Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 121,244 | $ 40,371 |
Accounts receivable, net | 48,788 | 43,202 |
Accounts receivable—affiliates | 243 | 6,658 |
Inventory | 7,671 | 6,893 |
Prepaid expenses and other | 7,525 | 7,271 |
Current assets of discontinued operations | 991 | 991 |
Total current assets | 186,462 | 105,386 |
Land | 25,261 | 25,252 |
Plant and equipment, net | 47,584 | 49,443 |
Mineral rights, net | 890,610 | 908,192 |
Intangible assets, net | 50,370 | 3,236 |
Intangible assets, net—affiliate | 0 | 49,811 |
Equity in unconsolidated investment | 245,382 | 255,901 |
Long-term contracts receivable | 41,211 | 0 |
Long-term contracts receivable—affiliate | 0 | 43,785 |
Other assets | 7,741 | 6,625 |
Other assets—affiliate | 892 | 1,018 |
Total assets | 1,495,513 | 1,448,649 |
Current liabilities: | ||
Accounts payable | 5,812 | 6,234 |
Accounts payable—affiliates | 670 | 940 |
Accrued liabilities | 28,659 | 41,587 |
Current portion of long-term debt, net | 174,138 | 140,037 |
Current liabilities of discontinued operations | 458 | 353 |
Total current liabilities | 209,737 | 189,151 |
Deferred revenue | 106,391 | 44,931 |
Deferred revenue—affiliates | 0 | 71,632 |
Long-term debt, net | 762,441 | 990,234 |
Other non-current liabilities | 2,727 | 4,565 |
Total liabilities | 1,081,296 | 1,300,513 |
Commitments and contingencies | 0 | 0 |
Convertible Preferred Units (255,019 units issued and outstanding at $1,000 par value per unit; liquidation preference of $1,500 per unit) | 169,606 | 0 |
Partners’ capital: | ||
Common unitholders’ interest (12,232,006 units issued and outstanding) | 182,760 | 152,309 |
General partner’s interest | 1,508 | 887 |
Warrant holders interest | 66,816 | 0 |
Accumulated other comprehensive loss | (3,079) | (1,666) |
Total partners’ capital | 248,005 | 151,530 |
Non-controlling interest | (3,394) | (3,394) |
Total capital | 244,611 | 148,136 |
Total liabilities and capital | $ 1,495,513 | $ 1,448,649 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 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) | 255,019 | 0 |
Preferred units outstanding (in shares) | 255,019 | 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 | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Revenues and other income: | |||||
Revenues and other income | $ 93,116 | $ 91,448 | $ 273,339 | $ 284,667 | |
Gain (loss) on asset sales, net | 171 | 6,426 | 3,576 | 27,280 | |
Total revenues and other income | 93,287 | 97,874 | 276,915 | 311,947 | |
Operating expenses: | |||||
Operating and maintenance expenses | 32,441 | 31,242 | 93,089 | 87,824 | |
Operating and maintenance expenses—affiliates, net | 2,154 | 4,062 | 6,928 | 9,948 | |
Depreciation, depletion and amortization | 8,306 | 11,929 | 26,195 | 32,181 | |
Amortization expense—affiliate | 0 | 902 | 1,008 | 2,328 | |
General and administrative | 2,648 | 4,268 | 10,757 | 10,676 | |
General and administrative—affiliates | 1,207 | 867 | 3,183 | 2,670 | |
Asset impairments | 0 | 5,697 | 1,778 | 7,681 | |
Total operating expenses | 46,756 | 58,967 | 142,938 | 153,308 | |
Income from operations | 46,531 | 38,907 | 133,977 | 158,639 | |
Other income (expense) | |||||
Interest expense | (20,080) | (22,491) | (63,598) | (66,742) | |
Interest expense—affiliate | 0 | 0 | 0 | (523) | |
Debt modification expense | 0 | 0 | (7,939) | 0 | |
Loss on extinguishment of debt | 0 | 0 | (4,107) | 0 | |
Interest income | 48 | 3 | 134 | 29 | |
Other expense, net | (20,032) | (22,488) | (75,510) | (67,236) | |
Net income from continuing operations | 26,499 | 16,419 | 58,467 | 91,403 | |
Income (Loss) from discontinued operations | (433) | 7,112 | (507) | 2,001 | |
Net income | 26,066 | 23,531 | 57,960 | [1] | 93,404 |
Income attributable to preferred unitholders | (7,650) | 0 | (17,688) | 0 | |
Net income attributable to common unitholders and general partner | $ 18,416 | $ 23,531 | $ 40,272 | $ 93,404 | |
Income from continuing operations per common unit | |||||
Basic (in shares) | $ 1.51 | $ 1.32 | $ 3.27 | $ 7.34 | |
Diluted (in shares) | 1.08 | 1.32 | 2.67 | 7.34 | |
Basic (in shares) | 1.48 | 1.89 | 3.23 | 7.50 | |
Diluted (in shares) | $ 1.07 | $ 1.89 | $ 2.65 | $ 7.50 | |
Add: comprehensive income (loss) from unconsolidated investment and other | $ (268) | $ (609) | $ (1,413) | $ (692) | |
Comprehensive income | 25,798 | 22,922 | 56,547 | 92,712 | |
Coal Royalty and Other | |||||
Revenues and other income: | |||||
Revenues and other income | 49,078 | 27,504 | 120,986 | 116,336 | |
Coal royalty and other—affiliates | 335 | 21,434 | 29,191 | 49,508 | |
Construction Aggregates | |||||
Revenues and other income: | |||||
Revenues and other income | 34,710 | 31,757 | 95,486 | 88,081 | |
Soda Ash | |||||
Revenues and other income: | |||||
Revenues and other income | $ 8,993 | $ 10,753 | $ 27,676 | $ 30,742 | |
[1] | Net income includes $17.7 million attributable to Preferred Unitholders that accumulated during the period. |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) shares in Thousands, $ in Thousands | Total | General Partner | Common Unitholders | Warrant Holders | 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 | 5,904 | |||||||||||||||
Balance, end of period at Mar. 31, 2017 | 214,179 | |||||||||||||||
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 | 31,894 | |||||||||||||||
Balance, end of period at Jun. 30, 2017 | 231,967 | |||||||||||||||
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] | 57,960 | 1,159 | $ 56,801 | 57,960 | |||||||||||
Distributions to unitholders | $ (16,513) | $ (337) | $ (16,850) | $ (16,850) | $ (10,038) | $ 201 | $ 9,837 | $ (10,038) | ||||||||
Issuance of Warrants | 66,816 | $ 66,816 | 66,816 | |||||||||||||
Comprehensive income from unconsolidated investment and other | (1,413) | (1,413) | (1,413) | |||||||||||||
Balance, end of period (in shares) at Sep. 30, 2017 | 12,232 | |||||||||||||||
Balance, end of period at Sep. 30, 2017 | 244,611 | 1,508 | $ 182,760 | 66,816 | (3,079) | 248,005 | (3,394) | |||||||||
Balance, beginning of period at Mar. 31, 2017 | 214,179 | |||||||||||||||
Net Income | 25,990 | |||||||||||||||
Balance, end of period at Jun. 30, 2017 | 231,967 | |||||||||||||||
Net Income | 26,066 | |||||||||||||||
Comprehensive income from unconsolidated investment and other | (268) | |||||||||||||||
Balance, end of period (in shares) at Sep. 30, 2017 | 12,232 | |||||||||||||||
Balance, end of period at Sep. 30, 2017 | 244,611 | $ 1,508 | $ 182,760 | $ 66,816 | $ (3,079) | $ 248,005 | $ (3,394) | |||||||||
Earnings attributable to Preferred Unitholders | $ 17,700 | |||||||||||||||
[1] | Net income includes $17.7 million attributable to Preferred Unitholders that accumulated during the period. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 57,960 | $ 93,404 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ||
Depreciation, depletion and amortization | 26,195 | 32,181 |
Amortization expense—affiliate | 1,008 | 2,328 |
Return on earnings from unconsolidated investment | 31,104 | 34,300 |
Equity earnings from unconsolidated investment | (27,676) | (30,742) |
Gain on asset sales, net | (3,576) | (27,280) |
Debt modification expense | 7,939 | 0 |
Loss on extinguishment of debt | 4,107 | 0 |
Gain (loss) from discontinued operations | 507 | (2,001) |
Asset impairments | 1,778 | 7,681 |
Amortization of debt issuance costs and other | 5,459 | 6,694 |
Other, net—affiliates | 88 | 848 |
Change in operating assets and liabilities: | ||
Accounts receivable | 1,607 | (341) |
Accounts receivable—affiliates | (777) | (712) |
Accounts payable | 730 | 635 |
Accounts payable—affiliates | (270) | 29 |
Accrued liabilities | (12,452) | 7,287 |
Accrued liabilities—affiliates | 0 | (456) |
Deferred revenue | (5) | (40,762) |
Deferred revenue—affiliates | (10,166) | (8,190) |
Other items, net | (2,166) | (356) |
Net cash provided by operating activities of continuing operations | 81,394 | 74,547 |
Net cash provided by (used in) operating activities of discontinued operations | (607) | 8,173 |
Net cash provided by operating activities | 80,787 | 82,720 |
Cash flows from investing activities: | ||
Return of equity from unconsolidated investment | 5,646 | 0 |
Proceeds from sale of assets | 1,419 | 55,364 |
Return of long-term contract receivables | 1,807 | 0 |
Return of long-term contract receivables—affiliate | 804 | 2,577 |
Acquisition of plant and equipment and other | (6,236) | (4,431) |
Net cash provided by investing activities of continuing operations | 3,440 | 53,510 |
Net cash provided by investing activities of discontinued operations | 206 | 106,821 |
Net cash provided by investing activities | 3,646 | 160,331 |
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 | 69,000 | 20,000 |
Repayments of loans | (356,292) | (106,174) |
Proceeds from (contributions to) discontinued operations | (401) | 40,226 |
Debt issue costs and other | (40,187) | (14,072) |
Net cash used in financing activities of continuing operations | (3,961) | (76,869) |
Net cash provided by (used in) financing activities of discontinued operations | 401 | (125,564) |
Net cash used in financing activities | (3,560) | (202,433) |
Net increase (decrease) in cash and cash equivalents | 80,873 | 40,618 |
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 | 121,244 | 92,391 |
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 | 0 |
Cash and cash equivalents at beginning of period | 40,371 | 51,773 |
Cash and cash equivalents at end of period | 121,244 | 92,391 |
Cash paid during the period for interest from continuing operations | 61,857 | 54,749 |
Cash paid during the period for interest from discontinued operations | 0 | 1,906 |
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 | (16,850) | (16,849) |
Preferred Partner | ||
Cash flows from financing activities: | ||
Distributions to common unitholders and general partner | $ (5,019) | $ 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 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. Recently Adopted 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 and early adoption is permitted. The Partnership early adopted this guidance in the third quarter of 2017. Refer to Note 2. Change in Method of Accounting for NRP's Warrants for disclosure of the effects of adoption on its consolidated financial statements. Recently Issued Accounting Standards 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 for its various segments. The Partnership anticipates utilizing the modified retrospective adoption method. 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. |
Change in Method of Accounting
