RESTRICTED INVESTMENTS AND BOND COLLATERAL

The Company’s restricted investments and bond collateral consist of the following:



	March 31, 2013		December 31, 2012
	(In thousands)
Coal Segment:
WML debt reserve account	$	13,063	$	13,062
Reclamation bond collateral:
Kemmerer Mine	24,702		24,702
Absaloka Mine	14,532		14,507
Rosebud Mine	12,495		12,495
Beulah Mine	1,270		1,270
Power Segment:
Letter of credit account	5,993		5,990
Corporate Segment:
Postretirement medical benefit bonds	8,972		8,593
Workers’ compensation bonds	6,609		6,590
Total restricted investments and bond collateral	$	87,636	$	87,209

For all of its restricted investments and bond collateral accounts, the Company can select from limited fixed-income investment options for the funds and receive the investment returns on these investments. Funds in the restricted investments and bond collateral accounts are not available to meet the Company’s cash needs.

These accounts include held-to-maturity and available-for-sale securities. Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts calculated on the effective interest method. Interest income is recognized when earned. Available-for-sale securities are reported at fair value with unrealized gains and losses excluded from earnings and reported in Accumulated other comprehensive loss.

The Company’s carrying value and estimated fair value of its restricted investments and bond collateral at March 31, 2013 are as follows:



	Carrying Value		Fair Value
	(In thousands)
Cash and cash equivalents	$	75,202	$	75,202
Time deposits	8,430		8,430
Held-to-maturity securities	3,812		4,149
Available-for-sale securities	192		192
	$	87,636	$	87,973

For the three months ended March 31, 2013, the Company did not record any gains on the sale of available-for-sale securities held as restricted investments and bond collateral.

Held-to-Maturity and Available-for-Sale Restricted Investments and Bond Collateral

The amortized cost, gross unrealized holding gains and fair value of held-to-maturity securities at March 31, 2013 is as follows (in thousands):



Amortized cost	$	3,812
Gross unrealized holding gains	337
Fair value	$	4,149

Maturities of held-to-maturity securities are as follows at March 31, 2013:



	Amortized Cost		Fair Value
	(In thousands)
Due within one year	$	486	$	490
Due in five years or less	1,924		2,029
Due after five years to ten years	854		1,020
Due in more than ten years	548		610
	$	3,812	$	4,149

The Company does not intend to sell its held-to-maturity securities and it is not more likely than not that the Company will be required to sell the securities before recovery of amortized cost bases, which may be maturity.

The cost basis, gross unrealized holding gains and fair value of available-for-sale securities at March 31, 2013 is as follows (in thousands):



Cost basis	$	175
Gross unrealized holding gains	17
Fair value	$	192