Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consists of the following:

	June 30, 2023		December 31, 2022
Plant and Equipment	$	3,397,535	$	3,330,755
Coal Properties and Surface Lands	904,573		898,628
Airshafts	484,502		481,090
Mine Development	366,265		366,241
Advance Mining Royalties	331,773		331,863
Total Property, Plant and Equipment	5,484,648		5,408,577
Less: Accumulated Depreciation, Depletion and Amortization	3,553,045		3,448,495
Total Property, Plant and Equipment - Net	$	1,931,603	$	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 June 30, 2023 and December 31, 2022, property, plant and equipment includes gross assets under finance leases of $91,544 and $90,516, respectively. Accumulated amortization for finance leases was $67,870 and $54,028 at June 30, 2023 and December 31, 2022, respectively. Amortization expense for assets under finance leases approximated $6,944 and $5,868 for the three months ended June 30, 2023 and 2022, respectively, and $13,845 and $12,098 for the six months ended June 30, 2023 and 2022, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.