Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | NRP | |
Entity Registrant Name | NATURAL RESOURCE PARTNERS LP | |
Entity Central Index Key | 1,171,486 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 12,232,006 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 40,783 | $ 40,371 |
Accounts receivable, net | 53,997 | 43,202 |
Accounts receivable—affiliates | 292 | 6,658 |
Inventory | 7,841 | 6,893 |
Prepaid expenses and other | 3,192 | 6,137 |
Current assets of discontinued operations | 991 | 991 |
Total current assets | 107,096 | 104,252 |
Land | 25,272 | 25,252 |
Plant and equipment, net | 48,822 | 49,443 |
Mineral rights, net | 895,642 | 908,192 |
Intangible assets, net | 51,226 | 3,236 |
Intangible assets, net—affiliate | 0 | 49,811 |
Equity in unconsolidated investment | 248,919 | 255,901 |
Long-term contracts receivable | 41,638 | 0 |
Long-term contracts receivable—affiliate | 0 | 43,785 |
Other assets | 9,172 | 3,791 |
Other assets—affiliate | 1,265 | 1,018 |
Total assets | 1,429,052 | 1,444,681 |
Current liabilities: | ||
Accounts payable | 5,257 | 6,234 |
Accounts payable—affiliates | 942 | 940 |
Accrued liabilities | 37,213 | 41,587 |
Current portion of long-term debt, net | 173,901 | 138,903 |
Current liabilities of discontinued operations | 98 | 353 |
Total current liabilities | 217,411 | 188,017 |
Deferred revenue | 110,885 | 44,931 |
Deferred revenue—affiliates | 0 | 71,632 |
Long-term debt, net | 700,252 | 987,400 |
Warrant liabilities | 37,457 | 0 |
Other non-current liabilities | 2,699 | 4,565 |
Total liabilities | 1,068,704 | 1,296,545 |
Commitments and contingencies | 0 | 0 |
Convertible Preferred Units (251,250 units issued and outstanding at $1,000 par value per unit; liquidation preference of $1,500 per unit) | 160,377 | 0 |
Partners’ capital: | ||
Common unitholders’ interest (12,232,006 units issued and outstanding) | 204,230 | 152,309 |
General partner’s interest | 1,946 | 887 |
Accumulated other comprehensive loss | (2,811) | (1,666) |
Total partners’ capital | 203,365 | 151,530 |
Non-controlling interest | (3,394) | (3,394) |
Total capital | 199,971 | 148,136 |
Total liabilities and capital | $ 1,429,052 | $ 1,444,681 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common units outstanding (in shares) | 12,232,006 | 12,232,006 |
Common units issued (in shares) | 12,232,006 | 12,232,006 |
Preferred units issued (in shares) | 251,250 | 0 |
Preferred units outstanding (in shares) | 251,250 | 0 |
Preferred unit par value per unit | $ 1,000 | $ 0 |
Preferred unit liquidation preference per unit | $ 1,500 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Revenues and other income: | |||||
Revenues and other income | $ 91,570 | $ 119,317 | $ 180,223 | $ 193,219 | |
Gain (loss) on asset sales, net | 3,361 | (1,071) | 3,405 | 20,854 | |
Total revenues and other income | 94,931 | 118,246 | 183,628 | 214,073 | |
Operating expenses: | |||||
Operating and maintenance expenses | 31,020 | 29,797 | 60,648 | 56,582 | |
Operating and maintenance expenses—affiliates, net | 2,219 | 2,402 | 4,774 | 5,886 | |
Depreciation, depletion and amortization | 8,165 | 10,472 | 17,889 | 20,252 | |
Amortization expense—affiliate | 240 | 704 | 1,008 | 1,426 | |
General and administrative | 2,031 | 3,173 | 8,109 | 6,408 | |
General and administrative—affiliates | 852 | 866 | 1,976 | 1,803 | |
Asset impairments | 0 | 91 | 1,778 | 1,984 | |
Total operating expenses | 44,527 | 47,505 | 96,182 | 94,341 | |
Income from operations | 50,404 | 70,741 | 87,446 | 119,732 | |
Other income (expense) | |||||
Interest expense | (20,377) | (22,054) | (43,518) | (44,251) | |
Interest expense—affiliate | 0 | (61) | 0 | (523) | |
Debt modification expense | (132) | 0 | (7,939) | 0 | |
Loss on extinguishment of debt | (4,107) | 0 | (4,107) | 0 | |
Warrant issuance expense | 0 | 0 | (5,709) | 0 | |
Fair value adjustments for warrant liabilities | 23,960 | 0 | 40,529 | 0 | |
Interest income | 69 | 7 | 86 | 26 | |
Other expense, net | (587) | (22,108) | (20,658) | (44,748) | |
Net income from continuing operations | 49,817 | 48,633 | 66,788 | 74,984 | |
Income (Loss) from discontinued operations | 133 | (2,187) | (74) | (5,111) | |
Net income | 49,950 | 46,446 | 66,714 | [1] | 69,873 |
Income attributable to preferred unitholders | (7,538) | 0 | (10,038) | 0 | |
Net income attributable to common unitholders and general partner | $ 42,412 | $ 46,446 | $ 56,676 | $ 69,873 | |
Basic and diluted net income (loss) per common unit (in dollars per share): | |||||
Basic net income (loss) per common unit from continuing operations (in dollars per share) | $ 3.38 | $ 3.90 | $ 4.55 | $ 6.02 | |
Diluted net income (loss) per common unit from continuing operations (in dollars per share) | 1.13 | 3.90 | 1.35 | 6.02 | |
Basic net income per common unit (in dollars per share) | 3.39 | 3.73 | 4.54 | 5.61 | |
Diluted net income per common unit (in dollars per share) | $ 1.13 | $ 3.73 | $ 1.34 | $ 5.61 | |
Add: comprehensive income (loss) from unconsolidated investment and other | $ (13) | $ 462 | $ (1,145) | $ (83) | |
Comprehensive income | 49,937 | 46,908 | 65,569 | 69,790 | |
Coal Royalty and Other | |||||
Revenues and other income: | |||||
Revenues and other income | 36,914 | 59,983 | 71,908 | 88,832 | |
Coal royalty and other—affiliates | 12,712 | 17,504 | 28,856 | 28,074 | |
Construction Aggregates | |||||
Revenues and other income: | |||||
Revenues and other income | 33,555 | 31,642 | 60,776 | 56,324 | |
Soda Ash | |||||
Revenues and other income: | |||||
Revenues and other income | $ 8,389 | $ 10,188 | $ 18,683 | $ 19,989 | |
[1] | Net income includes $10.0 million attributable to Preferred Unitholders that accumulated during the period. |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - 6 months ended Jun. 30, 2017 - USD ($) shares in Thousands, $ in Thousands | Total | General Partner | Common Unitholders | Accumulated Other Comprehensive Income (Loss) | Partners Capital Excluding Noncontrolling Interest | Non-Controlling Interest | Common unitholdersCommon Unitholders | General PartnerGeneral Partner | Common unitholders and general partner | Common unitholders and general partnerPartners Capital Excluding Noncontrolling Interest | Preferred Partner | Preferred PartnerGeneral Partner | Preferred PartnerCommon Unitholders | Preferred PartnerPartners Capital Excluding Noncontrolling Interest | |
Balance, beginning of period (in shares) at Dec. 31, 2016 | 12,232 | ||||||||||||||
Balance, beginning of period at Dec. 31, 2016 | $ 148,136 | $ 887 | $ 152,309 | $ (1,666) | $ 151,530 | $ (3,394) | |||||||||
Net Income | [1] | 66,714 | 1,334 | $ 65,380 | 66,714 | ||||||||||
Distributions to unitholders | $ (11,009) | $ (225) | $ (11,234) | $ (11,234) | $ (2,500) | $ 50 | $ 2,450 | $ (2,500) | |||||||
Comprehensive income from unconsolidated investment and other | (1,145) | (1,145) | (1,145) | ||||||||||||
Balance, end of period (in shares) at Jun. 30, 2017 | 12,232 | ||||||||||||||
Balance, end of period at Jun. 30, 2017 | 199,971 | $ 1,946 | $ 204,230 | $ (2,811) | $ 203,365 | $ (3,394) | |||||||||
Earnings attributable to Preferred Unitholders | $ 10,000 | ||||||||||||||
[1] | Net income includes $10.0 million attributable to Preferred Unitholders that accumulated during the period. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 66,714 | $ 69,873 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ||
Depreciation, depletion and amortization | 17,889 | 20,252 |
Amortization expense—affiliate | 1,008 | 1,426 |
Return on earnings from unconsolidated investment | 22,112 | 22,050 |
Equity earnings from unconsolidated investment | (18,683) | (19,989) |
Gain on asset sales, net | (3,405) | (20,854) |
Fair value adjustments for Warrant liabilities | (40,529) | 0 |
Debt modification expense | 7,939 | 0 |
Loss on extinguishment of debt | 4,107 | 0 |
Warrant issuance expense | 5,709 | 0 |
Loss from discontinued operations | 74 | 5,111 |
Asset impairments | 1,778 | 1,984 |
Other, net | 2,422 | 4,094 |
Other, net—affiliates | (112) | 212 |
Change in operating assets and liabilities: | ||
Accounts receivable | (3,603) | 3,922 |
Accounts receivable—affiliates | (826) | (2,271) |
Accounts payable | 46 | 150 |
Accounts payable—affiliates | 2 | (25) |
Accrued liabilities | (3,898) | (3,131) |
Accrued liabilities—affiliates | 0 | (456) |
Deferred revenue | 4,489 | (38,204) |
Deferred revenue—affiliates | (10,166) | (4,060) |
Other items, net | 2,527 | (2,045) |
Other items, net—affiliates | 0 | 607 |
Net cash provided by operating activities of continuing operations | 55,594 | 38,646 |
Net cash provided by (used in) operating activities of discontinued operations | (531) | 5,815 |
Net cash provided by operating activities | 55,063 | 44,461 |
Cash flows from investing activities: | ||
Return of equity from unconsolidated investment | 2,388 | 0 |
Proceeds from sale of oil and gas royalty properties | (544) | 34,347 |
Proceeds from sale of coal and aggregates royalty properties | 1,427 | 9,802 |
Return of long-term contract receivables | 1,207 | 0 |
Return of long-term contract receivables—affiliate | 804 | 2,180 |
Proceeds from sale of plant and equipment and other | 385 | 843 |
Acquisition of plant and equipment and other | (4,998) | (3,919) |
Net cash provided by investing activities of continuing operations | 669 | 43,253 |
Net cash provided by (used in) investing activities of discontinued operations | 202 | (3,814) |
Net cash provided by investing activities | 871 | 39,439 |
Cash flows from financing activities: | ||
Proceeds from issuance of Convertible Preferred Units and Warrants, net | 242,100 | 0 |
Proceeds from issuance of 2022 Senior Notes, net | 103,688 | 0 |
Proceeds from loans | 0 | 20,000 |
Repayments of loans | (348,292) | (98,482) |
Contributions to discontinued operations | (329) | 0 |
Debt issue costs and other | (40,534) | (11,998) |
Net cash used in financing activities of continuing operations | (55,851) | (101,712) |
Net cash provided by (used in) financing activities of discontinued operations | 329 | (10,570) |
Net cash used in financing activities | (55,522) | (112,282) |
Net increase (decrease) in cash and cash equivalents | 412 | (28,382) |
Cash and cash equivalents of continuing operations at beginning of period | 40,371 | 41,204 |
Cash and cash equivalents of continuing operations at end of period | 40,783 | 21,391 |
Cash and cash equivalents of discontinued operations at beginning of period | 0 | 10,569 |
Cash and cash equivalents of discontinued operations at beginning of period | 0 | 2,000 |
Cash and cash equivalents at beginning of period | 40,371 | 51,773 |
Cash and cash equivalents at end of period | 40,783 | 23,391 |
Cash paid during the period for interest | 34,880 | 42,671 |
Issuance of 2022 Senior Notes in exchange for 2018 Senior Notes | 240,638 | 0 |
General Partner | ||
Cash flows from financing activities: | ||
Distributions to common unitholders and general partner | (11,234) | (11,232) |
Preferred Partner | ||
Cash flows from financing activities: | ||
Distributions to common unitholders and general partner | $ (1,250) | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Nature of Business Natural Resource Partners L.P. (the "Partnership") engages principally in the business of owning, operating, managing and leasing a diversified portfolio of mineral properties in the United States, including interests in coal, trona and soda ash, construction aggregates and other natural resources. As used in these Notes to Consolidated Financial Statements, the terms "NRP," "we," "us" and "our" refer to Natural Resource Partners L.P. and its subsidiaries, unless otherwise stated or indicated by context. Principles of Consolidation and Reporting The accompanying unaudited Consolidated Financial Statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management's opinion, all necessary adjustments to fairly present the Partnership's results of operations, financial position and cash flows for the periods presented have been made and all such adjustments were of a normal and recurring nature. Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. The Partnership reclassified oil and gas royalty activities in prior period amounts to conform to the way it internally manages and monitors segment performance. This change had no impact on the Partnership's consolidated financial position, net income or cash flows. See Note 4. Segment Information for a discussion of our operating segments. Recently Issued Accounting Standards The FASB issued authoritative guidance that eliminates the requirement to consider "down-round" features when determining whether certain equity-linked financial instruments or embedded features are indexed to an entity’s own stock. The guidance requires entities that present earnings per share ("EPS") under ASC 260 to recognize the effect of a down round feature in a freestanding equity-classified financial instrument only when it is triggered. The effect of triggering such a feature will be recognized as a dividend and a reduction to income available to common shareholders in basic EPS. Entities will also have to make new disclosures for financial instruments with down-round features and other terms that change conversion or exercise prices. The guidance is effective for annual and interim periods ending after December 31, 2018. Early adoption is permitted. The Partnership is currently evaluating the impact of the provisions of this guidance on its consolidated financial statements and may early adopt this guidance. The FASB issued authoritative guidance on revenue recognition. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance will also require enhanced disclosures, provide more comprehensive guidance for transactions such as service revenue and contract modifications, and enhance guidance for multiple-element arrangements. The Partnership is required to adopt this guidance in the first quarter of 2018 using one of two retrospective application methods. The Partnership has performed revenue scoping procedures to identify the contracts for all of its revenue streams and utilized the practical expedient of grouping contracts or performance obligations with similar characteristics as prescribed by the new standard. The Partnership is in the process of completing its revenue contract analysis. The Partnership anticipates utilizing the full retrospective adoption method for financial statement comparability. The FASB issued authoritative lease guidance that requires lessees to recognize assets and liabilities on the balance sheet for the present value of the rights and obligations created by all leases with terms of more than 12 months. The guidance also requires disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. The guidance is effective for annual and interim periods ending after December 31, 2018. The Partnership is currently evaluating the impact of the provisions of this guidance on its consolidated financial statements. The FASB issued authoritative guidance that replaces the incurred loss impairment methodology in the current standard with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for annual and interim periods ending after December 31, 2019. The Partnership does not expect the impact of the provisions of this guidance to have a material effect on its consolidated financial statements. The FASB issued authoritative guidance to clarify how certain cash receipts and cash payments are presented and classified in the statement of cash flows in order to reduce current and potential future diversity in practice. The guidance is effective for annual and interim periods ending after December 31, 2017. The Partnership adopted this guidance in the second quarter of 2017 and its adoption did not have a material effect on its consolidated financial statements. |
Convertible Preferred Units and
Convertible Preferred Units and Warrants | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Convertible Preferred Units and Warrants | Convertible Preferred Units and Warrants On March 2, 2017, NRP issued $250 million of Class A Convertible Preferred Units representing limited partner interests in NRP (the "Preferred Units") to certain entities controlled by funds affiliated with the Blackstone Group, L.P. (collectively referred to as "Blackstone") and certain affiliates of GoldenTree Asset Management LP (collectively referred to as "GoldenTree") (together the "Preferred Purchasers") pursuant to a Preferred Unit and Warrant Purchase Agreement. NRP issued 250,000 Preferred Units to the Preferred Purchasers at a price of $1,000 per Preferred Unit (the "Per Unit Purchase Price"), less a 2.5% structuring and origination fee. The Preferred Units entitle the Preferred Purchasers to receive cumulative distributions at a rate of 12% per year, up to one half of which NRP may pay in additional Preferred Units (such additional Preferred Units, the "PIK Units"). NRP also issued two tranches of warrants (the "Warrants") to purchase common units to the Preferred Purchasers (Warrants to purchase 1.75 million common units with a strike price of $22.81 and Warrants to purchase 2.25 million common units with a strike price of $34.00 ). The Warrants may be exercised by the holders thereof at any time before the eighth anniversary of the closing date. Upon exercise of the Warrants, NRP may, at its option, elect to settle the Warrants in common units or cash, each on a net basis. The Preferred Units have a perpetual term, unless converted or redeemed as described below. The Preferred Units (including any PIK Units) are convertible into common units at a price of $1,000 per Preferred Unit plus the value of any accrued and unpaid distributions at the election of the holders (1) after the fifth anniversary and prior to the eighth anniversary of the issue date at a 7.5% discount to the volume weighted average trading price of our common units (the "VWAP") for the 30 trading days immediately prior to the notice of conversion if the 30-day VWAP immediately prior to such notice is greater than $51.00 (subject to a maximum of 33% of the Preferred Units per year) and (2) after the eighth anniversary of the issue date at a 10% discount to the VWAP for the 30 trading days immediately prior to the notice of conversion. Instead of issuing common units pursuant to clause (1) of the preceding sentence, NRP has the option to redeem the Preferred Units proposed to be converted for cash at a price equal to the $1,000 per Preferred Unit plus the value of any accrued and unpaid distributions. To the extent the holders of the Preferred Units have not elected to convert their Preferred Units by the twelfth anniversary of the issue date, NRP has the right to force conversion of the Preferred Units at a price equal to the $1,000 per Preferred Unit plus the value of any accrued and unpaid distributions into common units at a 10% discount to the VWAP for the 30 trading days immediately prior to the notice of conversion. In addition, NRP has the ability to redeem at any time (subject to compliance with its debt agreements) all or any portion of the Preferred Units (including PIK Units) for cash at the agreed upon per unit amount, which is calculated as the Per Unit Purchase Price multiplied by (i) prior to the third anniversary of the closing date, 1.50 , (ii) on or after the third anniversary of the closing date and prior to the fourth anniversary of the closing date, 1.70 and (iii) on or after the fourth anniversary of the closing date, 1.85 ; less all Preferred Unit distributions made by NRP at the time of redemption; plus the value of all accrued and unpaid Preferred Unit distributions. The Preferred Units are redeemable at the option of the Preferred Unit Purchasers only upon a change in control. The terms of the Preferred Units contain certain restrictions on NRP's ability to pay distributions on its common units. To the extent that either (i) NRP's consolidated Leverage Ratio, as defined in the Partnership's Fifth Amended and Restated Partnership Agreement dated March 2, 2017 (the "Restated Partnership Agreement"), is greater than 3.25 x, or (ii) the ratio of NRP's Distributable Cash Flow (as defined in the Restated Partnership Agreement) to cash distributions made or proposed to be made is less than 1.2 x (in each case, with respect to the most recently completed four-quarter period), NRP may not increase the quarterly distribution above $0.45 per quarter