $301 million in 2026, and $291 million in 2027, 2028 and 2029. . |
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Long-Term Debt |
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| Long-Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | (8) Long-Term Debt:
The activity in long-term debt is summarized as follows:
(1) Upon emergence, we adjusted the carrying value of our debt to fair value. The adjustment consisted of the elimination of the existing unamortized debt issuance costs and unamortized discounts and recording a balance of $236 million as a fair value adjustment. The fair value accounting adjustment is being amortized into interest expense using the effective interest method. (2) The interest rates at December 31, 2024 represent a weighted average of multiple issuances. The Anticipated Repayment Date (“ARD”) of July 2028 is used for the Series 2023-1 Revenue Term Notes, classes A-2, B, and C, and the ARD of May 2031 is used for the Series 2024-1 Revenue Term Notes, classes A-2, B, and C, when calculating the weighted average.
Additional information regarding our senior unsecured debt, senior secured debt, and subsidiary debt at December 31, 2024 and 2023 is as follows:
(1) Interest rate represents a weighted average of the stated interest rates of multiple issuances. The ARD of July 2028 is used for the Series 2023-1 Revenue Term Notes, classes A-2 B, and C, and the ARD of May 2031 is used for the Series 2024-1 Revenue Term Notes, classes A-2, B, and C, when calculating the weighted average. (2) $47 million principal amount in remaining debt of our subsidiary Frontier Southwest Incorporated, which was defeased, in connection with the closing of the August 2023 securitization transaction.
As of December 31, 2024, the aggregate maturities of long-term debt for each of the next five years and thereafter as follows:
Credit Facilities and Term Loans
Revolving Facility Subject to customary exceptions and thresholds, the security package under the Revolving Facility includes pledges of the equity interests in certain of our subsidiaries, which is currently limited to certain specified pledged entities and substantially all personal property of Frontier Video, which same assets also secure our First Lien Notes. The Revolving Facility is guaranteed by the same subsidiaries that guarantee the First Lien Notes. After giving effect to approximately $265 million of letters of credit outstanding, we had $660 million of available borrowing capacity under the Revolving Facility as of December 31, 2024.
The Revolving Facility includes customary negative covenants for loan agreements of this type, including covenants limiting Frontier and our restricted subsidiaries’ (other than certain covenants therein which are limited to subsidiary guarantors) ability to, among other things, incur additional indebtedness, create liens on assets, make investments, loans or advances, engage in mergers, consolidations, sales of assets and acquisitions, pay dividends and distributions and make payments in respect of certain material payment subordinated indebtedness, in each case subject to customary exceptions for loan agreements of this type.
The Revolving Facility also includes certain customary representations and warranties, affirmative covenants, and events of default, including, but not limited to, payment defaults, breaches of representations and warranties, covenant defaults, certain events under ERISA, change of control or damage to a material portion of the collateral.
On May 22, 2024, Frontier Communications Holdings, LLC, a subsidiary of Frontier (“Frontier Holdings”), entered into an amendment (the “2024 Credit Agreement Amendment”) to its existing credit agreement that governs its Revolving Facility which, among other things, (i) increased the aggregate amount of certain additional obligations permitted to be outstanding, including first lien debt, and securitization and receivables facilities, and non-loan party debt, from $2,500 million to $5,500 million; provided that at least 40% of the net available cash from the first $1,915 million in securitization and receivables facilities received after May 22, 2024 (excluding net available cash received from drawings with respect to $500 million of commitments of variable funding notes) is applied to prepay the Borrower’s existing term loans and other applicable indebtedness, and 100% of the net available cash from securitization and receivables facilities in excess thereof (up to the cap of $5,500 million) shall be applied to prepay the Borrower’s existing term loans and other applicable indebtedness; (ii) limited future securitizations and receivables facilities to assets located in Texas and/or Florida; and (iii) amended the financial maintenance covenant for the benefit of the Revolving Facility by, commencing with the period ending June 30, 2024, (a) including outstanding securitization and receivables facilities in the calculation of indebtedness and (b) increasing the maximum financial maintenance covenant leverage ratio thereunder to 5.25:1.00, with a step-down to 4.75:1.00 commencing with the period ending March 31, 2027, and continuing thereafter. The 2024 Credit Agreement Amendment became effective on July 1, 2024, when $402 million of net available cash from the securitization closing on such date was applied to prepay existing term loans.
On July 30, 2024, Frontier Holdings entered into a further amendment to its existing credit agreement that governs its Revolving Facility, pursuant to which $50 million of revolving credit commitments of a terminating lender were replaced by $75 million of commitments from a new lender, increasing overall capacity from $900 million to $925 million. The maturity date of the Revolving Facility will be the earliest of (a) April 30, 2028, (b) 91 days prior to the maturity of the term loan facility, (c) unless such notes have been repaid and/or redeemed in full, the date that is 91 days prior to the stated maturity date of our 5.875% First Lien Notes due 2027, and (d) unless such notes have been repaid and/or redeemed in full, the date that is 91 days prior to the stated maturity date of our 5.000% First Lien Notes due 2028.
Term Loan Facility On January 14, 2025, Frontier Holdings entered into an amendment to its existing Term Loan Facility, which, among other things, (x) further lowered the margin over adjusted Term SOFR with respect to the Term Loan from 3.50% to 2.50% and (y) further lowered the margin over the alternative base rate with respect to the Term loan from 2.50% to 1.50%. On July 1, 2024, Frontier Holdings entered into an amendment to the Term Loan Facility which, among other things, extended the maturity date of $1.025 billion of the Term Loan to July 1, 2031 and eliminated the credit spread adjustment previously applicable to the Term Loan.
Subject to certain exceptions and thresholds, the security package under the Term Loan Facility includes pledges of the equity interests in certain of our subsidiaries, which as of the issue date is limited to certain specified pledged entities and substantially all personal property of Frontier Video Services Inc., a Delaware corporation (“Frontier Video”), which same assets also secure the First Lien Notes (as defined below). The Term Loan Facility is guaranteed by the same subsidiaries that guarantee the First Lien Notes.
The Term Loan Facility includes customary negative covenants for loan agreements of this type, including covenants limiting Frontier and our restricted subsidiaries’ (other than certain covenants therein which are limited to subsidiary guarantors) ability to, among other things, incur additional indebtedness, create liens on assets, make investments, loans or advances, engage in mergers, consolidations, sales of assets and acquisitions, pay dividends and distributions and make payments in respect of certain material payment subordinated indebtedness, in each case subject to customary exceptions for loan agreements of this type.
The Term Loan Facility also includes certain customary representations and warranties, affirmative covenants and events of default, including, but not limited to, payment defaults, breaches of representations and warranties, covenant defaults, certain events under ERISA, upon the conversion date, unstayed judgments in favor of a third-party involving an aggregate liability in excess of a certain threshold, change of control, upon the conversion date, specified governmental actions having a material adverse effect or condemnation or damage to a material portion of the collateral.
Warehouse Facilities
On December 31, 2024 (the “Warehouse Effective Date”), Frontier Tampa Bay FL Fiber 1 LLC (the “Borrower”) and Frontier SPE FL Guarantor LLC, as guarantor (the “Warehouse Guarantor”), each a subsidiary of Frontier Communications Parent, Inc. (the “Parent”), entered into a credit agreement (the “Warehouse Credit Agreement”) with certain lenders that establishes and governs certain credit facilities (the “Warehouse Facilities”). The Warehouse Facilities include:
A delayed draw term loan facility (the “DDTL Facility”) of $1.5 billion, less commitments reserved for letters of credit (the “Maximum DDTL Amount”). The DDTL Facility is available from the Warehouse Effective Date until the earlier of the full draw of the Maximum DDTL Amount or the third anniversary of the Warehouse Effective Date (such earlier date, the “DDTL Commitment Expiration Date”). To draw amounts under the DDTL Facility, the Borrower must comply with a total leverage ratio of no more than 6.75:1.00 and a debt service coverage ratio of at least 2.00:1.00. Additionally, no defaults or other specified conditions may be continuing, and all conditions precedent for each extension of credit must be satisfied. The Borrower must repay all outstanding amounts under the DDTL Facility due on the fifth anniversary of the Warehouse Effective Date. The interest rate for the DDTL Facility is either, at the sole discretion of the Warehouse Borrower, for Base Rate Loans, (a) the highest of (i) the “U.S. Prime Lending Rate” published by the Wall Street Journal, (ii) the Federal Funds Effective Rate (as agreed to in good faith by the parties to the Warehouse Credit Agreement) plus 0.50%, and (iii) one-month Term SOFR plus 1.00% per annum, plus (b) 0.75%, with step-ups from and after the third anniversary, or, for SOFR Loans, Term SOFR plus 1.75%, with step-ups from and after the third anniversary. Optional prepayments are allowed without fees or penalties, subject to notice requirements. A portion of the DDTL Facility, up to $200 million, is reserved as a letter of credit sublimit.
An incremental term loan facility (the “Incremental Term Loan”) under which the Warehouse Borrower has the right to increase the commitments under the DDTL Facility by up to $750 million after the DDTL Commitment Expiration Date. No lender is required to increase its commitment. The Warehouse Borrower must comply with all representations and warranties, and the terms of any Incremental Term Loan must be identical to those of the DDTL Facilities, including maturity, priority of liens, prepayment terms, and pricing.
In the event of default, an additional 2.00% per annum will be applied to overdue amounts. Fees include commitment fees on undrawn portions, letter of credit fees, and fronting fees. The Warehouse Facilities are secured by first-priority pledges of equity interests and security interests in substantially all owned tangible and intangible assets of the Warehouse Borrower and its guarantors, which consist of the Warehouse Borrower’s fiber network assets and associated customer contracts in certain neighborhoods in the Tampa, Florida area.
Fiber Network Revenue Term Notes
On July 1, 2024, Frontier Issuer LLC (“Frontier Issuer”), the Company’s limited-purpose, bankruptcy remote, subsidiary completed the issuance of $750 million aggregate principal amount of secured fiber network revenue term notes consisting of $530 million 6.19% Series 2024-1, Class A-2 term notes, $73 million 7.02% Series 2024-1, Class B term notes and $147 million 11.16% Series 2024-1, Class C term notes, each with an anticipated repayment term of seven years (collectively, the “Fiber Term Notes”). Collectively, the Fiber Term Notes have a weighted average yield of approximately 7.4%. The Fiber Term Notes are secured by certain of Frontier’s fiber assets and associated customer contracts in the North Texas area, in addition to those in the Dallas Metropolitan area contributed in the Series 2023-1 Notes offering. The assets of Frontier Issuer, AssetCo and the other securitization entities are available to satisfy only the obligations owed under the Fiber Term Notes and are not available to any other creditors of the Company or its affiliates. The Fiber Term Notes were issued pursuant to an indenture, dated as of August 8, 2023 (the “Base Indenture”), as supplemented by the Series 2023-1 Supplement thereto, dated as of August 8, 2023 (the “Series 2023-1 Supplement”), in each case entered into by and among the Issuer, Frontier Dallas TX Fiber 1 LLC (“AssetCo”) and Citibank, N.A. as the indenture trustee (the “Trustee”).
The table below sets forth the material terms of Fiber Term Notes as of December 31, 2024:
(1) If Frontier Issuer has not repaid or refinanced any Class of Notes of a Series of Fiber Term Notes prior to the ARD, additional interest will accrue thereon in an amount equal to the greater of (i) 5.00% per annum and (ii) the excess amount, if any, by which the sum of the following exceeds the interest rate for such note: (A) the yield to maturity (adjusted to a “mortgage-equivalent basis” pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the ARD for such note of the United States Treasury Security having a remaining term closest to 10 years plus (B) 5.00% plus (C) the post-ARD note spread applicable to such Note.
While the Fiber Term Notes are outstanding, scheduled payments of interest are required to be made on the Notes on a monthly basis. From and after the ARD, principal payments will also be required to be made on the Notes on a monthly basis. No principal payments will be due on the Fiber Term Notes prior to the ARD, unless certain rapid amortization or acceleration triggers are activated.
The Fiber Term Notes are subject to a series of covenants and restrictions customary for transactions of this type. These covenants and restrictions include (i) that Frontier Issuer maintains a liquidity reserve account to be used to make required payments in respect of the Notes, (ii) provisions relating to optional and mandatory prepayments, including specified make-whole payments in the case of certain optional prepayments of the Fiber Term Notes prior to the monthly payment date in July 2026, (iii) certain indemnification payments in the event, among other things, that the transfers of the assets pledged as collateral for the Fiber Term Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. As provided in the Base Indenture, the Fiber Term Notes are also subject to rapid amortization in the event of a failure to maintain a stated debt service coverage ratio. A rapid amortization may be cured if the debt service coverage ratio exceeds a certain threshold for a certain period of time, upon which cure, regular amortization, if any, will resume. The Fiber Term Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the Fiber Term Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective and certain judgments.
Secured Fiber Network Revenue Variable Funding Notes On July 1, 2024, Frontier Holdings amended its Secured Fiber Network Revenue Variable Funding Notes, Series 2023-2, Class A-1 facility (the “VFN Amendment”) to reduce the available Variable Funding Notes commitment amount to $0, with the ability to increase the commitment amount up to $500 million in the future upon the satisfaction of certain conditions, and to extend the maturity date to June 2028.
In connection with entering into the DDTL Facility, the Company permanently reduced the Series 2023-2 Class A-1 Notes Maximum Principal Amount to $0, correspondingly reduced the Variable Funding Notes commitment amount to $0 and terminated the Series 2023-2 Class A-1 Note Purchase Agreement, in each case effective as of December 31, 2024.
