Note 11 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2021

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,
	2021		2020
Plant and Equipment	$	3,189,279	$	3,134,149
Coal Properties and Surface Lands		876,762		874,567
Airshafts		470,075		452,976
Mine Development		356,432		354,691
Advance Mining Royalties		326,881		327,313
Total Property, Plant and Equipment		5,219,429		5,143,696
Less: Accumulated Depreciation, Depletion and Amortization		3,220,472		3,094,634
Total Property, Plant and Equipment, Net	$	1,998,957	$	2,049,062

Coal reserves are either owned in fee or controlled 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, 2021 and December 31, 2020, property, plant and equipment includes gross assets under finance leases of $76,021 and $112,334, respectively. Accumulated amortization for finance leases was $29,403 and $56,761 at September 30, 2021 and December 31, 2020, respectively. Amortization expense for assets under finance leases approximated $6,409 and $6,178 for the three months ended September 30, 2021 and 2020, respectively, and $21,456 and $16,680 for the nine months ended September 30, 2021 and 2020, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.