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Quarterly Financial Data (Tables)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Data [Abstract]  
Quarterly Financial Information



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

First

 

Second

 

Third

 

Fourth

 

Total

 



($ in millions, except per share amounts)

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Year

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Revenue (3)

 

$ 

 2,199 

 

$

 2,162 

 

$

 2,126 

 

$

 2,124 

 

$

 8,611 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Operating income (loss)(2)(3)

 

 

 366 

 

 

 367 

 

 

 (33)

 

 

 127 

 

 

 827 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Net loss attributable to Frontier

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



common shareholders(2)(3)

 

 

 (33)

 

 

 (72)

 

 

 (426)

 

 

 (219)

 

 

 (750)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Basic net loss per share attributable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



to Frontier common shareholders(1)(2)(3)

 

$

 (0.44)

 

$

 (0.92)

 

$

 (4.11)

 

$

 (2.12)

 

$

 (8.37)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Diluted net loss per share attributable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



to Frontier common shareholders(1)(2)(3)

 

$ 

 (0.44)

 

$

 (0.92)

 

$

 (4.11)

 

$

 (2.12)

 

$

 (8.37)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The quarterly net loss per share amounts are rounded to the nearest cent.  Annual net loss per share may vary depending on the effect of such rounding and our preferred stock conversion during 2018.

(2)

During the fourth quarter of 2018, we recorded a goodwill impairment charge of $641 million ($572 million after-tax). Refer to Note 7 for further details.

(3)

Effective January 1, 2018, we adopted ASU 2014-09, “Revenue from Contracts with Customers,” as modified (ASC 606) using the modified retrospective method. Under this approach, prior period results were not restated to reflect the impact of ASC 606, resulting in limited comparability between 2017 and 2018 operating results.







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

First

 

Second

 

Third

 

Fourth

 

Total

 



($ in millions, except per share amounts)

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Year

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Revenue

 

$ 

 2,356 

 

$

 2,304 

 

$

 2,251 

 

$

 2,217 

 

$

 9,128 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Operating income (loss)(3)

 

 

 317 

 

 

 (375)

 

 

 322 

 

 

 (1,747)

 

 

 (1,483)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Net loss attributable to Frontier

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



common shareholders (1) (2)

 

 

 (129)

 

 

 (715)

 

 

 (92)

 

 

 (1,082)

 

 

 (2,018)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Basic net loss per share attributable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



to Frontier common shareholders(1) (2)

 

$

 (1.67)

 

$

 (9.20)

 

$

 (1.19)

 

$

 (13.91)

 

$

 (25.99)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Diluted net loss per share attributable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



to Frontier common shareholders(1) (2)

 

$

 (1.67)

 

$

 (9.21)

 

$

 (1.19)

 

$

 (13.91)

 

$

 (25.99)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





(1)

During the fourth quarter of 2017, we recorded a goodwill impairment charge of $2,078 million ($1,822 million after-tax). Refer to Note 7 for further details.

(2)

The quarterly net loss per share amounts are rounded to the nearest cent.  Annual net loss per share may vary depending on the effect of such rounding.

(3)

Effective January 1, 2018, Frontier adopted ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The standard requires certain benefit costs to be reclassified from operating expenses to non-operating expenses. This change in policy was applied using a retrospective approach and, accordingly, we have reclassified $2 million of net operating expenses as non-operating expense for the year ended December 31, 2017. Additional pension settlement costs of $83 million for the year ended December 31, 2017 were reclassified from operating expense to non-operating expense.