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Fair Value Of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Of Financial Instruments [Abstract]  
Pension Plan Assets Measured At Fair Value on Recurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

Fair Value Measurements at December 31, 2015

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Cash and Cash Equivalents

 

$

 23 

 

$

 23 

 

$

 -

 

$

 -

 

U.S. Government Obligations

 

 

 32 

 

 

 -

 

 

 32 

 

 

 -

 

Corporate and Other Obligations

 

 

 315 

 

 

 -

 

 

 315 

 

 

 -

 

Common Stock

 

 

 178 

 

 

 178 

 

 

 -

 

 

 -

 

Common/Collective Trusts

 

 

 894 

 

 

 -

 

 

 894 

 

 

 -

 

Interest in Registered Investment Companies

 

 

 49 

 

 

 49 

 

 

 -

 

 

 -

 

Interest in Limited Partnerships and

 

 

 

 

 

 

 

 

 

 

 

 

 

Limited Liability Companies

 

 

 92 

 

 

 -

 

 

 -

 

 

 92 

 

Total investments at fair value

 

$

 1,583 

 

$

 250 

 

$

 1,241 

 

$

 92 

 

Interest and Dividend Receivable

 

 

 4 

 

 

 

 

 

 

 

 

 

 

Due from Broker for Securities Sold

 

 

 21 

 

 

 

 

 

 

 

 

 

 

Receivable Associated with Insurance Contract

 

 

 7 

 

 

 

 

 

 

 

 

 

 

Due to Broker for Securities Purchased

 

 

 (43)

 

 

 

 

 

 

 

 

 

 

Total Plan Assets, at Fair Value

 

$

 1,572 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

Fair Value Measurements at December 31, 2014

 

 

Total

 

Level 1

 

Level 2

 

Level 3

Cash and Cash Equivalents

 

$

 32 

 

$

 32 

 

$

 -

 

$

 -

U.S. Government Obligations

 

 

 32 

 

 

 -

 

 

 32 

 

 

 -

Corporate and Other Obligations

 

 

 283 

 

 

 -

 

 

 283 

 

 

 -

Common Stock

 

 

 170 

 

 

 170 

 

 

 -

 

 

 -

Common/Collective Trusts

 

 

 959 

 

 

 -

 

 

 959 

 

 

 -

Interest in Registered Investment Companies

 

 

 66 

 

 

 66 

 

 

 -

 

 

 -

Interest in Limited Partnerships and

 

 

 

 

 

 

 

 

 

 

 

 

Limited Liability Companies

 

 

 103 

 

 

 -

 

 

 -

 

 

 103 

Insurance Contracts

 

 

 1 

 

 

 -

 

 

 1 

 

 

 -

Other

 

 

 2 

 

 

 -

 

 

 2 

 

 

 -

Total investments at fair value

 

$

 1,648 

 

$

 268 

 

$

 1,277 

 

$

 103 

Receivable for plan assets of the

 

 

 

 

 

 

 

 

 

 

 

 

Connecticut operations

 

 

 34 

 

 

 

 

 

 

 

 

 

Interest and Dividend Receivable

 

 

 4 

 

 

 

 

 

 

 

 

 

Due from Broker for Securities Sold

 

 

 32 

 

 

 

 

 

 

 

 

 

Receivable Associated with Insurance Contract

 

 

 8 

 

 

 

 

 

 

 

 

 

Due to Broker for Securities Purchased

 

 

 (53)

 

 

 

 

 

 

 

 

 

Total Plan Assets, at Fair Value

 

$

 1,673 

 

 

 

 

 

 

 

 

 

 

Changes in Fair Value of Plan's Level 3 Assets

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

2015

 

 

 

Interest in Limited Partnerships and Limited Liability Companies

 

Balance, beginning of year

 

$

 103 

 

Realized gains

 

 

 8 

 

Unrealized losses

 

 

 (11)

 

Sales and distributions

 

 