without the approval of the holders of a majority of the outstanding Preferred Units. In addition, if at any time after January 1, 2022, any PIK Units are outstanding, NRP may not make distributions on its common units until it has redeemed all PIK Units for cash. The holders of the Preferred Units have the right to vote with holders of NRP’s common units on an as-converted basis and have other customary approval rights with respect to changes of the terms of the Preferred Units. In addition, Blackstone has certain approval rights over certain matters as identified in the Restated Partnership Agreement. GoldenTree also has more limited approval rights that will expand once Blackstone's ownership goes below the Minimum Preferred Unit Threshold (as defined below). These approval rights are not transferrable without NRP's consent. In addition, the approval rights held by Blackstone and GoldenTree will terminate at such time that Blackstone (together with their affiliates) or GoldenTree (together with their affiliates), as applicable, no longer own at least 20% of the total number of Preferred Units issued on the closing date, together with all PIK Units that have been issued but not redeemed (the "Minimum Preferred Unit Threshold"). At the closing, pursuant to a Board Representation and Observation Rights Agreement, the Preferred Purchasers received certain board appointment and observation rights, and Blackstone appointed one director and one observer to the Board of Directors of GP Natural Resource Partners LLC. NRP also entered into a registration rights agreement (the "Preferred Unit and Warrant Registration Rights Agreement") with the Preferred Purchasers, pursuant to which NRP is required to file (i) a shelf registration statement to register the common units issuable upon exercise of the Warrants and to cause such registration statement to become effective not later than 90 days following the closing date and (ii) a shelf registration statement to register the common units issuable upon conversion of the Preferred Units and to cause such registration statement to become effective not later than the earlier of the fifth anniversary of the closing date or 90 days following the first issuance of any common units upon conversion of Preferred Units (the "Registration Deadlines"). In addition, the Preferred Unit and Warrant Registration Rights Agreement gives the Preferred Purchasers piggyback registration and demand underwritten offering rights under certain circumstances. The shelf registration statement to register the common units issuable upon exercise of the Warrants became effective on April 20, 2017. If the shelf registration statement to register the common units issuable upon conversion of the Preferred Units is not effective by the applicable Registration Deadline, NRP will be required to pay the Preferred Purchasers liquidated damages in the amounts and upon the term set forth in the Preferred Unit and Warrant Registration Rights Agreement. Accounting for the Preferred Units and Warrants Classification The Preferred Units are accounted for on NRP's consolidated balance sheet as temporary equity due to certain contingent redemption rights that may be exercised at the election of Preferred Purchasers. The Warrants are accounted for on NRP's consolidated balance sheet as a liability because of a "down-round" anti-dilution price protection provision that reduces the Warrant holders' exercise price if NRP sells common units at a price less than the current strike price (subject to certain exceptions). Initial Measurement The net transaction price as shown below was allocated first to the fair value of the Warrants with the remainder to the Preferred Units. NRP allocated the transaction issuance costs to the Preferred Units and Warrants primarily on a pro-rata basis based on their relative inception date allocated values. The Preferred Units and Warrants were initially recognized at fair value by allocating the transaction price as follows: March 2, 2017 Transaction price, gross $ 250,000 Structuring, origination and other fees to Preferred Purchasers (7,900 ) Transaction costs to other third parties (10,696 ) Transaction price, net $ 231,404 Allocation of net transaction price Preferred Units, net $ 159,127 Warrants liabilities 77,986 Issuance costs allocated to Warrants and expensed (5,709 ) Transaction price, net $ 231,404 Subsequent Measurement Subsequent adjustment of the Preferred Units will not occur until NRP has determined that the conversion or redemption of all or a portion of the Preferred Units is probable of occurring. Once conversion or redemption becomes probable of occurring, the carrying amount of the Preferred Units will be accreted to their redemption value over the period from the date the feature is probable of occurring to the date the preferred stock can first be converted or redeemed. The Warrants and embedded derivatives are accounted for at fair value and are remeasured each quarter. See Note 11. Fair Value Measurements for further information regarding valuation of the warrants and embedded derivatives. NRP recognizes Preferred Unit distributions on the date the distribution is declared. During the three and six months ended June 30, 2017 , NRP declared a $2.5 million distribution on the Preferred Units from March 2, 2017 (the date of issuance) through March 31, 2017. One-half of the $2.5 million distribution was paid-in-kind through the issuance of 1,250 additional Preferred Units and the other half was paid in cash. The following table shows the financial position of the Preferred Units from initial measurement at March 2, 2017 to June 30, 2017 (in thousands): Balance at December 31, 2016 $ — Issuance of Preferred Units, net 159,127 Distribution paid-in-kind 1,250 Balance at June 30, 2017 $ 160,377 Income available to common unitholders and the general partner is reduced by Preferred Unit distributions that accumulated during the period. During the three and six months ended June 30, 2017 , NRP reduced net income attributable to common unitholders and the general partner by $7.5 million and $10.0 million , respectively, as a result of accumulated Preferred Unit distributions. |
Net Income Per Common Unit
Net Income Per Common Unit | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Unit | Net Income Per Common Unit Basic net income per common unit is computed by dividing net income, after considering income attributable to preferred unitholders and the general partner’s interest, by the weighted average number of common units outstanding. Diluted net income per common unit includes the effect of NRP's Warrants and Preferred Units (see Note 2. Convertible Preferred Units and Warrants ), if the inclusion of these items is dilutive. The dilutive effect of the Warrants is calculated using the treasury stock method, which assumes that the proceeds from the exercise of these instruments are used to purchase common units at the average market price for the period. The calculation of the dilutive effect of the Warrants for the three and six months ended June 30, 2017, did not include the net settlement of Warrants to purchase 2.25 million of common units with a strike price of $34.00 because the impact would have been anti-dilutive. The dilutive effect of the Preferred Units is calculated using the if-converted method. Under the if-converted method, the Preferred Units are assumed to be converted at the beginning of the period, and the resulting common units are included in the denominator of the diluted EPU calculation for the period being presented. Interest recognized during the period (including the effect of accretion of discounts and amortization of issuance costs, if any) and distributions declared in the period and undeclared distributions on the Preferred Units that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. The following table reconciles net income and weighted average units used in computing basic and diluted net income per common unit is as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Allocation of net income: Net income from continuing operations $ 49,817 $ 48,633 $ 66,788 $ 74,984 Less: income attributable to preferred unitholders 7,538 — 10,038 — Less: net income from continuing operations and income attributable to preferred unitholders allocated to the general partner 914 907 1,135 1,368 Net income from continuing operations attributable to common unitholders $ 41,365 $ 47,726 $ 55,615 $ 73,616 Net income (loss) from discontinued operations $ 133 $ (2,187 ) $ (74 ) $ (5,111 ) Less: net income (loss) from discontinued operations attributable to the general partner 3 (44 ) (1 ) (102 ) Net income (loss) from discontinued operations attributable to common unitholders $ 130 $ (2,143 ) $ (73 ) $ (5,009 ) Net income $ 49,950 $ 46,446 $ 66,714 $ 69,873 Less: income attributable to preferred unitholders 7,538 — 10,038 — Less: net income and income attributable to preferred unitholders allocated to the general partner 917 863 1,134 1,266 Net income attributable to common unitholders $ 41,495 $ 45,583 $ 55,542 $ 68,607 Basic Income (Loss) per Unit: Weighted average common units—basic 12,232 12,232 12,232 12,232 Basic net income from continuing operations per common unit $ 3.38 $ 3.90 $ 4.55 $ 6.02 Basic net income (loss) from discontinued operations per common unit $ 0.01 $ (0.18 ) $ (0.01 ) $ (0.41 ) Basic net income per common unit $ 3.39 $ 3.73 $ 4.54 $ 5.61 Diluted Income (Loss) per Unit: Weighted average common units—basic 12,232 12,232 12,232 12,232 Plus: dilutive effect of Warrants 467 — 361 — Plus: dilutive effect of Preferred Units 9,760 — 6,517 — Weighted average common units—diluted 22,459 12,232 19,110 12,232 Net income from continuing operations $ 49,817 $ 48,633 $ 66,788 $ 74,984 Less: fair value adjustments for warrant liabilities 23,960 — 40,529 — Less: net income from continuing operations and fair value adjustments for warrant liabilities allocated to the general partner 586 907 525 1,368 Diluted net income from continuing operations attributable to common unitholders $ 25,271 $ 47,726 $ 25,734 $ 73,616 Diluted net income (loss) from discontinued operations attributable to common unitholders $ 130 $ (2,143 ) $ (73 ) $ (5,009 ) Net income $ 49,950 $ 46,446 $ 66,714 $ 69,873 Less: fair value adjustments for warrant liabilities 23,960 — 40,529 — Less: net income and fair value adjustments for warrant liabilities allocated to the general partner 589 863 524 1,266 Diluted net income attributable to common unitholders $ 25,401 $ 45,583 $ 25,661 $ 68,607 Diluted net income from continuing operations per common unit $ 1.13 $ 3.90 $ 1.35 $ 6.02 Diluted net income (loss) from discontinued operations per common unit $ 0.01 $ (0.18 ) $ — $ (0.41 ) Diluted net income per common unit $ 1.13 $ 3.73 $ 1.34 $ 5.61 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Partnership's operating segments are strategic business units that offer products and services to different customer segments in different geographies within the U.S. and that are managed accordingly. NRP has the following three operating segments: Coal Royalty and Other —consists primarily of coal royalty and coal related transportation and processing assets. Other assets include aggregate royalty, industrial mineral royalty, oil and gas royalty and timber. The Partnership's coal reserves are primarily located in Appalachia, the Illinois Basin and the Western United States. The Partnership's aggregates and industrial minerals are located in a number of states across the United States. The Partnership's oil and gas royalty assets are located in Louisiana. Soda Ash —consists of the Partnership's 49% non-controlling equity interest in a trona ore mining operation and soda ash refinery in the Green River Basin, Wyoming. Ciner Resources LP, the Partnership's operating partner, mines the trona, processes it into soda ash, and distributes the soda ash both domestically and internationally into the glass and chemicals industries. The Partnership receives regular quarterly distributions from this business. Construction Aggregates —consists of the Partnership's construction materials business that operates hard rock quarries, an underground limestone mine, sand and gravel plants, asphalt plants and marine terminals. The Partnership's construction aggregates business operates in Pennsylvania, West Virginia, Tennessee, Kentucky and Louisiana. Direct segment costs and certain costs incurred at a corporate level that are identifiable and that benefit the Partnership's segments are allocated to the operating segments. These allocated costs include costs of: taxes, legal, information technology and shared facilities services and are included in Operating and maintenance expenses and Operating and maintenance expenses—affiliates, net on the Consolidated Statements of Comprehensive Income. Intersegment sales are at prices that approximate market. Corporate and Financing includes functional corporate departments that do not earn revenues. Costs incurred by these departments include corporate headquarters and overhead, financing, centralized treasury and accounting and other corporate-level activity not specifically allocated to a segment. The following table summarizes certain financial information for each of the Partnership's operating segments (in thousands): Operating Segments For the Three Months Ended Coal Royalty and Other Soda Ash Construction Aggregates Corporate and Financing Total June 30, 2017 Revenues (including affiliates) $ 49,626 $ 8,389 $ 33,555 $ — $ 91,570 Intersegment revenues (expenses) 68 — (68 ) — — Gain on asset sales 3,184 — 177 — 3,361 Operating and maintenance expenses 5,419 — 27,820 — 33,239 General and administrative (including affiliates) — — — 2,883 2,883 Depreciation, depletion and amortization 5,375 — 3,030 — 8,405 Other expense, net — — 178 409 587 Net income (loss) from continuing operations 42,084 8,389 2,636 (3,292 ) 49,817 Net income from discontinued operations — — — — 133 June 30, 2016 Revenues (including affiliates) $ 77,487 $ 10,188 $ 31,642 $ — $ 119,317 Intersegment revenues (expenses) 30 — (30 ) — — Gain (loss) on asset sales (1,080 ) — 9 — (1,071 ) Operating and maintenance expenses 7,707 — 24,492 — 32,199 General and administrative (including affiliates) — — — 4,039 4,039 Depreciation, depletion and amortization 7,486 — 3,690 — 11,176 Asset impairment 91 — — — 91 Other expense, net — — — 22,108 22,108 Net income (loss) from continuing operations 61,153 10,188 3,439 (26,147 ) 48,633 Net loss from discontinued operations — — — (2,187 ) Operating Segments For the Six Months Ended Coal Royalty and Other Soda Ash Construction Aggregates Corporate and Financing Total June 30, 2017 Revenues (including affiliates) $ 100,764 $ 18,683 $ 60,776 $ — $ 180,223 Intersegment revenues (expenses) 130 — (130 ) — — Gain on asset sales 3,213 — 192 — 3,405 Operating and maintenance expenses (including affiliates) 12,803 — 52,619 — 65,422 General and administrative (including affiliates) — — — 10,085 10,085 Depreciation, depletion and amortization (including affiliates) 12,348 — 6,549 — 18,897 Asset impairment 1,778 — — — 1,778 Other expense, net — — 573 20,085 20,658 Net income (loss) from continuing operations 77,178 18,683 1,097 (30,170 ) 66,788 Net loss from discontinued operations — — — — (74 ) June 30, 2016 Revenues (including affiliates) $ 116,906 $ 19,989 $ 56,324 $ — $ 193,219 Intersegment revenues (expenses) 52 — (52 ) — — Gain on asset sales 20,845 — 9 — 20,854 Operating and maintenance expenses 15,841 — 46,627 — 62,468 General and administrative (including affiliates) — — — 8,211 8,211 Depreciation, depletion and amortization (including affiliates) 14,426 — 7,252 — 21,678 Asset impairment 1,984 — — — 1,984 Other expense, net — — — 44,748 44,748 Net income (loss) from continuing operations 105,552 19,989 2,402 (52,959 ) 74,984 Net loss from discontinued operations — — — (5,111 ) Total assets at June 30, 2017: Continuing operations 980,851 248,919 190,233 8,058 1,428,061 Discontinued operations — — — — 991 Total assets at December 31, 2016: Continuing operations 990,172 255,901 190,615 7,002 1,443,690 Discontinued operations — — — — 991 |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In July 2016, NRP Oil and Gas sold its non-operated oil and gas working interest assets for $116.1 million in gross sales proceeds. The sale had an effective date of April 1, 2016. The Partnership's exit from its non-operated oil and gas working interest business represented a strategic shift to reduce debt and focus on its soda ash, coal royalty and construction aggregates business segments. As a result, the Partnership classified the operating results, cash flows and assets and liabilities of its non-operated oil and gas working interest assets as discontinued operations in its consolidated statements of comprehensive income and consolidated statements of cash flows for all periods presented. The Partnership transitioned the remaining investments in royalty interests in oil and natural gas properties into the Coal Royalty and Other operating segment during the third quarter of 2016. The following table (in thousands) presents summarized financial results of the Partnership's discontinued operations in the Consolidated Statements of Comprehensive Income: Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues and other income: Oil and gas $ 7 $ 9,511 $ 22 $ 16,435 Gain (loss) on asset sales 136 (184 ) 57 (184 ) Total revenues and other income 143 9,327 79 16,251 Operating expenses: Operating and maintenance expenses (including affiliates) 10 5,871 153 10,252 Depreciation, depletion and amortization — 3,286 — 7,527 Asset impairments — 427 — 564 Total operating expenses 10 9,584 153 18,343 Interest expense — (1,930 ) — (3,019 ) Income (loss) from discontinued operations $ 133 $ (2,187 ) $ (74 ) $ (5,111 ) The following table (in thousands) presents the carrying amounts of the Partnership's assets and liabilities of discontinued operations in the Consolidated Balance Sheets: June 30, December 31, 2017 2016 ASSETS Current assets: Accounts receivable, net (including affiliates) (1) $ 991 $ 991 Total current assets 991 991 Total assets of discontinued operations $ 991 $ 991 LIABILITIES Current liabilities: Other (including affiliates) (1) $ 98 $ 353 Total current liabilities 98 353 Total liabilities of discontinued operations $ 98 $ 353 (1) See Note 12. Related Party Transactions for additional information on the Partnership's related party assets and liabilities. The following table (in thousands) presents supplemental cash flow information of the Partnership's discontinued operations: Six Months Ended 2017 2016 Cash paid for interest $ — $ 1,489 Capital expenditures related to the Partnership's discontinued operations were $0.0 million and $3.8 million during the six months ended June 30, 2017 and 2016, respectively. |
Equity Investment
Equity Investment | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investment | Equity Investment The Partnership accounts for its 49% investment in Ciner Wyoming using the equity method of accounting. Ciner Wyoming distributed $24.5 million and $22.1 million to the Partnership in the six months ended June 30, 2017 and 2016 , respectively. The difference between the amount at which the investment in Ciner Wyoming is carried and the amount of underlying equity in Ciner Wyoming's net assets was $147.9 million and $150.0 million as of June 30, 2017 and December 31, 2016 , respectively. This excess basis relates to plant, property and equipment and right to mine assets. The excess basis difference that relates to property, plant and equipment is being amortized into income using the straight-line method over a weighted average of 28 years . The excess basis difference that relates to right to mine assets is being amortized into income using the units of production method. The Partnership's equity in the earnings of Ciner Wyoming is summarized as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Income allocation to NRP’s equity interests $ 9,274 $ 11,388 $ 20,754 $ 22,384 Amortization of basis difference (885 ) (1,200 ) (2,071 ) (2,395 ) Equity in earnings of unconsolidated investment $ 8,389 $ 10,188 $ 18,683 $ 19,989 The results of Ciner Wyoming’s operations are summarized as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Sales $ 119,737 $ 116,698 $ 246,309 $ 231,082 Gross profit 24,219 28,732 52,916 56,983 Net Income 18,926 23,241 42,354 45,682 The financial position of Ciner Wyoming is summarized as follows (in thousands): June 30, December 31, 2017 2016 Current assets $ 157,198 $ 134,616 Non-current assets 233,313 235,427 Current liabilities 53,713 55,396 Non-current liabilities 130,600 98,425 The purchase agreement for the acquisition of the Partnership’s interest in Ciner Wyoming required the Partnership to pay additional contingent consideration to Anadarko to the extent certain performance criteria described in the purchase agreement were met by Ciner Wyoming in any of the years 2013, 2014 or 2015. During the first quarters of 2014, 2015 and 2016, the Partnership paid contingent consideration of $0.5 million , $3.8 million and $7.2 million , respectively, in contingent consideration to Anadarko for performance criteria met by Ciner Wyoming in 2013, 2014 and 2015, respectively. |
