RESTRICTED INVESTMENTS AND BOND COLLATERAL

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



	September 30, 2014		December 31, 2013
	(In thousands)
Coal - U.S. Segment:
WML debt reserve account	$	—	$	13,067
Reclamation bond collateral:
Kemmerer Mine	25,544		24,966
Absaloka Mine	11,775		11,653
Rosebud Mine	3,145		3,145
Beulah Mine	1,270		1,270
Coal - Canada Segment:
PMRU	16,203		—
CVRI	31,867		—
Power Segment:
Restricted investments	3,400		5,998
Corporate Segment:
Postretirement medical benefit bonds	8,707		8,467
Workers’ compensation bonds	6,823		6,667
Total restricted investments and bond collateral	108,734		75,233
Less current portion	—		(5,998		)
Total restricted investments and bond collateral, less current portion	$	108,734	$	69,235

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 general cash needs.

These accounts include available-for-sale securities. Available-for-sale securities are reported at fair value with unrealized gains and losses excluded from earnings and reported in Accumulated other comprehensive loss.

During the quarter ended September 30, 2014, the Company decided to more actively manage its investment yields. This decision resulted in the sale of $5.1 million carrying value of securities and realized gains of less than $0.1 million during the quarter ended September 30, 2014 that were previously designated as held-to-maturity. The Company transferred the remainder of its securities classified as held-to-maturity to available-for-sale securities. The carrying value of held-to-maturity securities held as Restricted investments and bond collateral transferred to available-for-sale during the quarter ended September 30, 2014 was $34.5 million. As a result of the transfer, the Company recorded $0.6 million of unrealized holding gains in Accumulated other comprehensive loss during the quarter ended September 30, 2014.

The Company’s carrying value and estimated fair value of its restricted investments and bond collateral at September 30, 2014 were as follows:



	Carrying Value		Fair Value		Fair Value Hierarchy
	(In thousands)
Cash and cash equivalents	$	71,164	$	71,164	Level 1
Time deposits	2,451		2,451		Level 1
Available-for-sale	35,119		35,119		Level 1
	$	108,734	$	108,734

Available-for-Sale Restricted Investments and Bond Collateral

The cost basis, gross unrealized holding gains and losses, and fair value of available-for-sale securities at September 30, 2014 were as follows (in thousands):



Cost basis	$	34,538
Gross unrealized holding gains	643
Gross unrealized holding losses	(62		)
Fair value	$	35,119

Maturities of available-for-sale securities were as follows at September 30, 2014:



	Amortized Cost		Fair Value
	(In thousands)
Due within one year	$	1,097	$	1,106
Due in five years or less	14,245		14,504
Due after five years to ten years	8,872		9,106
Due in more than ten years	10,324		10,403
	$	34,538	$	35,119