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, 2014 are summarized below:



	Asset Retirement Obligation		Contractual Third-Party Reclamation Receivable		Reclamation Deposits
	(In thousands)
Rosebud	$	127,989	$	21,656	$	75,315
Jewett	74,247		74,247		—
Absaloka	37,286		346		—
Beulah	17,764		—		—
Kemmerer	17,569		—		—
Savage	5,499		—		—
ROVA	909		—		—
Total	$	281,263	$	96,249	$	75,315

Asset Retirement Obligations

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



	Three Months Ended March 31,
	2014			2013
	(In thousands)
Asset retirement obligations, beginning of year (including current portion)	$	279,864		$	263,847
Accretion	5,836			5,481
Liabilities settled	(4,437		)	(5,839		)
Asset retirement obligations, end of period	281,263			263,489
Less current portion	(22,227		)	(23,154		)
Asset retirement obligations, less current portion	$	259,036		$	240,335

Contractual Third-Party Reclamation Receivables

At March 31, 2014, the Company has recognized as an asset of $96.2 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 March 31, 2014 are as follows:



	Carrying Value		Fair Value		Fair Value Hierarchy
	(In thousands)
Cash and cash equivalents	$	49,627	$	49,627	Level 1
Held-to-maturity securities	25,688		26,401		Level 2
	$	75,315	$	76,028

Held-to-Maturity Reclamation Deposits

The amortized cost, gross unrealized holding gains and losses and fair value of held-to-maturity securities at March 31, 2014 are as follows (in thousands):



Amortized cost	$	25,688
Gross unrealized holding gains	826
Gross unrealized holding losses	(113		)
Fair value	$	26,401

Maturities of held-to-maturity securities are as follows at March 31, 2014:



	Amortized Cost		Fair Value
	(In thousands)
Within one year	$	479	$	468
Due in five years or less	17,562		17,880
Due after five years to ten years	4,869		5,023
Due in more than ten years	2,778		3,030
	$	25,688	$	26,401

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 at maturity.