Property, Plant And Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant And Equipment [Abstract]

Property, Plant And Equipment

(5) Property, Plant and Equipment:

Property, plant and equipment, net is as follows:

($ in millions)	June 30, 2022		December 31, 2021
Property, plant and equipment	$	11,024	$	9,707
Less: Accumulated depreciation		(916)		(508)
Property, plant and equipment, net	$	10,108	$	9,199

Depreciation expense is principally based on the composite group method. Depreciation expense was as follows:

	Successor		Successor		Predecessor
	For the three months ended June 30,		For the two months ended June 30,		For the one month ended April 30,
($ in millions)	2022		2021		2021
Depreciation expense	$	211	$	127	$	99
	Successor		Successor		Predecessor
	For the six months ended June 30,		For the two months ended June 30,		For the four months ended April 30,
($ in millions)	2022		2021		2021
Depreciation expense	$	414	$	127	$	407

As a result of applying fresh start accounting on the Effective Date, Frontier’s fixed assets were reduced from $13.0 billion to $8.5 billion. For the six months ended June 30, 2022, the decrease in depreciation expense was principally a result of the reduced asset base following this fresh start fair value adjustment. In July 2022, we sold a property that was subject to leaseback, generating approximately $70 million in proceeds.

During the six months ended June 30, 2022, our capital expenditures were $1,088 million. In addition, we had $250 million of capital expenditures that were received but not paid as of June 30, 2022.