Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | TEXAS PACIFIC LAND TRUST | |
Entity Central Index Key | 97,517 | |
Trading Symbol | tpl | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 7,821,599 | |
Entity Public Float | $ 2,279,209,327 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 79,580 | $ 49,418 |
Accrued receivables | 18,205 | 6,550 |
Other assets | 850 | 328 |
Deferred tax asset | 6,992 | 3,875 |
Prepaid income taxes | 1,202 | |
Property, plant and equipment, net of accumulated depreciation of $463 and $165 in 2017 and 2016, respectively | 19,516 | 1,168 |
Real estate acquired | 1,115 | 1,115 |
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned: | ||
Land (surface rights) situated in eighteen counties in Texas – 877,633 acres in 2017 and 877,488 acres in 2016 | 0 | 0 |
Total assets | 127,460 | 62,454 |
LIABILITIES AND CAPITAL | ||
Accounts payable and accrued expenses | 5,608 | 827 |
Income taxes payable | 851 | 1,951 |
Other taxes payable | 433 | 277 |
Unearned revenue | 41,375 | 11,775 |
Total liabilities | 48,267 | 14,830 |
Commitments and contingencies | ||
Capital: | ||
Certificates of Proprietary Interest, par value $100 each; outstanding 0 Certificates | 0 | 0 |
Sub-share Certificates in Certificates of Proprietary Interest, par value $0.03 1/3 each; outstanding 7,821,599 and 7,927,314 Sub-shares in 2017 and 2016, respectively | 0 | 0 |
Accumulated other comprehensive loss | (804) | (960) |
Net proceeds from all sources | 79,997 | 48,584 |
Total capital | 79,193 | 47,624 |
Total liabilities and capital | 127,460 | 62,454 |
Royalty Interests in Acres 1_16 [Member] | ||
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned: | ||
1/16th nonparticipating perpetual royalty interest in 373,777 acres | 0 | 0 |
Royalty Interests in Acres 1_128 [Member] | ||
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned: | ||
1/128th nonparticipating perpetual royalty interest in 85,414 acres | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) $ in Thousands | Dec. 31, 2017USD ($)a$ / sharesshares | Dec. 31, 2016USD ($)a$ / sharesshares |
Property, plant and equipment, accumulated depreciation | $ | $ 463 | $ 165 |
Land (surface rights) (Acre) | 10,064.78 | 10,064.78 |
Certificates of Proprietary Interest, par value (in dollars per share) | $ / shares | $ 100 | $ 100 |
Certificates of Proprietary Interest, outstanding (in shares) | shares | 0 | 0 |
Sub-share Certificates in Certificates of Proprietary Interest, par value (in dollars per share) | $ / shares | $ 0.0333 | $ 0.0333 |
Sub-share Certificates in Certificates of Proprietary Interest, outstanding (in shares) | shares | 7,821,599 | 7,927,314 |
Land Surface Rights [Member] | ||
Land (surface rights) (Acre) | 877,633 | 877,488 |
Royalty Interests in Acres 1_16 [Member] | ||
Nonparticipating perpetual royalty interest in acres (Acre) | 373,777 | 373,777 |
Royalty Interests in Acres 1_128 [Member] | ||
Nonparticipating perpetual royalty interest in acres (Acre) | 85,414 | 85,414 |
Consolidated Statements of Inco
Consolidated Statements of Income and Total Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income: | |||
Oil and gas royalties | $ 61,315 | $ 29,997 | $ 24,860 |
Easements and sundry income | 44,760 | 18,346 | 26,612 |
Water sales and royalties | 25,536 | 8,125 | 4,801 |
Land sales | 220 | 2,945 | 22,617 |
Other income | 498 | 498 | 525 |
132,329 | 59,911 | 79,415 | |
Expenses: | |||
Taxes, other than income taxes | 3,161 | 1,779 | 1,477 |
Salaries and related employee benefits | 3,232 | 1,241 | 1,196 |
General and administrative expenses | 1,762 | 1,004 | 788 |
Water service-related expenses | 491 | ||
Legal and professional fees | 3,523 | 778 | 665 |
Depreciation and amortization | 376 | 43 | 25 |
Trustees’ compensation | 8 | 8 | 8 |
12,553 | 4,853 | 4,159 | |
Operating income | 119,776 | 55,058 | 75,256 |
Interest income earned from investments | 84 | 29 | 27 |
Income before income taxes | 119,860 | 55,087 | 75,283 |
Income taxes: | |||
Current | 46,864 | 22,041 | 25,430 |
Deferred benefit | (3,365) | (4,194) | (186) |
43,499 | 17,847 | 25,244 | |
Net income | 76,361 | 37,240 | 50,039 |
Amortization of net actuarial costs and prior service costs, net of income taxes of $38, $49, and $52, respectively | 70 | 91 | 96 |
Net actuarial gain on pension plan net of income taxes of $46, $107, and $4, respectively | 86 | 198 | 8 |
Total other comprehensive gain | 156 | 289 | 104 |
Total comprehensive income | $ 76,517 | $ 37,529 | $ 50,143 |
Net income per Sub-share Certificate (in dollars per share) | $ 9.72 | $ 4.66 | $ 6.10 |
Weighted average number of Sub-share Certificates outstanding (in shares) | 7,854,705 | 7,989,030 | 8,197,632 |
Consolidated Statements of Inc5
Consolidated Statements of Income and Total Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization of net actuarial costs and prior service costs, income taxes | $ 38 | $ 49 | $ 52 |
Net actuarial gain (loss) on pension plan income taxes | $ 46 | $ 107 | $ 4 |
Consolidated Statements of Net
Consolidated Statements of Net Proceeds From All Sources - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sub-Share Certificates of Proprietary Interest, Per Share [Member] | |||||||
Balances (in shares) | 7,927,314 | 8,118,064 | 7,927,314 | 8,118,064 | 8,322,399 | ||
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled (in shares) | (105,715) | (190,750) | (204,335) | ||||
Balances (in shares) | 7,821,599 | 7,927,314 | 7,821,599 | 7,927,314 | 8,118,064 | ||
AOCI Attributable to Parent [Member] | |||||||
Balances | $ (960) | $ (1,249) | $ (960) | $ (1,249) | $ (1,353) | ||
Periodic pension costs, net of income taxes | 156 | 289 | 104 | ||||
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled | |||||||
Balances | $ (804) | $ (960) | (804) | (960) | (1,249) | ||
Net Proceeds From All Sources [Member] | |||||||
Balances | 48,584 | 46,936 | 48,584 | 46,936 | 28,070 | ||
Net income | 76,361 | 37,240 | 50,039 | ||||
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled | (34,267) | (33,085) | (28,770) | ||||
Dividends paid | (2,769) | (2,507) | (2,403) | ||||
Special dividends paid - $1.00 per Sub-share Certificate | (7,912) | ||||||
Balances | 79,997 | 48,584 | 79,997 | 48,584 | 46,936 | ||
Balances | 47,624 | 45,687 | 47,624 | 45,687 | 26,717 | ||
Net income | 18,361 | $ 14,885 | 10,907 | $ 7,280 | 76,361 | 37,240 | 50,039 |
Periodic pension costs, net of income taxes | 156 | 289 | 104 | ||||
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled | (34,267) | (33,085) | (28,770) | ||||
Dividends paid | (2,769) | (2,507) | (2,403) | ||||
Special dividends paid - $1.00 per Sub-share Certificate | (7,912) | ||||||
Balances | $ 79,193 | $ 47,624 | $ 79,193 | $ 47,624 | $ 45,687 |
Consolidated Statements of Net7
Consolidated Statements of Net Proceeds From All Sources (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
AOCI Attributable to Parent [Member] | |||
Periodic pension costs, income taxes | $ 84 | $ 156 | $ 56 |
Net Proceeds From All Sources [Member] | |||
Dividends paid - per Sub-share (in dollars per share) | $ 0.35 | $ 0.31 | $ 0.29 |
Special dividends paid per Sub-share Certificate (in dollars per share) | 1 | ||
Dividends paid - per Sub-share (in dollars per share) | 0.35 | ||
Special dividends paid per Sub-share Certificate (in dollars per share) | $ 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 76,361 | $ 37,240 | $ 50,039 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred taxes | (3,117) | (4,038) | (130) |
Depreciation and amortization | 376 | 43 | 25 |
(Gain) loss on disposal of fixed assets | (4) | 8 | (1) |
Changes in operating assets and liabilities: | |||
Accrued receivables and other assets | (12,226) | (2,874) | (564) |
Income taxes payable | (1,100) | 1,316 | 228 |
Prepaid income taxes | (1,202) | 816 | |
Notes receivable for land sales | 49 | 44 | 784 |
Unearned revenue | 29,600 | 9,196 | (1,361) |
Accounts payable, accrued expenses and other liabilities | 5,093 | 22 | (270) |
Net cash provided by operating activities | 93,830 | 40,957 | 49,566 |
Cash flows from investing activities: | |||
Proceeds from sale of fixed assets | 27 | 18 | 25 |
Purchase of fixed assets | (18,747) | (977) | (221) |
Net cash used in investing activities | (18,720) | (959) | (196) |
