10-Q Filing

TEXAS PACIFIC LAND TRUST CIK: 97517 Q3 2019

Filing Information

Form Type	10-Q
Accession Number	`0000097517-19-000049`
Period End Date	20190930
Filing Date	20191107
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	tpl-20190930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 76 Cash Flow Statement 50 Comprehensive Income 4

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$8.01M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$3.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$249.88M	USD	Point-in-time
Certificates of proprietary interest, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$100.00	USD	Point-in-time
Certificates of proprietary interest, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$100.00	USD	Point-in-time
Accrued receivables	`OtherReceivables`	$62.80M	USD	Point-in-time
Accrued receivables	`OtherReceivables`	$48.75M	USD	Point-in-time
Certificates of proprietary interest, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Certificates of proprietary interest, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Tax like-kind exchange escrow	`EscrowDeposit`	-	USD	Point-in-time
Tax like-kind exchange escrow	`EscrowDeposit`	$3.80M	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
Sub-share certificates of proprietary interest, outstanding (in shares)	`CommonStockSharesOutstanding`	7.76M	shares	Point-in-time
Other assets	`OtherAssets`	$4.77M	USD	Point-in-time
Sub-share certificates of proprietary interest, outstanding (in shares)	`CommonStockSharesOutstanding`	7.76M	shares	Point-in-time
Other assets	`OtherAssets`	$3.88M	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$9.40M	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	-	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $8,006 and $3,012 as of September 30, 2019 and December 31, 2018, respectively	`PropertyPlantAndEquipmentNet`	$64.80M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $8,006 and $3,012 as of September 30, 2019 and December 31, 2018, respectively	`PropertyPlantAndEquipmentNet`	$87.07M	USD	Point-in-time
Real estate acquired	`RealEstateGrossAtCarryingValue`	$84.90M	USD	Point-in-time
Real estate acquired	`RealEstateGrossAtCarryingValue`	$10.49M	USD	Point-in-time
Royalty interests acquired	`RoyaltyInterestAcquired`	$29.32M	USD	Point-in-time
Royalty interests acquired	`RoyaltyInterestAcquired`	$24.30M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.25M	USD	Point-in-time
Total assets	`Assets`	$521.99M	USD	Point-in-time
Total assets	`Assets`	$285.07M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$10.51M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$19.55M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.61M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$4.36M	USD	Point-in-time
Deferred taxes payable	`DeferredIncomeTaxLiabilitiesNet`	$14.90M	USD	Point-in-time
Deferred taxes payable	`DeferredIncomeTaxLiabilitiesNet`	$35.00M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiability`	$13.37M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiability`	$16.18M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiability`	$3.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$78.57M	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 $0.0333 each; outstanding 7,756,156 and 7,762,414 Sub-share Certificates as of September 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	-	USD	Point-in-time
Sub-share Certificates in Certificates of Proprietary Interest, par value $0.0333 each; outstanding 7,756,156 and 7,762,414 Sub-share Certificates as of September 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	-	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.08M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.05M	USD	Point-in-time
Net proceeds from all sources	`RetainedEarningsUnappropriated`	$245.77M	USD	Point-in-time
Net proceeds from all sources	`RetainedEarningsUnappropriated`	$444.48M	USD	Point-in-time
Total capital	`StockholdersEquity`	$443.43M	USD	Point-in-time
Total capital	`StockholdersEquity`	$244.69M	USD	Point-in-time
Total liabilities and capital	`LiabilitiesAndStockholdersEquity`	$521.99M	USD	Point-in-time
Total liabilities and capital	`LiabilitiesAndStockholdersEquity`	$285.07M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$73.17M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$377.16M	USD	3 Qtrs
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$207.02M	USD	3 Qtrs
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$98.53M	USD	1 Quarter
Salaries and related employee expenses	`LaborAndRelatedExpense`	$4.05M	USD	1 Quarter
Salaries and related employee expenses	`LaborAndRelatedExpense`	$8.54M	USD	1 Quarter
Salaries and related employee expenses	`LaborAndRelatedExpense`	$10.45M	USD	3 Qtrs
Salaries and related employee expenses	`LaborAndRelatedExpense`	$22.74M	USD	3 Qtrs
Water service-related expenses	`WaterProductionCosts`	$3.71M	USD	1 Quarter
Water service-related expenses	`WaterProductionCosts`	$15.42M	USD	3 Qtrs
Water service-related expenses	`WaterProductionCosts`	$5.12M	USD	1 Quarter
Water service-related expenses	`WaterProductionCosts`	$7.60M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$7.10M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.86M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.88M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.19M	USD	1 Quarter
Legal and professional fees	`ProfessionalFees`	$1.62M	USD	3 Qtrs
Legal and professional fees	`ProfessionalFees`	$5.56M	USD	1 Quarter
Legal and professional fees	`ProfessionalFees`	$15.20M	USD	3 Qtrs
Legal and professional fees	`ProfessionalFees`	$556.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$2.63M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$5.29M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$706.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$1.52M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$65.75M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$24.07M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$24.71M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.21M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$62.96M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$73.82M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$182.94M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$311.41M	USD	3 Qtrs
Other income	`NonoperatingIncomeExpense`	$941.00K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$526.00K	USD	3 Qtrs
Other income	`NonoperatingIncomeExpense`	$236.00K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$1.77M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$63.20M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$74.76M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$313.18M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$183.47M	USD	3 Qtrs