Defeasance of Notes During 2023, the Company extinguished $53 million of notes issued by its subsidiary Frontier Southwest Incorporated and transferred assets to an escrow account to pay the future interest and principal on the remaining $47 million of notes, which remain on the Company’s balance sheet as outstanding debt and restricted assets.
Senior Secured Notes
First Lien Notes due 2031 On March 8, 2023, our consolidated subsidiary Frontier Communications Holdings, LLC (“Frontier Holdings”) issued $750 million aggregate principal amount of 8.625% first lien secured notes due 2031 (the “First Lien Notes due 2031”) in an offering pursuant to exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). We intend to use the net proceeds of the offering to fund capital investments and operating costs arising from our fiber build and expansion of our fiber customer base, and for general corporate purposes.
The First Lien Notes due 2031 are secured by a first-priority lien, subject to permitted liens, by all the assets that secure the issuer’s obligations under its senior secured credit facilities and existing senior secured notes. The First Lien Notes due 2031 were issued pursuant to an indenture, dated as of March 8, 2023, by and among Frontier Holdings, the guarantors party thereto, the grantor party thereto, Wilmington Trust, National Association, as trustee and JPMorgan Chase Bank, N.A., as collateral agent.
First Lien Notes due 2030 On May 12, 2022, our consolidated subsidiary Frontier Communications Holdings, LLC (“Frontier Holdings”) issued $1.2 billion aggregate principal amount of 8.750% First Lien Secured Notes due 2030 (the “First Lien Notes due 2030”) in an offering pursuant to exemptions from the registration requirements of the Securities Act. We intend to use the net proceeds of this offering to fund capital investments and operating costs arising from our fiber build and expansion of our fiber customer base, and for general corporate purposes.
The First Lien Notes due 2030 are secured by a first-priority lien, subject to permitted liens, by all the assets that secure the issuer’s obligations under its senior secured credit facilities and existing senior secured notes. The First Lien Notes due 2030 were issued pursuant to an indenture, dated as of May 12, 2022, by and among Frontier Holdings, the guarantors party thereto, the grantor party thereto, Wilmington Trust, National Association, as trustee and JPMorgan Chase Bank, N.A., as collateral agent.
Second Lien Notes due 2030 On October 13, 2021, New Frontier Issuer issued $1.0 billion aggregate principal amount of 6.000% Second Lien Secured Notes due 2030 (the “Second Lien Notes due 2030”) in an offering pursuant to exemptions from the registration requirements of the Securities Act of 1933, as amended. We intend to use the net proceeds of this offering to fund capital investments and operating costs arising from our fiber build and expansion of our fiber customer base, and for general corporate purposes.
The Second Lien Notes due 2030 were issued pursuant to an indenture, dated as of October 13, 2021 (the “Second Lien 2030 Indenture”), by and among the Issuer, the guarantors party thereto, the grantor party thereto and Wilmington Trust, National Association, as trustee and as collateral agent.
Second Lien Notes due May 2029 In connection with the DIP financing, on November 25, 2020, Old Frontier issued $1.0 billion aggregate principal amount of 6.750% Second Lien Secured Notes due May 1, 2029 (the “Second Lien Notes due May 2029”).
The Second Lien Notes due May 2029 were issued pursuant to an indenture, dated as of November 25, 2020 (the “Second Lien May 2029 Indenture”), by and among Old Frontier, the guarantors party thereto, the grantor party thereto and Wilmington Trust, National Association, as trustee and as collateral agent.
On the Effective Date, in accordance with the Second Lien May 2029 Indenture and the Plan, New Frontier Issuer entered into a supplemental indenture with Wilmington Trust, National Association, as trustee, and assumed the obligations under the Second Lien Notes due May 2029 and the Second Lien May 2029 Indenture.
Second Lien Notes due November 2029 or “Takeback Notes” On April 30, 2021, New Frontier Issuer issued $750 million aggregate principal amount of 5.875% Second Lien Secured Notes due (the “Second Lien Notes due November 2029” or the “Takeback Notes”) pursuant to an indenture, dated as of April 30, 2021 (the “Takeback Notes Indenture”), by and among New Frontier Issuer, the guarantors party thereto, the grantor party thereto and Wilmington Trust, National Association, as trustee and as collateral agent. At Old Frontier’s direction, the Takeback Notes were issued to holders of claims arising under, derived from, based on, or related to the unsecured notes issued by Old Frontier in partial satisfaction of such claims.
The Second Lien Notes due 2030, the Second Lien Notes due May 2029 and the Takeback Notes are collectively referred to as the Second Lien Notes. The Second Lien 2030 Indenture, the Second Lien May 2029 Indenture and the Takeback Notes Indenture are collectively referred to as the Second Lien Notes Indentures. The Second Lien Notes and the First Lien Notes (as defined below) are referred to herein collectively as the “Notes”. The Second Lien Notes are secured by a second-priority lien, subject to permitted liens, by all the assets that secure New Frontier Issuer’s obligations under the Term Loan Facility, the Revolving Facility, and the First Lien Notes (as defined below).
The Second Lien Notes Indentures contain customary negative covenants, subject to a number of important exceptions and qualifications, including, without limitation, covenants related to incurring additional debt and issuing preferred stock; incurring or creating liens; redeeming and/or prepaying certain debt; paying dividends on stock or repurchasing stock; making certain investments; engaging in specified sales of assets; entering into transactions with affiliates; and engaging in consolidation, mergers and acquisitions. Certain of these covenants will be suspended during such time, if any, that the Second Lien Notes have investment grade ratings by at least two of Moody’s, S&P or Fitch. The Second Lien Notes Indentures also provides for customary events of default which, if any of them occurs, would permit, or require the principal of and accrued interest on the Second Lien Notes to become or to be declared due and payable.
First Lien Notes In connection with the DIP financing, (a) on October 8, 2020, Old Frontier issued $1,150 million aggregate principal amount of 5.875% First Lien Secured Notes due October 15, 2027 (the “First Lien Notes due 2027”) and (b) on November 25, 2020, Old Frontier issued $1,550 million aggregate principal amount of 5.000% First Lien Secured Notes due May 1, 2028 (the “First Lien Notes due 2028” and, together with the First Lien Notes due 2027, the “First Lien Notes”).
The First Lien Notes due 2027 were issued pursuant to an indenture, dated as of October 8, 2020 (the “2027 First Lien Indenture”), by and among Old Frontier, the guarantors party thereto, the grantor party thereto, JPMorgan Chase Bank N.A., as collateral agent, and Wilmington Trust, National Association, as trustee. The First Lien Notes due 2028 were issued pursuant to an indenture, dated as of November 25, 2020 (the “2028 First Lien Indenture” and, together with the 2027 First Lien Indenture, the “First Lien Indentures”), by and among Old Frontier, the guarantors party thereto, the grantor party thereto, JPMorgan Chase Bank N.A., as collateral agent and Wilmington Trust, National Association, as trustee.
On the Effective Date, in accordance with the Indentures and the Plan, New Frontier Issuer entered into supplemental indentures to the First Lien Indentures with Wilmington Trust, National Association, as trustee, and assumed the obligations under each series of the First Lien Notes and each of the First Lien Indentures.
The First Lien Notes are secured on a first-priority basis and pari passu with its senior secured credit facilities, subject to permitted liens and certain exceptions, by all the assets that secure our obligations under the Term Loan Facility and the Revolving Facility.
The First Lien Indentures contain customary negative covenants, subject to a number of important exceptions and qualifications, including, without limitation, covenants related to incurring additional debt and issuing preferred stock; incurring or creating liens; redeeming and/or prepaying certain debt; paying dividends on our stock or repurchasing stock; making certain investments; engaging in specified sales of assets; entering into transactions with affiliates; and engaging in consolidation, mergers and acquisitions. Certain of these covenants will be suspended during such time, if any, that the First Lien Notes have investment grade ratings by at least two of Moody’s, S&P or Fitch. The First Lien Notes Indentures also provides for customary events of default which, if any of them occurs, would permit, or require the principal of and accrued interest on the First Lien Notes to become or to be declared due and payable.
Other Obligations During 2018, we contributed real estate properties with an aggregate fair value of $37 million for the purpose of funding a portion of our contribution obligations to our qualified defined benefit pension plan. The pension plan obtained independent appraisals of the property and, based on these appraisals, the pension plan recorded the contributions at aggregate fair value of $37 million for 2019. We entered into a lease for the contributed properties. The properties are managed on behalf of the pension plan by an independent fiduciary, and the terms of the lease were negotiated with the fiduciary on an arm’s-length basis.
For properties contributed in 2018, leases have initial terms of 20 years at a combined average aggregate annual rent of approximately $5 million.
The contribution and leaseback of the properties were treated as financing transactions and, accordingly, we continue to depreciate the carrying value of the property in our financial statements and no gain or loss was recognized. An obligation of $52 million is included in our consolidated balance sheet within “Other liabilities” as of December 31, 2024 and the liability is reduced annually by a portion of the lease payments made to the pension plan. Under the new lease standard, liabilities for these finance transactions are included in our financing lease liabilities. Refer to Note 10 for additional details. |
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Restructuring And Other Charges |
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| Restructuring And Other Charges |
(9) Restructuring and Other Charges:
Restructuring and other charges consists of severance and employee costs related to workforce reductions.
During 2024, we incurred $124 million in restructuring charges and other costs consisting of $31 million of severance and employee costs resulting from workforce reductions, $12 million in pension/OPEB special termination benefit enhancements related to a voluntary separation program, and $81 million of costs associated with the Verizon merger and other restructuring activities.
During 2023, we incurred $73 million in restructuring charges and other costs consisting of $65 million of severance and employee costs resulting from workforce reductions, and $8 million of costs related to other restructuring activities.
During 2022, we incurred $99 million in restructuring charges and other costs consisting of $44 million of lease impairment costs from the strategic exit of certain facilities, $44 million of severance and employee costs resulting from workforce reductions, and $11 million of costs related to other restructuring activities.
The following is a summary of the changes in the liabilities established for restructuring and related programs:
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Leases |
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| Leases | (( (10) Leases:
We have operating and finance leases for certain facilities and equipment used in our operations. Some of our real estate operating leases contain renewal options that may be exercised, and some of our leases include options to terminate the leases within one year.
We have recognized a right-of-use asset for both operating and finance leases, and a corresponding lease liability that represents the present value of our obligation to make payments over the lease term.
The components of lease cost are as follows:
(1)Includes short-term lease costs of $2 million, $2 million and $3 million for the year ended December 31, 2024, 2023 and 2022, respectively. Includes variable lease costs of $3 million, $5 million and $5 million for the year ended December 31, 2024, 2023 and 2022, respectively.
Supplemental balance sheet information related to leases is as follows:
(1)Operating ROU assets are included in on our consolidated balance sheet. (2)Finance ROU assets are included in on our consolidated balance sheets. (3)This amount represents $43 million and $161 million, and $41 million and $154 million, included in other current liabilities and other liabilities, respectively, on our December 31, 2024 and 2023 consolidated balance sheets. (4)This amount represents $46 million and $223 million, and $28 million and $181 million, included in other current liabilities and other liabilities, respectively, on our December 31, 2024 and 2023 consolidated balance sheets.
Supplemental cash flow information related to leases is as follows:
Lessee For lessee agreements, we elected to apply the short-term lease recognition exemption for all leases that qualify and as such, does not recognize assets or liabilities for leases with terms of less than twelve months, including existing leases at transition. We elected not to separate lease and non-lease components.
We have operating and finance leases for administrative and network properties, vehicles, and certain equipment. Our leases have remaining lease terms of 1 year to 83 years, some of which include options to extend the leases, and some of which include options to terminate the leases within 1 year.
The following represents a maturity analysis for our operating and finance lease liabilities as of December 31, 2024:
Lessor We are the lessor for operating leases of towers, datacenters, corporate offices, and certain equipment. Our leases have remaining lease terms of 1 year to 62 years, some of which include options to extend the leases, and some of which include options to terminate the leases within 1 year. None of these leases include options for our lessees to purchase the underlying asset.
A significant number of our service contracts with our customers include equipment rentals. We have elected to apply the practical expedient to account for those associated equipment rentals and services as a single, combined component. We have evaluated the service component to be ‘predominant’ in these contracts and have accounted for the combined component as a single performance obligation under ASC 606.
We, as a lessor, recognized revenue of $52 million, $62 million and $63 million for the year ended December 31, 2024, 2023 and 2022, respectively.
The following represents a maturity analysis for our future operating lease payments from customers as of December 31, 2024:
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| Investment and Other Income, Net | (11) Investment and Other Income, Net:
The components of investment and other income, net are as follows:
During 2024, Frontier remeasured its pension plan and postretirement benefit plan obligations, resulting in remeasurement loss of $45 million and a remeasurement gain of $35 million, respectively, for the year ended December 31, 2024. The pension remeasurement loss was primarily a result of the demographic updates, interest rate related assumptions and the actual return on assets, offset by the discount rate change. The OPEB remeasurement gain was primarily a result of the discount rate change. Refer to Note 18 for further details.
During 2023, we amended the medical coverage for certain postretirement benefit plans, which resulted in remeasurement loses of $3 million, primarily due to discount rate changes. For the pension plan, we had a remeasurement gain of $202 million, primarily due to strong investment performance during 2023.
