AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 12.
IMPAIRMENTS, NET LOSS ON SALE OF LONG-LIVED ASSETS, RESTRUCTURING AND MERGER RELATED EXPENSE The significant components reflected in impairments, net loss on sale of long-lived assets, restructuring and merger related expense in the accompanying consolidated statements of operations include the following: Impairments and Net Loss on Sale of Long-Lived Assets—During the years ended December 31, 2005, 2004 and 2003, the Company recorded impairments and net loss on sale of long-lived assets (primarily related to its rental and management segment) of $19.1 million, $22.3 million and $28.3 million, respectively.  ?
Non-Core Asset Impairment Charges—During the years ended December 31, 2005 and 2004 respectively, the Company sold a limited number of non-core towers and other non-core assets and recorded impairment charges to write-down these and other non-core assets to net realizable value.
During the year ended December 31, 2003, the Company sold approximately 300 non-core towers and certain other non-core assets and recorded impairment charges to write-down these and other non-core assets to net realizable value.
As a result, the Company recorded impairment charges and net losses of approximately $16.8 million, $17.7 million and $19.1 million for the years ended December 31, 2005, 2004 and 2003, respectively.  ?
Construction-In-Progress Impairment Charges—For the year ended December 31, 2005, 2004 and 2003, the Company wrote-off approximately $2.3 million, $4.6 million and $9.2 million, respectively, of construction-in-progress costs, primarily associated with sites that it no longer planned to build.
Restructuring Expense—During the year ended December 31, 2005, the Company made cash payments against its previous accrued restructuring liability in the amount of $0.8 million.
During the year ended December 31, 2004, the Company incurred employee separation costs of $0.8 million and decreased its lease terminations and other facility closing costs liability by $0.1 million.
During the year ended December 31, 2003, the Company incurred employee separation costs primarily associated with a reorganization of certain functions within its rental and management segment and increased its accrued restructuring liability by $2.3 million.
Such charges are reflected in impairments, net loss on sale of long-lived assets, restructuring and merger related expense in the accompanying consolidated statement of operations for the years ended December 31, 2004 and 2003.
The following table displays activity with respect to the accrued restructuring liability for the years ended December 31, 2003, 2004 and 2005 (in thousands).
The accrued restructuring liability is reflected in accounts payable and accrued expenses in the accompanying consolidated balance sheets as of December 31, 2005 and 2004.
## Table 0 ##
There were no material changes in estimates related to this accrued restructuring liability during the year ended December 31, 2005.
The Company expects to pay the balance of these employee separation liabilities prior to the end of 2006.
Additionally, the Company continues to negotiate certain lease terminations associated with this restructuring liability.
Merger Related Expense—During the year ended December 31, 2005, the Company assumed certain obligations, as a result of the merger with SpectraSite, Inc. , primarily related to employee separation costs of former
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) pronouncements address the financial accounting and reporting requirements for conditional obligations associated with the Company’s legal obligation to retire tangible long-lived assets and the related asset retirement costs.
The fair value of a liability for asset retirement obligations is recognized in the period in which it is incurred and can be reasonably estimated.
Such asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s estimated useful life.
Fair value estimates of liabilities for asset retirement obligations generally involve discounting of estimated future cash flows.
Periodic accretion of such liabilities due to the passage of time is recorded as an operating expense.
The Company has certain legal obligations related to tower assets which fall within the scope of SFAS No.143 and FIN No.47, principally obligations to remediate leased land on which certain of the Company’s tower assets are located.
The significant assumptions used in estimating the Company’s aggregate asset retirement obligation are: timing of tower removals; cost of tower removals; timing and number of land lease renewals; expected inflation rates; and creditadjusted risk-free interest rates that approximate the Company’s incremental borrowing rate.
The adoption of FIN No.47 primarily resulted in the acceleration of settlement date assumptions, as FIN No.47 precludes the Company from considering non contractual lease renewal periods in determining its settlement date assumptions.
The Company adopted the provisions of SFAS No.143 as of January 1, 2003 and the provisions of FIN No.47 as of December 31, 2005.