Plant and Equipment
Plant and Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | Plant and Equipment The Partnership’s plant and equipment consist of the following (in thousands): June 30, December 31, 2017 2016 Plant and equipment at cost $ 83,339 $ 79,171 Construction in process 58 557 Less accumulated depreciation (34,575 ) (30,285 ) Total plant and equipment, net $ 48,822 $ 49,443 Depreciation expense related to the Partnership's plant and equipment totaled $2.5 million and $3.0 million for the three months ended June 30, 2017 and 2016, respectively. Depreciation expense related to the Partnership's plant and equipment totaled $5.4 million and $6.5 million for the six months ended June 30, 2017 and 2016 , respectively. |
Mineral Rights
Mineral Rights | 6 Months Ended |
Jun. 30, 2017 | |
Extractive Industries [Abstract] | |
Mineral Rights | Mineral Rights The Partnership’s mineral rights consist of the following (in thousands): June 30, 2017 Carrying Value Accumulated Depletion Net Book Value Coal properties $ 1,170,700 $ (429,079 ) $ 741,621 Aggregates properties 151,236 (14,605 ) 136,631 Oil and gas royalty properties 12,395 (6,723 ) 5,672 Other 13,168 (1,450 ) 11,718 Total $ 1,347,499 $ (451,857 ) $ 895,642 December 31, 2016 Carrying Value Accumulated Depletion Net Book Value Coal properties $ 1,170,904 $ (420,032 ) $ 750,872 Aggregates properties 176,774 (39,056 ) 137,718 Oil and gas royalty properties 12,395 (6,289 ) 6,106 Other 14,946 (1,450 ) 13,496 Total $ 1,375,019 $ (466,827 ) $ 908,192 Depletion expense related to the Partnership’s mineral rights totaled $5.0 million and $7.2 million for the three months ended June 30, 2017 and 2016 , respectively. Depletion expense related to the Partnership’s mineral rights totaled $11.7 million and $13.3 million for the six months ended June 30, 2017 and 2016 , respectively. 2016 Sale of Royalty Properties The Partnership completed the sale of the following assets during the six months ended June 30, 2016: 1) Oil and gas royalty and overriding royalty interests in the Coal Royalty and Other segment in several producing properties located in the Appalachian Basin for $36.4 million gross sales proceeds. The effective date of the sale was January 1, 2016, and the Partnership recorded a $19.2 million gain from this sale included in Gain on asset sales, net on its Consolidated Statement of Comprehensive Income. 2) Aggregates reserves and related royalty rights in the Coal Royalty and Other segment at three aggregates operations located in Texas, Georgia and Tennessee for $10.0 million gross sales proceeds. The effective date of the sale was February 1, 2016, and the Partnership recorded a $1.6 million gain from this sale included in Gain on asset sales, net on its Consolidated Statement of Comprehensive Income. |
Intangible Assets (Including Af
Intangible Assets (Including Affiliate) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets (Including Affiliate) | Intangible Assets (Including Affiliate) The Partnership's intangible assets (including affiliate) primarily consists of above market coal transportation contracts with subsidiaries of Foresight Energy LP ("Foresight Energy") in which the Partnership receives throughput fees for the handling and transportation of coal. In addition, the Partnership's intangible assets include permits, aggregates-related trade names and other agreements. The Partnership's intangible assets (including affiliate) included in the Partnership's Consolidated Balance Sheet are as follows (in thousands): June 30, December 31, 2017 2016 Intangible assets (including affiliate) $ 86,336 $ 86,336 Less: accumulated amortization (including affiliate) (35,110 ) (33,289 ) Total intangible assets, net (including affiliate) $ 51,226 $ 53,047 Amortization expense related to the Partnership's intangible assets—affiliate totaled $0.2 million and $0.7 million for the three months ended June 30, 2017 and 2016 , respectively. Amortization expense related to the Partnership's intangible assets—affiliate totaled $1.0 million and $1.4 million for the six months ended June 30, 2017 and 2016 , respectively. Amortization expense related to the Partnership's intangible assets totaled $0.6 million and $0.3 million for the three months ended June 30, 2017 and 2016 , respectively. Amortization expense related to the Partnership's intangible assets totaled $0.8 million and $0.5 million for the six months ended June 30, 2017 and 2016 , respectively. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of June 30, 2017 and December 31, 2016 , the Partnership's debt consisted of the following (in thousands): June 30, December 31, 2017 2016 NRP LP debt: 10.500% senior notes, with semi-annual interest payments in March and September, due March 2022, $241 million issued at par and $105 million issued at 98.75% $ 345,638 $ — 9.125% senior notes, with semi-annual interest payments in April and October, due October 2018, $300 million issued at 99.007% and $125 million issued at 99.5% 94,362 425,000 Opco debt: Revolving credit facility, due April 2020 — 210,000 Senior notes 4.91% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2018 4,594 9,187 8.38% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2019 42,686 64,029 5.05% with semi-annual interest payments in January and July, with annual principal payments in July, due July 2020 30,633 30,633 5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023 16,136 18,825 4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023 52,204 52,204 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 104,583 119,524 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 31,738 36,272 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 134,035 134,035 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 38,262 38,262 5.31% utility local improvement obligation, with annual principal and interest payments in February, due March 2021 — 961 Total debt at face value $ 894,871 $ 1,138,932 Net unamortized debt discount (1,972 ) (1,322 ) Net unamortized debt issuance costs (18,746 ) (11,307 ) Total debt, net $ 874,153 $ 1,126,303 Less: current portion of long-term debt 173,901 138,903 Total long-term debt $ 700,252 $ 987,400 NRP LP Debt 2018 Senior Notes In September 2013, the Partnership, together with NRP Finance Corporation ("NRP Finance"), a wholly owned subsidiary of the Partnership, as co-issuer, issued $300.0 million of 9.125% Senior Notes at an offering price of 99.007% of par (the "2018 Senior Notes"). Net proceeds after expenses from the issuance of 2018 Senior Notes were approximately $289.0 million . Interest on the 2018 Senior Notes is paid semi-annually on April 1 and October 1, and the 2018 Senior Notes will mature on October 1, 2018. None of the Partnership's subsidiaries guarantee the 2018 Senior Notes. In October 2014, the Partnership, together with NRP Finance as co-issuer, issued an additional $125.0 million of the 2018 Senior Notes at an offering price of 99.5% of par. The additional issuance constituted the same series of securities as the existing 2018 Senior Notes. The Partnership and NRP Finance have the option to redeem the 2018 Senior Notes, in whole or in part, at any time on or after April 1, 2016, at fixed redemption prices specified in the indenture governing the NRP 2018 Senior Notes (the "2018 Indenture"). The 2018 Indenture contains covenants that, among other things, limit the ability of the Partnership and certain of its subsidiaries to incur or guarantee additional indebtedness. Under the 2018 Indenture, the Partnership and certain of its subsidiaries generally are not permitted to incur additional indebtedness unless, on a consolidated basis, the fixed charge coverage ratio (as defined in the indenture) is at least 2.0 to 1.0 for the four preceding full fiscal quarters. The ability of the Partnership and certain of its subsidiaries to incur additional indebtedness is further limited in the event the amount of indebtedness of the Partnership and certain of its subsidiaries that is senior to the Partnership's unsecured indebtedness exceeds certain thresholds. In March 2017, the Partnership and NRP Finance exchanged $241 million aggregate principal amount of the 2018 Senior Notes for $241 million aggregate principal amount of a new series of 10.500% Senior Notes due 2022 (the “2022 Senior Notes”). In April 2017, the Partnership and NRP Finance redeemed $90 million in aggregate principal amount of the 2018 Senior Notes at a redemption price of 104.563% , and paid all accrued and unpaid interest thereon. In addition, pursuant to the 2022 Indenture (as defined below), the Partnership and NRP Finance will redeem any and all remaining outstanding 2018 Senior Notes at par (and pay accrued and unpaid interest thereon) within 60 days after October 1, 2017. NRP anticipates using cash on hand and available borrowings under the Opco Credit Facility in order pay the October 2017 redemption of the 2018 Senior Notes. 2022 Senior Notes In March 2017, NRP and NRP Finance issued $346 million aggregate principal amount of 2022 Senior Notes to several holders of their 2018 Senior Notes. Of the $346 million of 2022 Senior Notes issued, $241 million in aggregate principal amount were issued in exchange for $241 million in aggregate principal amount of 2018 Senior Notes, and $105 million of the 2022 Senior Notes were issued to the holders for cash. The 2022 Senior Notes are issued under an Indenture dated as of March 2, 2017 (the "2022 Indenture"), bear interest at 10.500% per year, are payable semi-annually on March 15 and September 15, beginning September 15, 2017, and mature on March 15, 2022. The $105.0 million in 2022 Senior Notes purchased for cash were issued at a price of 98.75% (original issue discount of 1.25% ), and each holder exchanging 2018 Senior Notes received a fee of 5.813% of the aggregate principal amount of all 2018 Senior Notes tendered for exchange by such holder, as well as all accrued and unpaid interest thereon. The 5.813% fee included a 4.563% call premium on the early repayment of the 2018 Senior Notes and a 1.25% fee on the exchange of the 2018 Notes for 2022 Senior Notes. This fee is accounted for as a debt issue cost, capitalized and shown net of the debt liability on our consolidated balance sheet. NRP and NRP Finance have the option to redeem the 2022 Senior Notes, in whole or in part, at any time on or after March 15, 2019, at the redemption prices (expressed as percentages of principal amount) of 105.25% for the 12-month period beginning March 15, 2019, 102.625% for the 12-month period beginning March 15, 2020, and thereafter at 100.000% , together, in each case, with any accrued and unpaid interest to the date of redemption. Furthermore, before March 15, 2019, NRP may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2022 Senior Notes with the net proceeds of certain public or private equity offerings at a redemption price of 110.500% of the principal amount of 2022 Senior Notes, plus any accrued and unpaid interest, if any, to the date of redemption, if at least 65% of the aggregate principal amount of the 2022 Senior Notes issued under the 2022 Indenture remains outstanding immediately after such redemption and the redemption occurs within 180 days of the closing date of such equity offering. In the event of a change of control, as defined in the 2022 Indenture, the holders of the 2022 Senior Notes may require us to purchase their 2022 Senior Notes at a purchase price equal to 101% of the principal amount of the 2022 Senior Notes, plus accrued and unpaid interest, if any. The 2022 Indenture contains restrictive covenants that are substantially similar to those contained in the Indenture governing the 2018 Senior Notes, except that the debt incurrence and restricted payments covenants contain additional restrictions. Under the debt incurrence covenant, NRP's non-guarantor restricted subsidiaries will not be permitted to incur additional indebtedness unless their consolidated leverage ratio is less than 3.00 x (measured on a pro forma basis and assuming that the greater of (i) $150.0 million of debt (or, if less, at NRP's election, the amount of total lending commitments under any revolving credit facility) and (ii) the actual amount of debt outstanding is outstanding under any revolving credit facility); provided, however, that such non-guarantor restricted subsidiaries will be permitted to make up to $150 million in borrowings under a revolving credit facility (which amount will be reduced on a dollar-for-dollar basis to the extent we have made the election described in clause (i) above). Under the restricted payments covenant, NRP will not be able to increase the quarterly distribution on its common units or elect to pay more than 50% of the distributions required to be made on the Preferred Units in cash, unless, in each case, its consolidated leverage ratio is less than 4.00 x. The 2022 Indenture also contains restrictions on NRP's ability to redeem the Preferred Units. The 2022 Senior Notes are the senior unsecured obligations of NRP and NRP Finance. The 2022 Senior Notes rank equal in right of payment to all existing and future senior unsecured debt of NRP and NRP Finance, including the remaining outstanding 2018 Senior Notes, and senior in right of payment to any of NRP's subordinated debt. The 2022 Senior Notes are effectively subordinated in right of payment to all future secured debt of NRP and NRP Finance to the extent of the value of the collateral securing such indebtedness and are structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries, including the Opco Credit Facility and each series of Opco’s existing senior notes. None of NRP's subsidiaries guarantee the 2022 Senior Notes. As of June 30, 2017 and December 31, 2016, NRP and NRP Finance were in compliance with the terms of its debt agreements. Opco Debt All of Opco’s debt is guaranteed by its wholly owned subsidiaries and is secured by certain of the assets of Opco and its wholly owned subsidiaries other than NRP Trona LLC, as further described below. As of June 30, 2017 and December 31, 2016, Opco was in compliance with the terms of the financial covenants contained in its debt agreements. Opco Credit Facility Opco’s $180 million Third Amended and Restated Credit Agreement, as amended through March 2017 (the "Opco Credit Facility"), matures on April 30, 2020, is guaranteed by all of Opco’s wholly owned subsidiaries, and is secured by liens on certain of the assets of Opco and its subsidiaries, as further described below. Commitments under the Opco Credit Facility will be reduced to $150 million at December 31, 2017 and further reduced to $100 million at December 31, 2018 through maturity in April 2020. Indebtedness under the Opco Credit Facility bears interest, at Opco's option, at: • the higher of (i) the prime rate as announced by the agent bank; (ii) the federal funds rate plus 0.50% ; or (iii) LIBOR plus 1% , in each case plus an applicable margin ranging from 2.50% to 3.50% ; or • a rate equal to LIBOR plus an applicable margin ranging from 3.50% to 4.50% . The weighted average interest rates for the borrowings outstanding under the Opco Credit Facility for three months ended June 30, 2017 and 2016 were 0.0% and 4.11% , respectively. The weighted average interest rates for the borrowings outstanding under the Opco Credit Facility for six months ended June 30, 2017 and 2016 were 5.22% and 3.95% , respectively. Opco will incur a commitment fee on the unused portion of the revolving credit facility at a rate of 0.50% per annum. Opco may prepay all amounts outstanding under the Opco Credit Facility at any time without penalty. As of June 30, 2017 , Opco had no indebtedness outstanding under the Opco Credit Facility. The Opco Credit Facility contains financial covenants requiring Opco to maintain: • a leverage ratio of consolidated indebtedness to EBITDDA (as defined in the Opco Credit Facility) not to exceed 4.0 x; provided, however, that if NRP increases its quarterly distribution to its common unitholders above $0.45 per common unit, the maximum leverage ratio under the Opco Credit Facility will permanently decrease from 4.0 x to 3.0 x. • a fixed charge coverage ratio of consolidated EBITDDA to consolidated fixed charges (consisting of consolidated interest expense and consolidated lease expense) of not less than 3.5 to 1.0. The Opco Credit Facility contains certain additional customary negative covenants that, among other items, restrict Opco’s ability to incur additional debt, grant liens on its assets, make investments, sell assets and engage in business combinations. Included in the investment covenant are restrictions upon Opco’s ability to acquire assets where Opco does not maintain certain levels of liquidity. In addition, Opco is required to use 75% of the net cash proceeds of certain non-ordinary course asset sales to repay the Opco Credit Facility (without any corresponding commitment reduction) and use the remaining 25% of the net cash proceeds to offer to repay its senior notes on a pro rata basis, as described below under “—Opco Senior Notes.” The Opco Credit Facility also contains customary events of default, including cross-defaults under Opco’s senior notes. The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values of $655.2 million and $673.0 million classified as Land, Plant and equipment and Mineral rights on the Partnership’s Consolidated Balance Sheet as of June 30, 2017 and December 31, 2016, respectively. The collateral includes (1) the equity interests in all of Opco’s wholly owned subsidiaries, other than NRP Trona LLC (which owns a 49% non-controlling equity interest in Ciner Wyoming), (2) the personal property and fixtures owned by Opco’s wholly owned subsidiaries, other than NRP Trona LLC, (3) Opco’s material coal royalty revenue producing properties, (4) real property associated with certain of NRP's construction aggregates business, and (5) certain of Opco’s coal-related infrastructure assets. Opco Senior Notes Opco has issued several series of private placement senior notes (the "Opco Senior Notes") with various interest rates and principal due dates. As of June 30, 2017 and December 31, 2016, the Opco Senior Notes had cumulative principal balances of $454.9 million and $503.0 million , respectively. The Opco Senior Notes are guaranteed by all of Opco's wholly owned subsidiaries and are secured by the same collateral as the Opco Credit Facility. Opco made mandatory principal payments of $48.1 million and $48.3 million during the six months ended June 30, 2017 and 2016, respectively. The Note Purchase Agreements relating to the Opco Senior Notes contain covenants requiring Opco to: • maintain a ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the note purchase agreement) of no more than 4.0 to 1.0 for the four most recent quarters; • not permit debt secured by certain liens and debt of subsidiaries to exceed 10% of consolidated net tangible assets (as defined in the note purchase agreement); and • maintain the ratio of consolidated EBITDDA (as defined in the note purchase agreement) to consolidated fixed charges (consisting of consolidated interest expense and consolidated operating lease expense) at not less than 3.5 to 1.0. In addition, the Note Purchase Agreements include a covenant that provides that, in the event NRP Operating or any of its subsidiaries is subject to any additional or more restrictive covenants under the agreements governing its material indebtedness (including the Opco Credit Facility and all renewals, amendments or restatements thereof), such covenants shall be deemed to be incorporated by reference in the Note Purchase Agreements and the holders of the Notes shall receive the benefit of such additional or more restrictive covenants to the same extent as the lenders under such material indebtedness agreement. The 8.38% and 8.92% Opco Senior Notes also provide that in the event that Opco’s leverage ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the Note Purchase Agreements) exceeds 3.75 to 1.00 at the end of any fiscal quarter, then in addition to all other interest accruing on these notes, additional interest in the amount of 2.00% per annum shall accrue on the notes for the two succeeding quarters and for as long thereafter as the leverage ratio remains above 3.75 to 1.00. Opco has not exceeded the 3.75 to 1.00 ratio at the end of any fiscal quarter through June 30, 2017 . In September 2016, Opco amended the Opco Senior Notes. Under this amendment, Opco agreed to use certain asset sale proceeds to make mandatory prepayment offers on the Opco Senior Notes as follows: • until the earlier of the time that (1) Opco has sold $300 million of assets and (2) June 30, 2020, Opco will be required to make prepayment offers to the holders of the Opco Senior Notes using 25% of the net cash proceeds from certain asset sales; and • after the earlier to occur of the dates above, Opco will be required to make prepayment offers to the holders of the Opco Senior Notes using an amount of net cash proceeds from certain asset sales that will be calculated pro-rata based on the amount of Opco Senior Notes then outstanding compared to the other total Opco senior debt outstanding that is being prepaid. The mandatory prepayment offers described above will be made pro-rata across each series of outstanding Opco Senior Notes and will not require any make-whole payment by Opco. In addition, the remaining principal and interest payments on the Opco Senior Notes will be adjusted accordingly based on the amount of Opco Senior Notes actually prepaid. The prepayments do not affect the maturity dates of any series of the Opco Senior Notes. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Partnership’s financial instruments consist of cash and cash equivalents, accounts receivable, contracts receivable—affiliate, accounts payable, debt and convertible preferred units. The carrying amounts reported on the Consolidated Balance Sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short-term nature. Fair Value—Disclosure Only The following table (in thousands) shows the carrying amount and estimated fair value of the Partnership's debt and contracts receivable—affiliate: June 30, 2017 December 31, 2016 Carrying Value Estimated Carrying Estimated Debt: NRP 2018 Senior Notes (1) $ 93,940 $ 95,777 $ 420,097 $ 412,250 NRP 2022 Senior Notes (1) 328,852 369,401 — — Opco Senior Notes and utility local improvement obligation (2) 451,361 486,143 500,174 488,814 Opco Revolving Credit Facility (3) — — 206,032 210,000 Assets: Contracts receivable, current and long-term (2) 44,551 30,917 46,742 32,554 (1) The Level 1 fair value is based upon quotations obtained for identical instruments on the closing trading prices near period end. (2) The Level 3 fair value is estimated by management using quotations obtained for comparable instruments on the closing trading prices near period end. (3) The Level 3 fair value approximates the outstanding borrowing amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay this debt at any time without penalty. Fair Value—Recurring The Warrants issued in March 2017 are reported on the Partnership's consolidated balance sheets as a liability at Level 3 fair value using a binomial lattice model under the option pricing method. This model incorporates transaction details such as contractual terms, the Partnership’s common unit price, risk free interest rates, dividend yield and volatility. A significant decrease in the volatility or a significant decrease in the Partnership’s unit price, in isolation, would result in a significantly lower fair value measurement, and vice versa. The binomial lattice model utilized the following assumptions on the following dates (fair value in thousands): Warrant Valuation Model Key Assumptions March 2, 2017 June 30, 2017 Closing price of NRP common units $ 41.95 $ 27.55 Risk-free interest rate 2.38 % 2.18 % Expected dividend yield 4.29 % 6.53 % Expected volatility 45.00 % 50.00 % The Warrants are recorded as non-current liabilities on the Partnership's consolidated balance sheets. Changes in the estimated fair value of the Warrants result in the recognition of other income or expense. The following table (in thousands) sets forth a summary of the beginning and ending balance sheet amounts and the changes in fair value of the Partnership's Level 3 Warrant liabilities that are measured at fair value on a recurring basis: Three Months Ended Six Months Ended 2017 2016 2017 2016 Beginning balance $ 61,417 $ — $ — $ — Issuance of new Warrants — — 77,986 — Fair value adjustments for Warrant liabilities (23,960 ) — (40,529 ) — Ending balance (1) $ 37,457 $ — $ 37,457 $ — (1) During the three and six months ended June 30, 2017 , there were no transfers in or out of Level 3 from other levels in the fair value hierarchy. NRP has embedded derivatives in the Preferred Units related to certain conversion options, redemption features and the change of control provision that are accounted for separately from the Preferred Units as assets and liabilities at fair value in NRP's consolidated balance sheets. Level 3 valuation of the embedded derivatives are based on numerous factors including the likelihood of the event occurring. The embedded derivatives are revalued quarterly, and changes in their fair value would be recorded in other income (expense) in NRP's consolidated statements of comprehensive income. The embedded derivatives had zero value at inception and as of June 30, 2017 . |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Cline Affiliates and Foresight Energy L.P. Mr. Cline, both individually and through another affiliate, Adena Minerals, LLC ("Adena"), owned a 31% interest in NRP's general partner, as well as approximately 0.5 million of NRP's common units through May 9, 2017. On May 9, 2017, Adena sold its 31% limited partner interest in NRP (GP) LP (the Partnership’s general partner) (“NRP GP”) to Great Northern Properties Limited Partnership (“GNPLP”) and Western Pocahontas Properties Limited Partnership ("WPPLP") (the “Adena Sale”). GNPLP and WPPLP are companies controlled by Corbin J. Robertson, the Chairman and Chief Executive Officer of GP Natural Resource Partners LLC (the general partner of NRP GP) (“GP LLC”). Following the Adena Sale, GNPLP owns a 9.830% limited partner interest in NRP GP, and WPPLP owns a 90.169% limited partner interest in NRP GP. GP LLC continues to own a 0.001% general partner interest in NRP GP. Upon closing of this transaction, NRP no longer considers the various companies affiliated with Chris Cline, including Foresight Energy LP ("Foresight Energy") to be affiliates of NRP. As a result, all transactions (including revenues, expenses and cash flows) after May 9, 2017, with the various companies affiliated with Chris Cline, including Foresight Energy, are considered to be third party transactions. Various subsidiaries of Foresight Energy lease coal reserves from the Partnership, and the Partnership also leases coal transportation assets to them for a fee. Revenues related to these transactions with Foresight Energy are included in the Partnership's Consolidated Statement of Comprehensive Income as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Coal royalty and other revenue $ 4,789 $ — $ 4,789 $ — Coal royalty and other—affiliates revenue 11,425 16,935 27,216 27,013 Total $ 16,214 $ 16,935 $ 32,005 $ 27,013 In addition, NRP owns and leases a rail load out facility and owns a contractual overriding royalty interest at Foresight Energy's Sugar Camp mine. NRP's rail load out lease with a subsidiary of Foresight Energy is accounted for as a direct financing lease. NRP's contractual overriding royalty interest from a subsidiary of Foresight Energy provides for payments based upon production from specific tons at Foresight Energy's Sugar Camp operations. This overriding royalty is accounted for as a financing arrangement. Revenues from these transactions are included in coal royalty and other revenues in the table above. Lastly, NRP owns rail load out transportation assets and subcontracts out the operating responsibilities to a subsidiary of Foresight Energy at Foresight's Williamson mine. Expenses related to these transactions with Foresight Energy are included in the Partnership's Consolidated Statement of Comprehensive Income as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Operating and maintenance expense $ 285 $ — $ 285 $ — Operating and maintenance expense—affiliates, net 117 201 452 581 Total $ 402 $ 201 $ 737 $ 581 The following table (in thousands) shows certain amounts related to NRP's Sugar Camp rail load out facility direct financing lease and amounts of all NRP's transactions with subsidiaries of Foresight Energy reflected on NRP's Consolidated Balance Sheets: June 30, December 31, 2017 2016 Sugar Camp rail load out direct financing lease amounts Projected remaining payments $ 73,958 $ 76,424 Unearned income 30,069 31,803 ASSETS Accounts receivable $ 7,349 $ — Accounts receivable—affiliates, net — 6,496 Long-term contracts receivable 41,638 — Long-term contracts receivable—affiliate — 43,785 LIABILITIES Deferred revenue $ 63,997 $ — Deferred revenue—affiliates — 71,632 Reimbursements to Affiliates of our General Partner The Partnership’s general partner does not receive any management fee or other compensation for its management of Natural Resource Partners L.P. However, in accordance with the partnership agreement, the general partner and its affiliates are reimbursed for services provided to the Partnership and for expenses incurred on the Partnership’s behalf. Employees of Quintana Minerals Corporation ("QMC") and WPPLP, affiliates of the Partnership, provide their services to manage the Partnership's business. QMC and WPPLP charge the Partnership the portion of their employee salary and benefits costs related to their employee services provided to NRP. These QMC and WPPLP employee management service costs and non-cash equity compensation expenses are presented as Operating and maintenance expenses—affiliates, net and General and administrative—affiliates on the Consolidated Statements of Comprehensive Income. NRP also reimburses overhead costs incurred by its affiliates to manage the Partnership's business. These overhead costs include certain rent, legal, accounting, treasury, information technology, insurance, administration of employee benefits and other corporate services incurred by or on behalf of the Partnership’s general partner and its affiliates and are presented as Operating and maintenance expenses—affiliates, net and General and administrative—affiliates on the Consolidated Statements of Comprehensive Income. The Partnership had Accounts payable—affiliates to QMC of $0.4 million and $0.4 million , including $0.0 million and less than $0.1 million related to discontinued operations at June 30, 2017 and December 31, 2016 , respectively, for services provided by QMC to the Partnership. The Partnership had Accounts payable—affiliates to WPPLP of $0.5 million and $0.6 million at June 30, 2017 and December 31, 2016 , respectively. Direct general and administrative expenses charged to the Partnership by WPPLP and QMC are as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Operating and maintenance expenses—affiliates, net 1,799 2,099 4,774 3,965 4,611 General and administrative—affiliates 852 866 1,976 1,803 Included in loss from discontinued operations are $0.0 million and $0.5 million of operating and maintenance expenses charged by QMC for the three months ended June 30, 2017 and 2016, respectively. Included in loss from discontinued operations are $0.0 million and $0.7 million of operating and maintenance expenses charged by QMC for the six months ended June 30, 2017 and 2016, respectively. Quintana Capital Group GP, Ltd. Corbin J. Robertson, Jr. is a principal in Quintana Capital Group GP, Ltd. ("Quintana Capital"), which controls several private equity funds focused on investments in the energy business. In connection with the formation of Quintana Capital, the Partnership adopted a formal conflicts policy that establishes the opportunities that will be pursued by the Partnership and those that will be pursued by Quintana Capital. The governance documents of Quintana Capital’s affiliated investment funds reflect the guidelines set forth in the Partnership's conflicts policy. At June 30, 2017 , a fund controlled by Quintana Capital owned a substantial interest in Corsa Coal Corp. ("Corsa"), a coal mining company traded on the TSX Venture Exchange that is one of the Partnership’s lessees in Tennessee. Corbin J. Robertson III, one of the Partnership’s directors, was Chairman of the Board of Corsa through May 10, 2017. Coal related revenues from Corsa totaled $0.4 million and $0.6 million for the three months ended June 30, 2017 and 2016 , respectively. Coal related revenues from Corsa totaled $0.7 million and $1.1 million for the six months ended June 30, 2017 and 2016 , respectively. As of June 30, 2017 and December 31, 2016 the Partnership had Accounts receivable—affiliates totaling $0.3 million and $0.2 million from Corsa at June 30, 2017 and December 31, 2016, respectively. WPPLP Production Royalty and Overriding Royalty During the three months ended June 30, 2017 and 2016, the Partnership recorded $0.3 million and $0.1 million , respectively in Operating and maintenance expenses—affiliates related to a non-participating production royalty payable to WPPLP pursuant to a conveyance agreement entered into in 2007. These charges were $0.4 million and $0.7 million during the six months ended June 30, 2017 and 2016, respectively. The Partnership had Other assets—affiliate from WPPLP of $1.3 million and $1.0 million at June 30, 2017 and December 31, 2016 , respectively related to a non-production royalty receivable from WPPLP for overriding royalty interest on a mine. Quinwood Coal Company Royalty In May 2017, a subsidiary of Alpha Natural Resources assigned two coal leases with us to Quinwood Coal Company ("Quinwood"), and entity wholly-owned by Corbin J. Robertson III. In connection with this lease assignment, Quinwood forfeited the historical recoupable balance related to this property. As a result, NRP recognized $0.9 million of deferred minimum payments received in prior periods from a subsidiary of Alpha as Coal royalty and other—affiliates revenue during the three and six months ended June 30, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal NRP is involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, Partnership management believes these claims will not have a material effect on the Partnership’s financial position, liquidity or operations. Anadarko Contingent Consideration Payment Dispute In January 2013, we acquired a non-controlling 48.51% general partner interest in OCI OCI Wyoming, L.P. ("OCI LP") and all of the preferred stock and a portion of the common stock of OCI Wyoming Co. ("OCI Co") (which in turn owned a 1% limited partner interest in OCI LP) from Anadarko Holding Company and its subsidiary, Big Island Trona Company (together, "Anadarko"). The remaining general partner interest in OCI LP and common stock of OCI Co were owned by subsidiaries of OCI Chemical Corporation. The acquisition agreement provided for additional contingent consideration of up to $50 million to be paid by us if certain performance criteria were met at OCI LP as defined in the purchase and sale agreement in any of the years 2013, 2014 or 2015. For those years, we paid an aggregate of $11.5 million to Anadarko in full satisfaction of these contingent consideration payment obligations. In July 2013, pursuant to a series of transactions in connection with an initial public offering by a subsidiary of OCI Chemical Corporation, the ownership structure in OCI LP was simplified. In connection with such reorganization, we exchanged the stock of OCI Co for a limited partner interest in OCI LP. Following the reorganization, our interest in OCI LP increased to 49% , consisting of both limited and general partner interests. The restructuring did not have any impact on the operations, revenues, management or control of OCI LP. In July 2017, Anadarko filed a lawsuit against Opco and NRP Trona LLC in the District Court of Harris County, Texas, 157th Judicial District, alleging that the transactions conducted in 2013 triggered an acceleration of our obligation under the purchase agreement with Anadarko to pay additional contingent consideration in full and demanded immediate payment of such amount, together with interest, court costs and attorneys’ fees. We do not believe the reorganization transactions triggered an obligation to pay any additional contingent consideration, and we intend to vigorously defend this lawsuit. However, the ultimate outcome cannot be predicted with certainty given the early stage of this matter and we estimate a possible range of loss between $0 , if we prevail, and approximately $40 million , plus interest, court costs and attorneys’ fees if Anadarko prevails and is awarded the full damages it seeks. Foresight Energy Disputes In November 2015, we filed a lawsuit against Foresight Energy’s subsidiary, Hillsboro Energy LLC ("Hillsboro"), in the Circuit Court of the Fourth Judicial Circuit in Montgomery County, Illinois. The lawsuit alleges, among other items, breach of contract by Hillsboro resulting from a wrongful declaration of force majeure at Hillsboro’s Deer Run mine in July 2015. In late March 2015, elevated carbon monoxide readings were detected at the Deer Run mine, and coal production at the mine was idled. In July 2015, we received the notice declaring a force majeure event at the mine as a result of the elevated carbon monoxide levels. We believe the force majeure claim by Hillsboro has no merit, and we are vigorously pursuing recovery against them. The effect of a valid force majeure declaration would relieve Foresight Energy of its obligation to pay us minimum deficiency payments of $7.5 million per quarter, or $30.0 million per year. Foresight Energy's failure to make the deficiency payment with respect to three quarters of 2015, each quarter of 2016, and the first and second quarters of 2017 has resulted in a cumulative $61.0 million negative cash impact to us. Such amount will increase for each quarter during which mining operations continue to be idled. We do not currently have an estimate as to when the mine will resume coal production. If the mine remains idled for an extended period or if the mine is permanently closed, our financial condition could be adversely affected. In April 2016, we filed a lawsuit against Macoupin Energy, LLC ("Macoupin"), a subsidiary of Foresight Energy, in Macoupin County, Illinois. The lawsuit alleges that Macoupin has failed to comply with the terms of its coal mining, rail loadout and rail loop leases by incorrectly recouping previously paid minimum royalties. Foresight Energy’s failure to properly calculate its recoupable balance and failure to make payments in accordance with these lease agreements has resulted in a cumulative $8.4 million negative cash impact to us. While the Partnership is pursuing its claim, a valuation allowance for the receivable amount has been recorded. |
Major Customers
Major Customers | 6 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Major Customers | Major Customers Revenues from customers that exceeded ten percent of total revenues and other income for any of the periods presented below are as follows (in thousands except for percentages): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Revenues Percent Revenues Percent Revenues Percent Revenues Percent Foresight Energy (1) $ 16,255 17.1 % $ 16,935 14.3 % $ 32,046 17.5 % $ 27,013 12.6 % (1) Revenues from Foresight Energy are included within the Partnership's Coal Royalty and Other segment. |
Unit-Based Compensation