Change in Method of Accounting for NRP's Warrants | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Change in Method of Accounting for NRP's Warrants | Change in Method of Accounting for NRP's Warrants On March 2, 2017, NRP issued 4.0 million warrants (the "Warrants") to purchase common units as described in further detail in Note 3. Convertible Preferred Units and Warrants . As of March 31, 2017 and June 30, 2017, the Warrants were accounted for on the Partnership's consolidated balance sheet as a liability because of a down-round anti-dilution price protection provision that would reduce the Warrant holders' strike price if the Partnership were to sell common units at a price less than the current strike price (subject to certain exceptions). Upon issuance, the Warrants were initially recognized at a fair value of $78.0 million . As a result of the liability classification, the Warrants were remeasured at March 31, 2017 and June 30, 2017, and the change in the estimated fair value of the Warrants resulted in the recognition of $16.6 million other income during the three months ended March 31, 2017 and $24.0 million and $40.5 million other income during the three and six months ended June 30, 2017, respectively. In addition, Warrant transaction costs of $5.7 million were expensed during the three months ended March 31, 2017. As referenced in Note 1. Basis of Presentation , the Partnership adopted the FASB's new accounting standard for financial instruments with down-round features because the accounting more appropriately reflects the economics of the down-round feature and to remove unnecessary income statement volatility resulting from the period end remeasurement associated with changes in value of NRP's unit price. As a result of the adoption of this guidance, the Warrants are now accounted for on the Partnership's consolidated balance sheet as equity because they are indexed to NRP's common units and they meet all other equity classification requirements. As of September 30, 2017, the Warrants and the associated issuance costs have been reclassified and are presented within the Partners' Capital section of the Partnership's Consolidated Balance Sheet at their initial fair value, net of issuance costs. The Partnership will recognize the value of the effect of the down-round feature in the Warrants each time it is triggered. When triggered, the effect of the down-round feature will be treated as a deemed dividend and would reduce the income available to common unitholders for computing basic earnings per unit. The Partnership applied the guidance retrospectively to the Warrants for each prior reporting period presented. As a result, first and second quarter 2017 financial statements have been adjusted to apply the new method retrospectively. The following table (in thousands) shows the effect of the change in method of accounting for the Warrants on the Partnership's originally reported Consolidated Balance Sheet at March 31, 2017: March 31, 2017 As Originally Reported As Adjusted Effect of Change Total assets $ 1,509,250 $ 1,509,250 $ — Total current liabilities $ 305,049 $ 305,049 $ — Deferred revenue 46,008 46,008 — Deferred revenue—affiliates 68,735 68,735 — Long-term debt, net 707,424 707,424 — Warrant liabilities 61,417 — (61,417 ) Other non-current liabilities 3,102 3,102 — Total liabilities 1,191,735 1,130,318 (61,417 ) Convertible Preferred Units 159,292 164,753 5,461 Partners' capital: Common unitholders' interest 163,304 152,661 (10,643 ) General partner's interest 1,111 894 (217 ) Warrant holders interest — 66,816 66,816 Accumulated other comprehensive loss (2,798 ) (2,798 ) — Total partners' capital 161,617 217,573 55,956 Non-controlling interest (3,394 ) (3,394 ) — Total capital 158,223 214,179 55,956 Total liabilities and capital $ 1,509,250 $ 1,509,250 $ — The following table (in thousands) shows the effect of the change in method of accounting for the Warrants on the Partnership's originally reported Consolidated Balance Sheet at June 30, 2017: June 30, 2017 As Originally Reported As Adjusted Effect of Change Total assets $ 1,429,052 $ 1,429,052 $ — Total current liabilities $ 217,411 $ 217,411 $ — Deferred revenue 110,885 110,885 — Long-term debt, net 700,252 700,252 — Warrant liabilities 37,457 — (37,457 ) Other non-current liabilities 2,699 2,699 — Total liabilities 1,068,704 1,031,247 (37,457 ) Convertible Preferred Units 160,377 165,838 5,461 Partners' capital: Common unitholders' interest 204,230 170,106 (34,124 ) General partner's interest 1,946 1,250 (696 ) Warrant holders interest — 66,816 66,816 Accumulated other comprehensive loss (2,811 ) (2,811 ) — Total partners' capital 203,365 235,361 31,996 Non-controlling interest (3,394 ) (3,394 ) — Total capital 199,971 231,967 31,996 Total liabilities and capital $ 1,429,052 $ 1,429,052 $ — The following table (in thousands, except per unit data) shows the effect of the change in method of accounting for the Warrants on the Partnership's originally reported Consolidated Statement of Comprehensive Income for the three months ended March 31, 2017: Three Months Ended March 31, 2017 As Originally Reported As Adjusted Effect of Change Other income (expense) Interest expense $ (23,141 ) $ (23,141 ) $ — Debt modification expense (7,807 ) (7,807 ) — Warrant issuance expense (5,709 ) — 5,709 Fair value adjustments for warrant liabilities 16,569 — (16,569 ) Interest income 17 17 — Other expense, net $ (20,071 ) $ (30,931 ) $ (10,860 ) Net income from continuing operations $ 16,971 $ 6,111 $ (10,860 ) Net income 16,764 5,904 (10,860 ) Net income attributable to common unitholders and general partner 14,264 3,404 (10,860 ) Income from continuing operations per common unit Basic $ 1.17 $ 0.30 $ (0.87 ) Diluted 0.03 0.30 0.27 Net income per common unit Basic $ 1.15 $ 0.28 $ (0.87 ) Diluted 0.02 0.28 0.26 Comprehensive income $ 15,632 $ 4,772 $ (10,860 ) The following table (in thousands, except per unit data) shows the effect of the change in method of accounting for the Warrants on the Partnership's originally reported Consolidated Statement of Comprehensive Income for the three months ended June 30, 2017: Three Months Ended June 30, 2017 As Originally Reported As Adjusted Effect of Change Other income (expense) Interest expense $ (20,377 ) $ (20,377 ) $ — Debt modification expense (132 ) (132 ) — Loss on extinguishment of debt (4,107 ) (4,107 ) — Fair value adjustments for warrant liabilities 23,960 — (23,960 ) Interest income 69 69 — Other expense, net $ (587 ) $ (24,547 ) $ (23,960 ) Net income from continuing operations $ 49,817 $ 25,857 $ (23,960 ) Net income 49,950 25,990 (23,960 ) Net income attributable to common unitholders and general partner 42,412 18,452 (23,960 ) Income from continuing operations per common unit Basic $ 3.38 $ 1.46 $ (1.92 ) Diluted 1.13 1.13 — Net income per common unit Basic $ 3.39 $ 1.47 $ (1.92 ) Diluted 1.13 1.13 — Comprehensive income $ 49,937 $ 25,977 $ (23,960 ) The following table (in thousands, except per unit data) shows the effect of the change in method of accounting for the Warrants on the Partnership's originally reported Consolidated Statement of Comprehensive Income for the six months ended June 30, 2017: Six Months Ended June 30, 2017 As Originally Reported As Adjusted Effect of Change Other income (expense) Interest expense $ (43,518 ) $ (43,518 ) $ — Debt modification expense (7,939 ) (7,939 ) — Loss on extinguishment of debt (4,107 ) (4,107 ) — Warrant issuance expense (5,709 ) — 5,709 Fair value adjustments for warrant liabilities 40,529 — (40,529 ) Interest income 86 86 — Other expense, net $ (20,658 ) $ (55,478 ) $ (34,820 ) Net income from continuing operations $ 66,788 $ 31,968 $ (34,820 ) Net income 66,714 31,894 (34,820 ) Net income attributable to common unitholders and general partner 56,676 21,856 (34,820 ) Income from continuing operations per common unit Basic $ 4.55 $ 1.76 $ (2.79 ) Diluted 1.35 1.64 0.29 Net income per common unit Basic $ 4.54 $ 1.75 $ (2.79 ) Diluted 1.34 1.64 0.30 Comprehensive income $ 65,569 $ 30,749 $ (34,820 ) |
Convertible Preferred Units and
Convertible Preferred Units and Warrants | 9 Months Ended |
Sep. 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 equity. Prior to July 1, 2017, the Warrants were previously classified as a liability because of a "down-round" anti-dilution price protection provision that would reduce the Warrant holders' exercise price if NRP were to sell common units at a price less than the current strike price (subject to certain exceptions). Refer to Note 2. Change in Method of Accounting for NRP's Warrants for further discussion of the reclassification of the Warrants in the Consolidated Balance sheet. Initial Measurement The net transaction price as shown below was allocated to the Preferred Units and Warrants based on their relative fair values at inception date. 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 as follows (in thousands): March 2, 2017 Transaction price, gross $ 250,000 Structuring, origination and other fees to Preferred Purchasers (7,900 ) Transaction costs to other third parties (10,697 ) Transaction price, net $ 231,403 Allocation of net transaction price Preferred Units, net $ 164,587 Warrant holders interest, net 66,816 Transaction price, net $ 231,403 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 Units can first be converted or redeemed. Subsequent adjustment of the Warrants will not occur until the Warrants are exercised, at which time, NRP may, at its option, elect to settle the Warrants in common units or cash, each on a net basis. The net basis will be equal to the difference between the Partnership's common unit price and the strike price of the Warrant. Once Warrant exercise occurs, the difference between the carrying amount of the Warrants and the net settlement amount will be allocated on a pro-rata basis to the common unitholders and general partner. Certain embedded features within the Preferred Unit and Warrant purchase agreement are accounted for at fair value and are remeasured each quarter. See Note 13. Fair Value Measurements for further information regarding valuation of these embedded derivatives. |
Common and Preferred Unit Distr
Common and Preferred Unit Distributions | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Common and Preferred Unit Distributions | Common and Preferred Unit Distributions The Partnership makes cash distributions to common unit holders on a quarterly basis, subject to approval by the Board of Directors. The Partnership also makes distributions to the preferred unitholders 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"), subject to approval by the Board of Directors. NRP recognizes both Common and Preferred Unit distributions on the date the distribution is declared. Common Unit Distributions The following table shows the cash distributions paid to common unitholders and the general partner by the Partnership during the nine months ended September 30, 2017 and 2016 (in thousands except unit unit data): Total Distributions 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 August 14, 2017 April 1 - June 30, 2017 $ 0.45 $ 5,504 $ 112 $ 5,616 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 August 12, 2016 April 1 - June 30, 2016 $ 0.45 $ 5,505 $ 112 $ 5,617 Preferred Unit Distributions The following table shows the cash and paid-in-kind distributions declared and paid to Preferred Unitholders by the Partnership during the nine months ended September 30, 2017 (in thousands except per unit data): Date Paid Period Covered by Distribution Distribution per Preferred Unit Paid-in-Kind Preferred Units Cash Distributions Total Distribution Declared May 30, 2017 March 2 - March 31, 2017 $ 5.00 1,250 $ 1,250 $ 2,500 August 29, 2017 April 1 - June 30, 2017 $ 15.00 3,769 3,769 7,538 5,019 $ 5,019 $ 10,038 The following table shows the financial position of the Preferred Units from initial measurement at March 2, 2017 to September 30, 2017 (in thousands): Balance at December 31, 2016 $ — Issuance of Preferred Units, net 164,587 Distribution paid-in-kind 5,019 Balance at September 30, 2017 $ 169,606 Income available to common unitholders and the general partner is reduced by Preferred Unit distributions that accumulated during the period. During the three and nine months ended September 30, 2017 , NRP reduced net income attributable to common unitholders and the general partner by $7.7 million and $17.7 million , respectively, as a result of accumulated Preferred Unit distributions. |
Net Income Per Common Unit
Net Income Per Common Unit | 9 Months Ended |
