Note 9 - Property, Plant and Equipment

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 9—PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consists of the following:

	June 30,		December 31,
	2022		2021
Plant and Equipment	$	3,279,307	$	3,209,232
Coal Properties and Surface Lands		884,597		881,551
Airshafts		480,620		473,866
Mine Development		360,225		357,479
Advance Mining Royalties		328,984		328,677
Total Property, Plant and Equipment		5,333,733		5,250,805
Less: Accumulated Depreciation, Depletion and Amortization		3,373,966		3,272,255
Total Property, Plant and Equipment, Net	$	1,959,767	$	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 June 30, 2022 and December 31, 2021, property, plant and equipment includes gross assets under finance leases of $80,273 and $80,232, respectively. Accumulated amortization for finance leases was $41,923 and $34,036 at June 30, 2022 and December 31, 2021, respectively. Amortization expense for assets under finance leases approximated $5,868 and $6,428 for the three months ended June 30, 2022 and 2021, respectively, and $12,098 and $15,047 for the six months ended June 30, 2022 and 2021, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.