Note 11 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 11—PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consists of the following:

	September 30,		December 31,
	2020		2019
Plant and Equipment	$	3,131,792	$	3,028,514
Coal Properties and Surface Lands		874,439		872,909
Airshafts		449,863		437,003
Mine Development		343,960		342,706
Advance Mining Royalties		326,649		327,048
Total Property, Plant and Equipment		5,126,703		5,008,180
Less: Accumulated Depreciation, Depletion and Amortization		3,043,463		2,916,015
Total Property, Plant and Equipment, Net	$	2,083,240	$	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 September 30, 2020 and December 31, 2019, property, plant and equipment includes gross assets under finance leases of $85,908 and $52,729, respectively. Accumulated amortization for finance leases was $49,453 and $31,373 at September 30, 2020 and December 31, 2019, respectively. Amortization expense for assets under finance leases approximated $6,178 and $3,919 for the three months ended September 30, 2020 and 2019 and $16,680 and $11,753 for the nine months ended September 30, 2020 and 2019, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.