Sep. 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 3. 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 nine months ended September 30, 2017 , did not include the net settlement of Warrants to purchase 2.25 million 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 net income per unit 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 (in thousands, except per unit data): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Allocation of net income: Net income from continuing operations $ 26,499 $ 16,419 $ 58,467 $ 91,403 Less: income attributable to preferred unitholders 7,650 — 17,688 — Less: net income from continuing operations and income attributable to preferred unitholders allocated to the general partner 379 264 816 1,632 Net income from continuing operations attributable to common unitholders $ 18,470 $ 16,155 $ 39,963 $ 89,771 Net income (loss) from discontinued operations $ (433 ) $ 7,112 $ (507 ) $ 2,001 Less: net income (loss) from discontinued operations attributable to the general partner (9 ) 142 (10 ) 40 Net income (loss) from discontinued operations attributable to common unitholders $ (424 ) $ 6,970 $ (497 ) $ 1,961 Net income $ 26,066 $ 23,531 $ 57,960 $ 93,404 Less: income attributable to preferred unitholders 7,650 — 17,688 — Less: net income and income attributable to preferred unitholders allocated to the general partner 370 406 806 1,672 Net income attributable to common unitholders $ 18,046 $ 23,125 $ 39,466 $ 91,732 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 $ 1.51 $ 1.32 $ 3.27 $ 7.34 Basic net income (loss) from discontinued operations per common unit (0.03 ) 0.57 (0.04 ) 0.16 Basic net income per common unit $ 1.48 $ 1.89 $ 3.23 $ 7.50 Diluted Income (Loss) per Unit: Weighted average common units—basic 12,232 12,232 12,232 12,232 Plus: dilutive effect of Warrants 225 — 330 — Plus: dilutive effect of Preferred Units 11,523 — 8,909 — Weighted average common units—diluted 23,980 12,232 21,471 12,232 Net income from continuing operations $ 26,499 $ 16,419 $ 58,467 $ 91,403 Less: net income from continuing operations allocated to the general partner 530 264 1,169 1,632 Diluted net income from continuing operations attributable to common unitholders $ 25,969 $ 16,155 $ 57,298 $ 89,771 Diluted net income (loss) from discontinued operations attributable to common unitholders $ (424 ) $ 6,970 $ (497 ) $ 1,961 Net income $ 26,066 $ 23,531 $ 57,960 $ 93,404 Less: net income allocated to the general partner 521 406 1,159 1,672 Diluted net income attributable to common unitholders $ 25,545 $ 23,125 $ 56,801 $ 91,732 Diluted net income from continuing operations per common unit $ 1.08 $ 1.32 $ 2.67 $ 7.34 Diluted net income (loss) from discontinued operations per common unit (0.02 ) 0.57 (0.02 ) 0.16 Diluted net income per common unit $ 1.07 $ 1.89 $ 2.65 $ 7.50 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 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 September 30, 2017 Revenues (including affiliates) $ 49,413 $ 8,993 $ 34,710 $ — $ 93,116 Intersegment revenues (expenses) 78 — (78 ) — — Gain on asset sales 154 — 17 — 171 Operating and maintenance expenses 6,348 — 28,247 — 34,595 General and administrative (including affiliates) — — — 3,855 3,855 Depreciation, depletion and amortization 5,305 — 3,001 — 8,306 Asset impairment — — — — — Other expense, net — — 59 19,973 20,032 Net income (loss) from continuing operations 37,992 8,993 3,342 (23,828 ) 26,499 Net income from discontinued operations — — — — (433 ) September 30, 2016 Revenues (including affiliates) $ 48,938 $ 10,753 $ 31,757 $ — $ 91,448 Intersegment revenues (expenses) 45 — (45 ) — — Gain on asset sales 6,425 — 1 — 6,426 Operating and maintenance expenses 8,391 — 26,913 — 35,304 General and administrative (including affiliates) — — — 5,135 5,135 Depreciation, depletion and amortization 9,070 — 3,761 — 12,831 Asset impairment 5,697 — — — 5,697 Other expense, net — — — 22,488 22,488 Net income (loss) from continuing operations 32,250 10,753 1,039 (27,623 ) 16,419 Net loss from discontinued operations — — — — 7,112 Operating Segments For the Nine Months Ended Coal Royalty and Other Soda Ash Construction Aggregates Corporate and Financing Total September 30, 2017 Revenues (including affiliates) $ 150,177 $ 27,676 $ 95,486 $ — $ 273,339 Intersegment revenues (expenses) 208 — (208 ) — — Gain on asset sales 3,367 — 209 — 3,576 Operating and maintenance expenses (including affiliates) 19,151 — 80,866 — 100,017 General and administrative (including affiliates) — — — 13,940 13,940 Depreciation, depletion and amortization (including affiliates) 17,653 — 9,550 — 27,203 Asset impairment 1,778 — — — 1,778 Other expense, net — — 632 74,878 75,510 Net income (loss) from continuing operations 115,170 27,676 4,439 (88,818 ) 58,467 Net loss from discontinued operations — — — — (507 ) September 30, 2016 Revenues (including affiliates) $ 165,844 $ 30,742 $ 88,081 $ — $ 284,667 Intersegment revenues (expenses) 97 — (97 ) — — Gain on asset sales 27,270 — 10 — 27,280 Operating and maintenance expenses 24,232 — 73,540 — 97,772 General and administrative (including affiliates) — — — 13,346 13,346 Depreciation, depletion and amortization (including affiliates) 23,496 — 11,013 — 34,509 Asset impairment 7,681 — — — 7,681 Other expense, net — — — 67,236 67,236 Net income (loss) from continuing operations 137,802 30,742 3,441 (80,582 ) 91,403 Net loss from discontinued operations — — — — 2,001 Total assets at September 30, 2017: Continuing operations $ 952,415 $ 245,382 $ 190,818 $ 105,907 $ 1,494,522 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 | 9 Months Ended |
Sep. 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 Nine Months Ended 2017 2016 2017 2016 Revenues and other income: Oil and gas $ 16 $ 41 $ 38 $ 16,476 Gain (loss) on asset sales (346 ) 8,468 (289 ) 8,284 Total revenues and other income $ (330 ) $ 8,509 $ (251 ) $ 24,760 Operating expenses: Operating and maintenance expenses (including affiliates) $ 103 $ 928 $ 256 $ 11,180 Depreciation, depletion and amortization — — — 7,527 Asset impairments — — — 564 Total operating expenses $ 103 $ 928 $ 256 $ 19,271 Interest expense — (469 ) — (3,488 ) Income (loss) from discontinued operations $ (433 ) $ 7,112 $ (507 ) $ 2,001 The following table (in thousands) presents the carrying amounts of the Partnership's assets and liabilities of discontinued operations in the Consolidated Balance Sheets: September 30, December 31, 2017 2016 Current assets: Accounts receivable, net (including affiliates) (1) $ 991 $ 991 Total assets of discontinued operations $ 991 $ 991 Current liabilities: Other (including affiliates) (1) $ 458 $ 353 Total liabilities of discontinued operations $ 458 $ 353 (1) See Note 14. 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: Nine Months Ended 2017 2016 Cash paid for interest $ — $ 1,906 Capital expenditures related to the Partnership's discontinued operations were $3.1 million during the nine months ended September 30, 2016 . |
Equity Investment
Equity Investment | 9 Months Ended |
Sep. 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 $36.8 million and $34.3 million to the Partnership in the nine months ended September 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 $146.7 million and $150.0 million as of September 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 Nine Months Ended 2017 2016 2017 2016 Income allocation to NRP’s equity interests $ 10,171 $ 11,973 $ 30,925 $ 34,357 Amortization of basis difference (1,178 ) (1,220 ) (3,249 ) (3,615 ) Equity in earnings of unconsolidated investment $ 8,993 $ 10,753 $ 27,676 $ 30,742 The results of Ciner Wyoming’s operations are summarized as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Sales $ 122,575 $ 121,003 $ 368,885 $ 352,085 Gross profit 27,872 30,673 80,788 87,656 Net Income 20,758 24,436 63,112 70,118 The financial position of Ciner Wyoming is summarized as follows (in thousands): September 30, December 31, 2017 2016 Current assets $ 168,154 $ 134,616 Non-current assets 227,772 235,427 Current liabilities 48,821 55,396 Non-current liabilities 145,719 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 2016, 2015 and 2014, the Partnership paid contingent consideration of $7.2 million , $3.8 million , and $0.5 million respectively, in contingent consideration to Anadarko for performance criteria met by Ciner Wyoming in 2015, 2014 and 2013, respectively. |
Plant and Equipment
Plant and Equipment | 9 Months Ended |
Sep. 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): September 30, December 31, 2017 2016 Plant and equipment at cost $ 83,808 $ 79,171 Construction in process 640 557 Less accumulated depreciation (36,864 ) (30,285 ) Total plant and equipment, net $ 47,584 $ 49,443 Depreciation expense related to the Partnership's plant and equipment totaled $2.4 million and $3.1 million for the three months ended September 30, 2017 and 2016, respectively. Depreciation expense related to the Partnership's plant and equipment totaled $7.8 million and $9.5 million for the nine months ended September 30, 2017 and 2016 , respectively. |
Mineral Rights
Mineral Rights | 9 Months Ended |
Sep. 30, 2017 | |
Extractive Industries [Abstract] | |
Mineral Rights | Mineral Rights The Partnership’s mineral rights consist of the following (in thousands): September 30, 2017 Carrying Value Accumulated Depletion Net Book Value Coal properties $ 1,170,700 $ (432,701 ) $ 737,999 Aggregates properties 151,236 (15,797 ) 135,439 Oil and gas royalty properties 12,395 (6,941 ) 5,454 Other 13,168 (1,450 ) 11,718 Total $ 1,347,499 $ (456,889 ) $ 890,610 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 $8.6 million for the three months ended September 30, 2017 and 2016 , respectively. Depletion expense related to the Partnership’s mineral rights totaled $16.7 million and $21.9 million for the nine months ended September 30, 2017 and 2016 , respectively. 2016 Sale of Royalty Properties The Partnership completed the sale of the following assets during the nine months ended September 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 $18.6 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 $1.5 million gain from this sale included in Gain on asset sales, net on its Consolidated Statement of Comprehensive Income. In addition to the two asset sales described above, during the nine months ended September 30, 2016, the Partnership sold mineral reserves in multiple sale transactions for cumulative $9.8 million of gross sales proceeds and recorded $6.8 million of cumulative gain from these sale transactions that are included in Gain on asset sales, net on its Consolidated Statement of Comprehensive Income. The substantial majority of these amounts relate to eminent domain transactions with governmental agencies. |
Intangible Assets (Including Af
Intangible Assets (Including Affiliate) | 9 Months Ended |
Sep. 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. As of May 9, 2017, Foresight Energy is no longer deemed a related party. Refer to Note 14. Related Party Transactions for additional details. 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): September 30, December 31, 2017 2016 Intangible assets (including affiliate) $ 86,336 $ 86,336 Less: accumulated amortization (including affiliate) (35,966 ) (33,289 ) Total intangible assets, net (including affiliate) $ 50,370 $ 53,047 Amortization expense related to the Partnership's intangible assets—affiliate totaled $0.9 million for the three months ended September 30, 2016 . Amortization expense related to the Partnership's intangible assets—affiliate totaled $1.0 million and $2.3 million for the nine months ended September 30, 2017 and 2016 , respectively. Amortization expense related to the Partnership's intangible assets totaled $0.9 million and $0.2 million for the three months ended September 30, 2017 and 2016 , respectively. Amortization expense related to the Partnership's intangible assets totaled $1.7 million and $0.7 million for the nine months ended September 30, 2017 and 2016 , respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Partnership's debt consisted of the following (in thousands): September 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 69,000 210,000 Senior notes 4.91% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2018 4,586 9,187 8.38% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2019 42,669 64,029 5.05% with semi-annual interest payments in January and July, with annual principal payments in July, due July 2020 22,945 30,633 5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023 16,115 18,825 4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023 52,142 52,204 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 104,520 119,524 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 31,733 36,272 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 133,941 134,035 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 38,218 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 $ 955,869 $ 1,138,932 Net unamortized debt discount (1,759 ) (1,322 ) Net unamortized debt issuance costs (17,531 ) (7,339 ) Total debt, net $ 936,579 $ 1,130,271 Less: current portion of long-term debt 174,138 140,037 Total long-term debt, net $ 762,441 $ 990,234 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 redeemed the remaining outstanding 2018 Senior Notes at par (and paid accrued and unpaid interest thereon) within 60 days after October 1, 2017. NRP made this redemption on October 2, 2017 using a combination of cash on hand and borrowings from its Opco Credit Facility. Refer to Note 18. Subsequent Events for further discussion. 