27 ■ 2003 ANNUAL REPORT
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.
Note 6.  Income Taxes
Total income taxes for the years ended December 31, 2003, 2002 and 2001 were allocated as follows:
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
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:
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
A reconciliation of income taxes determined by applying the Federal and state tax rates to income (loss) from
continuing operations is as follows:
Years Ended December 31,
$ 762
147
$ 909
$ 4,091
304
$4 ,395
$ 5,304
2003 2002 2001