Frontier Communications 2006 Annual Report Download - page 82

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements
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) 2006 2005 2004
Income taxes charged (credited) to the income statement
for continuing operations:
Current:
Federal ................................................... $ 772 $ 16,708 $ (9,951)
State ..................................................... 3,676 (33,006) (3,643)
Total current ............................................ 4,448 (16,298) (13,594)
Deferred:
Federal ................................................... 128,534 89,446 21,183
Federal tax credits .......................................... — (18) (40)
State ..................................................... 3,497 2,140 (3,302)
Total deferred ........................................... 132,031 91,568 17,841
Subtotal income taxes for continuing operations .............. 136,479 75,270 4,247
Income taxes charged to the income statement for discontinued
operations:
Current:
Federal ................................................... 3,018 — —
State ..................................................... 2,004 2 3
Total current ............................................ 5,022 2 3
Deferred:
Federal ................................................... 47,732 18,871 8,219
State ..................................................... 3,835 3,538 910
Total deferred ........................................... 51,567 22,409 9,129
Subtotal income taxes for discontinued operations ............ 56,589 22,411 9,132
Total income taxes charged to the income statement (a) ................ 193,068 97,681 13,379
Income taxes charged (credited) to shareholders’ equity:
Deferred income taxes (benefits) on unrealized/realized gains or losses
on securities classified as available-for-sale ...................... (35) (411) (10,982)
Current benefit arising from stock options exercised and restricted
stock .................................................... (3,777) (5,976) (13,765)
Deferred income taxes (benefits) arising from the recognition of
additional pension/OPEB liability ............................. 24,707 (13,933) (6,645)
Deferred tax benefit from recording adjustments from the adoption of
SAB108 ................................................. (17,339) — —
Income taxes charged (credited) to shareholders’ equity (b) ........... 3,556 (20,320) (31,392)
Total income taxes: (a) plus (b) ................................... $ 196,624 $ 77,361 $ (18,013)
F-34