Upon adoption of the provisions of FIN No.47, the Company recognized a $35.5 million charge (net of an $11.7 million tax benefit) as a cumulative effect of a change in accounting principle in the consolidated statement of operations for the year ended December 31, 2005.
In addition, the adoption of FIN No.47 resulted in an increase to the tower assets included in property and equipment, net of $66.9 million.
Had the Company adopted the provisions of FIN No.47 as of January 1, 2003, the aggregate asset retirement obligation as of January 1, 2003, December 31, 2003 and December 31, 2004 would have approximated $86.7 million, $92.9 million and $99.5 million, respectively.
Had the Company adopted the provisions of FIN No.47 in prior periods, net loss for the years ended December 31, 2003 and 2004 would have been approximately $(332,398) and $(253,627), respectively and basic and diluted net loss per share for the years ended December 31, 2003 and December 31, 2004 would have been approximately $(1.60) and $(1.13), respectively.
The Company’s asset retirement obligation is included in other long-term liabilities in the accompanying consolidated balance sheets.
The changes in the carrying value of the Company’s asset retirement obligations for years ended December 31, 2005, 2004 and 2003 are as follows:
## Table 1 ##
Stock-Based Compensation—The Company complies with the provisions of SFAS No.148, “Accounting for Stock-Based Compensation—Transition and Disclosure—an amendment of SFAS No.123,” which provides optional transition guidance for those companies electing to voluntarily adopt the accounting provisions of SFAS No.123 “Accounting for Stock-Based Compensation” (SFAS 123).
The Company continues to use Accounting Principles Board Opinion No.25 (APB No.25), “Accounting for Stock Issued to Employees,” to account for equity grants and awards to employees, officers and directors and has adopted the disclosure-only provisions of
## Table 2 ##
(1) Basic income (loss) per common share from continuing operations represents income (loss) from continuing operations divided by the weighted average number of common shares outstanding during the period.
Diluted income per common share from continuing operations for the years ended December 31, 2007 and 2006 represents income from continuing operations divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including shares issuable upon exercise of stock options and warrants, as determined under the treasury stock method, and upon conversion of our convertible notes, as determined under the if-converted method.
Diluted loss per common share from continuing operations amounts for periods prior to 2006 have excluded shares issuable upon exercise of stock options and warrants and upon conversion of our convertible notes, as their effect is antidilutive.
(2) For the purpose of this calculation, “earnings” consists of income (loss) from continuing operations before income taxes, minority interest in net earnings of subsidiaries, income (loss) on equity method investments and fixed charges (excluding interest capitalized and amortization of interest capitalized.
“Fixed charges” consist of interest expense, including amounts capitalized, amortization of debt discount and related issuance costs and the component of rental expense associated with operating leases believed by management to be representative of the interest factor thereon.
We had an excess (deficiency) in earnings to fixed charges in each period as follows (in thousands): 2007–$155,462; 2006–$72,813; 2005–$(133,464); 2004–$(322,806); and 2003–$(326,154).
(3) As of December 31, 2007, includes approximately $53.7 million in restricted cash on deposit in reserve accounts related to the Certificates issued in our Securitization transaction.
As of December 31, 2006, 2005 and 2004, amounts include cash and cash equivalents only.
As of December 31, 2003, includes approximately $170.0 million of restricted funds that were held in escrow to pay, repurchase, redeem or retire certain of our outstanding debt through January 2004.
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS F-43 17.
