ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2016

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATIONS

13. ASSET RETIREMENT OBLIGATIONS

The asset retirement obligation (“ARO”) liability at December 31, 2016 is summarized below:

	Asset Retirement Obligations
	(In thousands)
Coal - U.S.	$	309,019
Coal - Canada	121,730
Coal - WMLP	52,177
Power	1,115
Total	$	484,041

Asset Retirement Obligations

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

	Years Ended December 31,
	2016			2015
	(In thousands)
				Restated
Asset retirement obligations, beginning of year (including current portion)	$	419,763		$	452,745
Accretion	40,424			38,891
Liabilities settled	(32,087		)	(30,363		)
Changes due to amount and timing of reclamation	7,191			(24,533		)
Asset retirement obligations acquired	45,404			4,146
Changes due to foreign currency translation	3,346			(21,123		)
Asset retirement obligations, end of year	484,041			419,763
Less current portion	(32,207		)	(40,571		)
Asset retirement obligations, less current portion	$	451,834		$	379,192

The Company or its subsidiaries are responsible for final reclamation costs. As of December 31, 2016, approximately $171.0 million of our asset retirement obligation is contractually reimbursable pursuant to various coal supply agreements. The Company also holds $74.4 million in reclamation deposits that were contributed by various customers, as further described in Note 7 - Restricted Investments to the consolidated financial statements. As of December 31, 2016, the Company had $637.8 million in surety bonds outstanding to secure reclamation obligations.

The credit-adjusted, risk-free interest rates were 12.00% and 21.80% for WCC mines and 13.30% and 10.15% for WMLP mines at December 31, 2016 and 2015, respectively.