Unit-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unit-Based Compensation | Unit-Based Compensation GP Natural Resource Partners LLC adopted the Natural Resource Partners Long-Term Incentive Plan in 2008 (the "Long-Term Incentive Plan") for directors of GP Natural Resource Partners LLC and employees of its affiliates who perform services for the Partnership. The compensation committee of GP Natural Resource Partners LLC’s board of directors administers the Long-Term Incentive Plan. Subject to the rules of the exchange upon which the common units are listed at the time, the board of directors and the compensation committee of the board of directors have the right to alter or amend the Long-Term Incentive Plan or any part of the Long-Term Incentive Plan from time to time. Except upon the occurrence of unusual or nonrecurring events, no change in any outstanding grant may be made that would materially reduce the benefit intended to be made available to a participant without the consent of the participant. Phantom units are incentive based equity awards issued to employees over a vesting period that entitle the grantee to receive the cash equivalent to the value of a unit of the Parent common units upon each vesting. The Partnership records compensation cost equal to the fair value of the award at the measurement date, which is determined to be the earlier of the performance commitment date or the service completion date. In addition, compensation cost for unvested phantom unit awards is adjusted quarterly for any changes in the Partnership’s unit price. Under the plan a grantee will receive the market value of a common unit in cash upon vesting. Market value is defined as the average closing price over the 20 trading days prior to the vesting date. The compensation committee may make grants under the Long-Term Incentive Plan to employees and directors containing such terms as it determines, including the vesting period. Outstanding grants vest upon a change in control of the Partnership, the general partner, or GP Natural Resource Partners LLC. If a grantee’s employment or membership on the board of directors terminates for any reason, outstanding grants will be automatically forfeited unless and to the extent the compensation committee provides otherwise. In connection with the phantom unit awards, the Compensation, Nominating and Governance Committee also granted tandem Distribution Equivalent Rights ("DERs"), which entitle the holders to receive distributions equal to the distributions paid on the Partnership’s common units between the date the units are granted and the vesting date. The DERs are payable in cash upon vesting but may be subject to forfeiture if the grantee ceases employment prior to vesting. A summary of activity in the outstanding grants during 2017 is as follows (in thousands): Phantom Units Outstanding grants at January 1, 2017 86 Grants vested and paid during the period (28 ) Forfeitures during the period (4 ) Outstanding grants at June 30, 2017 54 Grants typically vest at the end of a four -year period and are paid in cash upon vesting. During the three months ended June 30, 2017 the Partnership recorded a credit to G&A expense of $0.2 million due to a decline in NRP's unit price during the period. During the six months ended June 30, 2017 the Partnership had $0.2 million in G&A expense related to its Long-Term Incentive Plan. The Partnership recorded general and administrative expenses related to its Long-Term Incentive Plan of $0.2 million for both the three and six months ended June 30, 2016. In connection with the Long-Term Incentive Plan, payments are typically made during the first quarter of the year. Payments of $1.8 million and $1.5 million were made during the six months ended June 30, 2017 and 2016, respectively. The unaccrued cost associated with unvested outstanding grants and related DERs at June 30, 2017 and December 31, 2016 was $0.4 million and $0.8 million , respectively. |
Cash Distributions
Cash Distributions | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Cash Distributions | Cash Distributions The following table shows the distributions paid to common unitholders and the general partner by the Partnership during the six months ended June 30, 2017 and 2016: Total Distributions (In thousands) Date Paid Period Covered by Distribution Distribution per Common Unit Common Units GP Interest Total 2017 February 14, 2017 October 1 - December 31, 2016 $ 0.45 $ 5,503 $ 112 $ 5,615 May 12, 2017 January 1 - March 31, 2017 $ 0.45 $ 5,506 $ 113 $ 5,619 2016 February 12, 2016 October 1 - December 31, 2015 $ 0.45 $ 5,503 $ 113 $ 5,616 May 13, 2016 January 1 - March 31, 2016 $ 0.45 $ 5,503 $ 113 $ 5,616 The following table shows the distributions paid to preferred unitholders by the Partnership during the six months ended June 30, 2017: Total Distributions (In thousands) Date Paid Period Covered by Distribution Distribution per Preferred Unit Preferred Units May 30, 2017 March 2 - March 31, 2017 $ 5.00 $ 1,250 |
Deferred Revenue and Deferred R
Deferred Revenue and Deferred Revenue - Affiliate | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue and Deferred Revenue - Affiliate | Deferred Revenue and Deferred Revenue—Affiliate Most of the Partnership’s coal and aggregates lessees must pay the Partnership minimum annual or quarterly amounts which are generally recoupable out of actual production over certain time periods. These minimum payments are recorded as a deferred revenue liability when received. The deferred revenue attributable to the minimum payment is recognized as revenue based upon the underlying mineral lease when the lessee recoups the minimum payment through production or in the period immediately following the expiration of the lessee’s ability to recoup the payments. The Partnership’s deferred revenue (including affiliate) consists of the following (in thousands): June 30, 2017 December 31, 2016 Deferred revenue $ 110,885 $ 44,931 Deferred revenue—affiliate — 71,632 Total deferred revenue (including affiliate) $ 110,885 $ 116,563 The Partnership recognized the following amounts of deferred revenue (including affiliate) attributable to previously paid minimums resulting from the expiration of the lessee’s ability to recoup the payments as Coal royalty and other revenue (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Coal royalty and other $ (2,070 ) $ 38,740 $ (1,312 ) $ 44,835 Coal royalty and other—affiliates 9,617 4,787 13,126 5,657 Total coal royalty and other (including affiliates) $ 7,547 $ 43,527 $ 11,814 $ 50,492 Lease Modifications, Termination and Forfeitures of Minimum Royalty Balances During the three months ended June 30, 2016, the Partnership entered into agreements with certain lessees to either modify or terminate existing coal related leases that resulted in the Partnership recognizing $35 million of deferred revenue as follows: • An agreement that terminated a central Appalachia coal royalty lease and resulted in the lessee forfeiting the right to recoup $26.2 million of minimum royalties previously paid to the Partnership. The Partnership agreed to transfer its coal mineral rights that were subject to this former lease to the lessee. This terminated lease had no current or planned production and the mineral rights transferred had zero net book value on the Partnership's consolidated Balance Sheets as of March 31, 2016. As a result of this transaction, in April 2016 the Partnership recognized $26.2 million of revenue. • Lease modifications of existing coal royalty leases resulted in lessee forfeiture of rights to recoup previously paid minimum royalties and the reduction in lessee recoupment time. As a result of these modifications, in April 2016 the Partnership recognized approximately $9 million of revenue. The Partnership recognized a total $36.9 million of revenue from coal and aggregates lease modifications, terminations or forfeitures during the six months ended June 30, 2016. The Partnership recognized $1.0 million and $1.3 million of revenue from coal and aggregates lease modifications, terminations or forfeitures during the three and six months ended June 30, 2017, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The following represents material events that have occurred subsequent to June 30, 2017 through the time of the Partnership’s filing of its Quarterly Report on Form 10-Q with the SEC: Distributions Declared On July 27, 2017, the Board of Directors of GP Natural Resource Partners LLC declared a distribution of $0.45 per common unit to be paid by the Partnership on August 14, 2017 to common unitholders of record on August 7, 2017. In addition, the Board declared a distribution on NRP's 12.0% Class A Convertible Preferred Units with respect to the period such units were outstanding during the second quarter. One-half of the distribution on the preferred units will be paid-in-kind through the issuance of 3,769 additional Preferred Units. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation Reporting | Principles of Consolidation and Reporting The accompanying unaudited Consolidated Financial Statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management's opinion, all necessary adjustments to fairly present the Partnership's results of operations, financial position and cash flows for the periods presented have been made and all such adjustments were of a normal and recurring nature. Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. The Partnership reclassified oil and gas royalty activities in prior period amounts to conform to the way it internally manages and monitors segment performance. This change had no impact on the Partnership's consolidated financial position, net income or cash flows. See Note 4. Segment Information for a discussion of our operating segments. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards The FASB issued authoritative guidance that eliminates the requirement to consider "down-round" features when determining whether certain equity-linked financial instruments or embedded features are indexed to an entity’s own stock. The guidance requires entities that present earnings per share ("EPS") under ASC 260 to recognize the effect of a down round feature in a freestanding equity-classified financial instrument only when it is triggered. The effect of triggering such a feature will be recognized as a dividend and a reduction to income available to common shareholders in basic EPS. Entities will also have to make new disclosures for financial instruments with down-round features and other terms that change conversion or exercise prices. The guidance is effective for annual and interim periods ending after December 31, 2018. Early adoption is permitted. The Partnership is currently evaluating the impact of the provisions of this guidance on its consolidated financial statements and may early adopt this guidance. The FASB issued authoritative guidance on revenue recognition. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance will also require enhanced disclosures, provide more comprehensive guidance for transactions such as service revenue and contract modifications, and enhance guidance for multiple-element arrangements. The Partnership is required to adopt this guidance in the first quarter of 2018 using one of two retrospective application methods. The Partnership has performed revenue scoping procedures to identify the contracts for all of its revenue streams and utilized the practical expedient of grouping contracts or performance obligations with similar characteristics as prescribed by the new standard. The Partnership is in the process of completing its revenue contract analysis. The Partnership anticipates utilizing the full retrospective adoption method for financial statement comparability. The FASB issued authoritative lease guidance that requires lessees to recognize assets and liabilities on the balance sheet for the present value of the rights and obligations created by all leases with terms of more than 12 months. The guidance also requires disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. The guidance is effective for annual and interim periods ending after December 31, 2018. The Partnership is currently evaluating the impact of the provisions of this guidance on its consolidated financial statements. The FASB issued authoritative guidance that replaces the incurred loss impairment methodology in the current standard with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for annual and interim periods ending after December 31, 2019. The Partnership does not expect the impact of the provisions of this guidance to have a material effect on its consolidated financial statements. The FASB issued authoritative guidance to clarify how certain cash receipts and cash payments are presented and classified in the statement of cash flows in order to reduce current and potential future diversity in practice. The guidance is effective for annual and interim periods ending after December 31, 2017. The Partnership adopted this guidance in the second quarter of 2017 and its adoption did not have a material effect on its consolidated financial statements. |
Convertible Preferred Units a26
Convertible Preferred Units and Warrants (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Preferred Units and Warrants Issued | The Preferred Units and Warrants were initially recognized at fair value by allocating the transaction price as follows: March 2, 2017 Transaction price, gross $ 250,000 Structuring, origination and other fees to Preferred Purchasers (7,900 ) Transaction costs to other third parties (10,696 ) Transaction price, net $ 231,404 Allocation of net transaction price Preferred Units, net $ 159,127 Warrants liabilities 77,986 Issuance costs allocated to Warrants and expensed (5,709 ) Transaction price, net $ 231,404 The following table shows the financial position of the Preferred Units from initial measurement at March 2, 2017 to June 30, 2017 (in thousands): Balance at December 31, 2016 $ — Issuance of Preferred Units, net 159,127 Distribution paid-in-kind 1,250 Balance at June 30, 2017 $ 160,377 |
Net Income Per Common Unit (Tab
Net Income Per Common Unit (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income to Weighted Average Units Outstanding | The following table reconciles net income and weighted average units used in computing basic and diluted net income per common unit is as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Allocation of net income: Net income from continuing operations $ 49,817 $ 48,633 $ 66,788 $ 74,984 Less: income attributable to preferred unitholders 7,538 — 10,038 — Less: net income from continuing operations and income attributable to preferred unitholders allocated to the general partner 914 907 1,135 1,368 Net income from continuing operations attributable to common unitholders $ 41,365 $ 47,726 $ 55,615 $ 73,616 Net income (loss) from discontinued operations $ 133 $ (2,187 ) $ (74 ) $ (5,111 ) Less: net income (loss) from discontinued operations attributable to the general partner 3 (44 ) (1 ) (102 ) Net income (loss) from discontinued operations attributable to common unitholders $ 130 $ (2,143 ) $ (73 ) $ (5,009 ) Net income $ 49,950 $ 46,446 $ 66,714 $ 69,873 Less: income attributable to preferred unitholders 7,538 — 10,038 — Less: net income and income attributable to preferred unitholders allocated to the general partner 917 863 1,134 1,266 Net income attributable to common unitholders $ 41,495 $ 45,583 $ 55,542 $ 68,607 Basic Income (Loss) per Unit: Weighted average common units—basic 12,232 12,232 12,232 12,232 Basic net income from continuing operations per common unit $ 3.38 $ 3.90 $ 4.55 $ 6.02 Basic net income (loss) from discontinued operations per common unit $ 0.01 $ (0.18 ) $ (0.01 ) $ (0.41 ) Basic net income per common unit $ 3.39 $ 3.73 $ 4.54 $ 5.61 Diluted Income (Loss) per Unit: Weighted average common units—basic 12,232 12,232 12,232 12,232 Plus: dilutive effect of Warrants 467 — 361 — Plus: dilutive effect of Preferred Units 9,760 — 6,517 — Weighted average common units—diluted 22,459 12,232 19,110 12,232 Net income from continuing operations $ 49,817 $ 48,633 $ 66,788 $ 74,984 Less: fair value adjustments for warrant liabilities 23,960 — 40,529 — Less: net income from continuing operations and fair value adjustments for warrant liabilities allocated to the general partner 586 907 525 1,368 Diluted net income from continuing operations attributable to common unitholders $ 25,271 $ 47,726 $ 25,734 $ 73,616 Diluted net income (loss) from discontinued operations attributable to common unitholders $ 130 $ (2,143 ) $ (73 ) $ (5,009 ) Net income $ 49,950 $ 46,446 $ 66,714 $ 69,873 Less: fair value adjustments for warrant liabilities 23,960 — 40,529 — Less: net income and fair value adjustments for warrant liabilities allocated to the general partner 589 863 524 1,266 Diluted net income attributable to common unitholders $ 25,401 $ 45,583 $ 25,661 $ 68,607 Diluted net income from continuing operations per common unit $ 1.13 $ 3.90 $ 1.35 $ 6.02 Diluted net income (loss) from discontinued operations per common unit $ 0.01 $ (0.18 ) $ — $ (0.41 ) Diluted net income per common unit $ 1.13 $ 3.73 $ 1.34 $ 5.61 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table summarizes certain financial information for each of the Partnership's operating segments (in thousands): Operating Segments For the Three Months Ended Coal Royalty and Other Soda Ash Construction Aggregates Corporate and Financing Total June 30, 2017 Revenues (including affiliates) $ 49,626 $ 8,389 $ 33,555 $ — $ 91,570 Intersegment revenues (expenses) 68 — (68 ) — — Gain on asset sales 3,184 — 177 — 3,361 Operating and maintenance expenses 5,419 — 27,820 — 33,239 General and administrative (including affiliates) — — — 2,883 2,883 Depreciation, depletion and amortization 5,375 — 3,030 — 8,405 Other expense, net — — 178 409 587 Net income (loss) from continuing operations 42,084 8,389 2,636 (3,292 ) 49,817 Net income from discontinued operations — — — — 133 June 30, 2016 Revenues (including affiliates) $ 77,487 $ 10,188 $ 31,642 $ — $ 119,317 Intersegment revenues (expenses) 30 — (30 ) — — Gain (loss) on asset sales (1,080 ) — 9 — (1,071 ) Operating and maintenance expenses 7,707 — 24,492 — 32,199 General and administrative (including affiliates) — — — 4,039 4,039 Depreciation, depletion and amortization 7,486 — 3,690 — 11,176 Asset impairment 91 — — — 91 Other expense, net — — — 22,108 22,108 Net income (loss) from continuing operations 61,153 10,188 3,439 (26,147 ) 48,633 Net loss from discontinued operations — — — (2,187 ) Operating Segments For the Six Months Ended Coal Royalty and Other Soda Ash Construction Aggregates Corporate and Financing Total June 30, 2017 Revenues (including affiliates) $ 100,764 $ 18,683 $ 60,776 $ — $ 180,223 Intersegment revenues (expenses) 130 — (130 ) — — Gain on asset sales 3,213 — 192 — 3,405 Operating and maintenance expenses (including affiliates) 12,803 — 52,619 — 65,422 General and administrative (including affiliates) — — — 10,085 10,085 Depreciation, depletion and amortization (including affiliates) 12,348 — 6,549 — 18,897 Asset impairment 1,778 — — — 1,778 Other expense, net — — 573 20,085 20,658 Net income (loss) from continuing operations 77,178 18,683 1,097 (30,170 ) 66,788 Net loss from discontinued operations — — — — (74 ) June 30, 2016 Revenues (including affiliates) $ 116,906 $ 19,989 $ 56,324 $ — $ 193,219 Intersegment revenues (expenses) 52 — (52 ) — — Gain on asset sales 20,845 — 9 — 20,854 Operating and maintenance expenses 15,841 — 46,627 — 62,468 General and administrative (including affiliates) — — — 8,211 8,211 Depreciation, depletion and amortization (including affiliates) 14,426 — 7,252 — 21,678 Asset impairment 1,984 — — — 1,984 Other expense, net — — — 44,748 44,748 Net income (loss) from continuing operations 105,552 19,989 2,402 (52,959 ) 74,984 Net loss from discontinued operations — — — (5,111 ) Total assets at June 30, 2017: Continuing operations 980,851 248,919 190,233 8,058 1,428,061 Discontinued operations — — — — 991 Total assets at December 31, 2016: Continuing operations 990,172 255,901 190,615 7,002 1,443,690 Discontinued operations — — — — 991 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Financial Results of Discontinued Operations | The following table (in thousands) presents supplemental cash flow information of the Partnership's discontinued operations: Six Months Ended 2017 2016 Cash paid for interest $ — $ 1,489 The following table (in thousands) presents the carrying amounts of the Partnership's assets and liabilities of discontinued operations in the Consolidated Balance Sheets: June 30, December 31, 2017 2016 ASSETS Current assets: Accounts receivable, net (including affiliates) (1) $ 991 $ 991 Total current assets 991 991 Total assets of discontinued operations $ 991 $ 991 LIABILITIES Current liabilities: Other (including affiliates) (1) $ 98 $ 353 Total current liabilities 98 353 Total liabilities of discontinued operations $ 98 $ 353 (1) See Note 12. Related Party Transactions for additional information on the Partnership's related party assets and liabilities. The following table (in thousands) presents summarized financial results of the Partnership's discontinued operations in the Consolidated Statements of Comprehensive Income: Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues and other income: Oil and gas $ 7 $ 9,511 $ 22 $ 16,435 Gain (loss) on asset sales 136 (184 ) 57 (184 ) Total revenues and other income 143 9,327 79 16,251 Operating expenses: Operating and maintenance expenses (including affiliates) 10 5,871 153 10,252 Depreciation, depletion and amortization — 3,286 — 7,527 Asset impairments — 427 — 564 Total operating expenses 10 9,584 153 18,343 Interest expense — (1,930 ) — (3,019 ) Income (loss) from discontinued operations $ 133 $ (2,187 ) $ (74 ) $ (5,111 ) |
