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Property, Plant and Equipment
6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment consists of the following:
June 30,
2024
December 31,
2023
Plant and Equipment$3,546,964 $3,458,655 
Coal Properties and Surface Lands909,303 906,343 
Airshafts503,843 492,806 
Mine Development366,260 366,260 
Advance Mining Royalties329,285 328,340 
Total Property, Plant and Equipment5,655,655 5,552,404 
Less: Accumulated Depreciation, Depletion and Amortization3,744,633 3,649,281 
Total Property, Plant and Equipment - Net$1,911,022 $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 June 30, 2024 and December 31, 2023, property, plant and equipment includes gross assets under finance leases of $32,418 and $44,622, respectively. Accumulated amortization for finance leases was $24,716 and $31,873 at June 30, 2024 and December 31, 2023, respectively. Amortization expense for assets under finance leases approximated $2,525 and $6,944 for the three months ended June 30, 2024 and 2023, respectively, and $5,542 and $13,845 for the six months ended June 30, 2024 and 2023, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.