Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consists of the following:

	March 31, 2024		December 31, 2023
Plant and Equipment	$	3,494,227	$	3,458,655
Coal Properties and Surface Lands	907,097		906,343
Airshafts	497,718		492,806
Mine Development	366,260		366,260
Advance Mining Royalties	329,112		328,340
Total Property, Plant and Equipment	5,594,414		5,552,404
Less: Accumulated Depreciation, Depletion and Amortization	3,699,743		3,649,281
Total Property, Plant and Equipment - Net	$	1,894,671	$	1,903,123

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, 2024 and December 31, 2023, property, plant and equipment includes gross assets under finance leases of $36,466 and $44,622, respectively. Accumulated amortization for finance leases was $26,343 and $31,873 at March 31, 2024 and December 31, 2023, respectively. Amortization expense for assets under finance leases approximated $3,017 and $6,901 for the three months ended March 31, 2024 and 2023, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.