Cash flows from financing activities: | |||
Purchase of Sub-share Certificates in Certificates of Proprietary Interest | (34,267) | (33,085) | (28,770) |
Dividends paid | (10,681) | (2,507) | (2,403) |
Net cash used in financing activities | (44,948) | (35,592) | (31,173) |
Net increase in cash and cash equivalents | 30,162 | 4,406 | 18,197 |
Cash and cash equivalents, beginning of period | 49,418 | 45,012 | 26,815 |
Cash and cash equivalents, end of period | 79,580 | 49,418 | 45,012 |
Supplemental disclosure of cash flow information: | |||
Income taxes paid | $ 49,002 | $ 20,725 | $ 24,386 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization and Description of Business Segments Texas Pacific Land Trust (which, together with its subsidiary as the context requires, may one 890,000 February 1, 1888, The Trust announced the formation of Texas Pacific Water Resources LLC (“TPWR”) in June 2017. The Trust is organized to manage land, including royalty interests, for the benefit of its owners. The Trust ’s income is derived primarily from oil, gas and water royalties, sales of water and land, easements and leases of the land. We operate our business in two 9, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Principle s of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include our consolidated accounts and the accounts of our wholly owned subsidiary, TPWR. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in accordance with GAAP requires Revenue Recognition – Oil and G as R oyalties Oil and gas royalties ( “O&G royalties”) are received in connection with royalty interests owned by the Trust. O&G royalties are recognized as revenue when crude oil and gas products are removed from the respective mineral reserve locations. O&G royalty payments are generally received one three not The O&G royalties which the Trust receives are dependent upon the market prices for oil and gas. The market prices for oil and gas are subject to national and international economic and political conditions and, in the past, have been subject to significant price fluctuations. The Trust has analyzed public reports of drilling activities by the oil companies operating where the Trust has an O&G royalty interest in an effort to identify unpaid royalties associated with royalty interests owned by the Trust. Rights to certain O&G royalties believed by the Trust to be due and payable may Revenue Recognition - Easements and S undry I ncome Easement contracts represent contracts which permit companies to install pipe lines, pole lines and other equipment on land owned by the Trust. Easement income is recognized when earned. When the Trust receives a signed contract and payment, the Trust m akes available the respective parcel of land to the grantee. Though a small number of payments received are for perpetual easements, the vast majority are for terms of ten Sundry income represents leasing arrangements to companies in a wide array of industries, including: agricultural, oil and gas, construction, wind power and other industries. Lease income is recognized when earned. These leases generally require fixed annual payments or royalties. Lease terms generally range from month-to-month arrangements to ten Advance lease payments are deferred and amortized over the appropriate accounting period. Lease payments not Revenue Recognition - W ater Sales and R oyalties Water revenues encompass royalties received pursuant to legacy agreements with operators and direct sales of water to operators and other customers. The earnings cycle for both revenue streams is complete upon delivery of water. Water revenue s are recognized as earned. Revenue Recognition – Land S ales Income is recognized on land sales during the periods in which such sales are closed and sufficient amounts of cash down payments are received using the full accrual method of gain recognition. For income tax purposes, land sales are recognized on the installment method. The sales price of land sales are reflected as income and the cost of the respective parcels of land are reflected as expenses as these parcels of land are not Cash and C ash E quivalents The Trust considers investments in bank deposits, money market funds and highly-liquid cash investments with original maturities of three Accrued Receivables Accrued receivables consist primarily of amounts due under oil and gas royalty leases , water sales or royalty agreements, and sundry leases. Accrued receivables are reflected at their net realizable value based on historical royalty and lease receipt information and other factors anticipated to affect valuation. A valuation allowance is recorded if amounts expected to be received are considered impaired. No December 31, 2017 2016 . Property, Plant and Equipment Property, plant and equipment is carried at cost. Maintenance and repair costs are expensed as incurred. The Trust capitalizes the cost of software developed by a third Fencing, w ater wells and water well fields (in years) 10 to 15 Software developed for internal use (in years) 5 Office furniture , equipment and vehicles (in years) 5 to 7 Real Estate Acquired While the Trust is generally not Real estate acquired is carried at the lower of cost or market. Valuations are periodically performed or obtained by management whenever events or changes in circumstances indicate that the carrying amount may not Real Estate and Royalty Interests Assigned Through the 1888 The fair market value of the Trust ’s land and royalty interests was not 1888 no no no 1888 no Income Taxes Deferred tax assets and liabilities are recognized for the f uture tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the po sition taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50% zero December 31, 2017 2016. Concentrations of Credit Risk We invest our cash and cash equivalents among two three imize exposure to any one December 31, 2017 2016, not Net I ncome per Sub-share Certificate Net income per Sub-share Certificate is based on the weighted average number of Sub-share Certificates in Certificates of Proprietary Interest and equivalent Sub-share Certificates of Proprietary Interest outstanding during each period. Purchases and Retirements of Sub-share Certificates The cost s of Sub-share Certificates purchased and retired are charged to net proceeds from all sources. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other gains and losses affecting capital that, under GAAP, are excluded from net income. Significant Customers Two represented, in the aggregate, 26.5%, 23.7% 18.8% December 31, 2017, 2016 2015, Recent Accounting Pronouncements In May 2014, Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014 09, Revenue Recognition (Topic 606 . ” five December 15, 2017, In preparation for adoption of the new standard on January 1, 2018, y to enable the preparation of financial information and have reached conclusions on key accounting assessments related to the standard, including our assessment that the impact of accounting for costs incurred to obtain a contract is immaterial. The most significant impact of the standard is related to our accounting for easement agreements and to a lesser extent oil and gas royalties. Specifically, for term easement agreements, we will recognize revenue for term easements upon execution of these agreements, and as a result, we will no , (ii) a reduction in oil and gas royalty revenue with a corresponding reduction in taxes, other than income taxes, and (iii) an increase in deferred income tax expense for the years ended December 31, 2017 2016. Expected Impact to Reported Results Adoption of the standard related to revenue recognition is expected to impact our reports results as follows (in thousands, except per share amounts): As reported New Revenue Standard Adjustment As Adjusted Consolidated Statements of Income : For the year ended December 31, 2017 Revenue $ 132,329 $ 22,305 $ 154,634 Taxes, other than income taxes 3,161 (2,896 ) 265 Income taxes — deferred (3,365 ) 4,331 966 Net income 76,361 20,870 97,231 Net income per Sub-share Certificate 9.72 2.66 12.38 For the year ended December 31, 201 6 Revenue $ 59,911 $ 6,197 $ 66,108 Taxes, other than income taxes 1,779 (1,612 ) 167 Income taxes — deferred (4,194 ) 2,774 (1,420 ) Net income 37,240 5,035 42,275 Net income per Sub-share Certificate 4.66 0.63 5.29 Consolidated Balance Sheets: As of December 31, 2017 Assets: Accrued receivables $ 18,205 $ (433 ) $ 17,772 Deferred tax asset (liability) 6,992 (7,106 ) (114 ) Liabilities and Capital: Unearned revenue $ 41,375 $ (33,011 ) $ 8,364 Other taxes payable 433 (433 ) — Net proceeds from all sources 79,997 25,905 105,902 As of December 31, 2016 Assets: Accrued receivables $ 6,550 $ (277 ) $ 6,273 Deferred tax asset 3,875 (2,774 ) 1,101 Liabilities and Capital: Unearned revenue $ 11,775 $ (7,809 ) $ 3,966 Other taxes payable 277 (277 ) — Net proceeds from all sources 48,584 5,035 53,619 In February 2016, No. 2016 02, Leases (Topic 842 January 2018, No. 2018 01, Land Easement Practical Expedient for Transition to Topic 842 not not December 15, 2018, first 2019. In June 2016, No. 2016 13, “ Financial Instruments – Credit Losses (Topic 326 December 15, 2019, first 2020. In March 2017, No. 2017 07, Compensation – Retirement Benefits (Topic 715 December 15, 2017. January 1, 2018 December 31, 2017, 2016 2015 2017 2016 2015 Increase/(decrease) in operating income $ (30 ) $ 44 $ 51 Increase/(decrease) in other income 30 (44 ) (51 ) No |