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 September 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 of September 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. 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 September 30, 2017 and 2016 were 5.49% and 4.87% , respectively. The weighted average interest rates for the borrowings outstanding under the Opco Credit Facility for nine months ended September 30, 2017 and 2016 were 5.22% and 4.24% , respectively. Debt issue cost related to the OpCo credit facility are $6.1 million at September 30, 2017 and have been capitalized and included in other assets on our consolidated balance sheet. 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 September 30, 2017 , Opco had $69 million of 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 $653.5 million and $673.0 million classified as Land, Plant and equipment and Mineral rights on the Partnership’s Consolidated Balance Sheet as of September 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 September 30, 2017 and December 31, 2016 , the Opco Senior Notes had cumulative principal balances of $446.9 million and $503.0 million , respectively. Opco made mandatory principal payments of $56.1 million and $56.0 million during the nine months ended September 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 September 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 | 9 Months Ended |
Sep. 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: September 30, 2017 December 31, 2016 Carrying Value Estimated Carrying Estimated Debt: NRP 2018 Senior Notes (1) $ 94,362 $ 95,070 $ 420,097 $ 412,250 NRP 2022 Senior Notes (1) 329,732 366,376 — — Opco Senior Notes and utility local improvement obligation (2) 443,485 473,683 500,174 488,814 Opco Revolving Credit Facility (3) 69,000 69,000 210,000 210,000 Assets: Contracts receivable, current and long-term (2) $ 44,217 $ 30,807 $ 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 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 September 30, 2017 . |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 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 Nine Months Ended 2017 2016 2017 2016 Coal royalty and other revenue $ 18,781 $ — $ 23,611 $ — Coal royalty and other—affiliates revenue — 20,635 27,216 47,648 Total $ 18,781 $ 20,635 $ 50,827 $ 47,648 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 Nine Months Ended 2017 2016 2017 2016 Operating and maintenance expense $ 415 $ — $ 700 $ — Operating and maintenance expense—affiliates, net — 392 452 973 Total $ 415 $ 392 $ 1,152 $ 973 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 other transactions with subsidiaries of Foresight Energy reflected on NRP's Consolidated Balance Sheets: September 30, December 31, 2017 2016 Sugar Camp rail load out direct financing lease amounts Projected remaining payments $ 72,531 $ 76,424 Unearned income 29,213 31,803 ASSETS Accounts receivable $ 6,828 $ — Accounts receivable—affiliates, net — 6,496 Long-term contracts receivable 41,211 — Long-term contracts receivable—affiliate — 43,785 LIABILITIES Deferred revenue $ 59,009 $ — 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 $0.5 million and $0.4 million , including less than $0.1 million and less than $0.1 million related to discontinued operations at September 30, 2017 and December 31, 2016 , respectively, for services provided by QMC to the Partnership. The Partnership had Accounts payable—affiliates to WPPLP of $0.2 million and $0.6 million at September 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 Nine Months Ended 2017 2016 2017 2016 Operating and maintenance expenses—affiliates, net $ 2,154 $ 1,980 $ 6,477 $ 6,591 General and administrative—affiliates 1,207 867 3,183 2,670 Included in loss from discontinued operations are $0.0 million and $0.4 million of operating and maintenance expenses charged by QMC for the three months ended September 30, 2017 and 2016, respectively. Included in loss from discontinued operations are less than $0.1 million and $1.2 million of operating and maintenance expenses charged by QMC for the nine months ended September 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 September 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 $0.3 million and $0.8 million for the three months ended September 30, 2017 and 2016 , respectively. Coal related revenues from Corsa totaled $1.0 million and $1.9 million for the nine months ended September 30, 2017 and 2016 , respectively. The Partnership had Accounts receivable—affiliates totaling $0.2 million and $0.2 million from Corsa at September 30, 2017 and December 31, 2016, respectively. WPPLP Production Royalty and Overriding Royalty During the three months ended September 30, 2017 and 2016, the Partnership recorded $0.4 million and $0.0 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 $0.7 million and $0.7 million during the nine months ended September 30, 2017 and 2016, respectively. The Partnership had Other assets—affiliate from WPPLP of $0.9 million and $1.0 million at September 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 Partners LP ("Quinwood"), an entity controlled 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 the subsidiary of Alpha as Coal royalty and other—affiliates revenue during the nine months ended September 30, 2017 , respectively. There were no deferred minimum payments received in prior periods from the subsidiary of Alpha recognized as Coal royalty and other—affiliates revenue during the three months ended September 30, 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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 three quarters of 2017 has resulted in a cumulative $68.5 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 $8.5 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 | 9 Months Ended |
Sep. 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 September 30, Nine months ended September 30, 2017 2016 2017 2016 Revenues Percent Revenues Percent Revenues Percent Revenues Percent Foresight Energy (1) $ 18,781 20.1 % $ 20,635 21.1 % $ 50,827 18.4 % $ 47,648 15.3 % (1) Revenues from Foresight Energy are included within the Partnership's Coal Royalty and Other segment. |
Deferred Revenue and Deferred R
Deferred Revenue and Deferred Revenue - Affiliate | 9 Months Ended |
Sep. 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): September 30, 2017 December 31, 2016 Deferred revenue $ 106,391 $ 44,931 Deferred revenue—affiliate — 71,632 Total deferred revenue (including affiliate) $ 106,391 $ 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 Nine Months Ended 2017 2016 2017 2016 Coal royalty and other $ 9,717 $ 3,662 $ 8,406 $ 48,705 Coal royalty and other—affiliates — 6,093 14,055 11,750 Total coal royalty and other (including affiliates) $ 9,717 $ 9,755 $ 22,461 $ 60,455 Lease Modifications, Termination and Forfeitures of Minimum Royalty Balances During the nine months ended September 30, 2017 and 2016, the Partnership entered into agreements with certain lessees to either modify or terminate existing coal related leases that resulted in the Partnership recognizing $3.4 million and $40.4 million of deferred revenue as revenue, respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The following represents material events that have occurred subsequent to September 30, 2017 through the time of the Partnership’s filing of its Quarterly Report on Form 10-Q with the SEC: Distributions Declared On October 26, 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 November 14, 2017 to common unitholders of record on November 7, 2017. In addition, the Board declared a distribution on NRP's 12.0% Class A Convertible Preferred Units with respect to the third quarter. One-half of the distribution on the Preferred Units will be paid in $3.8 million of cash and the other half will be paid-in-kind through the issuance of 3,825 additional Preferred Units. Redemption of 2018 Senior Notes On October 2, 2017, the Partnership redeemed in full the $94.4 million remaining principal amount of the 2018 Notes at a redemption price of 100.000% and paid all accrued and unpaid interest thereon. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 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. |
Recently Issued Accounting Standards | Recently Adopted 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 and early adoption is permitted. The Partnership early adopted this guidance in the third quarter of 2017. Refer to Note 2. Change in Method of Accounting for NRP's Warrants for disclosure of the effects of adoption on its consolidated financial statements. Recently Issued Accounting Standards 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 for its various segments. The Partnership anticipates utilizing the modified retrospective adoption method. 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. |
Change in Method of Accountin26
Change in Method of Accounting for NRP's Warrants (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Effect of Change in Method of Accounting for Warrants | The Partnership applied the guidance retrospectively to the Warrants for each prior reporting period presented. As a result, first and second quarter 2017 financial statements have been adjusted to apply the new method retrospectively. The following table (in thousands) shows the effect of the change in method of accounting for the Warrants on the Partnership's originally reported Consolidated Balance Sheet at March 31, 2017: March 31, 2017 As Originally Reported As Adjusted Effect of Change Total assets $ 1,509,250 $ 1,509,250 $ — Total current liabilities $ 305,049 $ 305,049 $ — Deferred revenue 46,008 46,008 — Deferred revenue—affiliates 68,735 68,735 — Long-term debt, net 707,424 707,424 — Warrant liabilities 61,417 — (61,417 ) Other non-current liabilities 3,102 3,102 — Total liabilities 1,191,735 1,130,318 (61,417 ) Convertible Preferred Units 159,292 164,753 5,461 Partners' capital: Common unitholders' interest 163,304 152,661 (10,643 ) General partner's interest 1,111 894 (217 ) Warrant holders interest — 66,816 66,816 Accumulated other comprehensive loss (2,798 ) (2,798 ) — Total partners' capital 161,617 217,573 55,956 Non-controlling interest (3,394 ) (3,394 ) — Total capital 158,223 214,179 55,956 Total liabilities and capital $ 1,509,250 $ 1,509,250 $ — The following table (in thousands) shows the effect of the change in method of accounting for the Warrants on the Partnership's originally reported Consolidated Balance Sheet at June 30, 2017: June 30, 2017 As Originally Reported As Adjusted Effect of Change Total assets $ 1,429,052 $ 1,429,052 $ — Total current liabilities $ 217,411 $ 217,411 $ — Deferred revenue 110,885 110,885 — Long-term debt, net 700,252 700,252 — Warrant liabilities 37,457 — (37,457 ) Other non-current liabilities 2,699 2,699 — Total liabilities 1,068,704 1,031,247 (37,457 ) Convertible Preferred Units 160,377 165,838 5,461 Partners' capital: Common unitholders' interest 204,230 170,106 (34,124 ) General partner's interest 1,946 1,250 (696 ) Warrant holders interest — 66,816 66,816 Accumulated other comprehensive loss (2,811 ) (2,811 ) — Total partners' capital 203,365 235,361 31,996 Non-controlling interest (3,394 ) (3,394 ) — Total capital 199,971 231,967 31,996 Total liabilities and capital $ 1,429,052 $ 1,429,052 $ — The following table (in thousands, except per unit data) shows the effect of the change in method of accounting for the Warrants on the Partnership's originally reported Consolidated Statement of Comprehensive Income for the three months ended March 31, 2017: Three Months Ended March 31, 2017 As Originally Reported As Adjusted Effect of Change Other income (expense) Interest expense $ (23,141 ) $ (23,141 ) $ — Debt modification expense (7,807 ) (7,807 ) — Warrant issuance expense (5,709 ) — 5,709 Fair value adjustments for warrant liabilities 16,569 — (16,569 ) Interest income 17 17 — Other expense, net $ (20,071 ) $ (30,931 ) $ (10,860 ) Net income from continuing operations $ 16,971 $ 6,111 $ (10,860 ) Net income 16,764 5,904 (10,860 ) Net income attributable to common unitholders and general partner 14,264 3,404 (10,860 ) Income from continuing operations per common unit Basic $ 1.17 $ 0.30 $ (0.87 ) Diluted 0.03 0.30 0.27 Net income per common unit Basic $ 1.15 $ 0.28 $ (0.87 ) Diluted 0.02 0.28 0.26 Comprehensive income $ 15,632 $ 4,772 $ (10,860 ) The following table (in thousands, except per unit data) shows the effect of the change in method of accounting for the Warrants on the Partnership's originally reported Consolidated Statement of Comprehensive Income for the three months ended March 31, 2017: Three Months Ended March 31, 2017 As Originally Reported As Adjusted Effect of Change Other income (expense) Interest expense $ (23,141 ) $ (23,141 ) $ — Debt modification expense (7,807 ) (7,807 ) — Warrant issuance expense (5,709 ) — 5,709 Fair value adjustments for warrant liabilities 16,569 — (16,569 ) Interest income 17 17 — Other expense, net $ (20,071 ) $ (30,931 ) $ (10,860 ) Net income from continuing operations $ 16,971 $ 6,111 $ (10,860 ) Net income 16,764 5,904 (10,860 ) Net income attributable to common unitholders and general partner 14,264 3,404 (10,860 ) Income from continuing operations per common unit Basic $ 1.17 $ 0.30 $ (0.87 ) Diluted 0.03 0.30 0.27 Net income per common unit Basic $ 1.15 $ 0.28 $ (0.87 ) Diluted 0.02 0.28 0.26 Comprehensive income $ 15,632 $ 4,772 $ (10,860 ) The following table (in thousands, except per unit data) shows the effect of the change in method of accounting for the Warrants on the Partnership's originally reported Consolidated Statement of Comprehensive Income for the three months ended June 30, 2017: Three Months Ended June 30, 2017 As Originally Reported As Adjusted Effect of Change Other income (expense) Interest expense $ (20,377 ) $ (20,377 ) $ — Debt modification expense (132 ) (132 ) — Loss on extinguishment of debt (4,107 ) (4,107 ) — Fair value adjustments for warrant liabilities 23,960 — (23,960 ) Interest income 69 69 — Other expense, net $ (587 ) $ (24,547 ) $ (23,960 ) Net income from continuing operations $ 49,817 $ 25,857 $ (23,960 ) Net income 49,950 25,990 (23,960 ) Net income attributable to common unitholders and general partner 42,412 18,452 (23,960 ) Income from continuing operations per common unit Basic $ 3.38 $ 1.46 $ (1.92 ) Diluted 1.13 1.13 — Net income per common unit Basic $ 3.39 $ 1.47 $ (1.92 ) Diluted 1.13 1.13 — Comprehensive income $ 49,937 $ 25,977 $ (23,960 ) The following table (in thousands, except per unit data) shows the effect of the change in method of accounting for the Warrants on the Partnership's originally reported Consolidated Statement of Comprehensive Income for the six months ended June 30, 2017: Six Months Ended June 30, 2017 As Originally Reported As Adjusted Effect of Change Other income (expense) Interest expense $ (43,518 ) $ (43,518 ) $ — Debt modification expense (7,939 ) (7,939 ) — Loss on extinguishment of debt (4,107 ) (4,107 ) — Warrant issuance expense (5,709 ) — 5,709 Fair value adjustments for warrant liabilities 40,529 — (40,529 ) Interest income 86 86 — Other expense, net $ (20,658 ) $ (55,478 ) $ (34,820 ) Net income from continuing operations $ 66,788 $ 31,968 $ (34,820 ) Net income 66,714 31,894 (34,820 ) Net income attributable to common unitholders and general partner 56,676 21,856 (34,820 ) Income from continuing operations per common unit Basic $ 4.55 $ 1.76 $ (2.79 ) Diluted 1.35 1.64 0.29 Net income per common unit Basic $ 4.54 $ 1.75 $ (2.79 ) Diluted 1.34 1.64 0.30 Comprehensive income $ 65,569 $ 30,749 $ (34,820 ) |
Convertible Preferred Units a27
Convertible Preferred Units and Warrants (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Preferred Units and Warrants Issued | The Preferred Units and Warrants were initially recognized as follows (in thousands): March 2, 2017 Transaction price, gross $ 250,000 Structuring, origination and other fees to Preferred Purchasers (7,900 ) Transaction costs to other third parties (10,697 ) Transaction price, net $ 231,403 Allocation of net transaction price Preferred Units, net $ 164,587 Warrant holders interest, net 66,816 Transaction price, net $ 231,403 |
Common and Preferred Unit Dis28
Common and Preferred Unit Distributions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Distributions Paid | The following table shows the cash distributions paid to common unitholders and the general partner by the Partnership during the nine months ended September 30, 2017 and 2016 (in thousands except unit unit data): Total Distributions 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 August 14, 2017 April 1 - June 30, 2017 $ 0.45 $ 5,504 $ 112 $ 5,616 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 August 12, 2016 April 1 - June 30, 2016 $ 0.45 $ 5,505 $ 112 $ 5,617 Preferred Unit Distributions The following table shows the cash and paid-in-kind distributions declared and paid to Preferred Unitholders by the Partnership during the nine months ended September 30, 2017 (in thousands except per unit data): Date Paid Period Covered by Distribution Distribution per Preferred Unit Paid-in-Kind Preferred Units Cash Distributions Total Distribution Declared May 30, 2017 March 2 - March 31, 2017 $ 5.00 1,250 $ 1,250 $ 2,500 August 29, 2017 April 1 - June 30, 2017 $ 15.00 3,769 3,769 7,538 5,019 $ 5,019 $ 10,038 |
Financial Position of Preferred Units | The following table shows the financial position of the Preferred Units from initial measurement at March 2, 2017 to September 30, 2017 (in thousands): Balance at December 31, 2016 $ — Issuance of Preferred Units, net 164,587 Distribution paid-in-kind 5,019 Balance at September 30, 2017 $ 169,606 |
Net Income Per Common Unit (Tab
Net Income Per Common Unit (Tables) | 9 Months Ended |
Sep. 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 (in thousands, except per unit data): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Allocation of net income: Net income from continuing operations $ 26,499 $ 16,419 $ 58,467 $ 91,403 Less: income attributable to preferred unitholders 7,650 — 17,688 — Less: net income from continuing operations and income attributable to preferred unitholders allocated to the general partner 379 264 816 1,632 Net income from continuing operations attributable to common unitholders $ 18,470 $ 16,155 $ 39,963 $ 89,771 Net income (loss) from discontinued operations $ (433 ) $ 7,112 $ (507 ) $ 2,001 Less: net income (loss) from discontinued operations attributable to the general partner (9 ) 142 (10 ) 40 Net income (loss) from discontinued operations attributable to common unitholders $ (424 ) $ 6,970 $ (497 ) $ 1,961 Net income $ 26,066 $ 23,531 $ 57,960 $ 93,404 Less: income attributable to preferred unitholders 7,650 — 17,688 — Less: net income and income attributable to preferred unitholders allocated to the general partner 370 406 806 1,672 Net income attributable to common unitholders $ 18,046 $ 23,125 $ 39,466 $ 91,732 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 $ 1.51 $ 1.32 $ 3.27 $ 7.34 Basic net income (loss) from discontinued operations per common unit (0.03 ) 0.57 (0.04 ) 0.16 Basic net income per common unit $ 1.48 $ 1.89 $ 3.23 $ 7.50 Diluted Income (Loss) per Unit: Weighted average common units—basic 12,232 12,232 12,232 12,232 Plus: dilutive effect of Warrants 225 — 330 — Plus: dilutive effect of Preferred Units 11,523 — 8,909 — Weighted average common units—diluted 23,980 12,232 21,471 12,232 Net income from continuing operations $ 26,499 $ 16,419 $ 58,467 $ 91,403 Less: net income from continuing operations allocated to the general partner 530 264 1,169 1,632 Diluted net income from continuing operations attributable to common unitholders $ 25,969 $ 16,155 $ 57,298 $ 89,771 Diluted net income (loss) from discontinued operations attributable to common unitholders $ (424 ) $ 6,970 $ (497 ) $ 1,961 Net income $ 26,066 $ 23,531 $ 57,960 $ 93,404 Less: net income allocated to the general partner 521 406 1,159 1,672 Diluted net income attributable to common unitholders $ 25,545 $ 23,125 $ 56,801 $ 91,732 Diluted net income from continuing operations per common unit $ 1.08 $ 1.32 $ 2.67 $ 7.34 Diluted net income (loss) from discontinued operations per common unit (0.02 ) 0.57 (0.02 ) 0.16 Diluted net income per common unit $ 1.07 $ 1.89 $ 2.65 $ 7.50 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 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 September 30, 2017 Revenues (including affiliates) $ 49,413 $ 8,993 $ 34,710 $ — $ 93,116 Intersegment revenues (expenses) 78 — (78 ) — — Gain on asset sales 154 — 17 — 171 Operating and maintenance expenses 6,348 — 28,247 — 34,595 General and administrative (including affiliates) — — — 3,855 3,855 Depreciation, depletion and amortization 5,305 — 3,001 — 8,306 Asset impairment — — — — — Other expense, net — — 59 19,973 20,032 Net income (loss) from continuing operations 37,992 8,993 3,342 (23,828 ) 26,499 Net income from discontinued operations — — — — (433 ) September 30, 2016 Revenues (including affiliates) $ 48,938 $ 10,753 $ 31,757 $ — $ 91,448 Intersegment revenues (expenses) 45 — (45 ) — — Gain on asset sales 6,425 — 1 — 6,426 Operating and maintenance expenses 8,391 — 26,913 — 35,304 General and administrative (including affiliates) — — — 5,135 5,135 Depreciation, depletion and amortization 9,070 — 3,761 — 12,831 Asset impairment 5,697 — — — 5,697 Other expense, net — — — 22,488 22,488 Net income (loss) from continuing operations 32,250 10,753 1,039 (27,623 ) 16,419 Net loss from discontinued operations — — — — 7,112 Operating Segments For the Nine Months Ended Coal Royalty and Other Soda Ash Construction Aggregates Corporate and Financing Total September 30, 2017 Revenues (including affiliates) $ 150,177 $ 27,676 $ 95,486 $ — $ 273,339 Intersegment revenues (expenses) 208 — (208 ) — — Gain on asset sales 3,367 — 209 — 3,576 Operating and maintenance expenses (including affiliates) 19,151 — 80,866 — 100,017 General and administrative (including affiliates) — — — 13,940 13,940 Depreciation, depletion and amortization (including affiliates) 17,653 — 9,550 — 27,203 Asset impairment 1,778 — — — 1,778 Other expense, net — — 632 74,878 75,510 Net income (loss) from continuing operations 115,170 27,676 4,439 (88,818 ) 58,467 Net loss from discontinued operations — — — — (507 ) September 30, 2016 Revenues (including affiliates) $ 165,844 $ 30,742 $ 88,081 $ — $ 284,667 Intersegment revenues (expenses) 97 — (97 ) — — Gain on asset sales 27,270 — 10 — 27,280 Operating and maintenance expenses 24,232 — 73,540 — 97,772 General and administrative (including affiliates) — — — 13,346 13,346 Depreciation, depletion and amortization (including affiliates) 23,496 — 11,013 — 34,509 Asset impairment 7,681 — — — 7,681 Other expense, net — — — 67,236 67,236 Net income (loss) from continuing operations 137,802 30,742 3,441 (80,582 ) 91,403 Net loss from discontinued operations — — — — 2,001 Total assets at September 30, 2017: Continuing operations $ 952,415 $ 245,382 $ 190,818 $ 105,907 $ 1,494,522 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) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Financial Results of Discontinued Operations | 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 Nine Months Ended 2017 2016 2017 2016 Revenues and other income: Oil and gas $ 16 $ 41 $ 38 $ 16,476 Gain (loss) on asset sales (346 ) 8,468 (289 ) 8,284 Total revenues and other income $ (330 ) $ 8,509 $ (251 ) $ 24,760 Operating expenses: Operating and maintenance expenses (including affiliates) $ 103 $ 928 $ 256 $ 11,180 Depreciation, depletion and amortization — — — 7,527 Asset impairments — — — 564 Total operating expenses $ 103 $ 928 $ 256 $ 19,271 Interest expense — (469 ) — (3,488 ) Income (loss) from discontinued operations $ (433 ) $ 7,112 $ (507 ) $ 2,001 The following table (in thousands) presents supplemental cash flow information of the Partnership's discontinued operations: Nine Months Ended 2017 2016 Cash paid for interest $ — $ 1,906 The following table (in thousands) presents the carrying amounts of the Partnership's assets and liabilities of discontinued operations in the Consolidated Balance Sheets: September 30, December 31, 2017 2016 Current assets: Accounts receivable, net (including affiliates) (1) $ 991 $ 991 Total assets of discontinued operations $ 991 $ 991 Current liabilities: Other (including affiliates) (1) $ 458 $ 353 Total liabilities of discontinued operations $ 458 $ 353 (1) See Note 14. Related Party Transactions for additional information on the Partnership's related party assets and liabilities. |