During 2022, we recorded an actuarial gain of $248 million as a result of remeasurements due to amendments in the medical coverage for certain postretirement benefit plans, discount rate changes, as well as regular period end remeasurements. As a result of pension settlement charges incurred during 2023, we had a remeasurement gain of $218 million, which included period end remeasurement. Pension and OPEB benefit (cost) consists of interest costs, expected return on plan assets, amortization of prior service (costs) and recognition of actuarial (gain) loss. Service cost components of pension and OPEB benefit costs are included in “Selling, general, and administrative expenses” on our consolidated statements of operations. |
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Capital Stock |
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| Capital Stock [Abstract] | |
| Capital Stock | (12) Capital Stock:
Our authorized capital stock consists of 1,750 million shares of common stock, par value $0.01 per share and 50 million shares of preferred stock, par value $0.01 per share. As of December 31, 2024, approximately 250 million shares of common stock were issued and outstanding and no shares of preferred stock were issued and outstanding. |
Stock Plans |
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| Stock Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Plans |
(13) Stock Plans:
Frontier Communications Parent, Inc. has one active long-term incentive plan, the 2024 Management Incentive Plan (the “2024 Incentive Plan”), under which grants are made and awards remain outstanding. The plan was approved by shareholders at the Annual Meeting on May 15, 2024, with 8,765,000 shares available for awards. The 2024 Incentive Plan permits stock-based awards to be made to employees, directors, or consultants of the Company or its affiliates, as determined by the Compensation and Human Capital Committee of the Board. Available shares under the previous plan of 1,151,334 were rolled into the new 2024 plan for a total of 9,916,334 shares reserved for issuance. Equity awards have been issued in the form of time-based restricted stock units (RSUs) and performance-based stock units (PSUs). As of December 31, 2024, there were 10,130,566 shares available to grant.
In connection with the Merger, our Named Executive Officers (“NEOs”) may become entitled to payments and benefits that may be treated as “excess parachute payments”. To mitigate the potential impact of certain applicable tax provisions on the Company and certain NEOs, on December 19, 2024, in accordance with the terms of the Merger Agreement, the Committee approved the acceleration into December 2024 of the vesting and payments of target annual cash incentive bonuses, time-based RSUs and PSUs that would otherwise have been payable to the NEOs in the ordinary course in the first quarter of fiscal year 2025. These actions are intended to benefit the Company by preserving compensation-related corporate income tax deductions for the Company that otherwise might be disallowed by such tax provisions and to mitigate or eliminate the amount of excise tax that may be payable by the NEOs pursuant to such tax provisions.
Restricted Stock Units The following summary presents information regarding unvested restricted stock under the 2024 Incentive Plan:
For purposes of determining compensation expense, the fair value of each restricted stock grant is estimated based on the closing price of our common stock on the date of grant. The non-vested restricted stock units granted in 2022, 2023, and 2024 generally vest, and are expensed, on a ratable basis over three years from the grant date of the award. Total remaining unrecognized compensation cost associated with unvested restricted stock awards that is deferred at December 31, 2024 was $33 million and the weighted average vesting period over which this cost is expected to be recognized is approximately 2 years.
None of the restricted stock awards may be sold, assigned, pledged, or otherwise transferred, voluntarily or involuntarily, by the employees until the restrictions lapse, subject to limited exceptions. The restrictions are time-based. Compensation expense, recognized in “Selling, general, and administrative expenses”, of $34 million, $38 million and $34 million for the years ended December 31, 2024, 2023 and 2022, respectively, has been recorded in connection with restricted stock.
Performance Stock Units We currently have outstanding performance stock units (“PSU”) that were granted in 2022, 2023 and 2024. Under these awards, a target number of PSUs are granted to each participant with respect to a -year performance period (“The Measurement Period”). For the 2024 PSU awards, for example, the Measurement Period is from January 1, 2024, through December 31, 2026.
The performance metrics under the 2024 PSU awards consist of (1) Adjusted Fiber EBITDA, (2) Fiber Revenue and (3) Relative Total Shareholder Return (“TSR”). Relative TSR is based on our total return to stockholders over the Measurement Period relative to the S&P 400 Mid Cap Index. Each performance metric is weighted 33.3%, the goals for the relative TSR metric have been fully set.
The performance metrics under the 2022 and 2023 PSU awards are (1) Adjusted Fiber EBITDA, (2) Fiber Locations Constructed and (3) Expansion Fiber Penetration with an overall relative TSR modifier. Each performance metric is weighted 33.3% and goals for each metric have been set for the full Measurement Period.
Achievement of the metrics for outstanding PSUs will be measured separately, and the number of awards earned will be determined based on actual performance relative to the targets of each performance metric. Achievement is measured on a cumulative basis for each performance metric individually at the end of the -year Measurement Period with a TSR modifier for the 2022 and 2023 plans. The payout of the 2022, 2023 and 2024 PSUs can range from 0% to a maximum award payout of 200% of the target units.
The number of PSUs earned at the end of the Measurement Period may be more or less than the number of target PSUs granted as a result of performance. An executive must maintain a satisfactory performance rating during the Measurement Period and, except for limited circumstances, must be employed by Frontier on the determination date in order for the award to vest. The Compensation and Human Capital Committee will determine the number of shares earned for the Measurement Period in the first quarter of the year following the end of the Measurement Period. PSUs awards, to the extent earned, will be paid out in the form of common stock on a one-for-one basis.
Under ASC 718, Stock Based Compensation Expense, a grant date, and the fair value of a performance award are determined once the targets are finalized. For the 2022 and 2023 PSU awards, targets for all of the metrics have been fully set for each performance period and the related expense will be amortized over the appropriate performance period. For the 2024 PSU awards, the targets related to two of the three performance metrics have not been set. As a result, as of December 31, 2024, we have recognized associated expense with respect to of the aggregate outstanding 2024 PSU awards.
The performance metrics under the 2024 PSU plan consist of (1) Adjusted Fiber EBITDA, (2) Fiber Revenue and (3) Relative Total Shareholder Return (“TSR”). Relative TSR is based on our total return to stockholders over the Measurement Period relative to the S&P 400 Mid Cap Index. The metrics under the 2022 and 2023 plans are (1) Adjusted Fiber EBITDA, (2) Fiber Locations Constructed and (3) Expansion Fiber Penetration with an overall relative TSR modifier. For 2022 and 2023 outstanding plans, each performance metric is weighted 33.3% and goals for each metric have been set for the full Measurement Period. For the 2024 outstanding plan, each performance metric is weighted 33.3%, the goals for the relative TSR metric have been fully set, and the goals for the remaining metrics have been set for the first portion of the Measurement Period. Achievement of the metrics will be measured separately, and the number of awards earned will be determined based on actual performance relative to the targets of each performance metric. Achievement is measured on a cumulative basis for each performance metric individually at the end of the three-year Measurement Period with a TSR modifier for the 2022 and 2023 plans. The payout of the 2022, 2023 and 2024 PSUs can range from 0% to a maximum award payout of 200% of the target units. 2021 PSU awards paid out at 126% of target on March 1, 2024.
The following summary presents information regarding performance shares and changes during the period with regard to performance shares awarded under the 2024 Incentive Plan:
For purposes of determining compensation expense, the fair value of each performance share grant is estimated based on the closing price of a share of our common stock on the date of the grant, adjusted to reflect the fair value of the relative TSR modifier. In 2024, 2023 and 2022, we recognized net compensation expense, reflected in “Selling, general, and administrative expenses,” of $32 million, $69 million and $47 million, respectively related PSU awards.
Non-Employee Director Equity Compensation Non-employee directors receive $250,000 of annual core compensation which includes $150,000 of RSUs granted annually. In each of 2024, 2023 and 2022, we recognized $1 million in stock-based compensation expense related to non-employee director units.
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Income Taxes |
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| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | (14) Income Taxes:
The following is a reconciliation of the provision for income taxes computed at the federal statutory rate to income taxes computed at the effective rates:
Other Tax Items
In 2024, we had net federal and state income tax refunds totaling $10 million. In 2023, we paid net zero federal and state income tax. In 2022, we paid net federal and state income tax totaling $8 million.
The components of the net deferred income tax liability (asset) are as follows:
Our federal net operating loss carryforward as of December 31, 2024, is estimated at $2.1 billion gross (tax effected $443 million). Some of the federal loss carryforward will begin to expire between 2036 and 2037, with $1,768 million gross (tax effected $371 million) carrying forward indefinitely, unless otherwise used.
Our state tax operating loss carryforward as of December 31, 2024, is estimated at $4.4 billion. A portion of our state loss carryforward will continue to expire annually through 2042, unless otherwise used.
Our federal research and development credit as of December 31, 2024, is estimated at $14 million. The federal research and development credit will begin to expire after 2041, unless otherwise used.
Our various state credits as of December 31, 2024, are estimated at $48 million. The state credits will begin to expire after 2024, unless otherwise used.
We considered positive and negative evidence in regard to evaluating certain deferred tax assets during 2024, including the development of recent years of pre-tax book losses. On the basis of this evaluation, a valuation allowance of $308 million tax effected ($243 million net of federal benefit) was recorded as of December 31, 2024.
This valuation allowance is related to state net operating losses, state tax credits, and the state impact from the federal limitation on interest expense deduction. In evaluating our ability to realize our deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. Management also considered the projected reversal of deferred tax liabilities in making this assessment. Based upon this assessment, management believes it is more likely than not we will realize the benefits of these deductible differences, net of valuation allowance.
The provision (benefit) for federal and state income taxes, as well as the taxes charged or credited to equity of Frontier, includes amounts both payable currently and deferred for payment in future periods as indicated below:
U.S. GAAP requires applying a “more likely than not” threshold to the recognition and derecognition of uncertain tax positions either taken or expected to be taken in our income tax returns. The total amount of our gross tax liability for tax positions that may not be sustained under a “more likely than not” threshold amounts to $7 million as of December 31, 2024, including immaterial interest. The amount of our uncertain tax positions, for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease during the next twelve months, would not have a material impact on our effective tax rate as of December 31, 2024.
Our policy regarding the classification of interest and penalties is to include these amounts as a component of income tax expense. This treatment of interest and penalties is consistent with prior periods. We are subject to income tax examinations generally for the years 2019 forward for federal and 2016 forward for state filing jurisdictions. We also maintain uncertain tax positions in various state jurisdictions.
The following table sets forth the changes in our balance of unrecognized tax benefits:
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Net (Loss) Income Per Common Share |
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| Net (Loss) Income Per Common Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net (Loss) Income Per Common Share | (15) Net (Loss) Income Per Common Share:
The reconciliation of the net (loss) income per common share calculation is as follows:
In calculating diluted net loss common share for the years ended December 31, 2024, the effect of certain outstanding RSUs and PSUs has been excluded from the computation as the effect would be antidilutive. For the year ended December 31, 2024, RSUs of approximately 1,255,000 and PSUs including those converted to performance-based restricted stock of approximately 326,000, respectively have been excluded. In calculating diluted net income per common share for the years ended December 31, 2023, and 2022, the effect of certain PSUs is excluded from the computation as the respective performance metrics have not been satisfied. |
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Comprehensive Income |
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| Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income |
(16) Comprehensive Income:
Comprehensive income consists of net income and other gains and losses affecting shareholders’ equity and pension/postretirement benefit (OPEB) liabilities that, under GAAP, are excluded from net income (loss).
The components of accumulated other comprehensive income, net of tax, are as follows:
(1)OPEB amounts are net of deferred tax balances of $23 million, $29 million, $23 million, and $15 million, as of December 31, 2024, 2023, 2022, and 2021, respectively.
The significant items reclassified from each component of accumulated other comprehensive loss are as follows:
(1)Amounts in parentheses indicate losses. (2)These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs (see Note 18 - Retirement Plans for additional details).
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Segment Information |
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| Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | (17) Segment Information:
Our operations are assessed and managed by our CEO, our chief operating decision maker, on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. Under this organizational and reporting structure, the Company operates in a single operating segment and reports its financial results in accordance with ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The Company has organized its expenses into the following categories to enhance transparency and align with the internal management review process:
Revenue generating departments – Includes costs directly associated with revenue producing activities, such as sales, commissions, video content costs, marketing, and production.
Operating departments – reflects expenses related to the core operations of the Company, including network operations, facility management, logistics, and service delivery.
Support departments – comprises general and administrative costs, including human resources, IT, finance, restructuring, and other back-office functions that support overall operations. Also includes transaction expenses related to the Verizon acquisition.
Depreciation and amortization – reflect the systematic allocation of the cost of tangible and intangible assets over their useful lives. This category includes depreciation of property, plant, and equipment as well as amortization of intangible assets, providing insight into the Company’s ongoing capital investments and asset utilization.
Investment and other income (expense) – includes interest income on cash and cash equivalents, realized and unrealized gains or losses on investments and other miscellaneous income or expenses.
Pension Settlement Costs – Includes non-recurring expenses related to the settlement of pension obligations, typically arising from lump-sum payments or annuity purchases made to reduce pension liabilities. These costs reflect the financial impact of actions taken to manage the Company's retirement benefit obligation.
Interest expense – represents costs associated with the Company’s financing arrangements, including interest on debt.
Income taxes – reflects the Company’s provision for income taxes in accordance with applicable tax regulations.
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Retirement Plans |
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| Retirement Plans | (18) Retirement Plans:
We sponsor a noncontributory defined benefit pension plan covering a significant number of our former and current employees and other postretirement benefit plans that provide medical, dental, life insurance and other benefits for covered retired employees and their beneficiaries and covered dependents. The pension plan and postretirement benefit plans are closed to the majority of our newly hired employees. The benefits are based on years of service and final average pay or career average pay. Contributions are made in amounts sufficient to meet ERISA funding requirements while considering tax deductibility. Plan assets are invested in a diversified portfolio of equity and fixed-income securities and alternative investments.