Note 3 - Property, Plant and Eq
Note 3 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. Property, Plant and Equipment Property, plant and equipment, net consisted of the following at December 31, 2017 2016 2017 2016 Property, plant and equipment, at cost: Water service-related assets (1) $ 18,193 $ 501 Furniture, fixtures and equipment 1,786 832 Total property, plant and equipment, at cost 19,979 1,333 Less: Accumulated depreciation (463 ) (165 ) Property, plant and equipment, net $ 19,516 $ 1,168 ( 1 Water service-related assets include water wells and water well fields related to water sourcing and water re-use. Depreciation expense was $ 0.4 $0.1 December 31, 2017 2016, |
Note 4 - Real Estate Acquired
Note 4 - Real Estate Acquired | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 4 . Real Estate Acquired Real estate acquired included the following activity for the years ended December 31, 201 7 2016 201 7 201 6 Acres Book Value Acres Book Value Balance at January 1: 10,064.78 $ 1,115 10,064.78 $ 1,115 Additions — — — — Sales — — — — Balance at December 31: 10,064.78 $ 1,115 10,064.78 $ 1,115 No December 31, 201 7 2016. |
Note 5 - Employee Benefit Plans
Note 5 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 5 . Employee Benefit Plans The Trust has a defined contribution plan available to all regular employees having one approximately $0.1 December 31, 2017, 2016 2015, The Trust has a noncontributory pension plan (Plan) available to all regular employees having one 65. ’ services to date, as well as services expected in the future. The following table sets forth the Plan ’s changes in benefit obligation, changes in fair value of plan assets, and funded status as of December 31, 2017 2016 December 31 ( 201 7 20 16 Change in projected benefits obligation: Projected benefit obligation at beginning of year $ 4,833 $ 4,884 Service cost 147 153 Interest cost 201 215 Actuarial (gain) loss 82 (203 ) Benefits paid (231 ) (216 ) Projected benefit obligation at end of year $ 5,032 $ 4,833 Change in plan assets: Fair value of plan assets at beginning of year $ 4,937 $ 4,551 Actual return on plan assets 552 413 Contributions by employer 98 189 Benefits paid (231 ) (216 ) Fair value of plan assets at end of year 5,356 4,937 Funded (u nfunded) status at end of year $ 324 $ 104 Amounts recognized in the balance sheets as of December 31 , 2017 2016 201 7 20 16 Assets $ 324 $ 104 Liabilities — — $ 324 $ 104 Amounts recognized in accumulated other comprehensive income (loss) consist of the following at December 31 , 2017 2016 201 7 20 1 6 Net actuarial loss $ (1,246 ) $ (1,485 ) Prior service cost — — Amounts recognized in accumulated other comprehensive before taxes (1,246 ) (1,485 ) Income tax benefit 442 525 Amounts recognized in accumulated other comprehensive after taxes $ (804 ) $ (960 ) Net periodic benefit cost for the years ended December 31, 201 7, 2016 2015 201 7 20 1 6 20 1 5 Components of net periodic benefit cost: Service cost $ 147 $ 153 $ 160 Interest cost 201 215 200 Expected return on plan assets (339 ) (311 ) (296 ) Amortization of net loss 108 140 144 Amortization of prior service cost — — 3 Net periodic benefit cost $ 117 $ 197 $ 211 Other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2017, 2016 2015 20 1 7 20 1 6 20 1 5 Net actuarial (gain) loss $ (132 ) $ (305 ) $ (12 ) Recognized actuarial loss (108 ) (140 ) (144 ) Recognized prior service cost — — (4 ) Total recognized in other comprehensive income, before taxes $ (240 ) $ (445 ) $ (160 ) Total recognized in net benefit cost and other comprehensive income, before taxes $ (123 ) $ (248 ) $ 51 The Trust reclassified $ 0.1 $0.1 December 31, 2017, 2016 2015, $0.1 $0, The following table summarizes the Plan assets in excess of projected benefit obligation and accumulated benefit obligation at December 31, 201 7 2016 201 7 20 1 6 Plan assets in excess of projected benefit obligation : Projected benefit obligation $ 5,032 $ 4,833 Fair value of plan assets $ 5,356 $ 4,937 Plan assets in excess of accumulated benefit obligation: Accumulated benefit obligation $ 4,510 $ 4,366 Fair value of plan assets $ 5,356 $ 4,937 The following are weighted-average assumptions used to determine benefit obligations and costs at December 31, 201 7, 2016 2015: 201 7 20 16 20 1 5 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 3.75% 4.25% 4.50% Rate of compensation increase 7.29% 7.29% 7.29% Weighted average assumptions used to determine benefit costs for the years ended December 31: Discount rate 4.25% 4.50% 4.00% Expected return on plan assets 7.00% 7.00% 7.00% Rate of compensation increase 7.29% 7.29% 7.29% The expected return on Plan assets assumption of 7.0% two one third about 2.5% 8.5% 2.5%. The Plan has a formal investment policy statement. The Plan ’s investment objective is balanced income, with a moderate risk tolerance. This objective emphasizes current income through a 30% 80% 20% 60%. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The fair value accounting standards establish a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three Level 1 – Inputs are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Since inputs are based on quoted prices that are readily and regularly available in an active market, Level 1 Level 2 – Inputs are based on quoted prices for similar instruments in active markets, or are observable either directly or indirectly. Inputs are obtained from various sources including financial institutions and brokers. Level 3 – Inputs that are unobservable and significant to the overall fair value measurement. The degree of judgment exercised by us in determining fair value is greatest for fair value measurements categorized in Level 3. The fair values of plan assets by major asset category at December 31, 201 7 2016, Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of December 31, 2017: Cash and Cash Equivalents Money Markets $ 165 $ 165 $ — $ — Equities 670 670 — — Mutual Funds Equity Funds 2,468 2,468 — — Fixed Income Funds 2,053 2,053 — — Total $ 5,356 $ 5,356 $ — $ — As of December 31, 201 6 : Cash and Cash Equivalents Money Markets $ 1,048 $ 1,048 $ — $ — Equities 445 445 — — Mutual Funds Equity Funds 1,684 1,684 — — Fixed Income Funds 1,760 1,760 — — Total $ 4,937 $ 4,937 $ — $ — Management intends to fund the minimum ERISA amount for 201 8. may not The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the following ten -year period (in thousands): Year ending December 31, Amount 201 8 $ 244 201 9 266 20 20 279 202 1 272 202 2 264 2023 to 2027 1,213 |
Note 6 - Income Taxes
