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Fair Value Of Financial Instruments
12 Months Ended
Dec. 31, 2021
Fair Value Of Financial Instruments [Abstract]  
Fair Value Of Financial Instruments (21) 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 InputLevel 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 Frontier’s pension plan assets measured at fair value on a recurring basis as of December 31, 2021 and 2020: Successor Fair Value Measurements at December 31, 2021 ($ in millions) Total Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 39  $ 39  $ - $ - U.S. Government Obligations 62  - 62  - Corporate and Other Obligations 525  - 525  - Common Stock 496  496  - - Interest in Registered Investment Companies (1) 887  887  - - Interest in Limited Partnerships and Limited Liability Companies 165  - - 165  Total investments at fair value $ 2,174  $ 1,422  $ 587  $ 165  Common/Collective Trusts (1) 510  Interest and Dividend Receivable 5  Due from Broker for Securities Sold 28  Value of Funds Held in Insurance Co. 6  Due to Broker for Securities Purchased (68) Total Plan Assets, at Fair Value $ 2,655  Predecessor Fair Value Measurements at December 31, 2020 ($ in millions) Total Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 55  $ 55  $ - $ - U.S. Government Obligations 48  - 48  - Corporate and Other Obligations 506  - 506  - Common Stock 510  510  - - Preferred Stock 3  3  - - Interest in Registered Investment Companies (1) 140  140  - - Interest in Limited Partnerships and Limited Liability Companies 166  - - 166  Total investments at fair value $ 1,428  $ 708  $ 554  $ 166  Common/Collective Trusts (1) 1,073  Interest in Registered Investment Companies (1) 32  Interest and Dividend Receivable 5  Due from Broker for Securities Sold 22  Receivable Associated with Insurance Contract 7  Due to Broker for Securities Purchased (60) Total Plan Assets, at Fair Value $ 2,507  (1)Investments that are measured at fair value using the net asset value (NAV) practical expedient have not been classified in the fair value hierarchy. The fair value of common/collective trusts are estimated using the NAV per share multiplied by the number of shares of the trust investment held as of the measurement date. Additionally, the fair value of certain assets totaling $32 million as of December 31, 2019, respectively, included in “Interest in Registered Investment Companies” were estimated using the NAV practical expedient. These balances are intended to permit reconciliation of the fair value hierarchy to the plan asset amounts presented in Note 20 - Retirement Plans. There have been no reclassifications of investments between Levels 1, 2 or 3 assets during the years ended December 31, 2021 or 2020. The tables below set forth a summary of changes in the fair value of the Plan’s Level 3 assets for the years ended December 31, 2021 and 2020: Interest in Limited Partnerships and Limited Liability Companies ($ in millions) 2021 2020 Balance at beginning of year $ 166  $ 163  Realized gains 22  14  Unrealized gains (1) 3  Purchases 1  - Sales and distributions (23) (14) Balance at end of year $ 165  $ 166  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, 2021: Successor Liquidation Capitalization ($ in millions) Fair Value Period Rate Interest in Limited Partnerships and Limited Liability Companies (3) MS IFHF SVP LP Cayman (1) $ 1  3 years N/A 426 E. Casino Road, LLC (2) 17  N/A 7.00% 100 Comm Drive, LLC (2) 10  N/A 7.75% 100 CTE Drive, LLC (2) 12  N/A 9.50% 6430 Oakbrook Parkway, LLC (2) 27  N/A 7.75% 8001 West Jefferson, LLC (2) 30  N/A 8.75% 1500 MacCorkle Ave SE, LLC (2) 16  N/A 8.75% 400 S. Pike Road West, LLC (2) 1  N/A 8.50% 601 N. US 131, LLC (2) 1  N/A 9.50% 9260 E. Stockton Blvd., LLC (2) 7  N/A 7.25% 120 E. Lime Street, LLC (2) 9  N/A 9.00% 610 N. Morgan Street, LLC (2) 34  N/A 8.50% Total Interest in Limited Partnerships and Limited Liability Companies $ 165  (1)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 three years.(2)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.(3)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, 2021 and 2020. For the other financial instruments including cash, 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 (including $10,949 million of debt classified in Liabilities subject to compromise at December 31, 2020) is estimated based upon quoted market prices at the reporting date for those financial instruments. In applying fresh start accounting, our debt obligations were recognized at fair value on our consolidated balance sheet as of April 30, 2021, as described further in Note 4. Successor Predecessor 2021 2020 Carrying Carrying ($ in millions) Amount Fair Value Amount Fair Value Total debt $ 7,777  $ 7,996  $ 16,769  $ 11,635  The fair value of our long-term debt is estimated based upon quoted market prices at the reporting date for those financial instruments.