10-Q Filing

TEXAS PACIFIC LAND TRUST CIK: 97517 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000097517-19-000026`
Period End Date	20190331
Filing Date	20190507
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	tpl-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 38 Cash Flow Statement 44 Comprehensive Income 2

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$3.01M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.19M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$113.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.65M	USD	Point-in-time
Certificates of proprietary interest, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$100.00	USD	Point-in-time
Accrued receivables	`OtherReceivables`	$48.75M	USD	Point-in-time
Certificates of proprietary interest, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$100.00	USD	Point-in-time
Accrued receivables	`OtherReceivables`	$65.73M	USD	Point-in-time
Tax like-kind exchange escrow	`EscrowDeposit`	$3.80M	USD	Point-in-time
Certificates of proprietary interest, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Tax like-kind exchange escrow	`EscrowDeposit`	$61.46M	USD	Point-in-time
Certificates of proprietary interest, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other assets	`OtherAssets`	$3.88M	USD	Point-in-time
Other assets	`OtherAssets`	$3.40M	USD	Point-in-time
Sub-share certificates of proprietary interest, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.03	USD	Point-in-time
Sub-share certificates of proprietary interest, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.03	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	-	USD	Point-in-time
Sub-share certificates of proprietary interest, outstanding (in shares)	`CommonStockSharesOutstanding`	7.76M	shares	Point-in-time
Sub-share certificates of proprietary interest, outstanding (in shares)	`CommonStockSharesOutstanding`	7.76M	shares	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$9.40M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $4,193 and $3,012 as of March 31, 2019 and December 31, 2018, respectively	`PropertyPlantAndEquipmentNet`	$64.80M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $4,193 and $3,012 as of March 31, 2019 and December 31, 2018, respectively	`PropertyPlantAndEquipmentNet`	$72.82M	USD	Point-in-time
Real estate acquired	`RealEstateGrossAtCarryingValue`	$57.68M	USD	Point-in-time
Real estate acquired	`RealEstateGrossAtCarryingValue`	$10.49M	USD	Point-in-time
Royalty interests acquired	`RoyaltyInterestAcquired`	$27.72M	USD	Point-in-time
Royalty interests acquired	`RoyaltyInterestAcquired`	$24.30M	USD	Point-in-time
Royalty interests acquired	`RoyaltyInterestAcquired`	$24.30M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.83M	USD	Point-in-time
Total assets	`Assets`	$404.91M	USD	Point-in-time
Total assets	`Assets`	$285.07M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$9.66M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$10.51M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$6.76M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.61M	USD	Point-in-time
Deferred taxes payable	`DeferredIncomeTaxLiabilitiesNet`	$35.90M	USD	Point-in-time
Deferred taxes payable	`DeferredIncomeTaxLiabilitiesNet`	$14.90M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiability`	$15.82M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiability`	$13.37M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiability`	$2.96M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$40.38M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Certificates of Proprietary Interest, par value $100 each; none outstanding	`PreferredStockValue`	-	USD	Point-in-time
Certificates of Proprietary Interest, par value $100 each; none outstanding	`PreferredStockValue`	-	USD	Point-in-time
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding 7,756,156 and 7,762,414 Sub-share Certificates as of March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	-	USD	Point-in-time
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding 7,756,156 and 7,762,414 Sub-share Certificates as of March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	-	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.07M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.08M	USD	Point-in-time
Net proceeds from all sources	`RetainedEarningsUnappropriated`	$334.87M	USD	Point-in-time
Net proceeds from all sources	`RetainedEarningsUnappropriated`	$245.77M	USD	Point-in-time
Total capital	`StockholdersEquity`	$244.69M	USD	Point-in-time
Total capital	`StockholdersEquity`	$333.80M	USD	Point-in-time
Total liabilities and capital	`LiabilitiesAndStockholdersEquity`	$404.91M	USD	Point-in-time
Total liabilities and capital	`LiabilitiesAndStockholdersEquity`	$285.07M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$191.32M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$60.01M	USD	1 Quarter
Salaries and related employee expenses	`LaborAndRelatedExpense`	$2.56M	USD	1 Quarter
Salaries and related employee expenses	`LaborAndRelatedExpense`	$6.46M	USD	1 Quarter
Water service-related expenses	`WaterProductionCosts`	$4.58M	USD	1 Quarter
Water service-related expenses	`WaterProductionCosts`	$1.31M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$680.00K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.14M	USD	1 Quarter
Legal and professional fees	`ProfessionalFees`	$1.78M	USD	1 Quarter