Note 6 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6 . Income Taxes The income tax provision charged to operations for the years ended December 31, 2017, 2016 2015 2017 201 6 201 5 Current: U.S. Federal $ 46,013 $ 21,665 $ 25,030 State and local 851 376 400 46,864 22,041 25,430 Deferred benefit (3,365 ) (4,194 ) (186 ) $ 43,499 $ 17,847 $ 25,244 The Trust is taxed as if it were a corporation. Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 35% (in thousands): 201 7 201 6 201 5 Computed tax expense at the statutory rate $ 41,951 $ 19,280 $ 26,349 Reduction in income taxes resulting from: Statutory depletion (3,378 ) (1,609 ) (1,321 ) State taxes 397 205 257 Effect of change in statutory tax rate (1) 4,519 — — Other, net 10 (29 ) (41 ) $ 43,499 $ 17,847 $ 25,244 ( 1 The effect of the anticipated change in statutory income tax rate from 35% 21% January 1, 2018. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 201 7 2016 201 7 201 6 Deferred revenue $ 8,902 $ 4,177 Basis difference in pension plan liability — (36 ) Total deferred tax assets 8,902 4,141 Basis differences in property, plant and equipment 1,691 — Basis differences in real estate acquired through foreclosure 142 234 Basis difference in pension plan liability 68 — Deferred installment revenue on land sales for tax purposes 9 32 Total deferred tax liability 1,910 266 Net deferred tax asset $ 6,992 $ 3,875 The Trust files a U. S. Federal income tax return. With few exceptions, the Trust is no 201 4. |
Note 7 - Lease Commitments
Note 7 - Lease Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7 . Lease Commitments The Trust is a lessee under operating leases in connection with its administrative offices located in Dallas and Midland, Texas. The lease agreements require monthly rent payments and expire in March 2025 August 2022, December 31, 2017 ( Year ending December 31, Amount 201 8 $ 164 201 9 170 20 20 175 202 1 180 20 22 153 Thereafter 208 $ 1,050 Rent expense for th ese lease agreements amounted to approximately $0.1 December 31, 2017, 2016 2015, |
Note 8 - Capital
Note 8 - Capital | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8 . Capital Certificates of Proprietary Interest ( “Certificates”) and Sub-share Certificates in Certificates of Proprietary Interest (“Sub-shares”) are exchangeable in the ratio of one 3,000 No 2017 2016. The number of Certificates authorized for issuance at a given date is the number then outstanding plus one/three-thousandth of the number of Sub-shares then outstanding. The number of Sub-shares authorized for issuance at a given date is the number then outstanding plus three thousand The Declaration of Trust was executed and delivered in New York. In the opinion of counsel for the Trust, under the laws of the State of New York, the Certificate and Sub-share Certificate holders are not The assets of the Trust are located in Texas. In the opinion of Texas counsel, under the laws of the State of Texas, the Certificate and Sub-share Certificate holders may first |
Note 9 - Business Segment Repor
Note 9 - Business Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9 . Business Segment Reporting In its operation of the business, management, including our chief operating decision makers, reviews certain financial information, including segmented internal profit and loss statements prepared in accordance with GAAP. During the periods presented, we reported our financial performance based on the following segments: Land and Resource Management and Water Service and Operations. Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of strategies and objectives of the Trust and provide a framework for timely and rational allocation of resources within businesses. We eliminate any inter-segment revenues and expenses upon consolidation. The Land and Resource Management segment encompasses the business of managing approximately 890,000 The Water Service and Operations segment encompasses the business of providing a full-service water offering to operators in the Permian Basin as well as managing agreements with energy companies and oilfield service businesses to allow such companies to explore for water, drill water wells, construct water-related infrastructure and purchase water sourced from land that we own. The revenue streams of this segment consist of revenues from royalties on sales of water as well as revenue generated from direct sales of water. Segment financial results were as follows (in thousands): Year s Ended December 31, 2017 2016 2015 Revenues: Land and resource management $ 101,035 $ 51,786 $ 74,614 Water service and operations 31,294 8,125 4,801 Total consolidated revenues $ 132,329 $ 59,911 $ 79,415 Net income: Land and resource management $ 57,598 $ 32,014 $ 46,943 Water service and operations 18,763 5,226 3,096 Total consolidated net income $ 76,361 $ 37,240 $ 50,039 Capital Expenditures: Land and resource management $ 920 $ 478 $ 221 Water service and operations 17,827 499 — Total capital expenditures $ 18,747 $ 977 $ 221 Depreciation and amortization: Land and resource management $ 136 $ 24 $ 25 Water service and operations 240 19 — Total depreciation and amortization $ 376 $ 43 $ 25 December 31, 2017 December 31, 2016 Total Assets: Land and resource management $ 104,974 $ 61,974 Water service and operations 22,486 480 Total consolidated assets $ 127,460 $ 62,454 Property, plant and equipment, net: Land and resource management $ 1,449 $ 688 Water service and operations 18,067 480 Total consolidated property, plant and equipment, net $ 19,516 $ 1,168 |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 10 . Subsequent Events The Trust evaluated events that occurred after the balance sheet date through the date these financial statements were issued, and the following event that met recognition or disclosure criteria was identified: At their February 201 8 $1.05 March 16, 2018 March 9, 2018. $3.00 March 16, 2018 March 9, 2018 . |
Note 11 - Oil and Gas Producing
Note 11 - Oil and Gas Producing Activities (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | 1 1. Oil and Gas Producing Activities (Unaudited) The Trust ’s share of oil and gas produced, all of which is from royalty interests, was as follows for the years ended December 31, 2017, 2016 2015, 818,854, 569,585 383,961, 4,174,691, 2,612,965 1,910,389. not There are a number of oil and gas wells that have been drilled but are not identified 206 not not |
Note 12 - Selected Quarterly Fi
Note 12 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 2 . Selected Quarterly Financial Data (Unaudited) The following tables present unaudited financial data of the Trust for each quarter of 201 7 2016 Quarter ended December 31, September 30, June 30, March 31, 201 7 201 7 201 7 201 7 Income $ 38,321 $ 42,497 $ 27,358 $ 24,238 Income before income taxes $ 33,913 $ 39,091 $ 24,741 $ 22,114 Net income $ 18,361 $ 26,405 $ 16,711 $ 14,885 Net income per Sub-share Certificate $ 2.35 $ 3.36 $ 2.12 $ 1.88 Quarter ended December 31, September 30, June 30, March 31, 201 6 201 6 201 6 201 6 Income $ 17,573 $ 14,273 $ 16,196 $ 11,898 Income before income taxes $ 16,081 $ 13,100 $ 15,103 $ 10,802 Net income $ 10,907 $ 8,929 $ 10,123 $ 7,280 Net income per Sub-share Certificate $ 1.37 $ 1.12 $ 1.26 $ 0.90 F- 20 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Principle s of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include our consolidated accounts and the accounts of our wholly owned subsidiary, TPWR. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in accordance with GAAP requires |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition – Oil and G as R oyalties Oil and gas royalties ( “O&G royalties”) are received in connection with royalty interests owned by the Trust. O&G royalties are recognized as revenue when crude oil and gas products are removed from the respective mineral reserve locations. O&G royalty payments are generally received one three not The O&G royalties which the Trust receives are dependent upon the market prices for oil and gas. The market prices for oil and gas are subject to national and international economic and political conditions and, in the past, have been subject to significant price fluctuations. The Trust has analyzed public reports of drilling activities by the oil companies operating where the Trust has an O&G royalty interest in an effort to identify unpaid royalties associated with royalty interests owned by the Trust. Rights to certain O&G royalties believed by the Trust to be due and payable may Revenue Recognition - Easements and S undry I ncome Easement contracts represent contracts which permit companies to install pipe lines, pole lines and other equipment on land owned by the Trust. Easement income is recognized when earned. When the Trust receives a signed contract and