Property, Plant and Equipment

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consists of the following:

	March 31, 2023		December 31, 2022
Plant and Equipment	$	3,359,934	$	3,330,755
Coal Properties and Surface Lands	901,364		898,628
Airshafts	482,641		481,090
Mine Development	366,241		366,241
Advance Mining Royalties	332,555		331,863
Total Property, Plant and Equipment	5,442,735		5,408,577
Less: Accumulated Depreciation, Depletion and Amortization	3,502,386		3,448,495
Total Property, Plant and Equipment - Net	$	1,940,349	$	1,960,082

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, 2023 and December 31, 2022, property, plant and equipment includes gross assets under finance leases of $91,208 and $90,516, respectively. Accumulated amortization for finance leases was $60,928 and $54,028 at March 31, 2023 and December 31, 2022, respectively. Amortization expense for assets under finance leases approximated $6,901 and $6,230 for the three months ended March 31, 2023 and 2022, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.