Equity Investment (Tables)
Equity Investment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Summarized Financial Information | equity in the earnings of Ciner Wyoming is summarized as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Income allocation to NRP’s equity interests $ 9,274 $ 11,388 $ 20,754 $ 22,384 Amortization of basis difference (885 ) (1,200 ) (2,071 ) (2,395 ) Equity in earnings of unconsolidated investment $ 8,389 $ 10,188 $ 18,683 $ 19,989 The results of Ciner Wyoming’s operations are summarized as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Sales $ 119,737 $ 116,698 $ 246,309 $ 231,082 Gross profit 24,219 28,732 52,916 56,983 Net Income 18,926 23,241 42,354 45,682 The financial position of Ciner Wyoming is summarized as follows (in thousands): June 30, December 31, 2017 2016 Current assets $ 157,198 $ 134,616 Non-current assets 233,313 235,427 Current liabilities 53,713 55,396 Non-current liabilities 130,600 98,425 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | The Partnership’s plant and equipment consist of the following (in thousands): June 30, December 31, 2017 2016 Plant and equipment at cost $ 83,339 $ 79,171 Construction in process 58 557 Less accumulated depreciation (34,575 ) (30,285 ) Total plant and equipment, net $ 48,822 $ 49,443 |
Mineral Rights (Tables)
Mineral Rights (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Extractive Industries [Abstract] | |
Mineral Rights | The Partnership’s mineral rights consist of the following (in thousands): June 30, 2017 Carrying Value Accumulated Depletion Net Book Value Coal properties $ 1,170,700 $ (429,079 ) $ 741,621 Aggregates properties 151,236 (14,605 ) 136,631 Oil and gas royalty properties 12,395 (6,723 ) 5,672 Other 13,168 (1,450 ) 11,718 Total $ 1,347,499 $ (451,857 ) $ 895,642 December 31, 2016 Carrying Value Accumulated Depletion Net Book Value Coal properties $ 1,170,904 $ (420,032 ) $ 750,872 Aggregates properties 176,774 (39,056 ) 137,718 Oil and gas royalty properties 12,395 (6,289 ) 6,106 Other 14,946 (1,450 ) 13,496 Total $ 1,375,019 $ (466,827 ) $ 908,192 |
Intangible Assets (Including 33
Intangible Assets (Including Affiliate) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Affiliated Entity | |
Related Party Transaction [Line Items] | |
Intangible Assets | The Partnership's intangible assets (including affiliate) primarily consists of above market coal transportation contracts with subsidiaries of Foresight Energy LP ("Foresight Energy") in which the Partnership receives throughput fees for the handling and transportation of coal. In addition, the Partnership's intangible assets include permits, aggregates-related trade names and other agreements. The Partnership's intangible assets (including affiliate) included in the Partnership's Consolidated Balance Sheet are as follows (in thousands): June 30, December 31, 2017 2016 Intangible assets (including affiliate) $ 86,336 $ 86,336 Less: accumulated amortization (including affiliate) (35,110 ) (33,289 ) Total intangible assets, net (including affiliate) $ 51,226 $ 53,047 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | As of June 30, 2017 and December 31, 2016 , the Partnership's debt consisted of the following (in thousands): June 30, December 31, 2017 2016 NRP LP debt: 10.500% senior notes, with semi-annual interest payments in March and September, due March 2022, $241 million issued at par and $105 million issued at 98.75% $ 345,638 $ — 9.125% senior notes, with semi-annual interest payments in April and October, due October 2018, $300 million issued at 99.007% and $125 million issued at 99.5% 94,362 425,000 Opco debt: Revolving credit facility, due April 2020 — 210,000 Senior notes 4.91% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2018 4,594 9,187 8.38% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2019 42,686 64,029 5.05% with semi-annual interest payments in January and July, with annual principal payments in July, due July 2020 30,633 30,633 5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023 16,136 18,825 4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023 52,204 52,204 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 104,583 119,524 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 31,738 36,272 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 134,035 134,035 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 38,262 38,262 5.31% utility local improvement obligation, with annual principal and interest payments in February, due March 2021 — 961 Total debt at face value $ 894,871 $ 1,138,932 Net unamortized debt discount (1,972 ) (1,322 ) Net unamortized debt issuance costs (18,746 ) (11,307 ) Total debt, net $ 874,153 $ 1,126,303 Less: current portion of long-term debt 173,901 138,903 Total long-term debt $ 700,252 $ 987,400 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Contractual Override, Note Receivable and Long-Term Debt | The following table (in thousands) shows the carrying amount and estimated fair value of the Partnership's debt and contracts receivable—affiliate: June 30, 2017 December 31, 2016 Carrying Value Estimated Carrying Estimated Debt: NRP 2018 Senior Notes (1) $ 93,940 $ 95,777 $ 420,097 $ 412,250 NRP 2022 Senior Notes (1) 328,852 369,401 — — Opco Senior Notes and utility local improvement obligation (2) 451,361 486,143 500,174 488,814 Opco Revolving Credit Facility (3) — — 206,032 210,000 Assets: Contracts receivable, current and long-term (2) 44,551 30,917 46,742 32,554 (1) The Level 1 fair value is based upon quotations obtained for identical instruments on the closing trading prices near period end. (2) The Level 3 fair value is estimated by management using quotations obtained for comparable instruments on the closing trading prices near period end. (3) The Level 3 fair value approximates the outstanding borrowing amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay this debt at any time without penalty. Fair Value—Recurring The Warrants issued in March 2017 are reported on the Partnership's consolidated balance sheets as a liability at Level 3 fair value using a binomial lattice model under the option pricing method. This model incorporates transaction details such as contractual terms, the Partnership’s common unit price, risk free interest rates, dividend yield and volatility. A significant decrease in the volatility or a significant decrease in the Partnership’s unit price, in isolation, would result in a significantly lower fair value measurement, and vice versa. The binomial lattice model utilized the following assumptions on the following dates (fair value in thousands): Warrant Valuation Model Key Assumptions March 2, 2017 June 30, 2017 Closing price of NRP common units $ 41.95 $ 27.55 Risk-free interest rate 2.38 % 2.18 % Expected dividend yield 4.29 % 6.53 % Expected volatility 45.00 % 50.00 % The Warrants are recorded as non-current liabilities on the Partnership's consolidated balance sheets. Changes in the estimated fair value of the Warrants result in the recognition of other income or expense. The following table (in thousands) sets forth a summary of the beginning and ending balance sheet amounts and the changes in fair value of the Partnership's Level 3 Warrant liabilities that are measured at fair value on a recurring basis: Three Months Ended Six Months Ended 2017 2016 2017 2016 Beginning balance $ 61,417 $ — $ — $ — Issuance of new Warrants — — 77,986 — Fair value adjustments for Warrant liabilities (23,960 ) — (40,529 ) — Ending balance (1) $ 37,457 $ — $ 37,457 $ — (1) During the three and six months ended June 30, 2017 , there were no transfers in or out of Level 3 from other levels in the fair value hierarchy. NRP has embedded derivatives in the Preferred Units related to certain conversion options, redemption features and the change of control provision that are accounted for separately from the Preferred Units as assets and liabilities at fair value in NRP's consolidated balance sheets. Level 3 valuation of the embedded derivatives are based on numerous factors including the likelihood of the event occurring. The embedded derivatives are revalued quarterly, and changes in their fair value would be recorded in other income (expense) in NRP's consolidated statements of comprehensive income. The embedded derivatives had zero value at inception and as of June 30, 2017 . |
Schedule of Warrant Liability Assumption Inputs | The binomial lattice model utilized the following assumptions on the following dates (fair value in thousands): Warrant Valuation Model Key Assumptions March 2, 2017 June 30, 2017 Closing price of NRP common units $ 41.95 $ 27.55 Risk-free interest rate 2.38 % 2.18 % Expected dividend yield 4.29 % 6.53 % Expected volatility 45.00 % 50.00 % |
Summary of Warrants Outstanding | The following table (in thousands) sets forth a summary of the beginning and ending balance sheet amounts and the changes in fair value of the Partnership's Level 3 Warrant liabilities that are measured at fair value on a recurring basis: Three Months Ended Six Months Ended 2017 2016 2017 2016 Beginning balance $ 61,417 $ — $ — $ — Issuance of new Warrants — — 77,986 — Fair value adjustments for Warrant liabilities (23,960 ) — (40,529 ) — Ending balance (1) $ 37,457 $ — $ 37,457 $ — (1) During the three and six months ended June 30, 2017 , there were no transfers in or out of Level 3 from other levels in the fair value hierarchy. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Revenues related to these transactions with Foresight Energy are included in the Partnership's Consolidated Statement of Comprehensive Income as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Coal royalty and other revenue $ 4,789 $ — $ 4,789 $ — Coal royalty and other—affiliates revenue 11,425 16,935 27,216 27,013 Total $ 16,214 $ 16,935 $ 32,005 $ 27,013 Expenses related to these transactions with Foresight Energy are included in the Partnership's Consolidated Statement of Comprehensive Income as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Operating and maintenance expense $ 285 $ — $ 285 $ — Operating and maintenance expense—affiliates, net 117 201 452 581 Total $ 402 $ 201 $ 737 $ 581 The following table (in thousands) shows certain amounts related to NRP's Sugar Camp rail load out facility direct financing lease and amounts of all NRP's transactions with subsidiaries of Foresight Energy reflected on NRP's Consolidated Balance Sheets: June 30, December 31, 2017 2016 Sugar Camp rail load out direct financing lease amounts Projected remaining payments $ 73,958 $ 76,424 Unearned income 30,069 31,803 ASSETS Accounts receivable $ 7,349 $ — Accounts receivable—affiliates, net — 6,496 Long-term contracts receivable 41,638 — Long-term contracts receivable—affiliate — 43,785 LIABILITIES Deferred revenue $ 63,997 $ — Deferred revenue—affiliates — 71,632 |
Summary of Reimbursements | Three Months Ended Six Months Ended 2017 2016 2017 2016 Operating and maintenance expenses—affiliates, net 1,799 2,099 4,774 3,965 4,611 General and administrative—affiliates 852 866 1,976 1,803 |
Major Customers (Tables)
Major Customers (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Major customers | Revenues from customers that exceeded ten percent of total revenues and other income for any of the periods presented below are as follows (in thousands except for percentages): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Revenues Percent Revenues Percent Revenues Percent Revenues Percent Foresight Energy (1) $ 16,255 17.1 % $ 16,935 14.3 % $ 32,046 17.5 % $ 27,013 12.6 % (1) Revenues from Foresight Energy are included within the Partnership's Coal Royalty and Other segment. |
Unit-Based Compensation (Tables
Unit-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Activity in Outstanding Grants | A summary of activity in the outstanding grants during 2017 is as follows (in thousands): Phantom Units Outstanding grants at January 1, 2017 86 Grants vested and paid during the period (28 ) Forfeitures during the period (4 ) Outstanding grants at June 30, 2017 54 |
Cash Distributions (Tables)
Cash Distributions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of distributions paid | The following table shows the distributions paid to common unitholders and the general partner by the Partnership during the six months ended June 30, 2017 and 2016: Total Distributions (In thousands) Date Paid Period Covered by Distribution Distribution per Common Unit Common Units GP Interest Total 2017 February 14, 2017 October 1 - December 31, 2016 $ 0.45 $ 5,503 $ 112 $ 5,615 May 12, 2017 January 1 - March 31, 2017 $ 0.45 $ 5,506 $ 113 $ 5,619 2016 February 12, 2016 October 1 - December 31, 2015 $ 0.45 $ 5,503 $ 113 $ 5,616 May 13, 2016 January 1 - March 31, 2016 $ 0.45 $ 5,503 $ 113 $ 5,616 The following table shows the distributions paid to preferred unitholders by the Partnership during the six months ended June 30, 2017: Total Distributions (In thousands) Date Paid Period Covered by Distribution Distribution per Preferred Unit Preferred Units May 30, 2017 March 2 - March 31, 2017 $ 5.00 $ 1,250 |
Deferred Revenue and Deferred40
Deferred Revenue and Deferred Revenue - Affiliate (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of Deferred Revenue | The Partnership’s deferred revenue (including affiliate) consists of the following (in thousands): June 30, 2017 December 31, 2016 Deferred revenue $ 110,885 $ 44,931 Deferred revenue—affiliate — 71,632 Total deferred revenue (including affiliate) $ 110,885 $ 116,563 The Partnership recognized the following amounts of deferred revenue (including affiliate) attributable to previously paid minimums resulting from the expiration of the lessee’s ability to recoup the payments as Coal royalty and other revenue (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Coal royalty and other $ (2,070 ) $ 38,740 $ (1,312 ) $ 44,835 Coal royalty and other—affiliates 9,617 4,787 13,126 5,657 Total coal royalty and other (including affiliates) $ 7,547 $ 43,527 $ 11,814 $ 50,492 |
Convertible Preferred Units a41
Convertible Preferred Units and Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 02, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||||
Preferred units issued (in shares) | 251,250 | 251,250 | 0 | |
Preferred unit purchase price | $ 1,000 | $ 1,000 | $ 0 | |
Earnings attributable to Preferred Unitholders | $ 10,000 | $ 10,000 | ||
Preferred Units, Cumulative Cash Distributions | $ 2,500 | $ 2,500 | ||
Preferred Stock, Shares Issued | 1,250 | 1,250 | ||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 1,250 | |||
Preferred stock dividends excluded from earnings per share | $ 7,500 | 10,000 | ||
Class A Convertible Preferred Units [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred units issued (in shares) | 250,000 | |||
Preferred unit purchase price | $ 1,000 | |||
Preferred Units, Origination Fee, Percent | 2.50% | |||
Dividend rate (as a percent) | 12.00% | |||
Convertible Preferred Units, Redemption Price, Minimum | $ 51 | |||
Convertible Preferred Units, Maximum Redeemed Units, Percent | 33.00% | |||
Debt Instrument, Covenants, Consolidated Leverage Ratio, Minimum | 3.25 | |||
Debt Instrument, Covenants, Distributable Cash Flow Ratio, Maximum | 1.2 | |||
Distribution amount (in dollars per share) | $ 0.45 | |||
Preferred preferred unitholder threshold (as a percent) | 20.00% | |||
Warrants at $22.81 Strike [Member] | Warrant [Member] | ||||
Class of Stock [Line Items] | ||||
Class of Warrant or Right, Warrants Issued | 1,750,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 22.81 | |||
Warrants at $34.00 Strike [Member] | Warrant [Member] | ||||
Class of Stock [Line Items] | ||||
Class of Warrant or Right, Warrants Issued | 2,250,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 34 | |||
Debt Instrument, Redemption, Period One | Class A Convertible Preferred Units [Member] | ||||
Class of Stock [Line Items] | ||||
Convertible Preferred Units, Conversion to Common Units, Discount Percentage | 7.50% | |||
Convertible Preferred Units, Purchase Price Multiplier | 1.50 | |||
Debt Instrument, Redemption, Period Two | Class A Convertible Preferred Units [Member] | ||||
Class of Stock [Line Items] | ||||
Convertible Preferred Units, Conversion to Common Units, Discount Percentage | 10.00% | |||
Convertible Preferred Units, Purchase Price Multiplier | 1.70 | |||
Debt Instrument, Redemption, Period Three | Class A Convertible Preferred Units [Member] | ||||
Class of Stock [Line Items] | ||||
Convertible Preferred Units, Conversion to Common Units, Discount Percentage | 10.00% | |||
Convertible Preferred Units, Purchase Price Multiplier | 1.85 | |||
Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Transaction price, gross | $ 250,000 | |||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 1,250 |
Convertible Preferred Units a42
Convertible Preferred Units and Warrants - Preferred Units and Warrants Issued (Details) - USD ($) $ in Thousands | Mar. 02, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||||||
Preferred Units, net | $ 160,377 | $ 160,377 | $ 0 | |||
Warrants liabilities | 0 | $ 0 | 77,986 | $ 0 | ||
Issuance costs allocated to Warrants and expensed | 0 | $ 0 | (5,709) | $ 0 | ||
Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Transaction price, gross | $ 250,000 | |||||
Structuring, origination and other fees to Preferred Purchasers | (7,900) | |||||
Transaction costs to other third parties | (10,696) | |||||
Transaction price, net | 231,404 | |||||
Preferred Units, net | 159,127 | $ 160,377 | $ 160,377 | $ 0 | ||
Warrants liabilities | 77,986 | |||||
Issuance costs allocated to Warrants and expensed | $ 5,709 |
Convertible Preferred Units a43
Convertible Preferred Units and Warrants - Financial Position (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Mar. 02, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||
Preferred Units, net | $ 160,377 | $ 0 | |
Distribution paid-in-kind | 1,250 | ||
Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred Units, net | 160,377 | $ 159,127 | $ 0 |
Distribution paid-in-kind | $ 1,250 |
Net Income Per Common Unit (Det
Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 02, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Allocation of net income: | ||||||
Net income from continuing operations | $ 49,817 | $ 48,633 | $ 66,788 | $ 74,984 | ||
Less: income attributable to preferred unitholders | 7,538 | 0 | 10,038 | 0 | ||
Less: net income from continuing operations and income attributable to preferred unitholders allocated to the general partner | 914 | 907 | 1,135 | 1,368 | ||
Net income from continuing operations attributable to common unitholders | 41,365 | 47,726 | 55,615 | 73,616 | ||
Net income (loss) from discontinued operations | 133 | (2,187) | (74) | (5,111) | ||
Less: net income (loss) from discontinued operations attributable to the general partner | 3 | (44) | (1) | (102) | ||