payment, the Trust m akes available the respective parcel of land to the grantee. Though a small number of payments received are for perpetual easements, the vast majority are for terms of ten Sundry income represents leasing arrangements to companies in a wide array of industries, including: agricultural, oil and gas, construction, wind power and other industries. Lease income is recognized when earned. These leases generally require fixed annual payments or royalties. Lease terms generally range from month-to-month arrangements to ten Advance lease payments are deferred and amortized over the appropriate accounting period. Lease payments not Revenue Recognition - W ater Sales and R oyalties Water revenues encompass royalties received pursuant to legacy agreements with operators and direct sales of water to operators and other customers. The earnings cycle for both revenue streams is complete upon delivery of water. Water revenue s are recognized as earned. Revenue Recognition – Land S ales Income is recognized on land sales during the periods in which such sales are closed and sufficient amounts of cash down payments are received using the full accrual method of gain recognition. For income tax purposes, land sales are recognized on the installment method. The sales price of land sales are reflected as income and the cost of the respective parcels of land are reflected as expenses as these parcels of land are not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and C ash E quivalents The Trust considers investments in bank deposits, money market funds and highly-liquid cash investments with original maturities of three |
Receivables, Policy [Policy Text Block] | Accrued Receivables Accrued receivables consist primarily of amounts due under oil and gas royalty leases , water sales or royalty agreements, and sundry leases. Accrued receivables are reflected at their net realizable value based on historical royalty and lease receipt information and other factors anticipated to affect valuation. A valuation allowance is recorded if amounts expected to be received are considered impaired. No December 31, 2017 2016 . |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment is carried at cost. Maintenance and repair costs are expensed as incurred. The Trust capitalizes the cost of software developed by a third Fencing, w ater wells and water well fields (in years) 10 to 15 Software developed for internal use (in years) 5 Office furniture , equipment and vehicles (in years) 5 to 7 |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Real Estate Acquired While the Trust is generally not Real estate acquired is carried at the lower of cost or market. Valuations are periodically performed or obtained by management whenever events or changes in circumstances indicate that the carrying amount may not |
Real Estate and Royalty Interests Assigned [Policy Text Block] | Real Estate and Royalty Interests Assigned Through the 1888 The fair market value of the Trust ’s land and royalty interests was not 1888 no no no 1888 no |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for the f uture tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the po sition taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50% zero December 31, 2017 2016. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk We invest our cash and cash equivalents among two three imize exposure to any one December 31, 2017 2016, not |
Earnings Per Share, Policy [Policy Text Block] | Net I ncome per Sub-share Certificate Net income per Sub-share Certificate is based on the weighted average number of Sub-share Certificates in Certificates of Proprietary Interest and equivalent Sub-share Certificates of Proprietary Interest outstanding during each period. Purchases and Retirements of Sub-share Certificates The cost s of Sub-share Certificates purchased and retired are charged to net proceeds from all sources. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other gains and losses affecting capital that, under GAAP, are excluded from net income. |
Concentration Risk, Customer Risk, Policy [Policy Text Block] | Significant Customers Two represented, in the aggregate, 26.5%, 23.7% 18.8% December 31, 2017, 2016 2015, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014 09, Revenue Recognition (Topic 606 . ” five December 15, 2017, In preparation for adoption of the new standard on January 1, 2018, y to enable the preparation of financial information and have reached conclusions on key accounting assessments related to the standard, including our assessment that the impact of accounting for costs incurred to obtain a contract is immaterial. The most significant impact of the standard is related to our accounting for easement agreements and to a lesser extent oil and gas royalties. Specifically, for term easement agreements, we will recognize revenue for term easements upon execution of these agreements, and as a result, we will no , (ii) a reduction in oil and gas royalty revenue with a corresponding reduction in taxes, other than income taxes, and (iii) an increase in deferred income tax expense for the years ended December 31, 2017 2016. Expected Impact to Reported Results Adoption of the standard related to revenue recognition is expected to impact our reports results as follows (in thousands, except per share amounts): As reported New Revenue Standard Adjustment As Adjusted Consolidated Statements of Income : For the year ended December 31, 2017 Revenue $ 132,329 $ 22,305 $ 154,634 Taxes, other than income taxes 3,161 (2,896 ) 265 Income taxes — deferred (3,365 ) 4,331 966 Net income 76,361 20,870 97,231 Net income per Sub-share Certificate 9.72 2.66 12.38 For the year ended December 31, 201 6 Revenue $ 59,911 $ 6,197 $ 66,108 Taxes, other than income taxes 1,779 (1,612 ) 167 Income taxes — deferred (4,194 ) 2,774 (1,420 ) Net income 37,240 5,035 42,275 Net income per Sub-share Certificate 4.66 0.63 5.29 Consolidated Balance Sheets: As of December 31, 2017 Assets: Accrued receivables $ 18,205 $ (433 ) $ 17,772 Deferred tax asset (liability) 6,992 (7,106 ) (114 ) Liabilities and Capital: Unearned revenue $ 41,375 $ (33,011 ) $ 8,364 Other taxes payable 433 (433 ) — Net proceeds from all sources 79,997 25,905 105,902 As of December 31, 2016 Assets: Accrued receivables $ 6,550 $ (277 ) $ 6,273 Deferred tax asset 3,875 (2,774 ) 1,101 Liabilities and Capital: Unearned revenue $ 11,775 $ (7,809 ) $ 3,966 Other taxes payable 277 (277 ) — Net proceeds from all sources 48,584 5,035 53,619 In February 2016, No. 2016 02, Leases (Topic 842 January 2018, No. 2018 01, Land Easement Practical Expedient for Transition to Topic 842 not not December 15, 2018, first 2019. In June 2016, No. 2016 13, “ Financial Instruments – Credit Losses (Topic 326 December 15, 2019, first 2020. In March 2017, No. 2017 07, Compensation – Retirement Benefits (Topic 715 December 15, 2017. January 1, 2018 December 31, 2017, 2016 2015 2017 2016 2015 Increase/(decrease) in operating income $ (30 ) $ 44 $ 51 Increase/(decrease) in other income 30 (44 ) (51 ) No |
Note 2 - Summary of Significa22
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Fencing, w ater wells and water well fields (in years) 10 to 15 Software developed for internal use (in years) 5 Office furniture , equipment and vehicles (in years) 5 to 7 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As reported New Revenue Standard Adjustment As Adjusted Consolidated Statements of Income : For the year ended December 31, 2017 Revenue $ 132,329 $ 22,305 $ 154,634 Taxes, other than income taxes 3,161 (2,896 ) 265 Income taxes — deferred (3,365 ) 4,331 966 Net income 76,361 20,870 97,231 Net income per Sub-share Certificate 9.72 2.66 12.38 For the year ended December 31, 201 6 Revenue $ 59,911 $ 6,197 $ 66,108 Taxes, other than income taxes 1,779 (1,612 ) 167 Income taxes — deferred (4,194 ) 2,774 (1,420 ) Net income 37,240 5,035 42,275 Net income per Sub-share Certificate 4.66 0.63 5.29 Consolidated Balance Sheets: As of December 31, 2017 Assets: Accrued receivables $ 18,205 $ (433 ) $ 17,772 Deferred tax asset (liability) 6,992 (7,106 ) (114 ) Liabilities and Capital: Unearned revenue $ 41,375 $ (33,011 ) $ 8,364 Other taxes payable 433 (433 ) — Net proceeds from all sources 79,997 25,905 105,902 As of December 31, 2016 Assets: Accrued receivables $ 6,550 $ (277 ) $ 6,273 Deferred tax asset 3,875 (2,774 ) 1,101 Liabilities and Capital: Unearned revenue $ 11,775 $ (7,809 ) $ 3,966 Other taxes payable 277 (277 ) — Net proceeds from all sources 48,584 5,035 53,619 |
