FairPoint Communications 2006 Annual Report Download - page 85
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to the 401(k) Plan were $1.5 million, $1.3 million, and $2.4 million for the years ended December 31, 2006, 2005, and 2004, respectively.
In 1999, the Company began a Non-Qualified Deferred Compensation Plan (the NQDC Plan) that covers certain employees. The NQDC Plan allows
highly compensated individuals to defer additional compensation beyond the limitations of the 401(k) Plan. Company matching contributions are subject to
the same percentage as the 401(k) Plan. Total Company contributions to the NQDC Plan were approximately $3,000, $26,000, and $7,000 for the years ended
December 31, 2006, 2005, and 2004, respectively. At December 31, 2006 and 2005, the NQDC Plan assets were $0.7 million and $0.6 million, respectively.
The related deferred compensation obligation is included in other liabilities in the accompanying consolidated balance sheets.
C&E, Taconic, and GT Com also sponsor defined contribution 401(k) retirement savings plans for union employees. C&E, Taconic, and GT Com
match contributions to these plans based upon a percentage of pay of all qualified personnel and make certain profit sharing contributions. Contributions to
these plans were $0.3 million, $0.3 million, and $0.2 million for the years ended December 31, 2006, 2005, and 2004, respectively.
Income tax benefit (expense) from continuing operations for the years ended December 31, 2006, 2005, and 2004 consists of the following components (in
thousands):
Current:
Federal $(1,422) $ — $ —
State (1,456) (1,128) (543)
Total current income tax expense from continuing operations (2,878) (1,128) (543)
Investment tax credits 12 16 27
Deferred:
Federal (15,806)78,385 —
State (1,186)5,823 —
Total deferred income tax benefit (expense) from continuing operations (16,992)84,208 —
Total income tax benefit (expense) from continuing operations $(19,858)$83,096 $(516)
Income tax expense of $0.3 million and $0.2 million has also been recognized associated with income from discontinued operations in 2006 and 2005,
respectively.
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