Equity Investment (Tables)
Equity Investment (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended 2017 2016 2017 2016 Income allocation to NRP’s equity interests $ 10,171 $ 11,973 $ 30,925 $ 34,357 Amortization of basis difference (1,178 ) (1,220 ) (3,249 ) (3,615 ) Equity in earnings of unconsolidated investment $ 8,993 $ 10,753 $ 27,676 $ 30,742 The results of Ciner Wyoming’s operations are summarized as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Sales $ 122,575 $ 121,003 $ 368,885 $ 352,085 Gross profit 27,872 30,673 80,788 87,656 Net Income 20,758 24,436 63,112 70,118 The financial position of Ciner Wyoming is summarized as follows (in thousands): September 30, December 31, 2017 2016 Current assets $ 168,154 $ 134,616 Non-current assets 227,772 235,427 Current liabilities 48,821 55,396 Non-current liabilities 145,719 98,425 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | The Partnership’s plant and equipment consist of the following (in thousands): September 30, December 31, 2017 2016 Plant and equipment at cost $ 83,808 $ 79,171 Construction in process 640 557 Less accumulated depreciation (36,864 ) (30,285 ) Total plant and equipment, net $ 47,584 $ 49,443 |
Mineral Rights (Tables)
Mineral Rights (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Extractive Industries [Abstract] | |
Mineral Rights | The Partnership’s mineral rights consist of the following (in thousands): September 30, 2017 Carrying Value Accumulated Depletion Net Book Value Coal properties $ 1,170,700 $ (432,701 ) $ 737,999 Aggregates properties 151,236 (15,797 ) 135,439 Oil and gas royalty properties 12,395 (6,941 ) 5,454 Other 13,168 (1,450 ) 11,718 Total $ 1,347,499 $ (456,889 ) $ 890,610 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 35
Intangible Assets (Including Affiliate) (Tables) | 9 Months Ended |
Sep. 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. As of May 9, 2017, Foresight Energy is no longer deemed a related party. Refer to Note 14. Related Party Transactions for additional details. 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): September 30, December 31, 2017 2016 Intangible assets (including affiliate) $ 86,336 $ 86,336 Less: accumulated amortization (including affiliate) (35,966 ) (33,289 ) Total intangible assets, net (including affiliate) $ 50,370 $ 53,047 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | he Partnership's debt consisted of the following (in thousands): September 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 69,000 210,000 Senior notes 4.91% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2018 4,586 9,187 8.38% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2019 42,669 64,029 5.05% with semi-annual interest payments in January and July, with annual principal payments in July, due July 2020 22,945 30,633 5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023 16,115 18,825 4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023 52,142 52,204 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 104,520 119,524 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 31,733 36,272 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 133,941 134,035 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 38,218 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 $ 955,869 $ 1,138,932 Net unamortized debt discount (1,759 ) (1,322 ) Net unamortized debt issuance costs (17,531 ) (7,339 ) Total debt, net $ 936,579 $ 1,130,271 Less: current portion of long-term debt 174,138 140,037 Total long-term debt, net $ 762,441 $ 990,234 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 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: September 30, 2017 December 31, 2016 Carrying Value Estimated Carrying Estimated Debt: NRP 2018 Senior Notes (1) $ 94,362 $ 95,070 $ 420,097 $ 412,250 NRP 2022 Senior Notes (1) 329,732 366,376 — — Opco Senior Notes and utility local improvement obligation (2) 443,485 473,683 500,174 488,814 Opco Revolving Credit Facility (3) 69,000 69,000 210,000 210,000 Assets: Contracts receivable, current and long-term (2) $ 44,217 $ 30,807 $ 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 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 September 30, 2017 . |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended 2017 2016 2017 2016 Coal royalty and other revenue $ 18,781 $ — $ 23,611 $ — Coal royalty and other—affiliates revenue — 20,635 27,216 47,648 Total $ 18,781 $ 20,635 $ 50,827 $ 47,648 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 Nine Months Ended 2017 2016 2017 2016 Operating and maintenance expense $ 415 $ — $ 700 $ — Operating and maintenance expense—affiliates, net — 392 452 973 Total $ 415 $ 392 $ 1,152 $ 973 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 other transactions with subsidiaries of Foresight Energy reflected on NRP's Consolidated Balance Sheets: September 30, December 31, 2017 2016 Sugar Camp rail load out direct financing lease amounts Projected remaining payments $ 72,531 $ 76,424 Unearned income 29,213 31,803 ASSETS Accounts receivable $ 6,828 $ — Accounts receivable—affiliates, net — 6,496 Long-term contracts receivable 41,211 — Long-term contracts receivable—affiliate — 43,785 LIABILITIES Deferred revenue $ 59,009 $ — Deferred revenue—affiliates — 71,632 |
Summary of Reimbursements | Three Months Ended Nine Months Ended 2017 2016 2017 2016 Operating and maintenance expenses—affiliates, net $ 2,154 $ 1,980 $ 6,477 $ 6,591 General and administrative—affiliates 1,207 867 3,183 2,670 |
Major Customers (Tables)
Major Customers (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine months ended September 30, 2017 2016 2017 2016 Revenues Percent Revenues Percent Revenues Percent Revenues Percent Foresight Energy (1) $ 18,781 20.1 % $ 20,635 21.1 % $ 50,827 18.4 % $ 47,648 15.3 % (1) Revenues from Foresight Energy are included within the Partnership's Coal Royalty and Other segment. |
Deferred Revenue and Deferred40
Deferred Revenue and Deferred Revenue - Affiliate (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of Deferred Revenue | 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 Nine Months Ended 2017 2016 2017 2016 Coal royalty and other $ 9,717 $ 3,662 $ 8,406 $ 48,705 Coal royalty and other—affiliates — 6,093 14,055 11,750 Total coal royalty and other (including affiliates) $ 9,717 $ 9,755 $ 22,461 $ 60,455 The Partnership’s deferred revenue (including affiliate) consists of the following (in thousands): September 30, 2017 December 31, 2016 Deferred revenue $ 106,391 $ 44,931 Deferred revenue—affiliate — 71,632 Total deferred revenue (including affiliate) $ 106,391 $ 116,563 |
Change in Method of Accountin41
Change in Method of Accounting for NRP's Warrants Narrative (Details) - USD ($) $ in Thousands, shares in Millions | Mar. 02, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2017 |
Class of Stock [Line Items] | ||||
Other Nonoperating Income (Expense) | $ 24,000 | $ 16,600 | $ 40,500 | |
Warrant issuance expense | 0 | $ 0 | ||
Warrant Holders | ||||
Class of Stock [Line Items] | ||||
Class of Warrant or Right, Warrants Issued | 4 | |||
Warrant holders interest, net | $ 78,000 | |||
Warrant issuance expense | $ 5,700 |
Convertible Preferred Units a42
Convertible Preferred Units and Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 02, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | |||
Preferred units issued (in shares) | 255,019 | 0 | |
Preferred unit purchase price | $ 1,000 | $ 0 | |
Earnings attributable to Preferred Unitholders | $ 17,700 | ||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 5,019 | ||
Class A Convertible Preferred Units | |||
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% | ||
Warrant Holders | |||
Class of Stock [Line Items] | |||
Class of Warrant or Right, Warrants Issued | 4,000,000 | ||
Warrants at $22.81 Strike [Member] | Warrant Holders | |||
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 Holders | |||
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 | |||
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 | |||
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 | |||
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 |
Change in Method of Accountin43
Change in Method of Accounting for NRP's Warrants Restated Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total assets | $ 1,495,513 | $ 1,429,052 | $ 1,509,250 | $ 1,448,649 |
Current liabilities | 209,737 | 217,411 | 305,049 | 189,151 |
Deferred revenue | 106,391 | 110,885 | 46,008 | 44,931 |
Deferred revenue—affiliates | 0 | 68,735 | 71,632 | |
Long-term debt, net | 762,441 | 700,252 | 707,424 | 990,234 |
Warrant liabilities | 0 | 0 | ||
Warrant holders interest | 66,816 | 66,816 | 66,816 | 0 |
Other non-current liabilities | 2,727 | 2,699 | 3,102 | 4,565 |
Total liabilities | 1,081,296 | 1,031,247 | 1,130,318 | 1,300,513 |
Preferred Units, net | 169,606 | 165,838 | 164,753 | 0 |
Partners’ capital: | ||||
Common unitholders' interest | 182,760 | 170,106 | 152,661 | 152,309 |
General partner’s interest | 1,508 | 1,250 | 894 | 887 |
Accumulated other comprehensive loss | (3,079) | (2,811) | (2,798) | (1,666) |
Total partners’ capital | 248,005 | 235,361 | 217,573 | 151,530 |
Non-controlling interest | (3,394) | (3,394) | (3,394) | (3,394) |
Total capital | 244,611 | 231,967 | 214,179 | 148,136 |
Total liabilities and capital | $ 1,495,513 | 1,429,052 | 1,509,250 | $ 1,448,649 |
As Originally Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total assets | 1,429,052 | 1,509,250 | ||
Current liabilities | 217,411 | 305,049 | ||
Deferred revenue | 110,885 | 46,008 | ||
Deferred revenue—affiliates | 68,735 | |||
Long-term debt, net | 700,252 | 707,424 | ||
Warrant liabilities | 37,457 | 61,417 | ||
Warrant holders interest | 0 | 0 | ||
Other non-current liabilities | 2,699 | 3,102 | ||
Total liabilities | 1,068,704 | 1,191,735 | ||
Preferred Units, net | 160,377 | 159,292 | ||
Partners’ capital: | ||||
Common unitholders' interest | 204,230 | 163,304 | ||
General partner’s interest | 1,946 | 1,111 | ||
Accumulated other comprehensive loss | (2,811) | (2,798) | ||
Total partners’ capital | 203,365 | 161,617 | ||
Non-controlling interest | (3,394) | (3,394) | ||
Total capital | 199,971 | 158,223 | ||
Total liabilities and capital | 1,429,052 | 1,509,250 | ||
Accounting Standards Update 2017-11 | New Accounting Pronouncement, Early Adoption, Effect | Effect of Change | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total assets | 0 | 0 | ||
Current liabilities | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Deferred revenue—affiliates | 0 | |||
Long-term debt, net | 0 | 0 | ||
