ASSET RETIREMENT OBLIGATIONS , CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLE AND RECLAMATION DEPOSITS

The asset retirement obligation ("ARO"), contractual third-party reclamation receivable, and reclamation deposits for each of the Company’s operating segments at September 30, 2015 are summarized below:



	Asset Retirement Obligation		Contractual Third-Party Reclamation Receivable		Reclamation Deposits
	(In thousands)
Coal - U.S.	$	279,864	$	109,758	$	77,425
Coal - Canada	116,061		5,638		—
Coal - WMLP	52,666		—		—
Power	1,016		—		—
Total	$	449,607	$	115,396	$	77,425

Asset Retirement Obligations

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



	Nine Months Ended September 30,
	2015			2014
	(In thousands)
Asset retirement obligations, beginning of year (including current portion)	$	452,745		$	279,864
Accretion	29,265			23,329
Liabilities settled	(23,421		)	(18,759		)
Changes due to amount and timing of reclamation	4,612			—
Asset retirement obligations acquired	3,769			102,075
Changes due to foreign currency translation	(17,363		)	(1,702		)
Asset retirement obligations, end of period	449,607			384,807
Less current portion	(47,462		)	(29,529		)
Asset retirement obligations, less current portion	$	402,145		$	355,278

Contractual Third-Party Reclamation Receivables

At September 30, 2015, the Company recognized an asset of $115.4 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 September 30, 2015 were as follows:



	Carrying Value		Fair Value		Fair Value Hierarchy
	(In thousands)
Cash and cash equivalents	$	46,544	$	46,544	Level 1
Available-for-sale securities	30,881		30,881		Level 1
	$	77,425	$	77,425

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 September 30, 2015 were as follows (in thousands):



Cost basis	$	31,141
Gross unrealized holding gains	573
Gross unrealized holding losses	(833		)
Fair value	$	30,881

Maturities of available-for-sale securities were as follows at September 30, 2015:



	Cost Basis		Fair Value
	(In thousands)
Within one year	$	—	$	—
Due in five years or less	16,804		16,601
Due after five years to ten years	5,424		5,262
Due in more than ten years	8,913		9,018
	$	31,141	$	30,881