Schedule of Change in Accounting Estimate [Table Text Block] | 2017 2016 2015 Increase/(decrease) in operating income $ (30 ) $ 44 $ 51 Increase/(decrease) in other income 30 (44 ) (51 ) |
Note 3 - Property, Plant and 23
Note 3 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2017 2016 Property, plant and equipment, at cost: Water service-related assets (1) $ 18,193 $ 501 Furniture, fixtures and equipment 1,786 832 Total property, plant and equipment, at cost 19,979 1,333 Less: Accumulated depreciation (463 ) (165 ) Property, plant and equipment, net $ 19,516 $ 1,168 |
Note 4 - Real Estate Acquired (
Note 4 - Real Estate Acquired (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | 201 7 201 6 Acres Book Value Acres Book Value Balance at January 1: 10,064.78 $ 1,115 10,064.78 $ 1,115 Additions — — — — Sales — — — — Balance at December 31: 10,064.78 $ 1,115 10,064.78 $ 1,115 |
Note 5 - Employee Benefit Pla25
Note 5 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Net Funded Status [Table Text Block] | 201 7 20 16 Change in projected benefits obligation: Projected benefit obligation at beginning of year $ 4,833 $ 4,884 Service cost 147 153 Interest cost 201 215 Actuarial (gain) loss 82 (203 ) Benefits paid (231 ) (216 ) Projected benefit obligation at end of year $ 5,032 $ 4,833 Change in plan assets: Fair value of plan assets at beginning of year $ 4,937 $ 4,551 Actual return on plan assets 552 413 Contributions by employer 98 189 Benefits paid (231 ) (216 ) Fair value of plan assets at end of year 5,356 4,937 Funded (u nfunded) status at end of year $ 324 $ 104 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 201 7 20 16 Assets $ 324 $ 104 Liabilities — — $ 324 $ 104 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 201 7 20 1 6 Net actuarial loss $ (1,246 ) $ (1,485 ) Prior service cost — — Amounts recognized in accumulated other comprehensive before taxes (1,246 ) (1,485 ) Income tax benefit 442 525 Amounts recognized in accumulated other comprehensive after taxes $ (804 ) $ (960 ) |
Schedule of Net Benefit Costs [Table Text Block] | 201 7 20 1 6 20 1 5 Components of net periodic benefit cost: Service cost $ 147 $ 153 $ 160 Interest cost 201 215 200 Expected return on plan assets (339 ) (311 ) (296 ) Amortization of net loss 108 140 144 Amortization of prior service cost — — 3 Net periodic benefit cost $ 117 $ 197 $ 211 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 20 1 7 20 1 6 20 1 5 Net actuarial (gain) loss $ (132 ) $ (305 ) $ (12 ) Recognized actuarial loss (108 ) (140 ) (144 ) Recognized prior service cost — — (4 ) Total recognized in other comprehensive income, before taxes $ (240 ) $ (445 ) $ (160 ) Total recognized in net benefit cost and other comprehensive income, before taxes $ (123 ) $ (248 ) $ 51 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 201 7 20 1 6 Plan assets in excess of projected benefit obligation : Projected benefit obligation $ 5,032 $ 4,833 Fair value of plan assets $ 5,356 $ 4,937 Plan assets in excess of accumulated benefit obligation: Accumulated benefit obligation $ 4,510 $ 4,366 Fair value of plan assets $ 5,356 $ 4,937 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 201 7 20 16 20 1 5 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 3.75% 4.25% 4.50% Rate of compensation increase 7.29% 7.29% 7.29% Weighted average assumptions used to determine benefit costs for the years ended December 31: Discount rate 4.25% 4.50% 4.00% Expected return on plan assets 7.00% 7.00% 7.00% Rate of compensation increase 7.29% 7.29% 7.29% |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of December 31, 2017: Cash and Cash Equivalents Money Markets $ 165 $ 165 $ — $ — Equities 670 670 — — Mutual Funds Equity Funds 2,468 2,468 — — Fixed Income Funds 2,053 2,053 — — Total $ 5,356 $ 5,356 $ — $ — As of December 31, 201 6 : Cash and Cash Equivalents Money Markets $ 1,048 $ 1,048 $ — $ — Equities 445 445 — — Mutual Funds Equity Funds 1,684 1,684 — — Fixed Income Funds 1,760 1,760 — — Total $ 4,937 $ 4,937 $ — $ — |
Schedule of Expected Benefit Payments [Table Text Block] | Year ending December 31, Amount 201 8 $ 244 201 9 266 20 20 279 202 1 272 202 2 264 2023 to 2027 1,213 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2017 201 6 201 5 Current: U.S. Federal $ 46,013 $ 21,665 $ 25,030 State and local 851 376 400 46,864 22,041 25,430 Deferred benefit (3,365 ) (4,194 ) (186 ) $ 43,499 $ 17,847 $ 25,244 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 7 201 6 201 5 Computed tax expense at the statutory rate $ 41,951 $ 19,280 $ 26,349 Reduction in income taxes resulting from: Statutory depletion (3,378 ) (1,609 ) (1,321 ) State taxes 397 205 257 Effect of change in statutory tax rate (1) 4,519 — — Other, net 10 (29 ) (41 ) $ 43,499 $ 17,847 $ 25,244 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 7 201 6 Deferred revenue $ 8,902 $ 4,177 Basis difference in pension plan liability — (36 ) Total deferred tax assets 8,902 4,141 Basis differences in property, plant and equipment 1,691 — Basis differences in real estate acquired through foreclosure 142 234 Basis difference in pension plan liability 68 — Deferred installment revenue on land sales for tax purposes 9 32 Total deferred tax liability 1,910 266 Net deferred tax asset $ 6,992 $ 3,875 |
Note 7 - Lease Commitments (Tab
Note 7 - Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, Amount 201 8 $ 164 201 9 170 20 20 175 202 1 180 20 22 153 Thereafter 208 $ 1,050 |
Note 9 - Business Segment Rep28
Note 9 - Business Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year s Ended December 31, 2017 2016 2015 Revenues: Land and resource management $ 101,035 $ 51,786 $ 74,614 Water service and operations 31,294 8,125 4,801 Total consolidated revenues $ 132,329 $ 59,911 $ 79,415 Net income: Land and resource management $ 57,598 $ 32,014 $ 46,943 Water service and operations 18,763 5,226 3,096 Total consolidated net income $ 76,361 $ 37,240 $ 50,039 Capital Expenditures: Land and resource management $ 920 $ 478 $ 221 Water service and operations 17,827 499 — Total capital expenditures $ 18,747 $ 977 $ 221 Depreciation and amortization: Land and resource management $ 136 $ 24 $ 25 Water service and operations 240 19 — Total depreciation and amortization $ 376 $ 43 $ 25 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2017 December 31, 2016 Total Assets: Land and resource management $ 104,974 $ 61,974 Water service and operations 22,486 480 Total consolidated assets $ 127,460 $ 62,454 Property, plant and equipment, net: Land and resource management $ 1,449 $ 688 Water service and operations 18,067 480 Total consolidated property, plant and equipment, net $ 19,516 $ 1,168 |
Note 12 - Selected Quarterly 29
Note 12 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter ended December 31, September 30, June 30, March 31, 201 7 201 7 201 7 201 7 Income $ 38,321 $ 42,497 $ 27,358 $ 24,238 Income before income taxes $ 33,913 $ 39,091 $ 24,741 $ 22,114 Net income $ 18,361 $ 26,405 $ 16,711 $ 14,885 Net income per Sub-share Certificate $ 2.35 $ 3.36 $ 2.12 $ 1.88 Quarter ended December 31, September 30, June 30, March 31, 201 6 201 6 201 6 201 6 Income $ 17,573 $ 14,273 $ 16,196 $ 11,898 Income before income taxes $ 16,081 $ 13,100 $ 15,103 $ 10,802 Net income $ 10,907 $ 8,929 $ 10,123 $ 7,280 Net income per Sub-share Certificate $ 1.37 $ 1.12 $ 1.26 $ 0.90 |
Note 1 - Organization and Des30
Note 1 - Organization and Description of Business Segments (Details Textual) | 12 Months Ended |
Dec. 31, 2017a | |
Number of Operating Segments | 2 |
West Texas [Member] | |
Area of Land | 890,000 |
Note 2 - Summary of Significa31
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts Receivable | $ 0 | $ 0 | |
Income Tax Contingency | 50.00% | ||
Unrecognized Tax Benefits | $ 0 | $ 0 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 26.50% | 23.70% | 18.80% |
Number of Customers | 2 | ||
Minimum [Member] | |||
Notes Receivable Installment Term | 10 years |
Note 2 - Summary of Significa32
