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Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2018
Comprehensive Income (Loss) [Abstract]  
Comprehensive Income (Loss)



(15)    Comprehensive Income (Loss):



Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting shareholders’ equity and pension/postretirement benefit (OPEB) liabilities that, under GAAP, are excluded from net loss.



The components of accumulated other comprehensive loss, net of tax at June 30, 2018 and 2017, and changes for the six months then ended, are as follows:





 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

($ in millions)

 

Pension Costs

 

OPEB Costs

 

Total

 



 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2018 (a)

 

$

 (345)

 

$

 (21)

 

$

 (366)

 

Other comprehensive income (loss)
before reclassifications

 

 

 45 

 

 

 1 

 

 

 46 

 

Amounts reclassified from accumulated other comprehensive loss to net loss

 

 

 27 

 

 

 (3)

 

 

 24 

 

Net current-period other comprehensive income (loss)

 

 

 72 

 

 

 (2)

 

 

 70 

 

Balance at June 30, 2018 (a)

 

$

 (273)

 

$

 (23)

 

$

 (296)

 



 

 

 

 

 

 

 

 

 

 





 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

($ in millions)

 

Pension Costs

 

OPEB Costs

 

Total

 



 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2017 (a)

 

$

 (403)

 

$

 16 

 

$

 (387)

 

Other comprehensive income (loss)
before reclassifications

 

 

 12 

 

 

 (1)

 

 

 11 

 

Amounts reclassified from accumulated other comprehensive loss to net loss

 

 

 50 

 

 

 (3)

 

 

 47 

 

Net current-period other comprehensive income (loss)

 

 

 62 

 

 

 (4)

 

 

 58 

 

Balance at June 30, 2017 (a)

 

$

 (341)

 

$

 12 

 

$

 (329)

 



 

 

 

 

 

 

 

 

 

 



(a)

Pension and OPEB amounts are net of deferred tax balances of $223 million and $231 million as of January 1, 2018 and 2017, respectively and $195 million and $194 million as of June 30, 2018 and 2017, respectively.



As a result of pension settlement accounting, the Frontier Communications Pension Plan (the Pension Plan) was remeasured as of June 30, 2018 and as of June 30, 2017. For the three and six months ended June 30, 2018, Frontier recorded a net gain on remeasurement of $65 million to Other comprehensive income (loss). Additionally, Frontier recorded pension settlement charges totaling $25 million ($19 million net of tax) to other comprehensive income.



For the three and six months ended June 30, 2017, Frontier recorded a net loss on remeasurement of $28 million to Other comprehensive income (loss), respectively. Pension settlement charges of $19 million and $62 million were recorded to other comprehensive income for the three and six months ended June 30, 2017, respectively. Refer to Note 16 for details about the settlement accounting.

The significant items reclassified from each component of accumulated other comprehensive loss for the three and six months ended June 30, 2018 and 2017 are as follows:





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Amount Reclassified from Accumulated Other Comprehensive Loss (a)

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affected Line Item in



 

 

 

 

 

 

 

 

 

 

 

 

 

 

the Statement Where

Details about Accumulated Other

 

 

For the three months ended June 30,

 

For the six months ended June 30,

 

Net Income (Loss)

Comprehensive Loss Components

 

2018

 

2017

 

 

2018

 

2017

 

is Presented

Amortization of Pension Cost Items (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains (losses)

 

$

 (6)

 

$

 (9)

 

 

$

 (13)

 

$

 (17)

 

 

Pension settlement costs

 

 

 (25)

 

 

 (19)

 

 

 

 (25)

 

 

 (62)

 

 



 

 

 (31)

 

 

 (28)

 

 

 

 (38)

 

 

 (79)

 

Income (loss) before income taxes

Tax impact

 

 

 8 

 

 

 10 

 

 

 

 11 

 

 

 29 

 

Income tax (expense) benefit



 

$

 (23)

 

$

 (18)

 

 

$

 (27)

 

$

 (50)

 

Net income (loss)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of OPEB Cost Items (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior-service costs

 

$

 3 

 

$

 3 

 

 

$

 5 

 

$

 5 

 

 

Actuarial gains (losses)

 

 

 -

 

 

 (1)

 

 

 

 (1)

 

 

 (1)

 

 



 

 

 3 

 

 

 2 

 

 

 

 4 

 

 

 4 

 

Income (loss) before income taxes

Tax impact

 

 

 (1)

 

 

 -

 

 

 

 (1)

 

 

 (1)

 

Income tax (expense) benefit



 

$

 2 

 

$

 2 

 

 

$

 3 

 

$

 3 

 

Net income (loss)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



(a) Amounts in parentheses indicate losses.

(b) These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs (see Note 16 - Retirement Plans for additional details).