FairPoint Communications 2007 Annual Report Download - page 92
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Table of Contents
The telephone company composite depreciation rate for regulated property and equipment was 6.03%, 7.29%, and 7.38% in 2007,
2006, and 2005, respectively. Depreciation expense from continuing operations, excluding amortization of intangible assets and the
previously disclosed deferred billing system credits, for the years ended December 31, 2007, 2006, and 2005 was $50.1 million,
$56.1 million, and $53.5 million, respectively. Depreciation expense is recognized on a straight-line basis for non-regulated assets.
The Company’s non-current investments at December 31, 2007 and 2006 consist of the following:
Equity method investments in cellular companies and partnerships:
Orange County — Poughkeepsie Limited Partnership $ — $ 5,006
Chouteau Cellular Telephone Company 26 28
Syringa Networks, LLC 1,645 1,277
Other equity method investments 286 961
Investments in securities carried at cost:
CoBank stock and unpaid deferred CoBank patronage 3,343 3,630
RTFC secured certificates and unpaid deferred RTFC patronage 219 263
Other nonmarketable minority equity investments 154 166
Nonqualified deferred compensation plan assets 981 726
Total investments $6,654 $12,057
The Company records its share of the earnings or losses of the investments accounted for under the equity method on a three-month
lag. The investments accounted for under the equity method and the Company’s ownership percentage as of December 31, 2007 and 2006
are summarized below:
Chouteau Cellular Telephone Company 33.7% 33.7%
Orange County — Poughkeepsie Limited Partnership 0.0% 7.5%
Syringa Networks, LLC 12.56% 12.56%
Equity in earnings of investees for the years ended December 31, 2007, 2006, and 2005 consisted of the following (in thousands):
Orange County — Poughkeepsie Limited Partnership $ 4,497 $ 10,018 $10,523
Syringa Networks, LLC 368 213 81
Illinois Valley Cellular RSA 2, Inc. — 49 477
Other, net 160 336 221
Total $5,025 $10,616 $ 11,302
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