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Fair Value Of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Of Financial Instruments [Abstract]  
Fair Value Of Financial Instruments (19) Fair Value of Financial Instruments:

Fair value is defined under GAAP as the exit price associated with the sale of an asset or transfer of a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value under GAAP must maximize the use of observable inputs and minimize the use of unobservable inputs. In addition, GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

The three input levels in the hierarchy of fair value measurements are defined by the FASB generally as follows:

Input Level Description of Input

Level 1 Observable inputs such as quoted prices in active markets for identical assets.

Level 2 Inputs other than quoted prices in active markets that are either directly or indirectly observable.

Level 3 Unobservable inputs in which little or no market data exists.

The following tables represent our pension plan assets measured at fair value on a recurring basis as of December 31, 2024 and 2023:

Fair Value Measurements at December 31, 2024

($ in millions)

Total

Level 1

Level 2

Level 3

Cash and Cash Equivalents

$

127

$

127 

$

-

$

-

Government Obligations

394

-

394 

-

Equities

2

2 

-

-

Interest in Limited Partnerships and

Limited Liability Companies

161

-

-

161

Commingled Funds

1,596

-

1,596 

-

Total investments at fair value

$

2,280

$

129 

$

1,990 

$

161

Interest in Registered Investment Companies (1)

-

Interest in Limited Partnerships and

Limited Liability Companies (1)

65

Interest and Dividend Receivable

2

Due from Broker for Securities Sold

14

Value of Funds Held in Insurance Co.

4

Due to Broker for Securities Purchased

(37)

Total Plan Assets, at Fair Value

$

2,328

Fair Value Measurements at December 31, 2023

($ in millions)

Total

Level 1

Level 2

Level 3

Cash and Cash Equivalents

$

128 

$

128 

$

-

$

-

Government Obligations

300 

-

300 

-

Corporate and Other Obligations

160 

-

160 

-

Equities

90 

90 

-

-

Interest in Limited Partnerships and

Limited Liability Companies

162 

-

-

162 

Commingled Funds

1,310 

-

1,310 

-

Total investments at fair value

$

2,150 

$

218 

$

1,770 

$

162 

Interest in Registered Investment Companies (1)

54 

Interest in Limited Partnerships and

Limited Liability Companies (1)

81 

Interest and Dividend Receivable

5 

Due from Broker for Securities Sold

11 

Value of Funds Held in Insurance Co.

5 

Due to Broker for Securities Purchased

(38)

Total Plan Assets, at Fair Value

$

2,268 

(1)In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These balances are intended to permit reconciliation of the fair value hierarchy to the plan asset amounts presented in Note 18 - Retirement Plans.

The tables below set forth a summary of changes in the fair value of the Plan’s Level 3 assets for the years ended December 31, 2024 and 2023:

Interest in Limited Partnerships and Limited Liability Companies

($ in millions)

2024

2023

Balance at beginning of year

$

162

$

156

Realized gains

15

13

Unrealized (loss) gain

(1)

6

Purchases

-

-

Sales and distributions

(15)

(13)

Balance at end of year

$

161

$

162

The following table provides further information regarding the redemption of the Plan’s Level 3 investments as well as information related to significant unobservable inputs and the range of values for those inputs for the Plan’s interest in certain limited partnerships and limited liability companies as of December 31, 2024:

Liquidation

Capitalization

($ in millions)

Fair Value

Period

Rate

Interest in Limited Partnerships and Limited Liability Companies (2)

426 E. Casino Road, LLC (1)

$

19

N/A

6.75%

100 Comm Drive, LLC (1)

10

N/A

8.25%

100 CTE Drive, LLC (1)

13

N/A

10.00%

6430 Oakbrook Parkway, LLC (1)

27

N/A

8.50%

8001 West Jefferson, LLC (1)

22

N/A

9.50%

1500 MacCorkle Ave SE, LLC (1)

11

N/A

10.00%

400 S. Pike Road West, LLC (1)

1

N/A

9.00%

601 N. US 131, LLC (1)

1

N/A

9.25%

9260 E. Stockton Blvd., LLC (1)

7

N/A

7.75%

120 E. Lime Street, LLC (1)

11

N/A

8.50%

610 N. Morgan Street, LLC (1)

39

N/A

8.25%

Total Interest in Limited Partnerships and Limited Liability Companies

$

161

(1)The entity invests in commercial real estate properties that are leased to Frontier, with the exception of the E. Casino Road property which is leased to a third party. The leases are triple net, whereby we are responsible for all expenses, including but not limited to, insurance, repairs and maintenance and payment of property taxes.

(2)All Level 3 investments have the same redemption frequency (through the liquidation of underlying investments) and redemption notice period (none). The fair value of these properties is based on independent appraisals.

The following table summarizes the carrying amounts and estimated fair values for long-term debt at December 31, 2024 and 2023. For the other financial instruments including cash, short-term investments, accounts receivable, restricted cash, accounts payable and other current liabilities, the carrying amounts approximate fair value due to the relatively short maturities of those instruments.

The fair value of our long-term debt is estimated based upon quoted market prices at the reporting date for those financial instruments.

2024

2023

Carrying

Carrying

($ in millions)

Amount

Fair Value

Amount

Fair Value

Total debt

$

11,569

$

11,749

$

11,231

$

10,712