Note 3 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

PROPERTY, PLANT AND EQUIPMENT

NOTE 3—PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment consisted of the following:

	December 31,
(In thousands)	2023		2022
Plant and equipment	$	290,060	$	232,885
Mining property and mineral rights		120,532		120,760
Construction in process		13,984		34,698
Capitalized mine development costs		174,260		153,436
Less: accumulated depreciation, depletion, and amortization		(139,745)		(111,937)
Total property, plant, and equipment, net	$	459,091	$	429,842

Capitalized amounts related to coal reserves at properties where we are not currently engaged in mining operations totaled $17.4 million as of December 31, 2023 and $33.4 million as of December 31, 2022.

On July 10, 2022, the Company experienced a methane ignition at the Berwind No. 1 mine, which was one of the active mines at our Berwind mining complex. The other mines resumed production while the Berwind No. 1 mine was idled until a full investigation could be conducted. There were no personnel in the mine at the time of the incident and no injuries or fatalities occurred. The overall impact to pre-tax earnings in 2022 was immaterial except for idle mine costs of $9.5 million recognized during the year. Production from the Berwind No. 1 mine restarted in the first quarter of 2023. The Company received $9.2 million of insurance proceeds during 2023 related to this matter, which have been reported as part of Insurance proceeds related to property, plant, and equipment in the investing activities section of the Consolidated Statements of Cash Flows, and recognized a gain of $8.1 million in Other income (expense), net on the Consolidated Statement of Operations in 2023 as the Company had previously accrued a $1.1 million recovery asset at December 31, 2022.

Mining property and mineral rights are made up primarily of significant asset acquisitions that occurred in 2022 and 2021. Refer to Note 4 for more information.

Depreciation, depletion, and amortization included:

	Year ended December 31,
(In thousands)	2023		2022		2021
Depreciation of plant and equipment	$	30,913	$	24,132	$	17,945
Amortization of right-of-use assets (finance leases)		8,547		4,846		1,109
Amortization and depletion of capitalized
mine development costs and mineral rights		14,792		12,216		7,151
Total depreciation, depletion, and amortization	$	54,252	$	41,194	$	26,205