ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLE, AND RECLAMATION DEPOSITS

The asset retirement obligation, contractual third-party reclamation receivable, and reclamation deposits for each of the Company’s mines and ROVA at March 31, 2013 are summarized below:



	Asset Retirement Obligation		Contractual Third-Party Reclamation Receivable		Reclamation Deposits
	(In thousands)
Rosebud	$	118,441	$	17,808	$	73,100
Jewett	76,426		76,426		—
Absaloka	26,439		395		—
Beulah	18,441		—		—
Kemmerer	18,006		—		—
Savage	4,891		—		—
ROVA	845		—		—
Total	$	263,489	$	94,629	$	73,100

Asset Retirement Obligations

Changes in the Company’s asset retirement obligations were as follows:



	Three Months Ended March 31,
	2013			2012
	(In thousands)
Asset retirement obligations, beginning of year (including current portion)	$	263,847		$	247,478
Accretion	5,481			5,283
Liabilities settled	(5,839		)	(4,411		)
Changes due to amount and timing of reclamation	—			(4,757		)
ARO acquired	—			15,103
Asset retirement obligations, end of period	263,489			258,696
Less current portion	(23,154		)	(16,050		)
Asset retirement obligations, less current portion	$	240,335		$	242,646

Contractual Third-Party Reclamation Receivables

The Company has recognized as an asset $94.6 million as contractual third-party reclamation receivables, representing the present value of customer obligations to reimburse the Company for reclamation expenditures at the Company’s Rosebud, Jewett and Absaloka Mines.

Reclamation Deposits

The Company’s reclamation deposits will be used to fund final reclamation activities. The Company’s carrying value and estimated fair value of its reclamation deposits at March 31, 2013 are as follows:



	Carrying Value		Fair Value		Fair Value Hierarchy
	(In thousands)
Cash and cash equivalents	$	44,022	$	44,022	Level 1
Held-to-maturity securities	13,750		14,830		Level 2
Time deposits	14,289		14,289		Level 1
Available-for-sale securities	1,039		1,039		Level 1
	$	73,100	$	74,180

Held-to-Maturity and Available-for-Sale Reclamation Deposits

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



Amortized cost	$	13,750
Gross unrealized holding gains	1,082
Gross unrealized holding losses	(2		)
Fair value	$	14,830

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



	Amortized Cost		Fair Value
	(In thousands)
Within one year	$	1,001	$	1,005
Due in five years or less	6,027		6,477
Due after five years to ten years	4,191		4,508
Due in more than ten years	2,531		2,840
	$	13,750	$	14,830

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



Cost basis	$	1,000
Gross unrealized holding gains	39
Fair value	$	1,039