Net income (loss) from discontinued operations attributable to common unitholders | 130 | (2,143) | (73) | (5,009) | ||
Net Income | 49,950 | 46,446 | 66,714 | [1] | 69,873 | |
Less: net income and income attributable to preferred unitholders allocated to the general partner | 917 | 863 | 1,134 | 1,266 | ||
Net income attributable to common unitholders | $ 41,495 | $ 45,583 | $ 55,542 | $ 68,607 | ||
Basic Income (Loss) per Unit: | ||||||
Weighted average common units (in shares) | 12,232 | 12,232 | 12,232 | 12,232 | ||
Basic net income from continuing operations per common unit | $ 3.38 | $ 3.90 | $ 4.55 | $ 6.02 | ||
Basic net income (loss) from discontinued operations per common unit | 0.01 | (0.18) | (0.01) | (0.41) | ||
Basic net income per common unit | $ 3.39 | $ 3.73 | $ 4.54 | $ 5.61 | ||
Diluted Income (Loss) per Unit: | ||||||
Dilutive effect of Warrants (in shares) | 467 | 0 | 361 | 0 | ||
Dilutive effect of Preferred Units (in shares) | 9,760 | 0 | 6,517 | 0 | ||
Weighted average common units—diluted (in shares) | 22,459 | 12,232 | 19,110 | 12,232 | ||
Fair value adjustments for Warrant liabilities | $ (23,960) | $ 0 | $ (40,529) | $ 0 | ||
Less: net income from continuing operations and fair value adjustments for warrant liabilities allocated to the general partner | 586 | 907 | 525 | 1,368 | ||
Diluted net income from continuing operations attributable to common unitholders | 25,271 | 47,726 | 25,734 | 73,616 | ||
Diluted net income (loss) from discontinued operations attributable to common unitholders | 130 | (2,143) | (73) | (5,009) | ||
Less: net income and fair value adjustments for warrant liabilities allocated to the general partner | 589 | 863 | 524 | 1,266 | ||
Diluted net income attributable to common unitholders | $ 25,401 | $ 45,583 | $ 25,661 | $ 68,607 | ||
Diluted net income (loss) per common unit from continuing operations (in dollars per share) | $ 1.13 | $ 3.90 | $ 1.35 | $ 6.02 | ||
Diluted net loss from discontinued operations per common unit (in dollars per share) | 0.01 | (0.18) | 0 | (0.41) | ||
Diluted net income per common unit (in dollars per share) | $ 1.13 | $ 3.73 | $ 1.34 | $ 5.61 | ||
Warrant [Member] | Warrants at $34.00 Strike [Member] | ||||||
Class of Warrant or Right, Warrants Issued | 2,250 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 34 | |||||
[1] | Net income includes $10.0 million attributable to Preferred Unitholders that accumulated during the period. |
Segment Information - Additiona
Segment Information - Additional Information (Details) - segment | 6 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2016 | Jul. 31, 2013 | Jan. 31, 2013 | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 3 | |||
Ciner Wyoming | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of partnership interest owned (percent) | 49.00% | 49.00% | 49.00% | 48.51% |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Revenues and other income | $ 91,570 | $ 119,317 | $ 180,223 | $ 193,219 | |
Gain (loss) on asset sales, net | 3,361 | (1,071) | 3,405 | 20,854 | |
Operating and maintenance expenses (including affiliates) | 33,239 | 32,199 | 65,422 | 62,468 | |
General and administrative (including affiliates) | 2,883 | 4,039 | 10,085 | 8,211 | |
Depreciation, depletion and amortization (including affiliates) | 8,405 | 11,176 | 18,897 | 21,678 | |
Asset impairments | 0 | 91 | 1,778 | 1,984 | |
Other expense, net | 587 | 22,108 | 20,658 | 44,748 | |
Net income (loss) from continuing operations | 49,817 | 48,633 | 66,788 | 74,984 | |
Net income (loss) from discontinued operations | 133 | (74) | |||
Total assets | 1,429,052 | 1,429,052 | $ 1,444,681 | ||
Net income (loss) from discontinued operations | 133 | (2,187) | (74) | (5,111) | |
Corporate and Financing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues and other income | 0 | 0 | 0 | 0 | |
Gain (loss) on asset sales, net | 0 | 0 | 0 | 0 | |
Operating and maintenance expenses (including affiliates) | 0 | 0 | 0 | 0 | |
General and administrative (including affiliates) | 2,883 | 4,039 | 10,085 | 8,211 | |
Depreciation, depletion and amortization (including affiliates) | 0 | 0 | 0 | 0 | |
Asset impairments | 0 | 0 | 0 | ||
Other expense, net | 409 | (22,108) | 20,085 | (44,748) | |
Net income (loss) from continuing operations | (3,292) | (26,147) | (30,170) | (52,959) | |
Net income (loss) from discontinued operations | 0 | 0 | 0 | 0 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues and other income | 0 | 0 | 0 | 0 | |
Coal Royalty and Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues and other income | 36,914 | 59,983 | 71,908 | 88,832 | |
Coal Royalty and Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues and other income | 49,626 | 77,487 | 100,764 | 116,906 | |
Gain (loss) on asset sales, net | 3,184 | (1,080) | 3,213 | 20,845 | |
Operating and maintenance expenses (including affiliates) | 5,419 | 7,707 | 12,803 | 15,841 | |
General and administrative (including affiliates) | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization (including affiliates) | 5,375 | 7,486 | 12,348 | 14,426 | |
Asset impairments | 91 | 1,778 | 1,984 | ||
Other expense, net | 0 | 0 | 0 | 0 | |
Net income (loss) from continuing operations | 42,084 | 61,153 | 77,178 | 105,552 | |
Net income (loss) from discontinued operations | 0 | 0 | 0 | ||
Coal Royalty and Other | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues and other income | 68 | 30 | 130 | 52 | |
Soda Ash | |||||
Segment Reporting Information [Line Items] | |||||
Revenues and other income | 8,389 | 10,188 | 18,683 | 19,989 | |
Soda Ash | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues and other income | 8,389 | 10,188 | 18,683 | 19,989 | |
Gain (loss) on asset sales, net | 0 | 0 | 0 | 0 | |
Operating and maintenance expenses (including affiliates) | 0 | 0 | 0 | 0 | |
General and administrative (including affiliates) | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization (including affiliates) | 0 | 0 | 0 | 0 | |
Asset impairments | 0 | 0 | 0 | ||
Other expense, net | 0 | 0 | 0 | 0 | |
Net income (loss) from continuing operations | 8,389 | 10,188 | 18,683 | 19,989 | |
Net income (loss) from discontinued operations | 0 | 0 | 0 | 0 | |
Soda Ash | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues and other income | 0 | 0 | 0 | 0 | |
Construction Aggregates | |||||
Segment Reporting Information [Line Items] | |||||
Revenues and other income | 33,555 | 31,642 | 60,776 | 56,324 | |
Construction Aggregates | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues and other income | 33,555 | 31,642 | 60,776 | 56,324 | |
Gain (loss) on asset sales, net | 177 | 9 | 192 | 9 | |
Operating and maintenance expenses (including affiliates) | 27,820 | 24,492 | 52,619 | 46,627 | |
General and administrative (including affiliates) | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization (including affiliates) | 3,030 | 3,690 | 6,549 | 7,252 | |
Asset impairments | 0 | 0 | 0 | ||
Other expense, net | (178) | 0 | (573) | 0 | |
Net income (loss) from continuing operations | 2,636 | 3,439 | 1,097 | 2,402 | |
Net income (loss) from discontinued operations | 0 | 0 | 0 | ||
Construction Aggregates | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues and other income | (68) | $ (30) | (130) | $ (52) | |
Continuing Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 1,428,061 | 1,428,061 | 1,443,690 | ||
Continuing Operations | Corporate and Financing | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 8,058 | 8,058 | 7,002 | ||
Continuing Operations | Coal Royalty and Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 980,851 | 980,851 | 990,172 | ||
Continuing Operations | Soda Ash | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 248,919 | 248,919 | 255,901 | ||
Continuing Operations | Construction Aggregates | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 190,233 | 190,233 | 190,615 | ||
Discontinued Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 991 | 991 | 991 | ||
Discontinued Operations | Corporate and Financing | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 0 | 0 | 0 | ||
Discontinued Operations | Coal Royalty and Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 0 | 0 | 0 | ||
Discontinued Operations | Soda Ash | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 0 | 0 | 0 | ||
Discontinued Operations | Construction Aggregates | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ 0 | $ 0 | $ 0 |
Discontinued Operations Summary
Discontinued Operations Summary of Financial Results of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Jul. 31, 2016 | |
Assets | ||||||
Total current assets | $ 991 | $ 991 | $ 991 | |||
Liabilities | ||||||
Total current liabilities | 98 | 98 | 353 | |||
Discontinued Operations, Held-for-sale | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Oil and gas revenues and other income | 7 | $ 9,511 | 22 | $ 16,435 | ||
Gain (loss) on asset sales | 136 | (184) | 57 | (184) | ||
Total revenues and other income | 143 | 9,327 | 79 | 16,251 | ||
Operating and maintenance expenses (including affiliates) | 10 | 5,871 | 153 | 10,252 | ||
Depreciation, depletion and amortization | 0 | 3,286 | 0 | 7,527 | ||
Asset impairments | 0 | 427 | 0 | 564 | ||
Total operating expenses | 10 | 9,584 | 153 | 18,343 | ||
Interest expense | 0 | (1,930) | 0 | (3,019) | ||
Income (loss) from discontinued operations | 133 | $ (2,187) | (74) | (5,111) | ||
Assets | ||||||
Accounts receivable, net (including affiliates) | 991 | 991 | 991 | |||
Total current assets | 991 | 991 | 991 | |||
Total assets of discontinued operations | 991 | 991 | 991 | |||
Liabilities | ||||||
Other (including affiliates) | 98 | 98 | 353 | |||
Total current liabilities | 98 | 98 | 353 | |||
Total liabilities of discontinued operations | $ 98 | 98 | $ 353 | |||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||||||
Cash paid for interest | 0 | 1,489 | ||||
Capital expenditures, Discontinued Operations | $ 0 | $ 3,800 | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 116,100 |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 36 Months Ended | ||||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Jul. 31, 2013 | Jan. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Distributions from equity method Investment | $ 2,388 | $ 0 | |||||||
Weighted average useful life of assets (in years) | 28 years | ||||||||
Ciner Wyoming | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of partnership interest owned (percent) | 49.00% | 49.00% | 49.00% | 48.51% | |||||
Distributions from equity method Investment | $ 24,500 | $ 22,100 | |||||||
Increase in fair value of property, plant and equipment | $ 147,900 | $ 150,000 | |||||||
Anadarko Holding Company | Ciner Wyoming | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Investment Contingent Consideration Paid | $ 7,200 | $ 3,800 | $ 500 | $ 11,500 |
Equity Investment - Schedule o
Equity Investment - Schedule of Summarized Financial Information of Unaudited Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income | $ 49,950 | $ 46,446 | $ 66,714 | [1] | $ 69,873 | |
Current assets | 107,096 | 107,096 | $ 104,252 | |||
Current liabilities | 217,411 | 217,411 | 188,017 | |||
Ciner Wyoming | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income allocation to NRP’s equity interests | 9,274 | 11,388 | 20,754 | 22,384 | ||
Amortization of basis difference | (885) | (1,200) | (2,071) | (2,395) | ||
Equity in earnings of unconsolidated investment | 8,389 | 10,188 | 18,683 | 19,989 | ||
Sales | 119,737 | 116,698 | 246,309 | 231,082 | ||
Gross profit | 24,219 | 28,732 | 52,916 | 56,983 | ||
Net Income | 18,926 | $ 23,241 | 42,354 | $ 45,682 | ||
Current assets | 157,198 | 157,198 | 134,616 | |||
Non-current assets | 233,313 | 233,313 | 235,427 | |||
Current liabilities | 53,713 | 53,713 | 55,396 | |||
Non-current liabilities | $ 130,600 | $ 130,600 | $ 98,425 | |||
[1] | Net income includes $10.0 million attributable to Preferred Unitholders that accumulated during the period. |
Plant and Equipment - Plant and
Plant and Equipment - Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Plant and equipment at cost | $ 83,339 | $ 79,171 |
Construction in process | 58 | 557 |
Less accumulated depreciation | (34,575) | (30,285) |
Total plant and equipment, net | $ 48,822 | $ 49,443 |
Plant and Equipment - Additiona
Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense on plant and equipment | $ 2.5 | $ 3 | $ 5.4 | $ 6.5 |
Mineral Rights - Mineral Rights
Mineral Rights - Mineral Rights (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | $ 1,347,499 | $ 1,375,019 |
Accumulated Depletion | (451,857) | (466,827) |
Net Book Value | 895,642 | 908,192 |
Coal Mineral Rights | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 1,170,700 | 1,170,904 |
Accumulated Depletion | (429,079) | (420,032) |
Net Book Value | 741,621 | 750,872 |
Aggregate Mineral Rights | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 151,236 | 176,774 |
Accumulated Depletion | (14,605) | (39,056) |
Net Book Value | 136,631 | 137,718 |
Oil And Gas Mineral Rights | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 12,395 | 12,395 |
Accumulated Depletion | (6,723) | (6,289) |
Net Book Value | 5,672 | 6,106 |
Other Mineral Rights | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 13,168 | 14,946 |
Accumulated Depletion | (1,450) | (1,450) |
Net Book Value | $ 11,718 | $ 13,496 |
Mineral Rights - Additional Inf
Mineral Rights - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Total depletion and amortization expense on mineral interests | $ 5,000 | $ 7,200 | $ 11,700 | $ 13,300 |
Asset impairments | 0 | 91 | 1,778 | 1,984 |
Proceeds from sale of oil and gas royalty properties | (544) | 34,347 | ||
Gain (loss) on asset sales, net | $ 3,361 | $ (1,071) | $ 3,405 | 20,854 |
Appalachian Basin | ||||
Proceeds from sale of oil and gas royalty properties | 36,400 | |||
Gain (loss) on asset sales, net | 19,200 | |||
Texas, Georgia, Tennessee | ||||
Gain (loss) on asset sales, net | 1,600 | |||
Proceeds from sale of hard mineral reserves | $ 10,000 |
Intangible Assets (Including 54
Intangible Assets (Including Affiliate) - Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 86,336 | |
Finite-Lived Intangible Assets, Including Related Parties, Gross | $ 86,336 | |
Less accumulated amortization | (35,110) | |
Finite-Lived Intangible Assets, Including Affiliates, Accumulated Amortization | (33,289) | |
Total intangible assets, net | $ 51,226 | 3,236 |
Finite-Lived Intangible Assets, Including Related Parties, Net | $ 53,047 |
Intangible Assets (Including 55
Intangible Assets (Including Affiliate) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Intangible Assets [Line Items] | ||||
Amortization expense—affiliate | $ 240 | $ 704 | $ 1,008 | $ 1,426 |
Amortization expense | $ 600 | $ 300 | $ 800 | $ 500 |
Debt - Long-Term Debt (Detail)
Debt - Long-Term Debt (Detail) - USD ($) | Jun. 30, 2017 | Mar. 02, 2017 | Dec. 31, 2016 | Oct. 31, 2014 | Sep. 30, 2013 |
Debt Instrument [Line Items] | |||||
Senior Note issue percentage | 98.75% | ||||
Principal balance | $ 894,871,000 | $ 1,138,932,000 | |||
Net unamortized debt discount | (1,972,000) | (1,322,000) | |||
Net unamortized debt issuance costs | (18,746,000) | (11,307,000) | |||
Total debt | 874,153,000 | 1,126,303,000 | |||
Less - current portion of long term debt | 173,901,000 | 138,903,000 | |||
Total long-term debt | 700,252,000 | 987,400,000 | |||
NRP LP | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 9.125% | ||||
Floating rate revolving credit facility | $ 125,000,000 | $ 300,000,000 | |||
Senior Note issue percentage | 99.50% | 99.007% | |||
NRP LP | 10.5% senior notes, with semi-annual interest payments in March and September, maturing March 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal balance | $ 345,638,000 | 0 | |||
NRP LP | Senior Notes Due Two Zero Two Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 10.50% | ||||
Senior Notes, Face Amount | $ 345,638,000 | ||||
NRP LP | 9.125% senior notes, with semi-annual interest payments in April and October, maturing October 2018 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 9.125% | ||||
Senior Notes, Face Amount | $ 425,000,000 | ||||
Principal balance | 94,362,000 | 425,000,000 | |||
Opco | Floating Rate Revolving Credit Facility Due April Two Thousand Twenty [Member] | |||||
Debt Instrument [Line Items] | |||||
Floating rate revolving credit facility | 180,000,000 | ||||
Principal balance | $ 0 | 210,000,000 | |||
Opco | 4.91% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2018 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.91% | ||||
Principal balance | $ 4,594,000 | 9,187,000 | |||
Opco | 8.38% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March, maturing in March 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 8.38% | ||||
Principal balance | $ 42,686,000 | 64,029,000 | |||
Opco | 5.05% senior notes, with semi-annual interest payments in January and July, with annual principal payments in July, maturing in July 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.05% | ||||
Principal balance | $ 30,633,000 | 30,633,000 | |||
Opco | 5.55% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.55% | ||||
Principal balance | $ 16,136,000 | 18,825,000 | |||
Opco | 4.73% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.73% | ||||
Principal balance | $ 52,204,000 | 52,204,000 | |||
Opco | 5.82% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March, maturing in March 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.82% | ||||
Principal balance | $ 104,583,000 | 119,524,000 | |||
Opco | 8.92% senior notes, with semi-annual interest payments in March and September, with scheduled principal payments beginning March 2014, maturing in March 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 8.92% | ||||
Principal balance | $ 31,738,000 | 36,272,000 | |||
Opco | 5.03% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.03% | ||||
Principal balance | $ 134,035,000 | 134,035,000 | |||
Opco | 5.18% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.18% | ||||
Principal balance | $ 38,262,000 | 38,262,000 | |||
Opco | Utility Local Improvement Obligation Due March Two Zero Two One [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.31% | ||||
Principal balance | $ 0 | $ 961,000 | |||
Senior Notes Offering Price Two [Member] | NRP LP | Senior Notes Due Two Zero Two Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Floating rate revolving credit facility | $ 240,638,000 | ||||
Senior Note issue percentage | 100.00% | ||||
Senior Notes Offering Price Two [Member] | NRP LP | 9.125% senior notes, with semi-annual interest payments in April and October, maturing October 2018 | |||||
Debt Instrument [Line Items] | |||||
Floating rate revolving credit facility | $ 125,000,000 | ||||
Senior Note issue percentage | 99.50% | ||||
Senior Notes Offering Price One [Member] | NRP LP | Senior Notes Due Two Zero Two Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Floating rate revolving credit facility | $ 105,000,000 | ||||
Senior Note issue percentage | 98.75% | ||||
Senior Notes Offering Price One [Member] | NRP LP | 9.125% senior notes, with semi-annual interest payments in April and October, maturing October 2018 | |||||
Debt Instrument [Line Items] | |||||
Floating rate revolving credit facility | $ 300,000,000 | ||||
Senior Note issue percentage | 99.007% |
Debt - Additional Information (
Debt - Additional Information (Detail) | Apr. 03, 2017USD ($) | Mar. 02, 2017USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2016 | Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2014USD ($) | Jul. 31, 2013 | Jan. 31, 2013 |
Debt Instrument [Line Items] | |||||||||||||
Senior Note issue percentage | 98.75% | ||||||||||||
Principal balance | $ 894,871,000 | $ 894,871,000 | $ 1,138,932,000 | ||||||||||
Discount on debt issuance (as a percent) | 1.25% | ||||||||||||
Debt Instrument, Net Redemption Premium, Percent | 5.813% | ||||||||||||
Redemption fee (as a percent) | 1.25% | ||||||||||||
Call premium (as a percent) | 4.563% | ||||||||||||
Aggregate principal amount redeemable (as a percent) | 35.00% | ||||||||||||
Senior Notes due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal balance | 328,852,000 | 328,852,000 | 0 | ||||||||||
Senior Notes due 2022 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Rate of senior notes | 10.50% | ||||||||||||
Senior Notes, Face Amount | $ 346,000,000 | ||||||||||||
