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 operating segments at June 30, 2014 are summarized below:



	Asset Retirement Obligation		Contractual Third-Party Reclamation Receivable		Reclamation Deposits
	(In thousands)
Coal - U.S.	$	281,346	$	95,157	$	75,911
Coal - Canada	107,111		6,739		—
Power	927		—		—
Total	$	389,384	$	101,896	$	75,911

Asset Retirement Obligations

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



	Six Months Ended June 30,
	2014			2013
	(In thousands)
Asset retirement obligations, beginning of year (including current portion)	$	279,864		$	263,847
Accretion	14,003			10,951
Liabilities settled	(10,250		)	(11,647		)
ARO acquired	102,075			—
Changes due to foreign currency translation	3,692			—
Asset retirement obligations, end of period	389,384			263,151
Less current portion	(31,131		)	(24,105		)
Asset retirement obligations, less current portion	$	358,253		$	239,046

Contractual Third-Party Reclamation Receivables

At June 30, 2014, the Company has recognized as an asset of $101.9 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 June 30, 2014 are as follows:



	Carrying Value		Fair Value		Fair Value Hierarchy
	(In thousands)
Cash and cash equivalents	$	44,089	$	44,089	Level 1
Held-to-maturity securities	31,822		32,601		Level 2
	$	75,911	$	76,690

Held-to-Maturity Reclamation Deposits

The amortized cost, gross unrealized holding gains and losses and fair value of held-to-maturity securities at June 30, 2014 are as follows (in thousands):



Amortized cost	$	31,822
Gross unrealized holding gains	953
Gross unrealized holding losses	(174		)
Fair value	$	32,601

Maturities of held-to-maturity securities are as follows at June 30, 2014:



	Amortized Cost		Fair Value
	(In thousands)
Within one year	$	1,025	$	998
Due in five years or less	17,341		17,829
Due after five years to ten years	7,289		7,424
Due in more than ten years	6,167		6,350
	$	31,822	$	32,601

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.