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

The asset retirement obligations (“ARO”), contractual third-party reclamation receivables, and reclamation deposits at December 31, 2015 are summarized below:



	Asset Retirement Obligations		Contractual Third-Party Reclamation Receivables		Reclamation Deposits
	(In thousands)
Coal - U.S.	$	251,116	$	89,408	$	77,364
Coal - Canada	110,978		5,527		—
Coal - WMLP	56,634		—		—
Power	1,035		—		—
Total	$	419,763	$	94,935	$	77,364

Asset Retirement Obligations

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



	Years Ended December 31,
	2015			2014
	(In thousands)
Asset retirement obligations, beginning of year (including current portion)	$	452,745		$	279,864
Accretion	38,891			31,033
Liabilities settled	(30,363		)	(23,935		)
Changes due to amount and timing of reclamation	(24,533		)	10,042
Asset retirement obligations acquired	4,146			162,394
Changes due to foreign currency translation	(21,123		)	(6,653		)
Asset retirement obligations, end of year	419,763			452,745
Less current portion	(43,950		)	(43,289		)
Asset retirement obligations, less current portion	$	375,813		$	409,456

The Company or its subsidiaries are responsible for the total amount of final reclamation costs for its mines and ROVA. The financial responsibility for a portion of final reclamation of the mines when they are closed has been transferred by contract to certain customers, while other customers have provided guarantees or funded escrow accounts to cover final reclamation costs. Costs of reclamation of mining pits prior to mine closure are recovered in the price of coal shipped.

As of December 31, 2015, the Company had $384.1 million in surety bonds outstanding and $103.2 million in letters of credit to secure reclamation obligations.

Contractual Third-Party Reclamation Receivables

The Company has recognized as an asset of $94.9 million as contractual third-party reclamation receivables, representing the present value of customer obligations to reimburse the Company for reclamation expenditures.

Reclamation Deposits

The Company’s reclamation deposits will be used to fund final reclamation activities. The carrying value (which equals estimated fair value) of reclamation deposits at December 31, 2015 are as follows:



	(In thousands)
Cash and cash equivalents	$	45,819
Available-for-sale securities	31,545
	$	77,364

In both 2015 and 2014, the Company recorded a gain of less than $0.1 million on the sale of available-for-sale securities held as reclamation deposits. The cost basis of an investment sold is specifically identified.

Available-for-Sale Reclamation Deposits

The cost basis, gross unrealized holding gains and fair value of available-for-sale securities are as follows:



	December 31,
	2015			2014
	(In thousands)
Cost basis	$	31,977		$	32,930
Gross unrealized holding gains	521			886
Gross unrealized holding losses	(953		)	(428		)
Fair value	$	31,545		$	33,388

Maturities of available-for-sale securities are as follows at December 31, 2015:



	Cost		Fair Value
	(In thousands)
Within one year	$	592	$	529
Due in five years or less	16,156		16,049
Due after five years to ten years	6,207		5,925
Due in more than ten years	9,022		9,042
	$	31,977	$	31,545