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Asset Retirement Obligation | 12 Months Ended
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Dec. 31, 2014
Asset Retirement Obligation | NOTE 4 – ASSET RETIREMENT OBLIGATION The Company’s asset retirement obligation is reported in “Other long-term liabilities” with the current portion recorded in “Accrued liabilities” and relates to its obligation to dismantle and remove outdoor advertising displays and radio broadcasting towers from leased land and to reclaim the site to its original condition upon the termination or non-renew al of a lease or contract. When the liability is recorded, the cost is capitalized as part of the related long-lived assets’ carrying value. Due to the high rate of lease renewals over a long period of time, the calculation assumes that all related assets will be removed at some period over the next 50 years. An estimate of third-party cost information is used with respect to the disma ntling of the structures and the reclamation of the site. The interest rate used to calculate the present value of such costs over the retirement period is based on an estimated risk adjusted cr edit rate for the same period. The following table presents the activity related to the Company’s asset retirement obligation:
| (In thousands) | Years Ended December 31,
|  | 2014 |  | 2013
Beginning balance | $ | 59,380 |  | $ | 56,849
| Adjustment due to changes in estimates |  | (5,391) |  |  | 806
| Accretion of liability |  | 7,858 |  |  | 5,106
| Liabilities settled |  | (5,802) |  |  | (3,323)
| Foreign Currency |  | (1,834) |  |  | (58)
Ending balance | $ | 54,211 |  | $ | 59,380

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 + Details
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