Warrant liabilities | (37,457) | (61,417) | ||
Warrant holders interest | 66,816 | 66,816 | ||
Other non-current liabilities | 0 | 0 | ||
Total liabilities | (37,457) | (61,417) | ||
Preferred Units, net | 5,461 | 5,461 | ||
Partners’ capital: | ||||
Common unitholders' interest | (34,124) | (10,643) | ||
General partner’s interest | (696) | (217) | ||
Accumulated other comprehensive loss | 0 | 0 | ||
Total partners’ capital | 31,996 | 55,956 | ||
Non-controlling interest | 0 | 0 | ||
Total capital | 31,996 | 55,956 | ||
Total liabilities and capital | $ 0 | $ 0 |
Convertible Preferred Units a44
Convertible Preferred Units and Warrants - Preferred Units and Warrants Issued (Details) - USD ($) $ in Thousands | Mar. 02, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | |||||
Preferred Units, net | $ 164,753 | $ 165,838 | $ 169,606 | $ 0 | |
Warrant holders interest | 66,816 | 66,816 | $ 66,816 | $ 0 | |
Issuance costs allocated to Warrants and expensed | $ 0 | $ 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 | (10,697) | ||||
Transaction price, net | $ 231,403 |
Change in Method of Accountin45
Change in Method of Accounting for NRP's Warrants Restated Consolidated Statement of Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Interest expense | $ (20,080) | $ (20,377) | $ (23,141) | $ (22,491) | $ (43,518) | $ (63,598) | $ (66,742) | |
Debt modification expense | 0 | (132) | (7,807) | 0 | (7,939) | (7,939) | 0 | |
Loss on extinguishment of debt | 0 | (4,107) | 0 | (4,107) | (4,107) | 0 | ||
Warrant issuance expense | 0 | 0 | ||||||
Fair value adjustments for warrant liabilities | 0 | 0 | 0 | |||||
Interest income | 48 | 69 | 17 | 3 | 86 | 134 | 29 | |
Other expense, net | (20,032) | (24,547) | (30,931) | (22,488) | (55,478) | (75,510) | (67,236) | |
Net income from continuing operations | 26,499 | 25,857 | 6,111 | 16,419 | 31,968 | 58,467 | 91,403 | |
Net Income | 26,066 | 25,990 | 5,904 | 23,531 | 31,894 | 57,960 | [1] | 93,404 |
Net income attributable to common unitholders and general partner | $ 18,416 | $ 18,452 | $ 3,404 | $ 23,531 | $ 21,856 | $ 40,272 | $ 93,404 | |
Income from continuing operations per common unit | ||||||||
Basic (in shares) | $ 1.51 | $ 1.46 | $ 0.30 | $ 1.32 | $ 1.76 | $ 3.27 | $ 7.34 | |
Diluted (in shares) | 1.08 | 1.13 | 0.30 | 1.32 | 1.64 | 2.67 | 7.34 | |
Net income per common unit | ||||||||
Basic (in shares) | 1.48 | 1.47 | 0.28 | 1.89 | 1.75 | 3.23 | 7.50 | |
Diluted (in shares) | $ 1.07 | $ 1.13 | $ 0.28 | $ 1.89 | $ 1.64 | $ 2.65 | $ 7.50 | |
Comprehensive income | $ 25,798 | $ 25,977 | $ 4,772 | $ 22,922 | $ 30,749 | $ 56,547 | $ 92,712 | |
As Originally Reported | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Interest expense | (20,377) | (23,141) | (43,518) | |||||
Debt modification expense | (132) | (7,807) | (7,939) | |||||
Loss on extinguishment of debt | (4,107) | (4,107) | ||||||
Warrant issuance expense | (5,709) | (5,709) | ||||||
Fair value adjustments for warrant liabilities | 23,960 | 16,569 | 40,529 | |||||
Interest income | 69 | 17 | 86 | |||||
Other expense, net | (587) | (20,071) | (20,658) | |||||
Net income from continuing operations | 49,817 | 16,971 | 66,788 | |||||
Net Income | 49,950 | 16,764 | 66,714 | |||||
Net income attributable to common unitholders and general partner | $ 42,412 | $ 14,264 | $ 56,676 | |||||
Income from continuing operations per common unit | ||||||||
Basic (in shares) | $ 3.38 | $ 1.17 | $ 4.55 | |||||
Diluted (in shares) | 1.13 | 0.03 | 1.35 | |||||
Net income per common unit | ||||||||
Basic (in shares) | 3.39 | 1.15 | 4.54 | |||||
Diluted (in shares) | $ 1.13 | $ 0.02 | $ 1.34 | |||||
Comprehensive income | $ 49,937 | $ 15,632 | $ 65,569 | |||||
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2017-11 | Effect of Change | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Interest expense | 0 | 0 | 0 | |||||
Debt modification expense | 0 | 0 | 0 | |||||
Loss on extinguishment of debt | 0 | 0 | ||||||
Warrant issuance expense | 5,709 | 5,709 | ||||||
Fair value adjustments for warrant liabilities | (23,960) | (16,569) | (40,529) | |||||
Interest income | 0 | 0 | 0 | |||||
Other expense, net | (23,960) | (10,860) | (34,820) | |||||
Net income from continuing operations | (23,960) | (10,860) | (34,820) | |||||
Net Income | (23,960) | (10,860) | (34,820) | |||||
Net income attributable to common unitholders and general partner | $ (23,960) | $ (10,860) | $ (34,820) | |||||
Income from continuing operations per common unit | ||||||||
Basic (in shares) | $ (1.92) | $ (0.87) | $ (2.79) | |||||
Diluted (in shares) | 0 | 0.27 | 0.29 | |||||
Net income per common unit | ||||||||
Basic (in shares) | (1.92) | (0.87) | (2.79) | |||||
Diluted (in shares) | $ 0 | $ 0.26 | $ 0.30 | |||||
Comprehensive income | $ (23,960) | $ (10,860) | $ (34,820) | |||||
[1] | Net income includes $17.7 million attributable to Preferred Unitholders that accumulated during the period. |
Convertible Preferred Units a46
Convertible Preferred Units and Warrants - Financial Position (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||||
Preferred Units, net | $ 169,606 | $ 165,838 | $ 164,753 | $ 0 |
Distribution paid-in-kind | $ 5,019 |
Common and Preferred Unit Dis47
Common and Preferred Unit Distributions Narrative (Details) - USD ($) $ in Thousands | Mar. 02, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Temporary Equity [Line Items] | |||||
Income attributable to preferred unitholders | $ (7,650) | $ 0 | $ (17,688) | $ 0 | |
Class A Convertible Preferred Units | |||||
Temporary Equity [Line Items] | |||||
Dividend rate (as a percent) | 12.00% |
Common and Preferred Unit Dis48
Common and Preferred Unit Distributions Schedule of Distributions Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 29, 2017 | Aug. 14, 2017 | May 30, 2017 | May 12, 2017 | Feb. 14, 2017 | Aug. 12, 2016 | May 13, 2016 | Feb. 12, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Common unitholders and general partner | ||||||||||
Distribution per common unit (in dollars per share) | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | ||||
Total distributions paid | $ 5,616 | $ 5,619 | $ 5,615 | $ 5,617 | $ 5,616 | $ 5,616 | $ 16,850 | |||
Common unitholders | ||||||||||
Distributions to common unitholders and general partner | (5,504) | (5,506) | (5,503) | (5,505) | (5,503) | (5,503) | ||||
Preferred Partner | ||||||||||
Distributions to common unitholders and general partner | (5,019) | $ 0 | ||||||||
Total distributions paid | 10,038 | |||||||||
General Partner | ||||||||||
Distributions to common unitholders and general partner | (16,850) | $ (16,849) | ||||||||
Distributions paid to general partners | $ 112 | $ 113 | $ 112 | $ 112 | $ 113 | $ 113 | ||||
Preferred Stock | Preferred Partner | ||||||||||
Distribution per common unit (in dollars per share) | $ 15 | $ 5 | ||||||||
Distributions to common unitholders and general partner | $ (3,769) | $ (1,250) | $ (5,019) | |||||||
Paid-in-Kind Preferred Units (in shares) | 3,769 | 1,250 | 5,019 | |||||||
Total Distribution Declared | $ 7,538 | $ 2,500 | $ 10,038 |
Common and Preferred Unit Dis49
Common and Preferred Unit Distributions Financial Position of Preferred Units (Details) - USD ($) $ in Thousands | Aug. 29, 2017 | May 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | $ 0 | |||
Ending balance | 169,606 | |||
Preferred Partner | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Distributions to common unitholders and general partner | (5,019) | $ 0 | ||
Preferred Partner | Preferred Stock | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | 0 | |||
Issuance of Preferred Units, net | 164,587 | |||
Distributions to common unitholders and general partner | $ (3,769) | $ (1,250) | (5,019) | |
Ending balance | $ 169,606 |
Net Income Per Common Unit (Det
Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 02, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Allocation of net income: | |||||||||
Net income from continuing operations | $ 26,499 | $ 25,857 | $ 6,111 | $ 16,419 | $ 31,968 | $ 58,467 | $ 91,403 | ||
Less: income attributable to preferred unitholders | 7,650 | 0 | 17,688 | 0 | |||||
Less: net income from continuing operations and income attributable to preferred unitholders allocated to the general partner | 379 | 264 | 816 | 1,632 | |||||
Net income from continuing operations attributable to common unitholders | 18,470 | 16,155 | 39,963 | 89,771 | |||||
Net income (loss) from discontinued operations | (433) | 7,112 | (507) | 2,001 | |||||
Less: net income (loss) from discontinued operations attributable to the general partner | (9) | 142 | (10) | 40 | |||||
Net income (loss) from discontinued operations attributable to common unitholders | (424) | 6,970 | (497) | 1,961 | |||||
Net Income | 26,066 | $ 25,990 | $ 5,904 | 23,531 | $ 31,894 | 57,960 | [1] | 93,404 | |
Less: net income and income attributable to preferred unitholders allocated to the general partner | 370 | 406 | 806 | 1,672 | |||||
Net income attributable to common unitholders | $ 18,046 | $ 23,125 | $ 39,466 | $ 91,732 | |||||
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 | $ 1.51 | $ 1.46 | $ 0.30 | $ 1.32 | $ 1.76 | $ 3.27 | $ 7.34 | ||
Basic net income (loss) from discontinued operations per common unit | (0.03) | 0.57 | (0.04) | 0.16 | |||||
Basic net income per common unit | $ 1.48 | $ 1.47 | $ 0.28 | $ 1.89 | $ 1.75 | $ 3.23 | $ 7.50 | ||
Diluted Income (Loss) per Unit: | |||||||||
Dilutive effect of Warrants (in shares) | 225 | 0 | 330 | 0 | |||||
Dilutive effect of Preferred Units (in shares) | 11,523 | 0 | 8,909 | 0 | |||||
Weighted average common units—diluted (in shares) | 23,980 | 12,232 | 21,471 | 12,232 | |||||
Fair value adjustments for Warrant liabilities | $ 0 | $ 0 | $ 0 | ||||||
Less: net income from continuing operations allocated to the general partner | $ 530 | $ 264 | $ 1,169 | $ 1,632 | |||||
Diluted net income from continuing operations attributable to common unitholders | 25,969 | 16,155 | 57,298 | 89,771 | |||||
Diluted net income (loss) from discontinued operations attributable to common unitholders | (424) | 6,970 | (497) | 1,961 | |||||
Less: net income allocated to the general partner | 521 | 406 | 1,159 | 1,672 | |||||
Diluted net income attributable to common unitholders | $ 25,545 | $ 23,125 | $ 56,801 | $ 91,732 | |||||
Diluted net income (loss) per common unit from continuing operations (in dollars per share) | $ 1.08 | $ 1.13 | $ 0.30 | $ 1.32 | $ 1.64 | $ 2.67 | $ 7.34 | ||
Diluted net loss from discontinued operations per common unit (in dollars per share) | (0.02) | 0.57 | (0.02) | 0.16 | |||||
Diluted net income per common unit (in dollars per share) | $ 1.07 | $ 1.13 | $ 0.28 | $ 1.89 | $ 1.64 | $ 2.65 | $ 7.50 | ||
Warrant Holders | |||||||||
Class of Warrant or Right, Warrants Issued | 4,000 | ||||||||
Warrant Holders | 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 $17.7 million attributable to Preferred Unitholders that accumulated during the period. |
Segment Information - Additiona
Segment Information - Additional Information (Details) - segment | 9 Months Ended | ||
Sep. 30, 2017 | Jul. 31, 2013 | Jan. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | 3 | ||
Ciner Wyoming | |||
Segment Reporting Information [Line Items] | |||
Percentage of partnership interest owned (percent) | 49.00% | 49.00% | 48.51% |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||||||
Revenues and other income | $ 93,116 | $ 91,448 | $ 273,339 | $ 284,667 | ||||
Gain (loss) on asset sales, net | 171 | 6,426 | 3,576 | 27,280 | ||||
Operating and maintenance expenses (including affiliates) | 34,595 | 35,304 | 100,017 | 97,772 | ||||
General and administrative (including affiliates) | 3,855 | 5,135 | 13,940 | 13,346 | ||||
Depreciation, depletion and amortization (including affiliates) | 8,306 | 12,831 | 27,203 | 34,509 | ||||
Asset impairments | 0 | 5,697 | 1,778 | 7,681 | ||||
Other expense, net | 20,032 | $ 24,547 | $ 30,931 | 22,488 | $ 55,478 | 75,510 | 67,236 | |
Net income (loss) from continuing operations | 26,499 | 25,857 | 6,111 | 16,419 | 31,968 | 58,467 | 91,403 | |
