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 September 30, 2013 are summarized below:



	Asset Retirement Obligation		Contractual Third-Party Reclamation Receivable		Reclamation Deposits
	(In thousands)
Rosebud	$	120,510	$	18,564	$	74,403
Jewett	72,927		72,927		—
Absaloka	27,717		418		—
Beulah	19,046		—		—
Kemmerer	17,022		—		—
Savage	5,103		—		—
ROVA	876		—		—
Total	$	263,201	$	91,909	$	74,403

Asset Retirement Obligations

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



	Nine Months Ended September 30,
	2013			2012
	(In thousands)
Asset retirement obligations, beginning of year (including current portion)	$	263,847		$	247,478
Accretion	16,426			16,360
Liabilities settled	(17,072		)	(13,814		)
Changes due to amount and timing of reclamation	—			(4,757		)
ARO acquired	—			19,377
Asset retirement obligations, end of period	263,201			264,644
Less current portion	(25,038		)	(18,469		)
Asset retirement obligations, less current portion	$	238,163		$	246,175

Contractual Third-Party Reclamation Receivables

At September 30, 2013, the Company has recognized as an asset $91.9 million as contractual third-party reclamation receivables, representing the present value of customer obligations to reimburse the Company for future 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 September 30, 2013 are as follows:



	Carrying Value		Fair Value		Fair Value Hierarchy
	(In thousands)
Cash and cash equivalents	$	48,323	$	48,323	Level 1
Held-to-maturity securities	11,719		12,424		Level 2
Time deposits	14,361		14,361		Level 1
	$	74,403	$	75,108

Held-to-Maturity Reclamation Deposits

The amortized cost, gross unrealized holding gains and losses and fair value of held-to-maturity securities at September 30, 2013 are as follows (in thousands):



Amortized cost	$	11,719
Gross unrealized holding gains	779
Gross unrealized holding losses	(74		)
Fair value	$	12,424

Maturities of held-to-maturity securities are as follows at September 30, 2013:



	Amortized Cost		Fair Value
	(In thousands)
Within one year	$	26	$	28
Due in five years or less	6,664		7,011
Due after five years to ten years	3,118		3,236
Due in more than ten years	1,911		2,149
	$	11,719	$	12,424