Note 2 - Summary of Significant Accounting Policies - Property, Plant and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Software Development [Member] | |
Property, plant and equipment (Year) | 5 years |
Minimum [Member] | Fencing, Water Wells and Water Well Fields [Member] | |
Property, plant and equipment (Year) | 10 years |
Minimum [Member] | Office Furniture, Equipment and Vehicles [Member] | |
Property, plant and equipment (Year) | 5 years |
Maximum [Member] | Fencing, Water Wells and Water Well Fields [Member] | |
Property, plant and equipment (Year) | 15 years |
Maximum [Member] | Office Furniture, Equipment and Vehicles [Member] | |
Property, plant and equipment (Year) | 7 years |
Note 2 - Summary of Significa33
Note 2 - Summary of Significant Accounting Policies - Adoption Impact of New Accounting Pronouncement Related to Revenue Recognition (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | $ 38,321 | $ 42,497 | $ 27,358 | $ 24,238 | $ 17,573 | $ 14,273 | $ 16,196 | $ 11,898 | $ 132,329 | $ 59,911 | $ 79,415 |
Taxes, other than income taxes | 3,161 | 1,779 | 1,477 | ||||||||
Income taxes — deferred | (3,365) | (4,194) | (186) | ||||||||
Net income | $ 18,361 | $ 26,405 | $ 16,711 | $ 14,885 | $ 10,907 | $ 8,929 | $ 10,123 | $ 7,280 | $ 76,361 | $ 37,240 | $ 50,039 |
Net income per Sub-share Certificate (in dollars per share) | $ 2.35 | $ 3.36 | $ 2.12 | $ 1.88 | $ 1.37 | $ 1.12 | $ 1.26 | $ 0.90 | $ 9.72 | $ 4.66 | $ 6.10 |
ASSETS | |||||||||||
Accrued receivables | $ 18,205 | $ 6,550 | $ 18,205 | $ 6,550 | |||||||
Deferred tax asset (liability) | 6,992 | 3,875 | 6,992 | 3,875 | |||||||
LIABILITIES AND CAPITAL | |||||||||||
Unearned revenue | 41,375 | 11,775 | 41,375 | 11,775 | |||||||
Other taxes payable | 433 | 277 | 433 | 277 | |||||||
Net proceeds from all sources | 79,997 | 48,584 | 79,997 | 48,584 | |||||||
Accounting Standards Update 2014-09 [Member] | |||||||||||
Revenue | 154,634 | 66,108 | |||||||||
Taxes, other than income taxes | 265 | 167 | |||||||||
Income taxes — deferred | 966 | (1,420) | |||||||||
Net income | $ 97,231 | $ 42,275 | |||||||||
Net income per Sub-share Certificate (in dollars per share) | $ 12.38 | $ 5.29 | |||||||||
ASSETS | |||||||||||
Accrued receivables | 17,772 | 6,273 | $ 17,772 | $ 6,273 | |||||||
Deferred tax asset (liability) | (114) | 1,101 | (114) | 1,101 | |||||||
LIABILITIES AND CAPITAL | |||||||||||
Unearned revenue | 8,364 | 3,966 | 8,364 | 3,966 | |||||||
Other taxes payable | |||||||||||
Net proceeds from all sources | 105,902 | 53,619 | 105,902 | 53,619 | |||||||
Scenario, Previously Reported [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||
Revenue | 132,329 | 59,911 | |||||||||
Taxes, other than income taxes | 3,161 | 1,779 | |||||||||
Income taxes — deferred | (3,365) | (4,194) | |||||||||
Net income | $ 76,361 | $ 37,240 | |||||||||
Net income per Sub-share Certificate (in dollars per share) | $ 9.72 | $ 4.66 | |||||||||
ASSETS | |||||||||||
Accrued receivables | 18,205 | 6,550 | $ 18,205 | $ 6,550 | |||||||
Deferred tax asset (liability) | 6,992 | 3,875 | 6,992 | 3,875 | |||||||
LIABILITIES AND CAPITAL | |||||||||||
Unearned revenue | 41,375 | 11,775 | 41,375 | 11,775 | |||||||
Other taxes payable | 433 | 277 | 433 | 277 | |||||||
Net proceeds from all sources | 79,997 | 48,584 | 79,997 | 48,584 | |||||||
Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||
Revenue | 22,305 | 6,197 | |||||||||
Taxes, other than income taxes | (2,896) | (1,612) | |||||||||
Income taxes — deferred | 4,331 | 2,774 | |||||||||
Net income | $ 20,870 | $ 5,035 | |||||||||
Net income per Sub-share Certificate (in dollars per share) | $ 2.66 | $ 0.63 | |||||||||
ASSETS | |||||||||||
Accrued receivables | (433) | (277) | $ (433) | $ (277) | |||||||
Deferred tax asset (liability) | (7,106) | (2,774) | (7,106) | (2,774) | |||||||
LIABILITIES AND CAPITAL | |||||||||||
Unearned revenue | (33,011) | (7,809) | (33,011) | (7,809) | |||||||
Other taxes payable | (433) | (277) | (433) | (277) | |||||||
Net proceeds from all sources | $ 25,905 | $ 5,035 | $ 25,905 | $ 5,035 |
Note 2 - Summary of Significa34
Note 2 - Summary of Significant Accounting Policies - Retrospective Impact of Future Adoption of ASU No. 2017-07 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase/(decrease) in operating income | $ (30) | $ 44 | $ 51 |
Increase/(decrease) in other income | $ 30 | $ (44) | $ (51) |
Note 3 - Property, Plant and 35
Note 3 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation | $ 0.4 | $ 0.1 |
Note 3 - Property, Plant and 36
Note 3 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, plant and equipment | $ 19,979 | $ 1,333 | |
Less: Accumulated depreciation | (463) | (165) | |
Property, plant and equipment | 19,516 | 1,168 | |
Water Service-Related [Member] | |||
Property, plant and equipment | [1] | 18,193 | 501 |
Furniture and Fixtures [Member] | |||
Property, plant and equipment | $ 1,786 | $ 832 | |
[1] | Water service-related assets include water wells and water wells field related to water sourcing and water re-use. |
Note 4 - Real Estate Acquired37
Note 4 - Real Estate Acquired (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate Owned, Valuation Allowance, Provision | $ 0 | $ 0 |
Note 4 - Real Estate Acquired -
Note 4 - Real Estate Acquired - Real Estate Acquired Included the Following Activity (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)a | |
Balance (Acre) | a | 10,064.78 |
Balance | $ | $ 1,115 |
Sales (Acre) | a | |
Sales | $ | |
Balance (Acre) | a | 10,064.78 |
Balance | $ | $ 1,115 |
Note 5 - Employee Benefit Pla39
Note 5 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 100,000 | $ 100,000 | $ 100,000 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 100,000 | 100,000 | 100,000 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 100,000 | 100,000 | 100,000 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | $ 70,000 | $ 91,000 | $ 96,000 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.00% | 7.00% | 7.00% | |
Defined Benefit Plan Benefit Payment Term | 10 years | |||
Inflation Rate [Member] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 2.50% | |||
Minimum [Member] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 2.50% | |||
Minimum [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | |||
Minimum [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | |||
Maximum [Member] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 8.50% | |||
Maximum [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% | |||
Maximum [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | |||
Scenario, Forecast [Member] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | $ 100,000 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | $ 0 |
Note 5 - Employee Benefit Pla40
Note 5 - Employee Benefit Plans - Plan Changes in Fair Value of Plan Assets and Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in projected benefits obligation: | |||
Projected benefit obligation at beginning of year | $ 4,833 | $ 4,884 | |
Service cost | 147 | 153 | $ 160 |
Interest cost | 201 | 215 | 200 |
Actuarial (gain) loss | 82 | (203) | |
Benefits paid, benefit obligation | (231) | (216) | |
Projected benefit obligation at end of year | 5,032 | 4,833 | 4,884 |
Fair value of plan assets at beginning of year | 4,937 | 4,551 | |
Actual return on plan assets | 552 | 413 | |
Contributions by employer | 98 | 189 | |
Benefits paid, plan assets | (231) | (216) | |
Fair value of plan assets at end of year | 5,356 | 4,937 | $ 4,551 |
Funded (unfunded) status at end of year | $ 324 | $ 104 |
Note 5 - Employee Benefit Pla41
Note 5 - Employee Benefit Plans - Amounts Recognized in the Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | $ 324 | $ 104 |
Liabilities | ||
$ 324 | $ 104 |
Note 5 - Employee Benefit Pla42
Note 5 - Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net actuarial loss | $ (1,246) | $ (1,485) |
Prior service cost | ||
Amounts recognized in accumulated other comprehensive income (loss), before taxes | (1,246) | (1,485) |
Income tax benefit | 442 | 525 |
Amounts recognized in accumulated other comprehensive income (loss), after taxes | $ (804) | $ (960) |
Note 5 - Employee Benefit Pla43
Note 5 - Employee Benefit Plans - Summary of Net Periodic Benefits Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in projected benefits obligation: | |||