The accounting results for pension and other postretirement benefit costs and obligations are dependent upon various actuarial assumptions applied in the determination of such amounts. These actuarial assumptions include the following: discount rates, expected long-term rate of return on plan assets, future compensation increases, employee turnover, healthcare cost trend rates, expected retirement age, optional form of benefit and mortality. We review these assumptions for changes on an interim and annual basis with our independent actuaries. We consider our discount rate and expected long-term rate of return on plan assets to be our most critical assumptions.
The discount rate is used to value, on a present value basis, our pension and other postretirement benefit obligations as of the balance sheet date. The same rate is also used in the interest cost component of the pension and postretirement benefit cost determination for the following year. The measurement date used in the selection of our discount rate is the balance sheet date. Our discount rate assumption is determined annually with assistance from our independent actuaries based on the pattern of expected future benefit payments and the prevailing rates available on long-term, high quality corporate bonds that approximate the benefit obligation.
As of December 31, 2024, 2023 and 2022, we utilized an estimation technique that is based upon a settlement model (Bond:Link) that permits us to closely match cash flows to the expected payments to participants. This rate can change from year-to-year based on market conditions that affect corporate bond yields.
As a result of the technique described above, we are utilizing a discount rate of 5.60% as of December 31, 2024 for our qualified pension plan, compared to rates of 5.20% and 5.50% in 2023 and 2022, respectively. The discount rate for postretirement plans as of December 31, 2024 was 5.70% compared to 5.20% in 2023 and 5.50% in 2022.
The expected long-term rate of return on plan assets is applied in the determination of periodic pension and postretirement benefit cost as a reduction in the computation of the expense. In developing the expected long-term rate of return assumption, we considered published surveys of expected market returns, 10 and 20 year actual returns of various major indices, and our own historical 5 year, 10 year and 20 year investment returns. The expected long-term rate of return on plan assets is based on an asset allocation assumption of 65% in long-duration fixed income securities, and 35% in equity securities and other investments. We review our asset allocation at least annually and make changes when considered appropriate. Our pension asset investment allocation decisions are made by the Retirement Investment & Administration Committee (RIAC), a committee comprised of members of management, pursuant to a delegation of authority by the Board of Directors. Asset allocation decisions take into account expected market return assumptions of various asset classes as well as expected pension benefit payment streams. When analyzing anticipated benefit payments, management considers both the absolute amount of the payments as well as the timing of such payments. Our expected long-term rate of return on plan assets was 7.50% in 2023 and 2022. For the period January 1, 2024 – September 30, 2024, our expected long-term rate of return on plan assets was 7.50%. For the period October 1, 2024 to December 31, 2024, our expected long-term rate of return on plan assets was 6.65%. Our actual return on plan assets for the year ended December 31, 2024, was a gain of 5%, for the year ended December 31, 2023, was a gain of 15% and for the year ended December 31, 2022, was a loss of 20%. For 2025, we expect to assume a rate of return of 6.65%. Our pension plan assets are valued at fair value as of the measurement date.
During 2024, we capitalized $18 million of pension and OPEB expense into the cost of our capital expenditures as the costs relate to our engineering and plant construction activities. During 2023, and 2022, we capitalized $18 million and $21 million of pension and OPEB expense into the cost of our capital expenditures, respectively.
Pension Benefits
The following tables set forth the pension plan’s projected benefit obligations, fair values of plan assets and the pension benefit liability recognized on our consolidated balance sheets at the end of each period, and the components of total pension benefit cost for each period:
The pension plan contains provisions that provide certain employees with the option of receiving a lump sum payment upon retirement. These payments are recorded as a settlement only if, in the aggregate, they exceed the sum of the annual service and interest costs for the Pension Plan’s net periodic pension benefit cost.
During 2024, lump sum pension payments to terminated or retired individuals amounted to $108 million. As we did not exceed the settlement threshold of $173 million, we did not recognize any non-cash settlement charges for 2024. As of December 31, 2024, the pension plan was funded at 96%.
As a result of special termination benefit enhancements related to a voluntary separation plan, Frontier remeasured its pension plan obligations, resulting in a remeasurement loss of $45 million, of which $38 million relates to special termination benefits, for the year ended December 31, 2024. The Company’s accounting policy is to recognize actuarial gains and losses in the period in which they occur. As such, this loss was recorded in “Investment and other income, net” on our consolidated statements of operations.
During 2023, lump sum pension payments to terminated or retired individuals amounted to $129 million. As we did not exceed the settlement threshold of $180 million, we did not recognize any non-cash settlement charges for 2023.
During 2023, we had actuarial gains of $44 million, driven by favorable lump sum conversion interest rates and cash balance interest crediting rates and updated census data to January 1, 2023, offset by a decrease of 30 basis points in the discount rate. The Company’s accounting policy is to recognize actuarial gains and losses in the period in which they occur. As such, this gain was recorded in “Investment and other income, net” on our consolidated statements of operations.
During 2022, lump sum pension settlement payments to terminated or retired individuals amounted to $200 million, which exceeded the settlement threshold of $175 million, and as a result, we recognized non-cash settlement charges totaling $55 million during the period. During 2022, we had actuarial gains of $867 million, driven by an increase of 260 basis points in the discount rate, favorable lump sum annuity conversion interest rates and cash balance interest crediting rates, and updated census data to January 1, 2022. The Company’s accounting policy is to recognize actuarial gains and losses in the period in which they occur. As such, this gain was recorded in “Investment and other income, net” on our consolidated statements of operations.
The plan’s weighted average asset allocations at December 31, 2024 and 2023 by asset category are as follows:
The plan’s expected benefit payments over the next 10 years are as follows:
We made pension plan contributions of $133 million and $134 million, in 2024 and 2023, respectively.
Assumptions used in the computation of annual pension costs and valuation of the beginning/end of period obligations were as follows:
Postretirement Benefits Other Than Pensions - “OPEB”
The following tables set forth the OPEB plans’ benefit obligations, fair values of plan assets and the postretirement benefit liability recognized on our consolidated balance sheets as of December 31, 2024 and 2023 and the components of total postretirement benefit cost for the years ended December 31, 2024, 2023 and 2022.
As a result of special termination benefit enhancements related to a voluntary separation plan, Frontier remeasured its postretirement benefit plan, resulting in a remeasurement gain of $35 million year ended December 31, 2024.
During 2023, we amended the medical coverage for certain postretirement benefit plans, which necessitated remeasurements of our OPEB obligations. These remeasurements along with the period end remeasurement resulted in the recognition of a net actuarial loss of $3 million, which was driven primarily from a higher assumed discount rate relative to the previous measurement dates, offset by updated census data to January 1, 2023. The Company’s accounting policy is to recognize actuarial gains and losses in the period in which they occur. As such, this loss was recorded in “Investment and other income, net” on our consolidated statements of operations. The remeasurements of our OPEB obligations during 2023 due to the amendments to the medical coverage for certain postretirement benefit plans also resulted in remeasurement of prior service credits of $45 million which were deferred in Accumulated comprehensive income as December 31, 2023.
During 2022, we amended the medical coverage for certain postretirement benefit plans, which necessitated remeasurements of our OPEB obligations. These remeasurements along with the period end remeasurement resulted in the recognition of a net actuarial gain of $248 million, which was driven primarily from a higher assumed discount rate relative to the previous measurement dates. The Company’s accounting policy is to recognize actuarial gains and losses in the period in which they occur. As such, this gain was recorded in “Investment and other income, net” on our consolidated statements of operations. The remeasurements of our OPEB obligations during 2022 due to the amendments to the medical coverage for certain postretirement benefit plans also resulted in remeasurement of prior service credits of $40 million which were deferred in Accumulated comprehensive income as December 31, 2022.
Assumptions used in the computation of annual OPEB costs and valuation of the beginning/end of period OPEB obligations were as follows:
The OPEB plan’s expected benefit payments over the next 10 years are as follows:
For purposes of measuring year-end benefit obligations, we used, depending on medical plan coverage for different retiree groups, a 6.75% annual rate of increase in the per-capita cost of covered medical benefits, gradually decreasing to 4.75% in the year 2032 and remaining at that level thereafter.
The amounts in accumulated other comprehensive (income) loss before tax that have not yet been recognized as components of net periodic benefit cost at December 31, 2024 and 2023 are as follows:
The amounts recognized as a component of accumulated other comprehensive loss for the years ended December 31, 2024 and 2023 are as follows:
401(k) Savings Plans We sponsor employee retirement savings plans under section 401(k) of the Internal Revenue Code. The plans cover substantially all full-time employees. Under certain plans, we provide matching contributions. Employer contributions were $38 million, $37 million and $38 million in 2024, 2023 and 2022, respectively. |
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Fair Value Of Financial Instruments |
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| Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Of Financial Instruments | (19) Fair Value of Financial Instruments:
Fair value is defined under GAAP as the exit price associated with the sale of an asset or transfer of a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value under GAAP must maximize the use of observable inputs and minimize the use of unobservable inputs. In addition, GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
The three input levels in the hierarchy of fair value measurements are defined by the FASB generally as follows:
Input Level Description of Input Level 1 Observable inputs such as quoted prices in active markets for identical assets. Level 2 Inputs other than quoted prices in active markets that are either directly or indirectly observable. Level 3 Unobservable inputs in which little or no market data exists.
The following tables represent our pension plan assets measured at fair value on a recurring basis as of December 31, 2024 and 2023:
(1)In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These balances are intended to permit reconciliation of the fair value hierarchy to the plan asset amounts presented in Note 18 - Retirement Plans.
The tables below set forth a summary of changes in the fair value of the Plan’s Level 3 assets for the years ended December 31, 2024 and 2023:
The following table provides further information regarding the redemption of the Plan’s Level 3 investments as well as information related to significant unobservable inputs and the range of values for those inputs for the Plan’s interest in certain limited partnerships and limited liability companies as of December 31, 2024:
(1)The entity invests in commercial real estate properties that are leased to Frontier, with the exception of the E. Casino Road property which is leased to a third party. The leases are triple net, whereby we are responsible for all expenses, including but not limited to, insurance, repairs and maintenance and payment of property taxes. (2)All Level 3 investments have the same redemption frequency (through the liquidation of underlying investments) and redemption notice period (none). The fair value of these properties is based on independent appraisals.
The following table summarizes the carrying amounts and estimated fair values for long-term debt at December 31, 2024 and 2023. For the other financial instruments including cash, short-term investments, accounts receivable, restricted cash, accounts payable and other current liabilities, the carrying amounts approximate fair value due to the relatively short maturities of those instruments.
The fair value of our long-term debt is estimated based upon quoted market prices at the reporting date for those financial instruments.
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Commitments And Contingencies |
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| Commitments And Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments And Contingencies | (20) Commitments and Contingencies:
We are party to various legal proceedings (including individual actions, class and putative class actions, and governmental investigations) arising in the normal course of our business covering a wide range of matters and types of claims including, but not limited to, general contract disputes, billing disputes, rights of access, taxes and surcharges, consumer protection, advertising, sales and the provision of services, intellectual property, including, trademark, copyright, and patent infringement, employment, regulatory, environmental, tort, claims of competitors and disputes with other carriers. Litigation is subject to uncertainty and the outcome of individual matters is not predictable. However, we believe that the ultimate resolution of all such matters, after considering insurance coverage or other indemnities to which we are entitled, will not have a material adverse effect on our financial position, results of operations, or cash flows.
Frontier has been named as a defendant in various intellectual property disputes. In each case, we have denied the allegations and are mounting a vigorous defense. We have accrued an amount for potential damages that we deem probable and reasonably estimable. We do not expect that any potential damages, if ultimately incurred, will be material.
On October 22 and October 23, 2024, two complaints were filed in the Supreme Court of the State of New York, County of New York by purported Company stockholders against the Company, the Board, Verizon and Merger Sub in connection with the Merger. The complaints assert claims of negligent misrepresentation and concealment and negligence under New York common law. Among other remedies, the complaints seek an order enjoining the defendants from proceeding with the Merger unless and until the defendants disclose certain allegedly material information that was allegedly omitted from the proxy statements, rescinding the Merger to the extent already consummated or granting rescissory damages, awarding the plaintiffs costs and disbursements of the action, including reasonable attorneys’ and expert fees and expenses, and granting such other and further relief as the court may deem just and proper. Additional lawsuits arising out of the proposed Merger may also be filed in the future. Furthermore, the Company has received demand letters from purported Company stockholders alleging disclosure deficiencies in the preliminary proxy statement and/or definitive proxy statement and demanding that the Company and the Board of Directors promptly issue corrective disclosures to cure the proxy statement prior to the anticipated stockholder vote on the proposed Merger. The Company believes that the allegations contained in the complaints and demands have no merit. We do not at this time consider there to be any reasonably possible material loss arising from the demands. There can be no assurance regarding the likelihood that the Company’s defense of any actions will be successful.
During the second quarter of 2024, Frontier reached a settlement with a net financial impact of $25 million resolving a dispute with the Chief Executive Officer of Frontier’s predecessor company, who left his position with the company in 2004, concerning split-dollar life insurance benefits granted during his employment.
