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 March 31, 2015 are summarized below:



	Asset Retirement Obligation		Contractual Third-Party Reclamation Receivable		Reclamation Deposits
	(In thousands)
Coal - U.S.	$	295,569	$	109,126	$	76,715
Coal - Canada	118,285		6,149		—
Coal - WMLP	32,569		—		—
Power	979		—		—
Total	$	447,402	$	115,275	$	76,715

Asset Retirement Obligations

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



	Three Months Ended March 31,
	2015			2014
	(In thousands)
Asset retirement obligations, beginning of year (including current portion)	$	452,745		$	279,864
Accretion	9,701			5,836
Liabilities settled	(8,195		)	(4,437		)
Changes due to amount and timing of reclamation	336			—
Asset retirement obligations acquired	3,769			—
Changes due to foreign currency translation	(10,954		)	—
Asset retirement obligations, end of period	447,402			281,263
Less current portion	(48,024		)	(22,227		)
Asset retirement obligations, less current portion	$	399,378		$	259,036

Contractual Third-Party Reclamation Receivables

At March 31, 2015, the Company recognized an asset of $115.3 million as contractual third-party reclamation receivables, representing the present value of customer obligations to reimburse the Company for future reclamation expenditures.

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, 2015 were as follows:



	Carrying Value		Fair Value		Fair Value Hierarchy
	(In thousands)
Cash and cash equivalents	$	43,228	$	43,228	Level 1
Available-for-sale securities	33,487		33,487		Level 1
	$	76,715	$	76,715

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.

Available-for-Sale Reclamation Deposits

The cost basis, gross unrealized holding gains and losses, and fair value of available-for-sale securities at March 31, 2015 were as follows (in thousands):



Cost basis	$	33,118
Gross unrealized holding gains	964
Gross unrealized holding losses	(595		)
Fair value	$	33,487

Maturities of available-for-sale securities were as follows at March 31, 2015:



	Cost Basis		Fair Value
	(In thousands)
Within one year	$	226	$	240
Due in five years or less	17,820		18,030
Due after five years to ten years	6,622		6,514
Due in more than ten years	8,450		8,703
	$	33,118	$	33,487