Proceeds from issuance of secured debt | $ 105,000,000 | ||||||||||||
Principal remaining after redemption (as a percent) | 65.00% | ||||||||||||
Purchase price (as a percent) | 101.00% | ||||||||||||
Senior Notes due 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal balance | $ 93,940,000 | $ 93,940,000 | $ 420,097,000 | ||||||||||
Senior Notes due 2018 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt redeemed | $ 90,000,000 | ||||||||||||
Senior Notes, Face Amount | $ 241,000,000 | ||||||||||||
Redemption price (as a percent) | 104.563% | ||||||||||||
Ciner Wyoming | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Percentage of partnership interest owned (percent) | 49.00% | 49.00% | 49.00% | 49.00% | 48.51% | ||||||||
Ciner Wyoming | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Percentage of partnership interest owned (percent) | 49.00% | 49.00% | |||||||||||
NRP LP | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Rate of senior notes | 9.125% | ||||||||||||
Floating rate revolving credit facility | $ 300,000,000 | $ 125,000,000 | |||||||||||
Senior Note issue percentage | 99.007% | 99.50% | |||||||||||
NRP LP | 9.125% senior notes, with semi-annual interest payments in April and October, maturing October 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Rate of senior notes | 9.125% | 9.125% | |||||||||||
Principal balance | $ 94,362,000 | $ 94,362,000 | $ 425,000,000 | ||||||||||
Senior Notes, Face Amount | $ 425,000,000 | $ 425,000,000 | |||||||||||
NRP LP | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed charge coverage ratio | 2 | 2 | |||||||||||
NRP LP | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed charge coverage ratio | 1 | 1 | |||||||||||
Opco | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ratio of consolidated EBITDDA to consolidated fixed charges | 3.5 | ||||||||||||
Percentage of consolidated net tangible assets debt of subsidiaries not permitted to exceed | 10.00% | ||||||||||||
Repayment of principal amount | $ 289,000,000 | ||||||||||||
Opco | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate During Period | 0.00% | 4.11% | 5.22% | 3.95% | |||||||||
Commitment fee on the unused portion of the borrowing base under the credit facility (percent) | 0.50% | ||||||||||||
Debt Instrument, Asset Sales Proceeds, Required to Repay Outstanding Debt, Percent | 75.00% | ||||||||||||
Ratio of consolidated EBITDDA to consolidated fixed charges | 3.5 | ||||||||||||
Secured Debt | $ 655,200,000 | $ 655,200,000 | 673,000,000 | ||||||||||
Opco | 8.38% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March, maturing in March 2019 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Rate of senior notes | 8.38% | 8.38% | |||||||||||
Principal balance | $ 42,686,000 | $ 42,686,000 | 64,029,000 | ||||||||||
Opco | 8.92% senior notes, with semi-annual interest payments in March and September, with scheduled principal payments beginning March 2014, maturing in March 2024 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Rate of senior notes | 8.92% | 8.92% | |||||||||||
Principal balance | $ 31,738,000 | $ 31,738,000 | 36,272,000 | ||||||||||
Opco | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Covenant, Asset Sales | 300,000,000 | $ 300,000,000 | |||||||||||
Debt Instrument, Asset Sales Proceeds, Required to Repay Outstanding Debt, Percent | 25.00% | ||||||||||||
Principal balance | $ 454,900,000 | $ 454,900,000 | 503,000,000 | ||||||||||
Principal payments on its senior notes | $ (48,100,000) | $ (48,300,000) | |||||||||||
Partnership leverage ratio | 3.75 | ||||||||||||
Additional interest accrue | 2.00% | 2.00% | |||||||||||
Opco | Floating Rate Revolving Credit Facility Due April Two Thousand Twenty [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Floating rate revolving credit facility | $ 180,000,000 | $ 180,000,000 | |||||||||||
Principal balance | $ 0 | $ 0 | $ 210,000,000 | ||||||||||
Opco | Floating Rate Revolving Credit Facility Due April Two Thousand Twenty Two | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Distribution amount (in dollars per share) | $ / shares | $ 0.45 | $ 0.45 | |||||||||||
Opco | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ratio of consolidated indebtedness to consolidated EBITDDA | 4 | ||||||||||||
Opco | Scenario, Forecast [Member] | Floating Rate Revolving Credit Facility Due April Two Thousand Twenty [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Floating rate revolving credit facility | $ 100,000,000 | $ 150,000,000 | |||||||||||
Opco | Federal Funds Rate [Member] | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate (percent) | 0.50% | ||||||||||||
Opco | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate (percent) | 1.00% | ||||||||||||
Opco | London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolving Credit Facility Basis Spread Condition One [Member] | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Additional basis spread (percent) | 3.50% | ||||||||||||
Opco | London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolving Credit Facility Basis Spread Condition Two [Member] | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Additional basis spread (percent) | 4.50% | ||||||||||||
Opco | London Interbank Offered Rate (LIBOR) [Member] | Minimum | Revolving Credit Facility Basis Spread Condition One [Member] | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Additional basis spread (percent) | 2.50% | ||||||||||||
Opco | London Interbank Offered Rate (LIBOR) [Member] | Minimum | Revolving Credit Facility Basis Spread Condition Two [Member] | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Additional basis spread (percent) | 3.50% | ||||||||||||
Debt Instrument, Redemption, Period One | Senior Notes due 2022 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price (as a percent) | 110.50% | ||||||||||||
Debt Instrument, Redemption, Period Two | Senior Notes due 2022 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price (as a percent) | 105.25% | ||||||||||||
Debt Instrument, Redemption, Period Three | Senior Notes due 2022 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price (as a percent) | 102.625% | ||||||||||||
Debt Instrument, Redemption, Period Four | Senior Notes due 2022 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price (as a percent) | 100.00% | ||||||||||||
Restricted Payments Covenant | Senior Notes due 2022 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Consolidated leverage ratio, maximum | 4 | ||||||||||||
Distribution limit (as a percent) | 50.00% | ||||||||||||
Debt Incurrence Covenant | Senior Notes due 2022 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Consolidated leverage ratio, maximum | 3 | ||||||||||||
Debt covenant, maximum debt | $ 150,000,000 | ||||||||||||
Dividend at or Below $0.45 per Share | Opco | Floating Rate Revolving Credit Facility Due April Two Thousand Twenty Two | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum leverage ratio | 4 | 4 | |||||||||||
Dividend Above $0.45 per Share | Opco | Floating Rate Revolving Credit Facility Due April Two Thousand Twenty Two | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum leverage ratio | 3 |
Fair Value Measurements - Contr
Fair Value Measurements - Contractual Override, Note Receivable and Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 894,871 | $ 1,138,932 |
Contracts receivable—affiliate, current and long-term | 44,551 | 46,742 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contracts receivable—affiliate, current and long-term | 30,917 | 32,554 |
Senior Notes due 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 93,940 | 420,097 |
Senior Notes due 2018 | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 95,777 | 412,250 |
Senior Notes due 2022 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 328,852 | 0 |
Senior Notes due 2022 | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 369,401 | 0 |
Opco Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 451,361 | 500,174 |
Opco Senior Notes | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 486,143 | 488,814 |
Opco Revolving Credit Facility And Term Loan Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 0 | 206,032 |
Opco Revolving Credit Facility And Term Loan Facility | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | $ 0 | $ 210,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Warrant Liability Assumption Inputs (Details) - $ / shares | Mar. 02, 2017 | Jun. 30, 2017 |
Fair Value Disclosures [Abstract] | ||
Closing price of NRP common units (in dollars per share) | $ 41.95 | $ 27.55 |
Risk-free interest rate (as a percent) | 2.38% | 2.18% |
Expected dividend yield (as a percent) | 4.29% | 6.53% |
Expected volatility (as a percent) | 45.00% | 50.00% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Warrants Outstanding (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 02, 2017 | |
Equity [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | $ 0 | $ 0 | |||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 0 | 0 | $ 0 | ||
Preferred Stock Warrants Outstanding [Roll Forward] | |||||
Beginning balance | 61,417,000 | $ 0 | 0 | $ 0 | |
Issuance of new Warrants | 0 | 0 | 77,986,000 | 0 | |
Fair value adjustments for Warrant liabilities | (23,960,000) | 0 | (40,529,000) | 0 | |
Ending balance | $ 37,457,000 | $ 0 | $ 37,457,000 | $ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Reimbursements (Detail) - USD ($) $ in Thousands, shares in Millions | May 09, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Related Party Transaction [Line Items] | |||||
Operating and maintenance expenses—affiliates, net | $ 2,219 | $ 2,402 | $ 4,774 | $ 5,886 | |
General and administrative—affiliates | 852 | 866 | $ 1,976 | 1,803 | |
Cline Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Rate of interest in the partnerships general partner | 31.00% | 31.00% | |||
Related Party Transaction Number Of Units Hold By Related Party In Partnerships General Partner | 0.5 | ||||
Operating and maintenance expenses—affiliates, net | 117 | 201 | $ 452 | 581 | |
Affiliated Entity | Western Pocahontas Properties and Quintana Minerals Corporation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating and maintenance expenses—affiliates, net | $ 1,799 | $ 2,099 | $ 3,965 | $ 4,611 | |
Great Northern Properties Limited Partnership [Member] | |||||
Related Party Transaction [Line Items] | |||||
Rate of interest in the partnerships general partner | 9.83% | ||||
Western Pocahontas Properties Limited Partnership | |||||
Related Party Transaction [Line Items] | |||||
Rate of interest in the partnerships general partner | 90.17% | ||||
GP Natural Resource Partners LLC (the general partner of NRP GP) [Member] | |||||
Related Party Transaction [Line Items] | |||||
Rate of interest in the partnerships general partner | 0.001% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | May 09, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||||||
Operating Expenses | $ 44,527 | $ 47,505 | $ 96,182 | $ 94,341 | ||
Accounts receivable, net | 53,997 | 53,997 | $ 43,202 | |||
Amount payable to related parties | 942 | 942 | 940 | |||
Operating and maintenance expenses—affiliates, net | 2,219 | 2,402 | 4,774 | 5,886 | ||
Revenues and other income | 91,570 | 119,317 | 180,223 | 193,219 | ||
Operating and maintenance expenses | 31,020 | 29,797 | 60,648 | 56,582 | ||
Accounts receivable—affiliates | 292 | 292 | 6,658 | |||
Intangible assets, net | 51,226 | 51,226 | 3,236 | |||
Intangible assets, net—affiliate | 0 | 0 | 49,811 | |||
Long-term contracts receivable | 41,638 | 41,638 | 0 | |||
Due from Affiliate, Noncurrent | 0 | 0 | 43,785 | |||
Deferred revenue | 110,885 | 110,885 | 44,931 | |||
Deferred revenue—affiliates | 0 | 0 | 71,632 | |||
Quintana Minerals | ||||||
Related Party Transaction [Line Items] | ||||||
Amount payable to related parties | 400 | 400 | 400 | |||
Operating and maintenance expenses—affiliates, net | 0 | 500 | 0 | 700 | ||
Western Pocahontas Properties | ||||||
Related Party Transaction [Line Items] | ||||||
Amount payable to related parties | 500 | 500 | 600 | |||
Cline Affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Operating and maintenance expenses—affiliates, net | 117 | 201 | $ 452 | 581 | ||
Rate of interest in the partnerships general partner | 31.00% | 31.00% | ||||
Related Party Transaction Number Of Units Hold By Related Party In Partnerships General Partner | 0.5 | |||||
Cline Affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts receivable, net | 7,349 | $ 7,349 | 0 | |||
Accounts receivable—affiliates | 0 | 0 | 6,496 | |||
Deferred revenue | 63,997 | 63,997 | 0 | |||
Deferred revenue—affiliates | 0 | 0 | 71,632 | |||
Foresight Energy Lp | ||||||
Related Party Transaction [Line Items] | ||||||
Operating Expenses | 285 | 0 | 285 | 0 | ||
Operating and maintenance expenses | 402 | 201 | 737 | 581 | ||
Foresight Energy Lp | Coal Sales | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues and other income | 16,214 | 16,935 | 32,005 | 27,013 | ||
Coal royalty and other—affiliates | 11,425 | 16,935 | 27,216 | 27,013 | ||
Revenues | 4,789 | 0 | 4,789 | 0 | ||
Sugar Camp | ||||||
Related Party Transaction [Line Items] | ||||||
Unearned income | 30,069 | 30,069 | 31,803 | |||
Net amount receivable | 73,958 | 73,958 | 76,424 | |||
Long-term contracts receivable | 41,638 | 41,638 | 0 | |||
Due from Affiliate, Noncurrent | 0 | 0 | 43,785 | |||
Corsa | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts receivable—affiliates | 300 | 300 | 200 | |||
Royalty Revenue from Coal | 400 | 600 | 700 | 1,100 | ||
Western Pocahontas Properties Limited Partnership | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Operating and maintenance expenses—affiliates, net | 300 | 100 | 400 | 700 | ||
Other assets—affiliate | 1,300 | 1,300 | 1,000 | |||
Quinwood Coal Company [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Deferred Revenue, Revenue Recognized | 900 | 900 | ||||
Discontinued Operations, Held-for-sale | Quintana Minerals | ||||||
Related Party Transaction [Line Items] | ||||||
Amount payable to related parties | 0 | 0 | $ 100 | |||
Foresight Energy Lp | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues | $ 16,255 | $ 16,935 | $ 32,046 | $ 27,013 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 36 Months Ended | |||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | Jul. 31, 2013 | Jan. 31, 2013 | |
Lawsuit Against Macoupin Energy, LLC | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Damages sought, value | $ 8.4 | |||||||
Anadarko Holding Company | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 50 | |||||||
Ciner Wyoming | Anadarko Holding Company | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Equity Investment Contingent Consideration Paid | $ 7.2 | $ 3.8 | $ 0.5 | $ 11.5 | ||||
Ciner Wyoming | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Percentage of partnership interest owned (percent) | 49.00% | 49.00% | 49.00% | 48.51% | ||||
Pending Litigation [Member] | Lawsuit Against Hillsboro Energy LLC | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Minimum quarterly deficiency payments | $ 7.5 | |||||||
Minimum deficiency payments | 30 | |||||||
Loss contingency | 61 | |||||||
Pending Litigation [Member] | Minimum | Anadarko Holding Company | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Minimum deficiency payments | 0 | |||||||
Pending Litigation [Member] | Maximum | Anadarko Holding Company | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Minimum deficiency payments | $ 40 |
Major Customers (Detail)
Major Customers (Detail) - Foresight Energy Lp - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Concentration Risk [Line Items] | ||||
Revenues | $ 16,255 | $ 16,935 | $ 32,046 | $ 27,013 |
Sales Revenue | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 17.10% | 14.30% | 17.50% | 12.60% |
Unit-Based Compensation Additio
Unit-Based Compensation Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of Grants (in years) | 4 years | ||||
Incentive Fee Expense | $ 0.2 | $ (0.2) | $ (0.2) | $ (0.2) | |
Unaccrued Cost Associated With Outstanding Grants And Related Distribution Equivalent Rights | $ 0.4 | 0.4 | $ 0.8 | ||
General Partner | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payments of Stock Issuance Costs | $ 1.8 | $ 1.5 | |||
Phantom Share Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of trading days (in days) | 20 days |
Unit-Based Compensation Summary
Unit-Based Compensation Summary of Activity in Outstanding Grants (Details) | 6 Months Ended |
Jun. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding grants at beginning of period (in shares) | 86,000 |
Grants vested and paid during the period (in shares) | (28,000) |
Forfeitures during the period (in shares) | (4,000) |
Outstanding grants at the end of the period (in shares) | 54,000 |
Cash Distributions (Details)
Cash Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | May 30, 2017 | May 12, 2017 | Feb. 14, 2017 | May 13, 2016 | Feb. 12, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Common unitholders and general partner | |||||||
Distribution per common unit (in dollars per share) | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | |||
Total distributions paid | $ 5,619 | $ 5,615 | $ 5,616 | $ 5,616 | $ 11,234 | ||
Common unitholders | |||||||
Distributions to limited partners | 5,506 | 5,503 | 5,503 | 5,503 | |||
Preferred Partner | |||||||
Distributions to limited partners | $ (1,250) | 1,250 | $ 0 | ||||
Distribution per common unit (in dollars per share) | $ 5 | ||||||
Total distributions paid | 2,500 | ||||||
General Partner | |||||||
Distributions to limited partners | $ 11,234 | $ 11,232 | |||||
Distributions paid to general partners | $ 113 | $ 112 | $ 113 | $ 113 |
Deferred Revenue and Deferred68
Deferred Revenue and Deferred Revenue - Affiliate Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Deferred Revenue Arrangement [Line Items] | |||||
Deferred revenue | $ 110,885 | $ 110,885 | $ 44,931 | ||
Deferred revenue—affiliates | 0 | 0 | 71,632 | ||
Deferred Revenue, Including Related Party | 110,885 | 110,885 | $ 116,563 | ||
Coal Royalty and Other | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Deferred Revenue, Revenue Recognized | 2,070 | $ (38,740) | 1,312 | $ (44,835) | |
Deferred Revenue, Revenue Recognized, Including Related Party | 7,547 | 43,527 | 11,814 | 50,492 | |
Coal Royalty and Other | Affiliated Entity | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Deferred Revenue, Revenue Recognized | (9,617) | (4,787) | (13,126) | (5,657) | |
Leasing Arrangement [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Deferred Revenue, Revenue Recognized | $ (1,000) | (35,000) | $ (1,300) | $ (36,900) | |
Central Appalachia Coal Royalty Lease Termination [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Deferred Revenue, Revenue Recognized | (26,200) | ||||
Lease Modifications of Existing Coal Royalty Leases [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Deferred Revenue, Revenue Recognized | $ (9,000) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jul. 27, 2017 | May 09, 2017 | Apr. 03, 2017 | Jun. 30, 2017 | Mar. 02, 2017 |
Subsequent Event [Line Items] | |||||
Preferred Stock, Shares Issued | 1,250 | ||||
Senior Notes due 2018 | Senior Notes | |||||
Subsequent Event [Line Items] | |||||
Debt redeemed | $ 90 | ||||
Redemption price (as a percent) | 104.563% | ||||
Senior Notes, Face Amount | $ 241 | ||||
Senior Notes due 2022 | Senior Notes | |||||
Subsequent Event [Line Items] | |||||
Senior Notes, Face Amount | $ 346 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Distribution paid (in dollar per share) | $ 0.45 | ||||
Dividend rate (as a percent) | 12.00% | ||||
Preferred Stock, Shares Issued | 3,769 | ||||
Cline Affiliates | |||||
Subsequent Event [Line Items] | |||||
Rate of interest in the partnerships general partner | 31.00% | 31.00% | |||
Great Northern Properties Limited Partnership [Member] | |||||
Subsequent Event [Line Items] | |||||
Rate of interest in the partnerships general partner | 9.83% | ||||
Western Pocahontas Properties Limited Partnership | |||||
Subsequent Event [Line Items] | |||||
Rate of interest in the partnerships general partner | 90.17% | ||||
GP Natural Resource Partners LLC (the general partner of NRP GP) [Member] | |||||
Subsequent Event [Line Items] | |||||
Rate of interest in the partnerships general partner | 0.001% |