In November 2021, Congress passed the IIJA which provides $65 billion to fund broadband connectivity programs, including broadband deployment to unserved and underserved locations. The National Telecommunications and Information Administration (NTIA) is administering the principal last mile infrastructure funding program in the amount of $42.5 billion, the Broadband Equity, Access & Deployment Program (BEAD), and will distribute funding through direct grants to states, who will then award the funds based on competitive grant programs. The NTIA has allocated approximately $25.5 billion to states in Frontier’s footprint. We are closely tracking implementation of the BEAD program, including participating in state address challenge and pre-application processes. The requirements and funding under these programs is subject to change. We are actively pursuing awards of these stimulus funds; however, we continue to evaluate our opportunities as the process is complex and any awards that we ultimately receive under the IIJA may require significant up-front capital expenditures or other costs.
On January 27, 2025, the federal Office of Management and Budget (“OMB”) issued a memorandum to the heads of all executive departments and agencies directing them to pause the disbursement of certain federal financial assistance. On January 28, 2025, the United States District Court for the District of Columbia issued a temporary stay of the OMB directive, which the OMB subsequently rescinded. It is uncertain if the OMB will seek to further pause or otherwise limit future federal disbursements, or if any such changes will impact the funding Frontier receives under federal programs, including USF, RDOF and other federal broadband grants including BEAD. We are closely tracking developments in this area. Significant decreases in available funding, or the imposition of significant requirements on the receipt of such funding, could have a material adverse effect on our business and results of operations.
On April 14, 2024, we detected that a third party had gained unauthorized access to portions of our information technology environment. Upon detection, the Company immediately activated its incident response plan, took action to contain the incident, launched an investigation with the assistance of leading cybersecurity experts, and notified law enforcement and applicable regulatory authorities. We worked with a leading e-discovery firm to undertake a thorough review of the impacted data to identify and provide notice to individuals whose information was impacted. Since the incident, the Company has also taken steps to further strengthen its information technology security. While the incident did not have a material impact on our financial condition or results of operations, the containment measures, which included shutting down certain of the Company’s systems, resulted in an operational disruption.
In October 2013, the California Attorney General’s Office notified certain Verizon companies, including one of the subsidiaries that we acquired in the CTF transaction, of potential violations of California state hazardous waste statutes primarily arising from the disposal of electronic components, batteries, and aerosol cans at certain California facilities. We have reached a settlement with the California Attorney General’s Office, pending court approval, and have accrued an amount for the settlement penalty.
We accrue an expense for pending litigation when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. Legal defense costs are expensed as incurred. None of our existing accruals for pending matters, after considering insurance coverage, is material. We monitor our pending litigation for the purpose of adjusting our accruals and revising our disclosures accordingly, when required. Litigation is, however, subject to uncertainty, and the outcome of any particular matter is not predictable. We will vigorously defend our interests in pending litigation, and as of this date, we believe that the ultimate resolution of all such matters, after considering insurance coverage or other indemnities to which we are entitled, will not have a material adverse effect on our consolidated financial position, results of operations, or our cash flows.
In 2015, Frontier accepted the FCC’s CAF Phase II offer, which provided $313 million in annual support through 2021 in our current 25 states in return for the Company’s commitment to make broadband available to households within the CAF II eligible areas. The Company was required to complete the CAF II deployment by December 31, 2021. Thereafter, the FCC has been reviewing carriers’ CAF II program completion data, and if the FCC determines that the Company did not satisfy applicable FCC CAF Phase II requirements, Frontier could be required to return a portion of the funds previously received and may be subject to certain fines, requirements and obligations.
On January 30, 2020, the FCC adopted an order establishing the RDOF competitive reverse auction to provide support to serve high-cost areas. Under the FCCs RDOF Phase I auction, we were awarded approximately $371 million over ten years to build gigabit-capable broadband over a fiber-to-the-premises network to approximately 127,000 locations in eight states (California, Connecticut, Florida, Illinois, New York, Pennsylvania, Texas, and West Virginia). We began receiving RDOF funding in the second quarter of 2022 and we will be required to complete the buildout to the awarded locations by December 31, 2028, with interim target milestones over this period. To the extent Frontier is unable to fulfill the RDOF requirements, meet the milestones or construct to all locations by the required deadlines, funding to us could be discontinued and Frontier could be required to return a portion of funds previously received and may be subject to certain fines, requirements and obligations.
On July 24, 2024, the U.S. Court of Appeals for the Fifth Circuit held that certain delegations of authority in the USF contribution system are unconstitutional. The court remanded the case to the FCC. The Fifth Circuit subsequently stayed the decision to allow the FCC to file a petition with the U.S. Supreme Court seeking review. The stay allows the continued collection of USF contributions while the Supreme Court considers the case. The precise impact of the case is unclear at this time, including the extent to which the decision applies to parties other than the petitioner. We cannot predict how this or future court decisions will impact the company’s ability to receive federal universal service funds in the future.
We conduct certain of our operations in leased premises and lease certain equipment and other assets pursuant to operating leases. The lease arrangements have terms ranging from 1 to 99 years and several contain rent escalation clauses providing for increases in monthly rent at specific intervals. When rent escalation clauses exist, we record annual rental expense based on the total expected rent payments on a straight-line basis over the lease term. Certain leases also have renewal options. Renewal options that are reasonably assured are included in determining the lease term.
As of December 31, 2024, we had total “Accounts payable and accrued liabilities” of $1.0 billion, of which $758 million was related to accounts payable. As of December 31, 2023, we had total “Accounts payable and accrued liabilities” of $1.1 billion, of which $857 million was related to accounts payable.
Although from time to time we make short-term purchasing commitments to vendors with respect to capital expenditures, we generally do not enter into firm, written contracts for such activities. In connection with the fiber expansion build, we have prioritized diversifying our vendor base and solidifying partnership agreements with vendors for relevant labor and materials, to enable our build growth and customer expansion. Some of these key supplier agreements have multi-year terms and purchase commitments as we deem advisable in order to strengthen future supply. In addition, we have negotiated favorable payment terms with some of our vendors that allow for a longer payment period than our normal customary terms (referred to as vendor financing), which are excluded from capital expenditures and reported as financing activities on the statement of cash flows. As of December 31, 2024 and December 31, 2023, we had $16 million and $263 million, respectively, of contractual vendor financing liabilities included in “Other current liabilities” on our consolidated balance sheets. For the year ended December 31, 2024 we made $331 million in contractual vendor financing payments related to capital expenditures.
The following table summarizes the roll forward of the vendor financing liabilities for the fiscal year ended December 31, 2024:
In addition, we have certain arrangements that are non-contractual but have extended payment terms. We made payments of $132 million related to these arrangements, bringing total capital vendor financing payments to $463 million for the year ended December 31, 2024.
We are party to contracts with several unrelated long-distance carriers. The contracts provide fees based on traffic they carry for us subject to minimum monthly fees.
At December 31, 2024, the estimated future payments for obligations under our noncancelable long-distance contracts and joint pole and communications service agreements are as follows:
At December 31, 2024, we have outstanding performance letters of credit as follows:
(1)At December 31, 2024, we had total letters of credit outstanding of $265 million, of which, $74 million was used for various Federal Communications Commission (FCC) rural deployment programs in which the Universal Service Administrative Company (USAC) provides funds to Frontier to support the construction of rural broadband connectivity, and $6 million was used for rent obligations under our administrative office lease terms.
CNA serves as our insurance carrier with respect to casualty claims (auto liability, general liability, and workers’ compensation) with dates of loss prior to June 1, 2017 (except for those claims which arise out of the operations acquired from CTF that have dates of loss prior to April 1, 2016). As our insurance carrier, they administer the casualty claims and make claim payments on our behalf. We reimburse CNA for such services upon presentation of their invoice. To serve as our carrier and make payments on our behalf, CNA requires that we establish a letter of credit in their favor. CNA could potentially draw against this if we failed to reimburse CNA in accordance with the terms of our agreement. The amount of the letter of credit is reviewed annually and adjusted based on claims history.
Zurich serves as our insurance carrier with respect to casualty claims (auto liability, general liability, and workers’ compensation) with dates of loss from June 1, 2017 and going forward. As our insurance carrier, they administer the casualty claims and make claim payments on our behalf. We reimburse Zurich for such services upon presentation of their invoice. To serve as our carrier and make payments on our behalf, Zurich requires that we establish letters of credit in their favor. Zurich could potentially draw against these letters of credit if we failed to reimburse Zurich in accordance with the terms of our agreement. The amount of the letters of credit is reviewed annually and adjusted based on claims history. AIG Insurance serves as our insurance carrier with respect to casualty claims (auto liability, general liability, and workers’ compensation) that were acquired from CTF, as well as new claims which arise out of the operations acquired from CTF that have dates of loss prior to April 1, 2016. Sedgwick, a third-party claims administrator, administers the casualty claims and makes claim payments on our behalf. We reimburse Sedgwick for such services upon presentation of their invoice. However, to serve as our insurance carrier, AIG Insurance requires that we establish a letter of credit in their favor. AIG Insurance could potentially draw against this letter of credit if we failed to meet the insurance-related and claims-related obligations we assumed in accordance with the terms of our agreement. The amount of the letter of credit is reviewed annually and adjusted based on claims history. |
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Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | (21) Subsequent Events: In January 2025, wildfires in California have impacted certain regions where the Company operates, potentially affecting network infrastructure, service continuity, and maintenance costs. The Company is actively assessing any financial or operational impact and implementing necessary mitigation efforts to ensure network stability and compliance with regulatory requirements. The impact to our financial statements, if any, cannot be estimated at this time. |
Description of Business and Summary of Significant Accounting Policies (Policy) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Description of Business and Summary of Significant Accounting Policies [Abstract] | |
| Description Of Business | (a)Description of Business: Frontier Communications Parent, Inc. is a provider of communications services in the United States, with approximately 3.1 million broadband subscribers and approximately 13,000 employees, operating in 25 states. We were incorporated in 1935, originally under the name of Citizens Utilities Company and was known as Citizens Communications Company until July 31, 2008. Frontier and its subsidiaries are referred to as “we,” “us,” “our,” “Frontier,” or the “Company” in this report. |
| Basis Of Presentation And Use Of Estimates | (b)Basis of Presentation and Use of Estimates: Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The consolidated financial statements include the accounts of Frontier Communications Parent, Inc., all consolidated subsidiaries and variable interest entities of which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.
For our financial statements as of and for the period ended December 31, 2024, we evaluated subsequent events and transactions for potential recognition or disclosure through the date that we filed this Form 10-K with the Securities and Exchange Commission (SEC).
The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the disclosure of contingent assets and liabilities, and (iii) the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. Estimates and judgments are used when accounting for the application of allowance for credit losses, asset impairments, indefinite-lived intangibles, depreciation and amortization, income taxes, and pension and other postretirement benefits, among others. |
| Going Concern | (c) Going Concern: In accordance with the requirements of Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements Going Concern (ASU 2014-15)”, and ASC 205, “Presentation of Financial Statements”, we have the responsibility to evaluate at each reporting period, including interim periods, whether conditions and/or events raise substantial doubt about the Company’s ability to meet its future financial obligations. In its evaluation for this report, management considered our current financial condition and liquidity sources, including current funds available, forecasted future cash flows and our conditional and unconditional obligations due within one year following the date of issuance of this Annual Report on Form 10-K.
Accordingly, the accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course business. |
| Cash Equivalents And Restricted Cash | (d)Cash Equivalents and Restricted Cash: We consider all liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash amounts represent cash collateral required for certain Letter of Credit obligations and utility vendors and collateral for debt arrangements.
At December 31, 2024 and December 31, 2023, the Company had $161 million and $114 million, respectively, in restricted cash, and is included in “Other assets” on our consolidated balance sheet. Pursuant to the terms of the Company’s securitized financing facility and secured fiber network revenue term notes, as described in Note 8, restricted cash is held in securitization escrow accounts. As of December 31, 2024, and 2023 approximately $56 million and $42 million, respectively, is current restricted cash, included in “Income taxes and other current assets” on our consolidated balance sheet, held for the purpose of paying interest and certain fees. In addition, as of December 31, 2024, and 2023 approximately $105 million and $72 million, respectively, is noncurrent restricted cash held for the purpose of satisfying the required liquidity reserve amount. |
| Short-Term Investments | (e) Short-Term Investments: Given the long-term nature of our fiber build, we have invested cash into short-term investments to improve interest income while preserving funding flexibility.
As of December 31, 2024, the Company had no short-term investments. As of December 31, 2023, the Company had short-term investments of $1,075 million.
Other Investments In connection with the closing of the securitization transaction, approximately $63 million in the form of U.S. Treasuries was deposited in an escrow account established with a trustee, for the purpose of paying interest and principal on $47 million in remaining debt of our subsidiary Frontier Southwest Incorporated. As of December 31, 2024 and December 31, 2023, this balance was approximately $57 million and $62 million, respectively, and is included in “Other assets” on our consolidated balance sheets. See Note 11 for further details. |
| Revenue Recognition | (f)Revenue Recognition: Revenue for data and Internet services, voice services, video services and switched and non-switched access services is recognized as services are provided to customers. Services that are billed in advance include monthly recurring network access services (including data services), special access services, and monthly recurring voice, video, and related charges. Revenue is recognized by measuring progress toward the complete satisfaction of our performance obligations. The unearned portion of these fees is deferred as a component of “Advanced billings” on our consolidated balance sheet and recognized as revenue over the period that the services are provided. Services that are billed in arrears include non-recurring network access services (including data services), switched access services, and non-recurring voice and video services. The earned but unbilled portion of these fees is recognized as revenue in our consolidated statements of operations and accrued in “Accounts receivable” on our consolidated balance sheet in the period that services are provided. Excise taxes are recognized as a liability when billed.