 (8)

 

Balance, end of year

 

$

 92 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

2014

 

 

Interest in Limited Partnerships and Limited Liability Companies

 

Commingled Funds

Balance, beginning of year

 

$

 129 

 

$

 33 

Realized gains

 

 

 12 

 

 

 5 

Unrealized losses

 

 

 (5)

 

 

 (5)

Sales and distributions

 

 

 (33)

 

 

 (33)

Balance, end of year

 

$

 103 

 

$

 -

 

 

 

 

 

 

 

 

Redemption of Plan's Level 3 Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value

 

Redemption Frequency

 

Redemption Notice Period

 

Liquidation Period

Interest in Limited Partnerships and Limited

 

 

 

 

 

 

 

 

 

 

 

 

Liability Companies

 

 

 

 

 

 

 

 

 

 

 

 

MS IFHF SVP LP Cayman (a)

 

$

 1 

 

 

Through liquidation of
underlying investments

 

 

None

 

 

2 years

MS IFHF SVP LP Alpha (a)

 

 

 1 

 

 

Through liquidation of
underlying investments

 

 

None

 

 

2 years

RII World Timberfund, LLC (b)

 

 

 7 

 

 

Through liquidation of
underlying investments

 

 

None

 

 

10 years

100 Comm Drive, LLC (c)

 

 

 8 

 

 

Through liquidation of
underlying investments

 

 

None

 

 

NA

100 CTE Drive, LLC (c)

 

 

 6 

 

 

Through liquidation of
underlying investments

 

 

None

 

 

NA

6430 Oakbrook Parkway, LLC (c)

 

 

 24 

 

 

Through liquidation of
underlying investments

 

 

None

 

 

NA

8001 West Jefferson, LLC (c)

 

 

 25 

 

 

Through liquidation of
underlying investments

 

 

None

 

 

NA

1500 MacCorkle Ave SE, LLC (c)

 

 

 13 

 

 

Through liquidation of
underlying investments

 

 

None

 

 

NA

400 S. Pike Road West, LLC (c)

 

 

 1 

 

 

Through liquidation of
underlying investments

 

 

None

 

 

NA

601 N US 131, LLC (c)

 

 

 1 

 

 

Through liquidation of
underlying investments

 

 

None

 

 

NA

9260 E. Stockton Blvd., LLC (c)

 

 

 5 

 

 

Through liquidation of
underlying investments

 

 

None

 

 

NA

Total Interest in Limited Partnerships and Limited

 

 

 

 

 

 

 

 

 

 

 

 

Liability Companies

 

$

 92 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

(b)  The fund’s objective is to realize substantial long-term capital appreciation by investing in timberland properties primarily in South America, New Zealand and Australia.

 

(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.

Valuation Techniques Used to Measure the Fair Value of the Plan's Interest in Limited Partnerships

 

 

 

 

 

 

 

 

 

 

 

 

Instrument

Property

 

Fair Value

Capitalization Rate

 

 

 

 

 

 

 

 

100 Comm Drive, LLC

$

 8  7.75% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 CTE Drive, LLC

$

 6  9.00% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6430 Oakbrook Parkway, LLC

$

 24  8.00% 

 

 

 

 

 

 

 

Interest in

 

 

 

 

 

Limited Partnerships

8001 West Jefferson, LLC

$

 25  8.50% 

 

and Limited

 

 

 

 

 

Liability Companies

 

 

 

 

 

 

1500 MacCorkle Ave SE, LLC

$

 13  8.25% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

400 S. Pike Road West, LLC

$

 1  8.75% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

601 N US 131, LLC

$

 1  9.50% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9260 E. Stockton Blvd., LLC

$

 5  7.75% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Of Long-Term Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrying

 

 

 

 

 

Carrying

 

 

 

 

 

 

Amount

 

 

Fair Value

 

 

Amount

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

 15,508 

 

$

 14,767 

 

$

 9,393 

 

$

 10,034