Frontier Communications 2004 Annual Report Download - page 75

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements
F-31
The provision (benefit) for federal and state income taxes, as well as the taxes charged or credited to shareholders’ equity,
includes amounts both payable currently and deferred for payment in future periods as indicated below:
($ in thousands) 2004 2003 2002
Income taxes charged (credited) to the income statement for
continuing operations:
Current:
Federal -$ (12,632)$ (159,844)$
State 772 2,900 (2,562)
Total current 772 (9,732) (162,406)
Deferred:
Federal 19,451 80,152 (230,388)
Federal tax credits (40) (3,128) (352)
State (6,804) (76) (21,728)
Total deferred 12,607 76,948 (252,468)
Subtotal 13,379 67,216 (414,874)
Income taxes charged (credited) to the income statement for
discontinued operations:
Current:
Federal - - 169,246
State - - 11,328
Total current - - 180,574
Deferred:
Federal - - (39,904)
Investment tax credits - - -
State - - (5,921)
Total deferred - - (45,825)
Subtotal - - 134,749
Income tax benefit on dividends on convertible preferred securities:
Current:
Federal - (3,344) (3,344)
State - (508) (508)
Subtotal - (3,852) (3,852)
Income taxes charged to the income statement for
cumulative effect of change in accounting principle:
Deferred:
Federal - 35,414 -
State - 6,177 -
Subtotal - 41,591 -
Total income taxes charged (credited) to the income statement (a) 13,379 104,955 (283,977)
Income taxes charged (credited) to shareholders' equity:
Deferred income taxes (benefits) on unrealized/realized gains or
losses on securities classified as available-for-sale (10,982) 5,539 2,726
Current benefit arising from stock options exercised and restricted stock (13,765) (2,535) (720)
Deferred income taxes (benefits) arising from recognition of
a minimum pension liability (6,645) 13,373 (69,209)
Income taxes charged (credited) to shareholders' equity (b) (31,392) 16,377 (67,203)
Total income taxes: (a) plus (b) (18,013)$ 121,332$ (351,180)$