Satisfaction of Performance Obligations We satisfy our obligations to customers by transferring goods and services in exchange for consideration received from the customer. The timing of our satisfaction of the performance obligation may differ from the timing of the customer’s payment.
Bundled Service and Allocation of Discounts When customers purchase more than one service, revenue for each is determined by allocating the total transaction price based upon the relative stand-alone selling price of each service. We frequently offer service discounts as an incentive to customers, which reduce the total transaction price. Any incentives which are considered cash equivalents (e.g. gift cards) that are granted will similarly result in a reduction of the total transaction price. Cash equivalent incentives are accounted for on a portfolio basis and are recognized in the month they are awarded to customers.
Customer Incentives In the process of acquiring and/or retaining customers, we may issue a variety of incentives aside from service discounts or cash equivalent incentives. Those incentives that have stand-alone value (e.g. gift cards not considered cash equivalents or free goods/services) are considered separate performance obligations. While these incentives are free to the customer, a portion of the consideration received from the customer is ascribed to them based upon their relative stand-alone selling price. These types of incentives are accounted for on a portfolio basis with both revenue and expense recognized in the month they are awarded to the customer. The earned revenue associated with these incentives is reflected in “Other” revenue while the associated costs are reflected in “Cost of Services”.
Upfront Fees All non-refundable upfront fees assessed to our customers provide them with a material right to renew; therefore, they are deferred by creating a contract liability and amortized into “Data and Internet service revenue” for fees charged to our wholesale customers and “Other revenue” for fees charged to all other customers over the average customer life using a portfolio approach.
Customer Acquisition Costs Sales commission expenses are recognized as incurred. According to ASC 606, incremental costs in obtaining a contract with a customer are deferred and recorded as a contract asset if the period of benefit is expected to be greater than one year. For our retail customers, this period of benefit has been determined to be less than one year. As such, we applied the practical expedient that allows such costs to be expensed as incurred.
Taxes, Surcharges and Subsidies We collect various taxes, Universal Service Funds (USF) surcharges (primarily federal USF), and certain other surcharges from our customers and subsequently remits these taxes to governmental authorities.
In June 2015, we accepted the FCC offer of support to price cap carriers under the Connect America Fund (“CAF”) Phase II program, which was intended to provide long-term support for broadband build commitments in high cost unserved or underserved areas. The -year funding term ended on December 31, 2021. The Universal Service Administrative Company (“USAC”) and the FCC are reviewing carriers’ CAF II program completion data, and if USAC or the FCC determines that we did not satisfy certain applicable CAF Phase II requirements, we could be required to return a portion of the funds previously received and may be subject to certain other penalties, requirements and obligations.
In May 2022, we accepted the FCC offer under the Rural Digital Opportunity Fund (“RDOF”) Phase I program, which provides funding over a -year period to support the construction of broadband networks in rural communities across the country. We accepted $37 million in annual support through 2032 in return for our commitment to make broadband available to households within the RDOF eligible areas. We will recognize the FCC’s RDOF Phase I subsidies into revenue on a straight-line basis over the ten-year funding term which will end March 31, 2032. We are required to complete the RDOF deployment by December 31, 2028. Thereafter, USAC and the FCC will review carriers’ RDOF program completion data, and if USAC or the FCC determines that we did not satisfy applicable FCC RDOF requirements, funding provided to us can be discontinued and we could be required to return a portion of the funds previously received and may be subject to certain other penalties, requirements and obligations. Fines and penalties could also be assessed to the extent Frontier were ever to decide to surrender RDOF locations previously awarded. We accrue for any potential shortfall in the household build commitment that we deem to be probable and reasonably estimated.
On July 24, 2024, the U.S. Court of Appeals for the Fifth Circuit held that certain delegations of authority in the USF contribution system are unconstitutional. The court remanded the case to the FCC. The Fifth Circuit subsequently stayed the decision to allow the FCC to file a petition with, the U.S. Supreme Court seeking review. The stay allows for the continued collection of USF contributions while the Supreme Court considers the case. The precise impact of the case is unclear at this time, including the extent to which the decision applies to parties other than the petitioner. We cannot predict how this or future court decisions will impact the company’s ability to receive federal universal service funds in the future. |
| Property, Plant And Equipment | (g)Property, Plant and Equipment: Property, plant and equipment are stated at original cost, including capitalized interest. Maintenance and repairs are charged to operating expenses as incurred. The gross book value of routine property, plant and equipment retired is charged against accumulated depreciation.
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| Definite And Indefinite Lived Intangible Assets | (h)Definite and Indefinite Lived Intangible Assets:Intangible assets are initially recorded at estimated fair value. Customer relationship intangibles were established for business and wholesale customers. These intangibles are amortized on a straight-line basis over their assigned useful lives of between 11 and 16 years. Additionally, trademark and tradename assets established are amortized on a straight-line basis over 5 years. We review such intangible assets annually, or more often if indicators of impairment arise, to determine whether there is evidence that indicates an impairment condition may exist that would necessitate a change in useful life and a different amortization period |
| Impairment Of Long-Lived Assets And Long-Lived Assets To Be Disposed Of | (i)Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of: We review long-lived assets to be held and used, including customer lists and property, plant and equipment, and long-lived assets to be disposed of for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the asset to the future undiscounted net cash flows expected to be generated by the asset. Recoverability of assets held for sale is measured by comparing the carrying amount of the assets to their estimated fair market value. If any assets are considered to be impaired, the impairment is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value. Also, we periodically reassess the useful lives of our long-lived assets to determine whether any changes are required. |
| Lease Accounting | (j)Lease Accounting: We determine if an arrangement contains a lease at inception. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and Finance lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating and finance lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms used in accounting for leases may reflect options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. ROU assets for operating leases are recorded to “Other Assets”, and the related liabilities recorded to “Other current liabilities”, and “Other liabilities” on our consolidated balance sheets. Assets subject to finance leases are included in “Property, Plant & Equipment”, with corresponding liabilities recorded to “Other current liabilities”, and “Other liabilities” on our consolidated balance sheets.
We assess potential impairments to our leases annually, or as indicators exist, if indicators of impairment arise to determine whether there is evidence that indicate an impairment condition may exist. We continue to review our real estate portfolio and, during the first quarter of 2022, determined to either terminate or market for sublease certain facilities leases, which triggered an impairment of $44 million for our finance and operating lease assets recorded as restructuring charges and other costs. See Note 10 for further details.
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| Income Taxes And Deferred Income Taxes | (k)Income Taxes and Deferred Income Taxes: We file a consolidated federal income tax return. We utilize the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recorded for the tax effect of temporary differences between the financial statement basis and the tax basis of assets and liabilities using tax rates expected to be in effect when the temporary differences are expected to reverse.
We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, tax-planning strategies, and results of recent operations. If we determine that we are not able to realize a portion of our net deferred tax assets in the future, we would make an adjustment to the deferred tax asset valuation allowance, which would increase the provision for income taxes.
The tax effect of a change in tax law or rates included in income tax expense from continuing operations includes effect of changes in deferred tax assets and liabilities initially recognized through a charge or credit to other comprehensive income (loss). The residual tax effects typically are released when the item giving rise to the tax effect is disposed of, liquidated, or terminated. |
| Stock Plans | (l) Stock Plans: We have one stock-based compensation plan under which grants are made and awards remain outstanding. Awards under this plan may be made to employees, directors or consultants of the Company or its affiliates, as determined by the Compensation and Human Capital Committee of the Board. Awards may be made in the form of restricted stock, restricted stock units, incentive stock options, non-qualified stock options, stock appreciation rights or other stock-based awards, including awards with performance, market, and time-vesting conditions. The compensation cost recognized is based on awards ultimately expected to vest. GAAP requires forfeitures to be estimated and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Recent Accounting Pronouncements (Policy) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Recent Accounting Pronouncements [Abstract] | |
| Recent Accounting Pronouncements Adopted And Not Yet Adopted | Financial Accounting Standards Adopted During 2024
During the year ended December 31, 2024, we adopted, the Financial Accounting Standards Board’s (FASB) Accounting Standards Update ASU No. 2023-07 – Segment Reporting (Topic 280): Improvements to reportable segment disclosures. The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Currently, Topic 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that our chief operating decision maker (“CODM”) uses to assess segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in this update do not change or remove those disclosure requirements. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. Refer to Note 17 for further details.
Financial Accounting Standards Not Yet Adopted
ASU No. 2024-03 – Income Statement – Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures. This update requires public business entities to provide detailed disclosures in the notes to financial statements, disaggregating specific expense categories within relevant income statement captions. The required categories include purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, intangible asset amortization, and depletion. The standard is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. ASU No. 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate). For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. |
Revenue Recognition (Tables) |
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| Disaggregation Of Revenue |
(1)Includes $52 million, $62 million and $63 million of lease revenue for the years ended December 31, 2024, 2023 and 2022, respectively. |
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| Summary Of Changes In Contract Liabilities |
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| Performance Obligations, Revenue |
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Accounts Receivable (Tables) |
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| Accounts Receivable |
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Property, Plant And Equipment (Tables) |
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| Schedule Of Depreciation Expense |
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Intangibles (Tables) |
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| Schedule Of Intangible Assets | The balances of these assets are as follows:
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| Schedule Of Amortization Expense |
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Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt |
(1) Upon emergence, we adjusted the carrying value of our debt to fair value. The adjustment consisted of the elimination of the existing unamortized debt issuance costs and unamortized discounts and recording a balance of $236 million as a fair value adjustment. The fair value accounting adjustment is being amortized into interest expense using the effective interest method. (2) The interest rates at December 31, 2024 represent a weighted average of multiple issuances. The Anticipated Repayment Date (“ARD”) of July 2028 is used for the Series 2023-1 Revenue Term Notes, classes A-2, B, and C, and the ARD of May 2031 is used for the Series 2024-1 Revenue Term Notes, classes A-2, B, and C, when calculating the weighted average.
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| Schedule Of Secured And Unsecured Debt |
(1) Interest rate represents a weighted average of the stated interest rates of multiple issuances. The ARD of July 2028 is used for the Series 2023-1 Revenue Term Notes, classes A-2 B, and C, and the ARD of May 2031 is used for the Series 2024-1 Revenue Term Notes, classes A-2, B, and C, when calculating the weighted average. (2) $47 million principal amount in remaining debt of our subsidiary Frontier Southwest Incorporated, which was defeased, in connection with the closing of the August 2023 securitization transaction. |
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| Schedule Of Aggregate Maturities of Long-Term Debt |
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| Schedule Of Material Terms Of Fiber Term Notes |
(1) If Frontier Issuer has not repaid or refinanced any Class of Notes of a Series of Fiber Term Notes prior to the ARD, additional interest will accrue thereon in an amount equal to the greater of (i) 5.00% per annum and (ii) the excess amount, if any, by which the sum of the following exceeds the interest rate for such note: (A) the yield to maturity (adjusted to a “mortgage-equivalent basis” pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the ARD for such note of the United States Treasury Security having a remaining term closest to 10 years plus (B) 5.00% plus (C) the post-ARD note spread applicable to such Note. |
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Restructuring And Other Charges (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring And Other Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes In Restructuring Reserve |
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components Of Lease Cost |
(1)Includes short-term lease costs of $2 million, $2 million and $3 million for the year ended December 31, 2024, 2023 and 2022, respectively. Includes variable lease costs of $3 million, $5 million and $5 million for the year ended December 31, 2024, 2023 and 2022, respectively. |
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| Supplemental Balance Sheet Information Related To Leases |
(1)Operating ROU assets are included in on our consolidated balance sheet. (2)Finance ROU assets are included in on our consolidated balance sheets. (3)This amount represents $43 million and $161 million, and $41 million and $154 million, included in other current liabilities and other liabilities, respectively, on our December 31, 2024 and 2023 consolidated balance sheets. (4)This amount represents $46 million and $223 million, and $28 million and $181 million, included in other current liabilities and other liabilities, respectively, on our December 31, 2024 and 2023 consolidated balance sheets. |
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| Supplemental Cash Flow Information Related To Leases |
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| Maturity Analysis For Operating And Finance Lease Liabilities |
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| Maturity Analysis For Operating Leases From Customers |
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Investment And Other Income, Net (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment And Other Income, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components Of Investment And Other Income |
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Stock Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Shares Outstanding |
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| Target Performance Shares |
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation Of Provision For Income Taxes |
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| Components Of Net Deferred Income Tax Liability (Asset) |
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| Schedule Of Components Of Income Tax Expense (Benefit) |
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| Changes In The Balance Of Unrecognized Tax Benefits |
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Net (Loss) Income Per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Net (Loss) Income Per Common Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation Of Net (Loss) Income Per Share |
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Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income, Net Of Tax |
(1)OPEB amounts are net of deferred tax balances of $23 million, $29 million, $23 million, and $15 million, as of December 31, 2024, 2023, 2022, and 2021, respectively. |
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| Reclassification Out Of AOCI |
(1)Amounts in parentheses indicate losses. (2)These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs (see Note 18 - Retirement Plans for additional details). |
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information |
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Retirement Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Projected Benefit Obligation, Fair Values Of Plan Assets And Amounts Recognized In The Balance Sheet |
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| Net Periodic Benefit Cost |
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| Weighted Average Asset Allocations, By Asset Category |
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| Expected Benefit Payments Over The Next Ten Years |
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| Schedule Of Assumptions Used |
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| Schedule Of Changes In Projected Benefit Obligations For OPEB |
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| Schedule Of Net Benefit Costs For OPEB |
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| Schedule Of Expected Benefit Payments For OPEB |
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| Net Periodic Benefit Cost Not Yet Recognized |
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| Amounts Recognized As A Component Of AOCI |
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| OPEB [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Assumptions Used |
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Fair Value Of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Plan Assets Measured At Fair Value On Recurring Basis |
(1)In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These balances are intended to permit reconciliation of the fair value hierarchy to the plan asset amounts presented in Note 18 - Retirement Plans.
