2013 1,057 1,368 2014 990 1,383 2015 1,175 1,403 Thereafter 18,372 34,650 Total $24,381 41,531 Less: amount representing interest (21,785) Present value of minimum lease payments $19,746 Note N- Asset Retirement Obligations In March 2005, the FASB issued FASB Interpretation No. 47, (FIN 47), Accounting for Conditional Asset Retirement Obligations which was issued to provide clarity surrounding the recognition of conditional asset retirement obligations, as referred to in FASB Statement No. 143, FIN 47 defines a conditional asset retirement obligation as a Accounting for Asset Retirement Obligations. legal obligation to perform an asset retirement activity in which the timing and (or) method of settlement are conditional on a future event that may or may not be within the control of the entity. Based on the guidance in FIN 47, management of Rensselaer determined that sufficient information was available to reasonably estimate the fair value of known retirement obligations. FIN 47 requires the initial application of the interpretation to be recognized as a cumulative effect of a change in an accounting principle. Specifically, FIN 47 requires the recognition, a cumulative effect, the cumulative accretion and accumulated depreciation for the period from the date the liability was incurred to the date of adoption of this interpretation. The liability incurred date is presumed to be the date upon which the legal requirement to perform the asset retirement activity was enacted. Upon adoption of FIN 47 on June 30, 2006, Rensselaer recognized asset retirement obligations in the amount of $6,935,000 related to asbestos contamination in buildings, decommissioning expenses and tank disposals, included in other liabilities. The following is a summary of the asset retirement obligation: (in thousands): 2010 2009 Change in Asset Retirement Obligation Asset retirement obligation at beginning of year $8,021 $7,650 Accretion expense 353 379 Less: disposals (2) (8) Asset retirement obligation at end of year $8,372 $8,021 Note O-Subsequent Events Rensselaer has performed an evaluation of subsequent events through September 23, 2009, the date on which the consolidated financial statements were issued.
2013 1,057 1,368 2014 990 1,383 2015 1,175 1,403 Thereafter 18,372 34,650 Total $24,381 41,531 Less: amount representing interest (21,785) Present value of minimum lease payments $19,746 Note N- Asset Retirement Obligations In March 2005, the FASB issued FASB Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations (FIN 47), which was issued to provide clarity surrounding the recognition of conditional asset retirement obligations, as referred to in FASB Statement No. 143, Accounting for Asset Retirement Obligations. FIN 47 defines a conditional asset retirement obligation as a legal obligation to perform an asset retirement activity in which the timing and (or) method of settlement are conditional on a future event that may or may not be within the control of the entity. Based on the guidance in FIN 47, management of Rensselaer determined that sufficient information was available to reasonably estimate the fair value of known retirement obligations. FIN 47 requires the initial application of the interpretation to be recognized as a cumulative effect of a change in an accounting principle. Specifically, FIN 47 requires the recognition, a cumulative effect, the cumulative accretion and accumulated depreciation for the period from the date the liability was incurred to the date of adoption of this interpretation. The liability incurred date is presumed to be the date upon which the legal requirement to perform the asset retirement activity was enacted. Upon adoption of FIN 47 on June 30, 2006, Rensselaer recognized asset retirement obligations in the amount of $6,935,000 related to asbestos contamination in buildings, decommissioning expenses and tank disposals, included in other liabilities. The following is a summary of the asset retirement obligation: Change in Asset Retirement Obligation (in thousands): 2010 2009 Asset retirement obligation at beginning of year $8,021 $7,650 Accretion expense 353 379 Less: disposals (2) (8) Asset retirement obligation at end of year $8,372 $8,021 Note O-Subsequent Events Rensselaer has performed an evaluation of subsequent events through September 23, 2009, the date on which the consolidated financial statements were issued.