FairPoint Communications 2011 Annual Report Download - page 112
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Table of Contents
401(k) savings plans
The Company and its subsidiaries sponsor four voluntary 401(k) savings plans that, in the aggregate, cover all eligible Telecom Group employees, and
two voluntary 401(k) savings plans that, in the aggregate, cover all eligible Northern New England operations employees (collectively, “the 401(k) Plans”).
Each 401(k) Plan year, the Company contributes to the 401(k) Plans an amount of matching contributions determined by the Company at its discretion for
management employees and based on collective bargaining agreements for all other employees. For the 401(k) Plan years ended December 31, 2011, 2010 and
2009, the Company generally matched 100% of each employee’s contribution up to 5% of compensation. Total Company contributions to all 401(k) Plans
were $9.8 million, $0.7 million, $10.4 million, and $9.8 million for the 341 days ended December 31, 2011, the 24 days ended January 24, 2011 and the
years ended December 31, 2010 and 2009, respectively.
Income tax benefit (expense) for the 341 days ended December 31, 2011, the 24 days ended January 24, 2011 and the years ended December 31, 2010
and 2009 consists of the following components (in thousands):
Current:
Federal $ 913 $ — $ — $ —
State and local 160 (21) (732) (240)
Total current income tax (expense) benefit 1,073 (21) (732) (240)
Investment tax credits — — 478 532
Deferred:
Federal 49,001 (247,844) 3,246 69,704
State and local 3,202 (32,024) 4,669 9,018
Total deferred income tax benefit (expense) 52,203 (279,868) 7,915 78,722
Total income tax benefit (expense) $53,276 $(279,889) $7,661 $ 79,014
Total income tax (expense) benefit was different than that computed by applying U.S. Federal income tax rates to (loss) income before income taxes for
the 341 days ended December 31, 2011, the 24 days ended January 24, 2011 and the years ended December 31, 2010 and 2009.
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