SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 5. Long-Term Debt and Revolving Lines of Credit (Continued) The aggregate maturities of long-term debt for each of the five years subsequent to December 31, 2003 are as follows: Year Amount (in thousands) 2004 $ 4,230 2005 4,372 2006 4,526 2007 4,688 2008 4,864 Later years 20,666 $ 43,346 The estimated fair value of fixed rate debt instruments as of December 31, 2003 and 2002 was $42.6 million and $51.1 million, respectively, determined by discounting the future cash flows of each instrument at rates offered for similar debt instruments of comparable maturities as of the respective year-end dates. All other financial instruments presented on the consolidated balance sheets approximate fair value. They include cash and cash equivalents, receivables, investments, payables, and accrued liabilities. Total income taxes for the years ended December 31, 2003, 2002 and 2001 were allocated as follows: Note 6. Income Taxes The Company and its subsidiaries file income tax returns in several jurisdictions. The provision for the federal and state income taxes attributable to income (loss) from continuing operations consists of the following components: 2003 2002 2001 (in thousands) Income tax provision (benefit) from continuing operations $ 5,304 $(2,109) $ 5,811 Income taxes on discontinued operations 14,414 4,668 4,150 Income tax from cumulative effect of an accounting change (47) - - Accumulated other comprehensive income for unrealized holding gains (losses) on equity securities 18 (29) (3,482) $19,689 $ 2,530 $ 6,479 Years Ended December 31, 2003 2002 2001 (in thousands) Current provision (benefit) Federal taxes $ 762 $(2,076) $ (2,382) State taxes 147 (212) (514) Total current provision (benefit) $ 909 $(2,288) $(2,896) Deferred provision Federal taxes $ 4,091 $ 592 $ 7,330 State taxes 304 (413) 1,377 Total deferred provision $ 4,395 $ 179 $ 8,707 Income tax provision (benefit) $ 5,304 $(2,109) $ 5,811 $ $ $4,395 A reconciliation of income taxes determined by applying the Federal and state tax rates to income (loss) from continuing operations is as follows: 27 ■  2003 ANNUAL REPORT