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Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2020
Comprehensive Income (Loss) [Abstract]  
Comprehensive Income (Loss) (16) Comprehensive Income (Loss):

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

The components of accumulated other comprehensive income (loss), net of tax and changes are as follows:

($ in millions)

Pension Costs

OPEB Costs

Total

Balance at January 1, 2020 (1)

$

(684)

$

34 

$

(650)

Other comprehensive income (loss)

before reclassifications

(525)

(15)

(540)

Amounts reclassified from accumulated other

comprehensive loss to net loss

208 

(5)

203 

Net current-period other comprehensive

income (loss)

(317)

(20)

(337)

Balance at June 30, 2020 (1)

$

(1,001)

$

14 

$

(987)

($ in millions)

Pension Costs

OPEB Costs

Total

Balance at January 1, 2019 (1)

$

(489)

$

26 

$

(463)

Other comprehensive income (loss)

before reclassifications

-

-

-

Amounts reclassified from accumulated other

comprehensive loss to net loss

21 

(4)

17 

Net current-period other comprehensive

income (loss)

21 

(4)

17 

Impact of adoption of ASU 2018-02

(83)

4 

(79)

Balance at June 30, 2019 (1)

$

(551)

$

26 

$

(525)

(1)Pension and OPEB amounts are net of tax of $204 million and $250 million as of January 1, 2020 and 2019, respectively and $280 million and $166 million as of June 30, 2020 and 2019, respectively.

During the six months ended June 30, 2020, Frontier recorded aggregate pension settlement charges of $159 million related to lump sum pension settlement payments to terminated or retired individuals and completed its sale of the Northwest Operations. In accordance with ASC 715, Compensation - Retirement Benefits (ASC 715), Frontier remeasured its pension plan during the three months ended June 30, 2020. This remeasurement resulted in an increase in our pension liabilities and a remeasurement charge to Other comprehensive income (loss) of $672 million for the six months ended June 30, 2020. Refer to Note 17 for additional disclosures related to the pension settlement and other items related to Defined Benefit Plans.

The significant items reclassified from each component of accumulated other comprehensive are as follows:

Amount Reclassified from

Accumulated Other

Comprehensive Loss (1)

($ in millions)

Affected Line Item in

For the three months ended

For the six months ended

the Statement Where

Details about Accumulated Other

June 30,

June 30,

Net Loss

Comprehensive Loss Components

2020

2019

2020

2019

is Presented

Amortization of Pension Cost Items (2)

Actuarial gains (losses)

$

(30)

$

(14)

$

(47)

$

(28)

One-time loss on disposal

(61)

-

(61)

-

Pension settlement costs

(56)

-

(159)

-

(147)

(14)

(267)

(28)

Loss before income taxes

Tax impact

29 

3 

59 

7 

Income tax benefit

$

(118)

$

(11)

$

(208)

$

(21)

Net loss

Amortization of OPEB Cost Items (2)

Prior-service costs

$

8 

$

3 

$

16 

$

4 

Actuarial gains (losses)

(1)

-

(3)

2 

One-time loss on disposal

(7)

-

(7)

-

-

3 

6 

6 

Loss before income taxes

Tax impact

-

(1)

(1)

(2)

Income tax benefit

$

-

$

2 

$

5 

$

4 

Net loss

(1) Amounts in parentheses indicate losses.

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs (see Note 17 - Retirement Plans for additional details).