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| Changes In Fair Value of Plan's Level 3 Assets |
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| Redemption Of The Plan's Level 3 Investments |
(1)The entity invests in commercial real estate properties that are leased to Frontier, with the exception of the E. Casino Road property which is leased to a third party. The leases are triple net, whereby we are responsible for all expenses, including but not limited to, insurance, repairs and maintenance and payment of property taxes. (2)All Level 3 investments have the same redemption frequency (through the liquidation of underlying investments) and redemption notice period (none). The fair value of these properties is based on independent appraisals. |
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| Fair Value Of Long-Term Debt |
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments And Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Roll Forward of Vendor Financing liabilities |
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| Future Payments For Obligations Under Noncancelable Long Distance Contracts And Service Agreements |
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| Outstanding Performance Letters Of Credit |
(1)At December 31, 2024, we had total letters of credit outstanding of $265 million, of which, $74 million was used for various Federal Communications Commission (FCC) rural deployment programs in which the Universal Service Administrative Company (USAC) provides funds to Frontier to support the construction of rural broadband connectivity, and $6 million was used for rent obligations under our administrative office lease terms.
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Merger Agreement (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Merger Agreement [Abstract] | ||
| Common stock, par value | $ 0.01 | $ 0.01 |
| Merger consideration to receive in cash for each share of common stock | $ 38.50 | |
| Fee payable upon termination of merger agreement | $ 320 | |
| Termination fee receivable upon failure to obtain certain specified antitrust or other regulatory approvals | $ 590 |
Revenue Recognition (Summary Of Changes In Contract Liabilities) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenue Recognition [Abstract] | ||
| Contract current liabilities, Beginning balance | $ 33 | $ 28 |
| Contract current liabilities, Revenue recognized included in opening contract balance | (34) | (37) |
| Contract current liabilities, Credits granted, excluding amounts recognized as revenue | 36 | 37 |
| Contract current liabilities, Reclassified between current and noncurrent | (1) | 5 |
| Contract current liabilities, Ending balance | 34 | 33 |
| Contract noncurrent liabilities, Beginning balance | 16 | 17 |
| Contract noncurrent liabilities, Revenue recognized included in opening contract balance | (19) | (14) |
| Contract noncurrent liabilities, Credits granted, excluding amounts recognized as revenue | 16 | 18 |
| Contract noncurrent liabilities, Reclassified between current and noncurrent | 1 | (5) |
| Contract noncurrent liabilities, Ending balance | $ 14 | $ 16 |
Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accounts Receivable [Abstract] | |||
| Bad debt expense | $ 39 | $ 35 | $ 26 |
| Credits related to customers | $ 440 | $ 143 | |
Accounts Receivable (Accounts Receivable) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Less: Allowance for doubtful accounts | $ (66) | $ (53) | $ (47) | $ (57) |
| Accounts receivable, net | 379 | 446 | ||
| Retail And Wholesale [Member] | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Accounts receivable | 388 | 438 | ||
| Other [Member] | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Accounts receivable | $ 57 | $ 61 |
Accounts Receivable (Activity In The Allowance For Credit Losses) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accounts Receivable [Abstract] | |||
| Allowance for credit losses, Beginning Balance | $ 53 | $ 47 | $ 57 |
| Increases: Provision for bad debt charged to expense | 39 | 35 | 26 |
| Increases: Provision for bad debt charged to revenue | 80 | 23 | 30 |
| Write-offs charged against allowance, net of recoveries | (106) | (52) | (66) |
| Allowance for credit losses, Ending Balance | $ 66 | $ 53 | $ 47 |
Property, Plant And Equipment (Schedule Of Depreciation Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Depreciation [Abstract] | |||
| Depreciation expense | $ 1,304 | $ 1,094 | $ 861 |
Intangibles (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Intangibles impairment | $ 0 | $ 0 | $ 0 |
| Estimated future amortization expense, 2025 | 321 | ||
| Estimated future amortization expense, 2026 | 301 | ||
| Estimated future amortization expense, 2027 | 291 | ||
| Estimated future amortization expense, 2028 | 291 | ||
| Estimated future amortization expense, 2029 | $ 291 | ||
| Customer Relationships - Wholesale [Member] | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Useful life | 16 years | ||
| Customer Relationships - Business [Member] | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Useful life | 11 years | ||
| Trademarks and Tradenames [Member] | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Useful life | 5 years | ||
Intangibles (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Intangible Assets [Line Items] | ||
| Gross Carrying Amount | $ 4,441 | $ 4,441 |
| Accumulated Amortization | (1,177) | (856) |
| Net Carrying Amount | 3,264 | 3,585 |
| Customer Relationships - Business [Member] | ||
| Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 800 | 800 |
| Accumulated Amortization | (267) | (194) |
| Net Carrying Amount | 533 | 606 |
| Customer Relationships - Wholesale [Member] | ||
| Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 3,491 | 3,491 |
| Accumulated Amortization | (800) | (582) |
| Net Carrying Amount | 2,691 | 2,909 |
| Trademarks and Tradenames [Member] | ||
| Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 150 | 150 |
| Accumulated Amortization | (110) | (80) |
| Net Carrying Amount | $ 40 | $ 70 |
Intangibles (Schedule Of Amortization Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Intangibles [Abstract] | |||
| Amortization expense | $ 321 | $ 321 | $ 321 |
Long-Term Debt (Schedule Of Aggregate Maturities of Long-Term Debt) (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Long-Term Debt [Abstract] | |
| 2025 | $ 10 |
| 2026 | 10 |
| 2027 | 1,360 |
| 2028 | 3,646 |
| 2029 | 1,810 |
| Thereafter | $ 4,733 |
Restructuring And Other Charges (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs and other charges | $ 124 | $ 73 | $ 99 |
| Pension/OPEB Special Termination Benefit Enhancements [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs and other charges | 12 | ||
| Lease Impairment Costs [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs and other charges | 44 | ||
| Severance And Employee Costs [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs and other charges | 31 | 65 | 44 |
| Other Restructuring [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs and other charges | $ 81 | $ 8 | $ 11 |
Restructuring And Other Charges (Changes In Restructuring Reserve) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Restructuring And Other Charges [Abstract] | ||
| Restructuring Reserve, Beginning Balance | $ 10 | $ 9 |
| Severance expense | 31 | 65 |
| Pension / OPEB special termination benefit enhancements | 12 | |
| Other costs | 81 | 8 |
| Cash payments during the period | (125) | (72) |
| Restructuring Reserve, Ending Balance | $ 9 | $ 10 |
Leases (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Line Items] | |||
| Option to terminate leases, Lessee | 1 year | ||
| Retained earnings (deficit) | $ 562 | $ 884 | |
| Option to terminate leases, Lessor | 1 year | ||
| Lease revenue | $ 52 | $ 62 | $ 63 |
| Minimum [Member] | |||
| Leases [Line Items] | |||
| Operating and finance lease terms, Lessee | 1 year | ||
| Operator lease terms, Lessor | 1 year | ||
| Maximum [Member] | |||
| Leases [Line Items] | |||
| Operating and finance lease terms, Lessee | 83 years | ||
| Operator lease terms, Lessor | 62 years | ||
Leases (Components Of Lease Cost) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Amortization of right-of-use assets | $ 30 | $ 25 | $ 19 |
| Interest on lease liabilities | 23 | 16 | 9 |
| Finance lease cost | 53 | 41 | 28 |
| Operating lease cost | 57 | 61 | 62 |
| Sublease income | (10) | (15) | (12) |
| Total Lease cost | 100 | 87 | 78 |
| Short-term lease cost | 2 | 2 | 3 |
| Variable lease cost | $ 3 | $ 5 | $ 5 |
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Operating cash flows provided by operating leases | $ 52 | $ 62 | $ 63 |
| Operating cash flows used by operating leases | (57) | (61) | (62) |
| Operating cash flows used by finance leases | (23) | (15) | (9) |
| Financing cash flows used by finance leases | (31) | (25) | (19) |
| Right-of-use assets obtained in exchange for lease liabilities, Operating leases | 45 | 36 | 44 |
| Right-of-use assets obtained in exchange for lease liabilities, Finance leases | $ 89 | $ 60 | $ 4 |
Leases (Maturity Analysis For Operating and Finance Lease Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
| 2025 | $ 42 | |
| 2026 | 38 | |
| 2027 | 34 | |
| 2028 | 31 | |
| 2029 | 25 | |
| Thereafter | 62 | |
| Total lease payments | 232 | |
| Less: imputed interest | (28) | |
| Present value of lease liabilities | 204 | $ 195 |
| Finance Lease, Liability, Payment, Due [Abstract] | ||
| 2025 | 53 | |
| 2026 | 51 | |
| 2027 | 46 | |
| 2028 | 40 | |
| 2029 | 26 | |
| Thereafter | 106 | |
| Total lease payments | 322 | |
| Less: imputed interest | (53) | |
| Present value of lease liabilities | $ 269 | $ 209 |
Leases (Maturity Analysis For Operating Leases From Customers) (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2025 | $ 10 |
| 2026 | 10 |
| 2027 | 10 |
| 2028 | 9 |
| 2029 | 7 |
| Thereafter | 1 |
| Total lease payments from customers | $ 47 |
Investment And Other Income, Net (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Investment And Other Income, Net [Abstract] | |||
| Special termination benefit enhancements related to a voluntary separation plan, pension plan | $ 45 | ||
| OPEB remeasurement gain (loss) | 35 | $ (3) | $ 248 |
| Pension remeasurement (loss) gain | $ (45) | $ 202 | $ 218 |
Investment And Other Income, Net (Components Of Investment And Other Income) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Investment And Other Income, Net [Abstract] | |||
| Interest and dividend income | $ 80 | $ 87 | $ 42 |
| Pension benefit | 38 | 19 | 75 |
| OPEB costs | (3) | (9) | (18) |
| OPEB remeasurement gain (loss) | 35 | (3) | 248 |
| Pension remeasurement (loss) gain | (45) | 202 | 218 |
| All other, net | (18) | (11) | |
| Total investment and other income, net | $ 105 | $ 278 | $ 554 |
Capital Stock (Narrative) (Details) - $ / shares shares in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Capital Stock [Abstract] | ||
| Common stock, shares authorized | 1,750,000 | 1,750,000 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares issued | 249,695 | 245,813 |
| Common stock, shares outstanding | 249,695 | 245,813 |
| Preferred stock, shares authorized | 50,000 | |
| Preferred stock, par value | $ 0.01 | |
| Preferred stock, shares issued | 0 | |
| Preferred stock, shares outstanding | 0 |
Income Taxes (Reconciliation Of Provision For Income Taxes) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Taxes [Abstract] | |||
| Consolidated tax provision at federal statutory rate | 21.00% | 21.00% | 21.00% |
| State income tax provisions, net of federal income tax benefit | (10.50%) | 13.70% | 4.80% |
| Tax reserve adjustment | 0.60% | ||
| Changes in certain deferred tax balances | 0.40% | 23.40% | (0.50%) |
| Nondeductible transaction costs | (1.50%) | ||
| Nondeductible Executive Compensation under Sec. 162(m) | (2.60%) | 12.20% | 2.00% |
| Sec. 162(f) nondeductible penalties | (0.30%) | 3.10% | 0.30% |
| All other, net | 0.50% | 1.90% | (1.80%) |
| Effective tax rate | 7.00% | 75.30% | 26.40% |
Income Taxes (Components Of Net Deferred Income Tax Liability (Asset) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred income tax liabilities: | ||
| Property, plant and equipment basis differences | $ 1,753 | $ 1,342 |
| Intangibles | 94 | 184 |
| Deferred revenue/expense | (7) | (8) |
| Other, net | 48 | 45 |
| Gross deferred income tax liability | 1,888 | 1,563 |
| Deferred income tax assets: | ||
| Pension liability | 26 | 48 |
| Tax operating loss carryforward | 705 | 476 |
| Employee benefits | 75 | 83 |
| Interest expense deduction limitation carryforward | 468 | 260 |
| Accrued expenses | 84 | 80 |
| Lease obligations | 131 | 111 |
| Tax credit | 45 | 32 |
| Allowance for doubtful accounts | 16 | 11 |
| Other, net | (28) | (1) |
| Gross deferred income tax asset | 1,522 | 1,100 |
| Less: Valuation allowance | (243) | (180) |
| Net deferred income tax asset | 1,279 | 920 |
| Net deferred income tax liability | $ 609 | $ 643 |
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Current [Abstract] | |||
| State | $ 4 | $ 10 | $ (7) |
| Total Current | 4 | 10 | (7) |
| Deferred [Abstract] | |||
| Federal | (69) | 58 | 125 |
| State | 41 | 20 | 40 |
| Total Deferred | (28) | 78 | 165 |
| Total income tax expense (benefit) | (24) | 88 | 158 |
| Income taxes charged (credited) to equity of Frontier [Abstract] | |||
| Deferred income taxes (benefits) arising from the recognition of additional pension/OPEB liability | (6) | 6 | 8 |
| Total income tax expense (benefit) | $ (30) | $ 94 | $ 166 |
Income Taxes (Changes In The Balance Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Taxes [Abstract] | |||
| Unrecognized tax benefits - beginning of period | $ 5 | $ 5 | $ 1 |
| Gross decreases - prior period tax positions | (1) | ||
| Gross increases (decrease) - current period tax positions | 2 | 1 | 4 |
| Unrecognized tax benefits - end of period | $ 7 | $ 5 | $ 5 |
Net (Loss) Income Per Common Share (Narrative) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
shares
| |
| Restricted Stock [Member] | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
| Shares excluded from the computation of diluted earnings per share (in shares) | 1,255,000 |
| PSUs [Member] | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
| Shares excluded from the computation of diluted earnings per share (in shares) | 326,000 |
Comprehensive Income (Reclassification Out Of AOCI) (Details) - Reclassification Out Of Accumulated Other Comprehensive Income [Member] - OPEB [Member] - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Amortization Of Defined Benefit Cost Items [Member] | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Income (loss) before income taxes | $ 25 | $ 22 | $ 13 |
| Tax impact | (6) | (5) | (2) |
| Reclassifications, net of tax | 19 | 17 | 11 |
| Prior-Service Costs [Member] | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Income (loss) before income taxes | $ 25 | $ 22 | $ 13 |
Segment Information (Schedule Of Segment Information) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Information [Abstract] | |||
| Revenues | $ 5,937 | $ 5,751 | $ 5,787 |
| Revenue generating departments | 1,062 | 989 | 1,045 |
| Operating departments | 2,147 | 2,224 | 2,310 |
| Support departments | 750 | 631 | 658 |
| Depreciation and amortization | 1,625 | 1,415 | 1,182 |