Current	`CurrentIncomeTaxExpenseBenefit`	$9.92M	USD	1 Quarter
Current	`CurrentIncomeTaxExpenseBenefit`	$43.48M	USD	3 Qtrs
Current	`CurrentIncomeTaxExpenseBenefit`	$36.41M	USD	3 Qtrs
Current	`CurrentIncomeTaxExpenseBenefit`	$12.43M	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Deferred	`DeferredIncomeTaxExpenseBenefit`	$4.82M	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred	`DeferredIncomeTaxExpenseBenefit`	$20.09M	USD	3 Qtrs
Total income tax expense	`IncomeTaxExpenseBenefit`	$12.43M	USD	1 Quarter
Total income tax expense	`IncomeTaxExpenseBenefit`	$36.41M	USD	3 Qtrs
Total income tax expense	`IncomeTaxExpenseBenefit`	$14.74M	USD	1 Quarter
Total income tax expense	`IncomeTaxExpenseBenefit`	$63.58M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$249.61M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$50.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$60.02M	USD	1 Quarter
Net income	`NetIncomeLoss`	$147.06M	USD	3 Qtrs
Other comprehensive income periodic pension costs, net of income taxes of $2, $3, $7 and $10, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$27.00K	USD	3 Qtrs
Other comprehensive income periodic pension costs, net of income taxes of $2, $3, $7 and $10, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$39.00K	USD	3 Qtrs
Other comprehensive income periodic pension costs, net of income taxes of $2, $3, $7 and $10, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$9.00K	USD	1 Quarter
Other comprehensive income periodic pension costs, net of income taxes of $2, $3, $7 and $10, respectively	`OtherComprehensiveIncomeLossNetOfTax`	$13.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$147.09M	USD	3 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$60.03M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$50.77M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$249.63M	USD	3 Qtrs
Weighted average number of Sub-share Certificates outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.76M	shares	1 Quarter
Weighted average number of Sub-share Certificates outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.80M	shares	3 Qtrs
Weighted average number of Sub-share Certificates outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.79M	shares	1 Quarter
Weighted average number of Sub-share Certificates outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.76M	shares	3 Qtrs
Net income per Sub-share Certificate basic and diluted	`EarningsPerShareBasicAndDiluted`	$18.86	USD	3 Qtrs
Net income per Sub-share Certificate basic and diluted	`EarningsPerShareBasicAndDiluted`	$6.52	USD	1 Quarter
Net income per Sub-share Certificate basic and diluted	`EarningsPerShareBasicAndDiluted`	$32.18	USD	3 Qtrs
Net income per Sub-share Certificate basic and diluted	`EarningsPerShareBasicAndDiluted`	$7.74	USD	1 Quarter
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$6.00	USD	3 Qtrs
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$4.05	USD	3 Qtrs
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	-	USD	1 Quarter
Cash dividends per Sub-share Certificate (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	-	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$249.61M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$50.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$60.02M	USD	1 Quarter
Net income	`NetIncomeLoss`	$147.06M	USD	3 Qtrs
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-20.09M	USD	3 Qtrs
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.52M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.29M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.63M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$706.00K	USD	1 Quarter
Operating assets, excluding income taxes	`IncreaseDecreaseInOperatingAssets`	$18.28M	USD	3 Qtrs
Operating assets, excluding income taxes	`IncreaseDecreaseInOperatingAssets`	$28.71M	USD	3 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-9.40M	USD	3 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-1.20M	USD	3 Qtrs
Operating liabilities, excluding income taxes	`IncreaseDecreaseInOperatingLiabilities`	$15.36M	USD	3 Qtrs
Operating liabilities, excluding income taxes	`IncreaseDecreaseInOperatingLiabilities`	$7.55M	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.76M	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.21M	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$130.83M	USD	3 Qtrs
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$284.22M	USD	3 Qtrs
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$117.00K	USD	3 Qtrs
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$25.00K	USD	3 Qtrs
Acquisition of land	`PaymentsToAcquireLand`	$74.41M	USD	3 Qtrs
Acquisition of land	`PaymentsToAcquireLand`	$2.66M	USD	3 Qtrs
Acquisition of royalty interests	`PaymentsToAcquireRoyaltyInterestsInMiningProperties`	$5.02M	USD	3 Qtrs
Acquisition of royalty interests	`PaymentsToAcquireRoyaltyInterestsInMiningProperties`	-	USD	3 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$40.01M	USD	3 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.98M	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$27.58M	USD	3 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.44M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-42.64M	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-106.89M	USD	3 Qtrs
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	`PaymentsForRepurchaseOfCommonStock`	$25.50M	USD	3 Qtrs
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	`PaymentsForRepurchaseOfCommonStock`	$4.35M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividends`	$46.55M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividends`	$31.65M	USD	3 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-50.90M	USD	3 Qtrs
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-57.15M	USD	3 Qtrs
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$126.44M	USD	3 Qtrs
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$31.04M	USD	3 Qtrs
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`	$110.62M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$249.88M	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, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$123.45M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$110.62M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$249.88M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$79.58M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaidNet`	$31.34M	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$34.25M	USD	3 Qtrs

Comprehensive Income 4 line items

Line Item	Tag	Value	Unit	Period
Other Comprehensive Income, Tax	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$10.00K	USD	3 Qtrs
Other Comprehensive Income, Tax	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$7.00K	USD	3 Qtrs
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.