Note 10 - Property, Plant and Equipment

3 Months Ended

Mar. 31, 2022

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:

	March 31,		December 31,
	2022		2021
Plant and Equipment	$	3,252,874	$	3,213,512
Coal Properties and Surface Lands		876,794		877,271
Airshafts		476,588		473,866
Mine Development		358,909		357,479
Advance Mining Royalties		328,740		328,677
Total Property, Plant and Equipment		5,293,905		5,250,805
Less: Accumulated Depreciation, Depletion and Amortization		3,323,580		3,272,255
Total Property, Plant and Equipment, Net	$	1,970,325	$	1,978,550

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 March 31, 2022 and December 31, 2021, property, plant and equipment includes gross assets under finance leases of $80,225 and $80,232, respectively. Accumulated amortization for finance leases was $36,056 and $34,036 at March 31, 2022 and December 31, 2021, respectively. Amortization expense for assets under finance leases approximated $6,230 and $8,619 for the three months ended March 31, 2022 and 2021, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.