Note 10 - Property, Plant and Equipment

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 10—PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consists of the following:

	June 30,		December 31,
	2020		2019
Plant and Equipment	$	3,072,238	$	3,028,514
Coal Properties and Surface Lands		873,809		872,909
Airshafts		447,417		437,003
Mine Development		343,261		342,706
Advance Mining Royalties		327,217		327,048
Total Property, Plant and Equipment		5,063,942		5,008,180
Less: Accumulated Depreciation, Depletion and Amortization		2,996,331		2,916,015
Total Property, Plant and Equipment, Net	$	2,067,611	$	2,092,165

Coal reserves are controlled either through fee ownership or by lease. The duration of the leases vary; however, the lease terms are generally extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests.

As of June 30, 2020 and December 31, 2019, property, plant and equipment includes gross assets under finance leases of $81,571 and $52,729, respectively. Accumulated amortization for finance leases was $43,375 and $31,373 at June 30, 2020 and December 31, 2019, respectively. Amortization expense for assets under finance leases approximated $5,538 and $3,920 for the three months ended June 30, 2020 and 2019 and $10,502 and $7,834 for the six months ended June 30, 2020 and 2019, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.