Legal and professional fees	`ProfessionalFees`	$647.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.20M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$330.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$16.17M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.53M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$175.15M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$54.48M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$393.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$130.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$175.55M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$54.61M	USD	1 Quarter
Current	`CurrentIncomeTaxExpenseBenefit`	$14.55M	USD	1 Quarter
Current	`CurrentIncomeTaxExpenseBenefit`	$10.82M	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	$21.00M	USD	1 Quarter
Total income tax expense	`IncomeTaxExpenseBenefit`	$35.55M	USD	1 Quarter
Total income tax expense	`IncomeTaxExpenseBenefit`	$10.82M	USD	1 Quarter
Net income	`NetIncomeLoss`	$140.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$43.79M	USD	1 Quarter
Other comprehensive income periodic pension costs, net of income taxes of $2 and $3, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$13.00K	USD	1 Quarter
Other comprehensive income periodic pension costs, net of income taxes of $2 and $3, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$9.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$43.80M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$140.01M	USD	1 Quarter
Weighted average number of Sub-share Certificates outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.82M	shares	1 Quarter
Weighted average number of Sub-share Certificates outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.76M	shares	1 Quarter
Net income per Sub-share Certificate basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$5.60	USD	1 Quarter
Net income per Sub-share Certificate basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$18.04	USD	1 Quarter
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$4.05	USD	1 Quarter
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$6.00	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$140.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$43.79M	USD	1 Quarter
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-21.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.20M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$330.00K	USD	1 Quarter
Operating assets, excluding income taxes	`IncreaseDecreaseInOperatingAssets`	$10.10M	USD	1 Quarter
Operating assets, excluding income taxes	`IncreaseDecreaseInOperatingAssets`	$19.33M	USD	1 Quarter
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-1.20M	USD	1 Quarter
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-9.40M	USD	1 Quarter
Operating liabilities, excluding income taxes	`IncreaseDecreaseInOperatingLiabilities`	$-172.00K	USD	1 Quarter
Operating liabilities, excluding income taxes	`IncreaseDecreaseInOperatingLiabilities`	$4.58M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$5.15M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$9.62M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$44.67M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$162.00M	USD	1 Quarter
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$30.00K	USD	1 Quarter
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Acquisition of land	`PaymentsToAcquireLand`	$751.00K	USD	1 Quarter
Acquisition of land	`PaymentsToAcquireLand`	$47.19M	USD	1 Quarter
Acquisition of royalty interests	`PaymentsToAcquireRoyaltyInterestsInMiningProperties`	$3.42M	USD	1 Quarter
Acquisition of royalty interests	`PaymentsToAcquireRoyaltyInterestsInMiningProperties`	-	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.25M	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.84M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-59.82M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.59M	USD	1 Quarter
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	`PaymentsForRepurchaseOfCommonStock`	$6.71M	USD	1 Quarter
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	`PaymentsForRepurchaseOfCommonStock`	$4.35M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$46.55M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$31.65M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-38.36M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-50.90M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.28M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$51.28M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$73.30M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$79.58M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$123.45M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$174.72M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$73.30M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$79.58M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$123.45M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$174.72M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Comprehensive Income 2 line items

Line Item	Tag	Value	Unit	Period
Other comprehensive income, tax	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$3.00K	USD	1 Quarter
Other comprehensive income, tax	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$2.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.