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Fair Value Of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value Of Financial Instruments [Abstract]  
Pension Plan Assets Measured At Fair Value on Recurring Basis



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

Fair Value Measurements at December 31, 2017

 

($ in millions)

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Cash and Cash Equivalents

 

$

 37 

 

$

 37 

 

$

 -

 

$

 -

 

U.S. Government Obligations

 

 

 30 

 

 

 -

 

 

 30 

 

 

 -

 

Corporate and Other Obligations

 

 

 448 

 

 

 -

 

 

 448 

 

 

 -

 

Common Stock

 

 

 523 

 

 

 523 

 

 

 -

 

 

 -

 

Common/Collective Trusts

 

 

 1,215 

 

 

 -

 

 

 1,215 

 

 

 -

 

Interest in Registered Investment Companies

 

 

 324 

 

 

 324 

 

 

 -

 

 

 -

 

Interest in Limited Partnerships and

 

 

 

 

 

 

 

 

 

 

 

 

 

Limited Liability Companies

 

 

 115 

 

 

 -

 

 

 -

 

 

 115 

 

Total investments at fair value

 

$

 2,692 

 

$

 884 

 

$

 1,693 

 

$

 115 

 

Interest and Dividend Receivable

 

 

 6 

 

 

 

 

 

 

 

 

 

 

Due from Broker for Securities Sold

 

 

 40 

 

 

 

 

 

 

 

 

 

 

Receivable Associated with Insurance Contract

 

 

 7 

 

 

 

 

 

 

 

 

 

 

Due to Broker for Securities Purchased

 

 

 (71)

 

 

 

 

 

 

 

 

 

 

Total Plan Assets, at Fair Value

 

$

 2,674 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

Fair Value Measurements at December 31, 2016

 

($ in millions)

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Cash and Cash Equivalents

 

$

 42 

 

$

 42 

 

$

 -

 

$

 -

 

U.S. Government Obligations

 

 

 29 

 

 

 -

 

 

 29 

 

 

 -

 

Corporate and Other Obligations

 

 

 400 

 

 

 -

 

 

 400 

 

 

 -

 

Common Stock

 

 

 487 

 

 

 487 

 

 

 -

 

 

 -

 

Common/Collective Trusts

 

 

 1,104 

 

 

 -

 

 

 1,104 

 

 

 -

 

Interest in Registered Investment Companies

 

 

 334 

 

 

 334 

 

 

 -

 

 

 -

 

Interest in Limited Partnerships and

 

 

 

 

 

 

 

 

 

 

 

 

 

Limited Liability Companies

 

 

 118 

 

 

 -

 

 

 -

 

 

 118 

 

Total investments at fair value

 

$

 2,514 

 

$

 863 

 

$

 1,533 

 

$

 118 

 

Receivable for plan assets of the CTF Operations

 

 

 258 

 

 

 

 

 

 

 

 

 

 

Interest and Dividend Receivable

 

 

 6 

 

 

 

 

 

 

 

 

 

 

Due from Broker for Securities Sold

 

 

 27 

 

 

 

 

 

 

 

 

 

 

Receivable Associated with Insurance Contract

 

 

 7 

 

 

 

 

 

 

 

 

 

 

Due to Broker for Securities Purchased

 

 

 (46)

 

 

 

 

 

 

 

 

 

 

Total Plan Assets, at Fair Value

 

$

 2,766 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



Changes in Fair Value of Plan's Level 3 Assets



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

Interest in Limited Partnerships and Limited Liability Companies

 

($ in millions)

 

2017

 

2016

 

Balance, beginning of year

 

$

 118 

 

$

 92 

 

Realized gains

 

 

 12 

 

 

 7 

 

Unrealized gains/(losses)

 

 

 (2)

 

 

 13 

 

Purchases

 

 

 -

 

 

 15 

 

Sales and distributions

 

 

 (13)

 

 

 (9)

 

Balance, end of year

 

$

 115 

 

$

 118 

 



 

 

 

 

 

 

 



Redemption of Plan's Level 3 Investments



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

($ in millions)

 

Fair Value

 

Liquidation Period

 

Capitalization Rate

 

Interest in Limited Partnerships and Limited

 

 

 

 

 

 

 

 

 

 

Liability Companies (d)

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

MS IFHF SVP LP Cayman (a)

 

$

 1 

 

 

5 years

 

 

N/A

 

MS IFHF SVP LP Alpha (a)

 

 

 1 

 

 

5 years

 

 

N/A

 

RII World Timberfund, LLC (b)

 

 

 5 

 

 

10 years

 

 

N/A

 

426 E Casino Road, LLC (c)

 

 

 15 

 

 

N/A

 

 

7.00%

 

100 Comm Drive, LLC (c)

 

 

 9 

 

 

N/A

 

 

8.00%

 

100 CTE Drive, LLC (c)

 

 

 10 

 

 

N/A

 

 

9.50%

 

6430 Oakbrook Parkway, LLC (c)

 

 

 26 

 

 

N/A

 

 

7.75%

 

8001 West Jefferson, LLC (c)

 

 

 26 

 

 

N/A

 

 

8.75%

 

1500 MacCorkle Ave SE, LLC (c)

 

 

 14 

 

 

N/A

 

 

8.50%

 

400 S. Pike Road West, LLC (c)

 

 

 1 

 

 

N/A

 

 

8.50%

 

601 N US 131, LLC (c)

 

 

 1 

 

 

N/A

 

 

9.50%

 

9260 E. Stockton Blvd., LLC (c)

 

 

 6 

 

 

N/A

 

 

7.50%

 

Total Interest in Limited Partnerships and Limited

 

 

 

 

 

 

 

 

 

 

Liability Companies

 

$

 115 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



(a)

The partnerships’ investment objective is to seek capital appreciation principally through investing in investment funds managed by third party investment managers who employ a variety of alternative investment strategies. These instruments are subject to certain withdrawal restrictions. The Plan is in the process of liquidating its interest in the partnerships and distributions are expected to be made over the next four years.

(b)

The fund’s objective is to realize substantial long-term capital appreciation by investing in timberland properties primarily in South America and Australia. This investment is subject to certain withdrawal restrictions.

(c)

The entity invests in commercial real estate properties that are leased to Frontier. The leases are triple net, whereby Frontier is responsible for all expenses, including but not limited to, insurance, repairs and maintenance and payment of property taxes.

(d)

All Level 3 investments have the same redemption frequency (through the liquidation of underlying investments) and redemption notice period (none).



Fair Value Of Long-Term Debt



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

2017

 

2016



 

 

 

 

 

 

 

 

 

 

 

 



 

 

Carrying

 

 

 

 

 

Carrying

 

 

 

($ in millions)

 

 

Amount

 

 

Fair Value

 

 

Amount

 

 

Fair Value



 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

 16,970 

 

$

 13,994 

 

$

 17,560 

 

$

 17,539