FairPoint Communications 2004 Annual Report Download - page 117

swap agreements. The gain represents the difference between the May 10, 2002 carrying value of $128.8 million of retired debt
($125.8 million) and related swap obligations ($3.0 million) and the sum of the aggregate value of the cash paid ($5.0 million)
plus principal amount of new term loans ($27.9 million) plus the estimated fair value of the Company's series A preferred
stock issued ($78.4 million).
During 2004 and 2003, the Company revised its assumptions on certain lease obligations related to the restructuring
accrual and as a result, increased the obligation by $0.1 million in 2004 and reduced the obligation by $0.2 million in 2003.
Also during 2004, accrued liabilities associated with the discontinued operations were reevaluated, or settled for less than
original estimates and as a result, these obligations were adjusted by $0.6 million.
Assets and liabilities of discontinued operations of Carrier Services as of December 31, 2004 and 2003 follows (dollars in
thousands):
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Accounts receivable $102 105
Current assets of discontinued operations $102 105
Accrued liabilities $(1,141)(1,516)
Restructuring accrual (1,071)(2,682)
Accrued property taxes (50)(263)
Current liabilities of discontinued operations $(2,262)(4,461)
Restructuring accrual $(1,580)(2,571)
Long-term liabilities of discontinued operations $(1,580)(2,571)
Selected information relating to the restructuring charge follows:
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Restructuring accrual as of December 31, 2001 $12,310
Adjustments from initial estimated charges (1,192)
Cash payments (3,936)
Restructuring accrual as of December 31, 2002 7,182
Adjustments from initial estimated charges (246)
Cash payments (1,683)
Restructuring accrual as of December 31, 2003 5,253
Adjustments from initial estimated charges 80
Cash payments (2,682)
Restructuring accrual as of December 31, 2004 $2,651
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