| Investment and other income (loss), net | 105 | 278 | 554 |
| Pension Settlement Costs | (55) | ||
| Interest expense | (804) | (653) | (492) |
| Income tax expense (benefit) | (24) | 88 | 158 |
| Net (loss) income | $ (322) | $ 29 | $ 441 |
Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| OPEB remeasurement (gain) loss | $ (35) | $ 3 | $ (248) |
| Pension remeasurement gain | 45 | (202) | (218) |
| Pension [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Service cost | 47 | 51 | 69 |
| Interest cost on projected benefit obligation | 126 | 129 | 106 |
| Expected return on plan assets | (164) | (148) | (181) |
| (Gain) / Loss recognized | 45 | (202) | (218) |
| Net periodic pension benefit cost (income) | 54 | (170) | (224) |
| Pension settlement costs | 55 | ||
| Special/contractual termination benefits | 12 | ||
| Total pension benefit cost (income) | 66 | (170) | (169) |
| OPEB [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Service cost | 7 | 8 | 13 |
| Interest cost on projected benefit obligation | 28 | 31 | 31 |
| (Gain) / Loss recognized | (35) | 3 | (248) |
| Amortization of prior service credit gain recognized | (25) | (22) | (13) |
| Total pension benefit cost (income) | $ (25) | $ 20 | $ (217) |
Retirement Plans (Weighted Average Asset Allocations, By Asset Category) (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Weighted average asset allocation (in hundredths) | 100.00% | 100.00% |
| Equity Securities [Member] | ||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Weighted average asset allocation (in hundredths) | 26.00% | 49.00% |
| Debt Securities [Member] | ||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Weighted average asset allocation (in hundredths) | 62.00% | 40.00% |
| Alternative And Other Investments [Member] | ||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Weighted average asset allocation (in hundredths) | 12.00% | 11.00% |
Retirement Plans (Expected Benefit Payments Over The Next Ten Years) (Details) - Pension [Member] $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
| 2025 | $ 256 |
| 2026 | 245 |
| 2027 | 240 |
| 2028 | 238 |
| 2029 | 233 |
| 2030 - 2034 | 1,074 |
| Total | $ 2,286 |
Retirement Plans (Schedule Of Expected Benefit Payments For OPEB) (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| OPEB - Gross Benefits [Member] | |
| Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
| 2025 | $ 40 |
| 2026 | 41 |
| 2027 | 42 |
| 2028 | 44 |
| 2029 | 45 |
| 2030 - 2034 | 235 |
| Total | 447 |
| OPEB [Member] | |
| Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
| 2025 | 40 |
| 2026 | 41 |
| 2027 | 42 |
| 2028 | 44 |
| 2029 | 45 |
| 2030 - 2034 | 235 |
| Total | $ 447 |
Retirement Plans (Net Periodic Benefit Cost Not Yet Recognized) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| OPEB [Member] | ||
| Defined Benefit Plan [Abstract] | ||
| Prior service cost (credit) | $ (100) | $ (125) |
Retirement Plans (Amounts Recognized As A Component Of AOCI) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Pension [Member] | ||
| Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
| Accumulated other comprehensive loss (gain) at beginning of the period | ||
| Accumulated other comprehensive loss (gain) at end of the period | ||
| OPEB [Member] | ||
| Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
| Accumulated other comprehensive loss (gain) at beginning of the period | (125) | (102) |
| Prior service (cost) credit amortized during the period | 25 | 22 |
| Prior service cost (credit) occurring during the period | (45) | |
| Net amount recognized in comprehensive (loss) for the period | 25 | (23) |
| Accumulated other comprehensive loss (gain) at end of the period | $ (100) | $ (125) |
Fair Value Of Financial Instruments (Changes In Fair Value Of Plan's Level 3 Assets) (Details) - Interest in Limited Partnerships and Limited Liability Corporations [Member] - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Balance, beginning of year | $ 162 | $ 156 |
| Realized gains | 15 | 13 |
| Unrealized (loss) gain | (1) | 6 |
| Purchases | ||
| Sales and distributions | (15) | (13) |
| Balance, end of year | $ 161 | $ 162 |
Fair Value Of Financial Instruments (Fair Value Of Long-Term Debt) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Carrying Amount [Member] | ||
| Long-term debt [Abstract] | ||
| Total debt | $ 11,569 | $ 11,231 |
| Fair Value [Member] | ||
| Long-term debt [Abstract] | ||
| Total debt | $ 11,749 | $ 10,712 |
Commitments And Contingencies (Roll Forward of Vendor Financing liabilities) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Commitments And Contingencies [Abstract] | ||
| Confirmed Obligations Outstanding, Beginning Balance | $ 263 | |
| Invoices confirmed during the year | 84 | $ 268 |
| Confirmed invoices paid during the year | (331) | (5) |
| Confirmed Obligations Outstanding, Ending Balance | $ 16 | $ 263 |
Commitments And Contingencies (Future Payments For Obligations Under Noncancelable Long Distance Contracts And Service Agreements) (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Commitments And Contingencies [Abstract] | |
| 2025 | $ 95 |
| 2026 | 16 |
| 2027 | 5 |
| 2028 | |
| 2029 | |
| Thereafter | |
| Total | $ 116 |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Risk management and strategy
We have established processes designed to identify, assess and manage material risks associated with cybersecurity threats. Our information technology, networks, and infrastructure have been and may in the future be subject to damage, disruptions, or shutdowns due to cyber-attacks, malware, employee or third-party error or malfeasance, power outages, communication or utility failures, systems failures, natural disasters or other catastrophic events. These risks include, among other things, operational risks, intellectual property theft, fraud, extortion, harm to employees or customers, violation of privacy or security laws and other litigation and legal risks, and reputational risks.
Cybersecurity risk management is embedded in the annual enterprise risk management (“ERM”) process, which is jointly administered by the Chief Financial Officer and head of Internal Audit and overseen by the Board of Directors, primarily through the Audit Committee. As part of the ERM process, senior management annually, or more frequently as necessary, identifies, assesses and evaluates enterprise level risks using a range of tools and services.
In order to manage identified cybersecurity risks, we evaluate a range of remediation options and determine the appropriate course of action for effective monitoring, mitigation and treatment. Areas that have a higher level of likelihood and potentially higher level of impact are prioritized. Periodic monitoring, self-assessment and reporting to the Audit Committee are performed by senior management to evaluate, among other things, the effectiveness of mitigation strategies in minimizing or managing identified risks. In addition to critical risk management, we conduct regular exercises and simulations to review and continuously improve our incident response protocols, we work to upgrade our existing technology systems to enhance our overall security posture and we provide ongoing employee training around cyber risks. For example, employees are required to complete cybersecurity training and receive ongoing education which includes simulated phishing attacks and communications for recognizing evolving threats.
Our processes also address cybersecurity risks associated with our use of third-party service providers and other external parties and circumstances. External risks to our network and information systems may arise from third parties and other parties we may not fully control. For example, we use vendors for encryption and authentication technology and cloud storage, and have adopted controls around, among other things, vendor risk assessment, access and acceptable use and backup and recovery. We engage outside providers to monitor our network and conduct periodic internal and external security testing and to assist in the ongoing evaluation and enhancement of our cyber security preparedness and protocols. We use the NIST Cybersecurity Framework to audit our cybersecurity controls.
As of the date of this report, we have not experienced any cybersecurity incidents that [we have determined] have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations or financial condition. We describe whether and how risks from identified cybersecurity threats, including as a result of previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, in our risk factor disclosures under the heading “We rely on network and information systems and other technology, and a disruption or failure of such networks, systems or technology as a result of cyber-attacks, malware, misappropriation of data or other malfeasance, as well as outages, accidental releases of information or similar events, may disrupt our business and materially impact our results of operations, financial condition and cash flows” in Item 1A of this Annual Report on Form 10-K. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | We have established processes designed to identify, assess and manage material risks associated with cybersecurity threats. Our information technology, networks, and infrastructure have been and may in the future be subject to damage, disruptions, or shutdowns due to cyber-attacks, malware, employee or third-party error or malfeasance, power outages, communication or utility failures, systems failures, natural disasters or other catastrophic events. These risks include, among other things, operational risks, intellectual property theft, fraud, extortion, harm to employees or customers, violation of privacy or security laws and other litigation and legal risks, and reputational risks.
Cybersecurity risk management is embedded in the annual enterprise risk management (“ERM”) process, which is jointly administered by the Chief Financial Officer and head of Internal Audit and overseen by the Board of Directors, primarily through the Audit Committee. As part of the ERM process, senior management annually, or more frequently as necessary, identifies, assesses and evaluates enterprise level risks using a range of tools and services. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] | As of the date of this report, we have not experienced any cybersecurity incidents that [we have determined] have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations or financial condition. We describe whether and how risks from identified cybersecurity threats, including as a result of previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, in our risk factor disclosures under the heading “We rely on network and information systems and other technology, and a disruption or failure of such networks, systems or technology as a result of cyber-attacks, malware, misappropriation of data or other malfeasance, as well as outages, accidental releases of information or similar events, may disrupt our business and materially impact our results of operations, financial condition and cash flows” in Item 1A of this Annual Report on Form 10-K. |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | While material risks are generally overseen by the full Board of Directors, the Audit Committee has a key role in cybersecurity risk monitoring and oversight as set forth in its charter. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | In establishing Audit Committee membership, the Nominating & Corporate Governance Committee identifies directors with relevant IT, network and cyber expertise to serve on the Committee. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The CDIO and CISO provide periodic reports to the Audit Committee on the Company’s data privacy and information and infrastructure security programs, including cybersecurity risks. In addition, senior management reports to the Board of Directors at least annually on cybersecurity risks. |
| Cybersecurity Risk Role of Management [Text Block] | Frontier’s management is primarily responsible for governing and overseeing cybersecurity risks. Operational responsibility for ensuring the adequacy and effectiveness of the Company’s cybersecurity risk management, control and governance processes is assigned to the SVP, Cyber Security (CISO). Our CISO has over 20 years of experience in IT, cyber security and data privacy and data management and reports directly to the EVP, Chief Digital and Information Officer (CDIO). Our CDIO has over 25 years of experience, having previously held senior leadership positions in technology, IT and operations at large public companies prior to joining Frontier.
To assist with management oversight, the CDIO chairs a security council which supports risk management by providing input into cyber security strategy and helps prioritize monitoring, mitigation and remediation across operational groups. This security council is comprised of senior leaders from a cross-functional group of departments including Legal and Regulatory, Corporate Security, Network Engineering, Internal Audit, Finance & Accounting and Risk and IT Infrastructure. In addition, we have established processes and response teams that are responsible for monitoring and making determinations regarding the materiality of cybersecurity incidents. The members of these teams have extensive expertise in evaluating the potential impact and materiality of events in the context of Frontier’s business and financial position, reputational and industry risk, and legal and regulatory environment, and there are procedures in place to escalate potentially material incidents for consideration by the Audit Committee. For example, the Audit Committee was actively involved in the review, disclosure and mitigation of the reported April 2024 cyber-attack. See Item 1A “Risk Factors” for a further discussion of cybersecurity risks. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Frontier’s management is primarily responsible for governing and overseeing cybersecurity risks. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Operational responsibility for ensuring the adequacy and effectiveness of the Company’s cybersecurity risk management, control and governance processes is assigned to the SVP, Cyber Security (CISO). Our CISO has over 20 years of experience in IT, cyber security and data privacy and data management and reports directly to the EVP, Chief Digital and Information Officer (CDIO). Our CDIO has over 25 years of experience, having previously held senior leadership positions in technology, IT and operations at large public companies prior to joining Frontier. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | While material risks are generally overseen by the full Board of Directors, the Audit Committee has a key role in cybersecurity risk monitoring and oversight as set forth in its charter. In establishing Audit Committee membership, the Nominating & Corporate Governance Committee identifies directors with relevant IT, network and cyber expertise to serve on the Committee. The CDIO and CISO provide periodic reports to the Audit Committee on the Company’s data privacy and information and infrastructure security programs, including cybersecurity risks. In addition, senior management reports to the Board of Directors at least annually on cybersecurity risks. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |