Note 9 - Property, Plant and Equipment

9 Months Ended

Sep. 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:

	September 30,		December 31,
	2022		2021
Plant and Equipment	$	3,287,698	$	3,209,232
Coal Properties and Surface Lands		894,573		881,551
Airshafts		479,540		473,866
Mine Development		360,810		357,479
Advance Mining Royalties		328,499		328,677
Total Property, Plant and Equipment		5,351,120		5,250,805
Less: Accumulated Depreciation, Depletion and Amortization		3,397,821		3,272,255
Total Property, Plant and Equipment, Net	$	1,953,299	$	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 September 30, 2022 and December 31, 2021, property, plant and equipment includes gross assets under finance leases of $82,467 and $80,232, respectively. Accumulated amortization for finance leases was $47,882 and $34,036 at September 30, 2022 and December 31, 2021, respectively. Amortization expense for assets under finance leases approximated $5,960 and $6,409 for the three months ended September 30, 2022 and 2021, respectively, and $18,058 and $21,456 for the nine months ended September 30, 2022 and 2021, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.