Property, Plant And Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant And Equipment [Abstract]

Property, Plant And Equipment

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(5) Property, Plant and Equipment:

Property, plant and equipment, net is as follows:

($ in millions)	September 30, 2022		December 31, 2021
Property, plant and equipment	$	11,948	$	9,707
Less: Accumulated depreciation		(1,101)		(508)
Property, plant and equipment, net	$	10,847	$	9,199

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

	For the three months ended September 30,		For the three months ended September 30,
($ in millions)	2022		2021
Depreciation expense	$	215	$	191
	Successor				Predecessor
	For the nine months ended September 30,		For the five months ended September 30,		For the four months ended April 30,
($ in millions)	2022		2021		2021
Depreciation expense	$	629	$	318	$	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 nine months ended September 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 nine months ended September 30, 2022, our capital expenditures were $1,860 million. In addition, we had $431 million of capital expenditures that were received but not paid as of September 30, 2022.