EARNINGS PER COMMON SHARE The following table sets forth basic and diluted net income per common share computational data for the years ended December 31, (in thousands, except per share data):
## Table 3 ##
Shares Excluded From Dilutive Effect The following shares were not included in the computation of diluted earnings per share because the effect would be antidilutive for the years ended December 31, (in thousands, on a weighted average basis):

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Liability as of January 1, 2003</td><td>2003 Restructuring Expense</td><td>2003 Cash Payments</td><td>Liability as of December 31, 2003</td><td>2004 Restructuring Expense</td><td>2004 Cash Payments</td><td>Liability as of December 31, 2004</td><td>2005 Restructuring Expense</td><td>2005 Cash Payments</td><td>Liability as of December 31, 2005</td></tr><tr><td>Employee separations</td><td>$1,639</td><td>$1,919</td><td>$-1,319</td><td>$2,239</td><td>$823</td><td>$-2,397</td><td>$665</td><td>$84</td><td>$-448</td><td>$301</td></tr><tr><td>Lease terminations and other facility closing costs</td><td>1,993</td><td>347</td><td>-890</td><td>1,450</td><td>-131</td><td>-888</td><td>431</td><td>12</td><td>-325</td><td>118</td></tr><tr><td>Total</td><td>$3,632</td><td>$2,266</td><td>$-2,209</td><td>$3,689</td><td>$692</td><td>$-3,285</td><td>$1,096</td><td>$96</td><td>$-773</td><td>$419</td></tr></table>
<table><tr><td></td><td> 2005 </td><td> 2004 </td><td> 2003 </td></tr><tr><td>Beginning balance as of January 1,</td><td>$23,464</td><td>$4,635</td><td>$1,250</td></tr><tr><td>Additions and revisions in estimated cash flows, net of settlements</td><td>2,587</td><td>17,016</td><td>3,223</td></tr><tr><td>Accretion expense</td><td>3,069</td><td>1,813</td><td>162</td></tr><tr><td>Liability assumed in merger with SpectraSite, Inc.</td><td>21,126</td><td></td><td></td></tr><tr><td>Increase due to change in accounting principle</td><td>113,976</td><td></td><td></td></tr><tr><td>Balance as of December 31,</td><td>$164,222</td><td>$23,464</td><td>$4,635</td></tr></table>
<table><tr><td></td><td colspan="5"> As of December 31,</td></tr><tr><td></td><td> 2007</td><td> 2006</td><td> 2005</td><td> 2004</td><td> 2003</td></tr><tr><td></td><td colspan="5"> (In thousands)</td></tr><tr><td> Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents (including restricted cash and investments)(3)</td><td>$86,807</td><td>$281,264</td><td>$112,701</td><td>$215,557</td><td>$275,501</td></tr><tr><td>Property and equipment, net</td><td>3,045,186</td><td>3,218,124</td><td>3,460,526</td><td>2,273,356</td><td>2,483,324</td></tr><tr><td>Total assets</td><td>8,130,457</td><td>8,613,219</td><td>8,786,854</td><td>5,107,696</td><td>5,310,906</td></tr><tr><td>Long-term obligations, including current portion</td><td>4,285,284</td><td>3,543,016</td><td>3,613,429</td><td>3,293,614</td><td>3,359,731</td></tr><tr><td>Total stockholders’ equity</td><td>3,022,092</td><td>4,384,916</td><td>4,541,821</td><td>1,490,767</td><td>1,629,621</td></tr></table>
<table><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Net income attributable to American Tower Corporation stockholders</td><td>$956,425</td><td>$685,074</td><td>$824,910</td></tr><tr><td>Dividends on preferred stock</td><td>-107,125</td><td>-90,163</td><td>-23,888</td></tr><tr><td>Net income attributable to American Tower Corporation common stockholders</td><td>849,300</td><td>594,911</td><td>801,022</td></tr><tr><td>Basic weighted average common shares outstanding</td><td>425,143</td><td>418,907</td><td>395,958</td></tr><tr><td>Dilutive securities</td><td>4,140</td><td>4,108</td><td>4,128</td></tr><tr><td>Diluted weighted average common shares outstanding</td><td>429,283</td><td>423,015</td><td>400,086</td></tr><tr><td>Basic net income attributable to American Tower Corporation common stockholders per common share</td><td>$2.00</td><td>$1.42</td><td>$2.02</td></tr><tr><td>Diluted net income attributable to American Tower Corporation common stockholders per common share</td><td>$1.98</td><td>$1.41</td><td>$2.00</td></tr></table>

Question: what is the percentage change in impairment charges and net losses from 2004 to 2005?
Answer: -0.05085
Reasoning program: subtract(16.8,17.7), divide(#0,17.7)