Service cost | $ 147 | $ 153 | $ 160 |
Interest cost | 201 | 215 | 200 |
Expected return on plan assets | (339) | (311) | (296) |
Amortization of net loss | 108 | 140 | 144 |
Amortization of prior service cost | 3 | ||
Net periodic benefit cost | $ 117 | $ 197 | $ 211 |
Note 5 - Employee Benefit Pla44
Note 5 - Employee Benefit Plans - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net actuarial (gain) loss | $ (132) | $ (305) | $ (12) |
Recognized actuarial loss | (108) | (140) | (144) |
Recognized prior service cost | (4) | ||
Total recognized in other comprehensive income, before taxes | (240) | (445) | (160) |
Total recognized in net benefit cost and other comprehensive income, before taxes | $ (123) | $ (248) | $ 51 |
Note 5 - Employee Benefit Pla45
Note 5 - Employee Benefit Plans - Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Plan assets in excess of projected benefit obligation: | ||
Projected benefit obligation | $ 5,032 | $ 4,833 |
Fair value of plan assets | 5,356 | 4,937 |
Accumulated benefit obligation | $ 4,510 | $ 4,366 |
Note 5 - Employee Benefit Pla46
Note 5 - Employee Benefit Plans - Summary of Weighted-average Assumptions Used to Determine Benefit Obligations and Costs (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted average assumptions used to determine benefit obligations as of December 31: | |||
Discount rate | 3.75% | 4.25% | 4.50% |
Rate of compensation increase | 7.29% | 7.29% | 7.29% |
Weighted average assumptions used to determine benefit costs for the years ended December 31: | |||
Discount rate | 4.25% | 4.50% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.00% | 7.00% | 7.00% |
Rate of compensation increase | 7.29% | 7.29% | 7.29% |
Note 5 - Employee Benefit Pla47
Note 5 - Employee Benefit Plans - Fair Values of Plan Assets by Major Asset Category (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Plan assets by category | $ 5,356 | $ 4,937 | $ 4,551 |
Fair Value, Inputs, Level 1 [Member] | |||
Plan assets by category | 5,356 | 4,937 | |
Money Market Funds [Member] | |||
Plan assets by category | 165 | 1,048 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Plan assets by category | 165 | 1,048 | |
Equity Securities [Member] | |||
Plan assets by category | 670 | 445 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Plan assets by category | 670 | 445 | |
Equity Funds [Member] | |||
Plan assets by category | 2,468 | 1,684 | |
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Plan assets by category | 2,468 | 1,684 | |
Fixed Income Funds [Member] | |||
Plan assets by category | 2,053 | 1,760 | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Plan assets by category | $ 2,053 | $ 1,760 |
Note 5 - Employee Benefit Pla48
Note 5 - Employee Benefit Plans - Summary of Benefit Payments Over Ten Years (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 244 |
2,019 | 266 |
2,020 | 279 |
2,021 | 272 |
2,022 | 264 |
2023 to 2027 | $ 1,213 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |
Scenario, Forecast [Member] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 6 - Income Taxes - Income
Note 6 - Income Taxes - Income Tax Provision Charged to Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
U.S. Federal | $ 46,013 | $ 21,665 | $ 25,030 |
State and local | 851 | 376 | 400 |
46,864 | 22,041 | 25,430 | |
Deferred benefit | (3,365) | (4,194) | (186) |
$ 43,499 | $ 17,847 | $ 25,244 |
Note 6 - Income Taxes - Summary
Note 6 - Income Taxes - Summary of Income Tax Expense at Federal Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Computed tax expense at the statutory rate | $ 41,951 | $ 19,280 | $ 26,349 | |
Reduction in income taxes resulting from: | ||||
Statutory depletion | (3,378) | (1,609) | (1,321) | |
State taxes | 397 | 205 | 257 | |
Effect of change in statutory tax rate (1) | [1] | 4,519 | ||
Other, net | 10 | (29) | (41) | |
$ 43,499 | $ 17,847 | $ 25,244 | ||
[1] | The effect of the anticipated change in statutory income tax rate from 35% to 21% effective January 1, 2018. |
Note 6 - Income Taxes - Summa52
Note 6 - Income Taxes - Summary of Temporary Differences in Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred revenue | $ 8,902 | $ 4,177 |
Basis difference in pension plan asset (liability) | (36) | |
Total deferred tax assets | 8,902 | 4,141 |
Basis differences in property, plant and equipment | 1,691 | |
Basis differences in real estate acquired through foreclosure | 142 | 234 |
Basis difference in pension plan liability | 68 | |
Deferred installment revenue on land sales for tax purposes | 9 | 32 |
Total deferred tax liability | 1,910 | 266 |
Net deferred tax asset | $ 6,992 | $ 3,875 |
Note 7 - Lease Commitments (Det
Note 7 - Lease Commitments (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Rent Expense | $ 0.1 | $ 0.1 | $ 0.1 |
Note 7 - Lease Commitments - Su
Note 7 - Lease Commitments - Summary of Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 164 |
2,019 | 170 |
2,020 | 175 |
2,021 | 180 |
2,022 | 153 |
Thereafter | 208 |
$ 1,050 |
Note 8 - Capital (Details Textu
Note 8 - Capital (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Certificates Exchanged | 0 | 0 |
Certificate [Member] | ||
Number of Shares Used In Ratio | 1 | |
Sub Shares [Member] | ||
Number of Shares Used In Ratio | 3,000 |
Note 9 - Business Segment Rep56
Note 9 - Business Segment Reporting (Details Textual) | Dec. 31, 2017a |
West Texas [Member] | |
Area of Land | 890,000 |
Note 9 - Business Segment Rep57
Note 9 - Business Segment Reporting - Income Statement Segment Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | $ 38,321 | $ 42,497 | $ 27,358 | $ 24,238 | $ 17,573 | $ 14,273 | $ 16,196 | $ 11,898 | $ 132,329 | $ 59,911 | $ 79,415 |
Net income | $ 18,361 | $ 26,405 | $ 16,711 | $ 14,885 | $ 10,907 | $ 8,929 | $ 10,123 | $ 7,280 | 76,361 | 37,240 | 50,039 |
Capital Expenditures | 18,747 | 977 | 221 | ||||||||
Depreciation and Amortization | 376 | 43 | 25 | ||||||||
Land And Resource Management [Member] | |||||||||||
Revenue | 101,035 | 51,786 | 74,614 | ||||||||
Net income | 57,598 | 32,014 | 46,943 | ||||||||
Capital Expenditures | 920 | 478 | 221 | ||||||||
Depreciation and Amortization | 136 | 24 | 25 | ||||||||
Water Service And Operations [Member] | |||||||||||
Revenue | 31,294 | 8,125 | 4,801 | ||||||||
Net income | 18,763 | 5,226 | 3,096 | ||||||||
Capital Expenditures | 17,827 | 499 | |||||||||
Depreciation and Amortization | $ 240 | $ 19 |
Note 9 - Business Segment Rep58
Note 9 - Business Segment Reporting - Balance Sheet Segment Data (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total Assets | $ 127,460 | $ 62,454 |
Property, plant and equipment | 19,516 | 1,168 |
Land And Resource Management [Member] | ||
Total Assets | 104,974 | 61,974 |
Property, plant and equipment | 1,449 | 688 |
Water Service And Operations [Member] | ||
Total Assets | 22,486 | 480 |
Property, plant and equipment | $ 18,067 | $ 480 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - Subsequent Event [Member] | 1 Months Ended |
Feb. 28, 2018$ / shares | |
Common Stock, Dividends, Per Share, Declared | $ 1.05 |
Special [Member] | |
Common Stock, Dividends, Per Share, Declared | $ 3 |
Note 11 - Oil and Gas Produci60
Note 11 - Oil and Gas Producing Activities (Unaudited) (Details Textual) | Dec. 31, 2017Mcfbbl | Dec. 31, 2016Mcfbbl | Dec. 31, 2015Mcfbbl |
Productions Barrels of Oil | bbl | 818,854 | 569,585 | 383,961 |
Production of Gas | Mcf | 4,174,691 | 2,612,965 | 1,910,389 |
Note 12 - Selected Quarterly 61
Note 12 - Selected Quarterly Financial Data (Unaudited) - Unaudited Financial Data of the Trust for Each Quarter (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income | $ 38,321 | $ 42,497 | $ 27,358 | $ 24,238 | $ 17,573 | $ 14,273 | $ 16,196 | $ 11,898 | $ 132,329 | $ 59,911 | $ 79,415 |
Income before income taxes | 33,913 | 39,091 | 24,741 | 22,114 | 16,081 | 13,100 | 15,103 | 10,802 | 119,860 | 55,087 | 75,283 |
Net income | $ 18,361 | $ 26,405 | $ 16,711 | $ 14,885 | $ 10,907 | $ 8,929 | $ 10,123 | $ 7,280 | $ 76,361 | $ 37,240 | $ 50,039 |
Net income per Sub-share Certificate (in dollars per share) | $ 2.35 | $ 3.36 | $ 2.12 | $ 1.88 | $ 1.37 | $ 1.12 | $ 1.26 | $ 0.90 | $ 9.72 | $ 4.66 | $ 6.10 |