Net income (loss) from discontinued operations | (433) | (507) | ||||||
Total assets | 1,495,513 | $ 1,429,052 | $ 1,509,250 | $ 1,429,052 | 1,495,513 | $ 1,448,649 | ||
Net income (loss) from discontinued operations | (433) | 7,112 | (507) | 2,001 | ||||
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) | 3,855 | 5,135 | 13,940 | 13,346 | ||||
Depreciation, depletion and amortization (including affiliates) | 0 | 0 | 0 | 0 | ||||
Asset impairments | 0 | 0 | 0 | 0 | ||||
Other expense, net | 19,973 | (22,488) | 74,878 | (67,236) | ||||
Net income (loss) from continuing operations | (23,828) | (27,623) | (88,818) | (80,582) | ||||
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 | 49,078 | 27,504 | 120,986 | 116,336 | ||||
Coal Royalty and Other | Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues and other income | 49,413 | 48,938 | 150,177 | 165,844 | ||||
Gain (loss) on asset sales, net | 154 | 6,425 | 3,367 | 27,270 | ||||
Operating and maintenance expenses (including affiliates) | 6,348 | 8,391 | 19,151 | 24,232 | ||||
General and administrative (including affiliates) | 0 | 0 | 0 | 0 | ||||
Depreciation, depletion and amortization (including affiliates) | 5,305 | 9,070 | 17,653 | 23,496 | ||||
Asset impairments | 0 | 5,697 | 1,778 | 7,681 | ||||
Other expense, net | 0 | 0 | 0 | 0 | ||||
Net income (loss) from continuing operations | 37,992 | 32,250 | 115,170 | 137,802 | ||||
Net income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||||
Coal Royalty and Other | Intersegment Eliminations | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues and other income | 78 | 45 | 208 | 97 | ||||
Soda Ash | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues and other income | 8,993 | 10,753 | 27,676 | 30,742 | ||||
Soda Ash | Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues and other income | 8,993 | 10,753 | 27,676 | 30,742 | ||||
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 | 0 | ||||
Other expense, net | 0 | 0 | 0 | 0 | ||||
Net income (loss) from continuing operations | 8,993 | 10,753 | 27,676 | 30,742 | ||||
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 | 34,710 | 31,757 | 95,486 | 88,081 | ||||
Construction Aggregates | Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues and other income | 34,710 | 31,757 | 95,486 | 88,081 | ||||
Gain (loss) on asset sales, net | 17 | 1 | 209 | 10 | ||||
Operating and maintenance expenses (including affiliates) | 28,247 | 26,913 | 80,866 | 73,540 | ||||
General and administrative (including affiliates) | 0 | 0 | 0 | 0 | ||||
Depreciation, depletion and amortization (including affiliates) | 3,001 | 3,761 | 9,550 | 11,013 | ||||
Asset impairments | 0 | 0 | 0 | 0 | ||||
Other expense, net | (59) | 0 | (632) | 0 | ||||
Net income (loss) from continuing operations | 3,342 | 1,039 | 4,439 | 3,441 | ||||
Net income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||||
Construction Aggregates | Intersegment Eliminations | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues and other income | (78) | $ (45) | (208) | $ (97) | ||||
Continuing Operations | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total assets | 1,494,522 | 1,494,522 | 1,443,690 | |||||
Continuing Operations | Corporate and Financing | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total assets | 105,907 | 105,907 | 7,002 | |||||
Continuing Operations | Coal Royalty and Other | Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total assets | 952,415 | 952,415 | 990,172 | |||||
Continuing Operations | Soda Ash | Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total assets | 245,382 | 245,382 | 255,901 | |||||
Continuing Operations | Construction Aggregates | Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total assets | 190,818 | 190,818 | 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 | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Jul. 31, 2016 | |
Assets | ||||||
Total current assets | $ 991 | $ 991 | $ 991 | |||
Liabilities | ||||||
Total current liabilities | 458 | 458 | 353 | |||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||||||
Cash paid for interest | 0 | $ 1,906 | ||||
Discontinued Operations, Held-for-sale | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Oil and gas revenues and other income | 16 | $ 41 | 38 | 16,476 | ||
Gain (loss) on asset sales | (346) | 8,468 | (289) | 8,284 | ||
Total revenues and other income | (330) | 8,509 | (251) | 24,760 | ||
Operating and maintenance expenses (including affiliates) | 103 | 928 | 256 | 11,180 | ||
Depreciation, depletion and amortization | 0 | 0 | 0 | 7,527 | ||
Asset impairments | 0 | 0 | 0 | 564 | ||
Total operating expenses | 103 | 928 | 256 | 19,271 | ||
Interest expense | 0 | (469) | 0 | (3,488) | ||
Income (loss) from discontinued operations | (433) | $ 7,112 | (507) | 2,001 | ||
Assets | ||||||
Accounts receivable, net (including affiliates) | 991 | 991 | 991 | |||
Total assets of discontinued operations | 991 | 991 | 991 | |||
Liabilities | ||||||
Other (including affiliates) | 458 | 458 | 353 | |||
Total liabilities of discontinued operations | $ 458 | 458 | $ 353 | |||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||||||
Cash paid for interest | $ 0 | 1,906 | ||||
Capital expenditures, Discontinued Operations | $ 3,100 | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 116,100 |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 36 Months Ended | ||||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2017 | Sep. 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 | $ 5,646 | $ 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% | 48.51% | ||||||
Distributions from equity method Investment | $ 36,800 | $ 34,300 | |||||||
Increase in fair value of property, plant and equipment | $ 146,700 | $ 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 | 9 Months Ended | ||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | ||
Schedule of Equity Method Investments [Line Items] | |||||||||
Net Income | $ 26,066 | $ 25,990 | $ 5,904 | $ 23,531 | $ 31,894 | $ 57,960 | [1] | $ 93,404 | |
Current assets | 186,462 | 186,462 | $ 105,386 | ||||||
Current liabilities | 209,737 | $ 217,411 | $ 305,049 | $ 217,411 | 209,737 | 189,151 | |||
Ciner Wyoming | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Income allocation to NRP’s equity interests | 10,171 | 11,973 | 30,925 | 34,357 | |||||
Amortization of basis difference | (1,178) | (1,220) | (3,249) | (3,615) | |||||
Equity in earnings of unconsolidated investment | 8,993 | 10,753 | 27,676 | 30,742 | |||||
Sales | 122,575 | 121,003 | 368,885 | 352,085 | |||||
Gross profit | 27,872 | 30,673 | 80,788 | 87,656 | |||||
Net Income | 20,758 | $ 24,436 | 63,112 | $ 70,118 | |||||
Current assets | 168,154 | 168,154 | 134,616 | ||||||
Non-current assets | 227,772 | 227,772 | 235,427 | ||||||
Current liabilities | 48,821 | 48,821 | 55,396 | ||||||
Non-current liabilities | $ 145,719 | $ 145,719 | $ 98,425 | ||||||
[1] | Net income includes $17.7 million attributable to Preferred Unitholders that accumulated during the period. |
Plant and Equipment - Plant and
Plant and Equipment - Plant and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Plant and equipment at cost | $ 83,808 | $ 79,171 |
Construction in process | 640 | 557 |
Less accumulated depreciation | (36,864) | (30,285) |
Total plant and equipment, net | $ 47,584 | $ 49,443 |
Plant and Equipment - Additiona
Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense on plant and equipment | $ 2.4 | $ 3.1 | $ 7.8 | $ 9.5 |
Mineral Rights - Mineral Rights
Mineral Rights - Mineral Rights (Detail) - USD ($) $ in Thousands | Sep. 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 | (456,889) | (466,827) |
Net Book Value | 890,610 | 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 | (432,701) | (420,032) |
Net Book Value | 737,999 | 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 | (15,797) | (39,056) |
Net Book Value | 135,439 | 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 | (6,941) | (6,289) |
Net Book Value | 5,454 | 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Total depletion and amortization expense on mineral interests | $ 5,000 | $ 8,600 | $ 16,700 | $ 21,900 |
Asset impairments | 0 | 5,697 | 1,778 | 7,681 |
Proceeds from sale of assets | 1,419 | 55,364 | ||
Gain (loss) on asset sales, net | $ 171 | $ 6,426 | $ 3,576 | 27,280 |
Other Mineral Rights | ||||
Gain (loss) on asset sales, net | 6,800 | |||
Proceeds from sale of hard mineral reserves | 9,800 | |||
Appalachian Basin | ||||
Proceeds from sale of assets | 36,400 | |||
Gain (loss) on asset sales, net | 18,600 | |||
Texas, Georgia, Tennessee | ||||
Gain (loss) on asset sales, net | 1,500 | |||
Proceeds from sale of hard mineral reserves | $ 10,000 |
Intangible Assets (Including 60
Intangible Assets (Including Affiliate) - Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 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 | (35,966) | |
Finite-Lived Intangible Assets, Including Affiliates, Accumulated Amortization | (33,289) | |
Total intangible assets, net | $ 50,370 | 3,236 |
Finite-Lived Intangible Assets, Including Related Parties, Net | $ 53,047 |
Intangible Assets (Including 61
Intangible Assets (Including Affiliate) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Intangible Assets [Line Items] | ||||
Amortization expense—affiliate | $ 0 | $ 902 | $ 1,008 | $ 2,328 |
Amortization expense | $ 900 | $ 200 | $ 1,700 | $ 700 |
Debt - Long-Term Debt (Detail)
Debt - Long-Term Debt (Detail) - USD ($) | Sep. 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 | $ 955,869,000 | $ 1,138,932,000 | |||
Net unamortized debt discount | (1,759,000) | (1,322,000) | |||
Net unamortized debt issuance costs | (17,531,000) | (7,339,000) | |||
Total debt | 936,579,000 | 1,130,271,000 | |||
Less - current portion of long term debt | 174,138,000 | 140,037,000 | |||
Total long-term debt, net | 762,441,000 | 990,234,000 | |||
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 | $ 69,000,000 | 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 | $ 4,586,000 | 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 | $ 42,669,000 | 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 | $ 22,945,000 | 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 | $ 16,115,000 | 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 | $ 52,142,000 | 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 | $ 104,520,000 | 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 | $ 31,733,000 | 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 | $ 133,941,000 | 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 | $ 38,218,000 | 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) | Oct. 02, 2017USD ($) | Apr. 03, 2017USD ($) | Mar. 02, 2017USD ($) | Sep. 30, 2013USD ($) | Sep. 30, 2017USD ($)$ / shares | Sep. 30, 2016 | Sep. 30, 2017USD ($)$ / shares | Sep. 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% | |||||||||||||
Debt issuance cost capitalized | $ 17,531,000 | $ 17,531,000 | $ 7,339,000 | |||||||||||
Principal balance | 955,869,000 | 955,869,000 | 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 | 329,732,000 | 329,732,000 | 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 | $ 94,362,000 | $ 94,362,000 | 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% | 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 | 5.49% | 4.87% | 5.22% | 4.24% | ||||||||||
Debt issuance cost capitalized | $ 6,100,000 | $ 6,100,000 | ||||||||||||
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% | |||||||||||||
Collateral carrying amount | $ 653,500,000 | $ 653,500,000 | 673,000,000 | |||||||||||
Ratio of consolidated EBITDDA to consolidated fixed charges | 3.5 | |||||||||||||
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 | $ 42,669,000 | $ 42,669,000 | 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 | $ 31,733,000 | $ 31,733,000 | 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 | $ 446,900,000 | $ 446,900,000 | 503,000,000 | |||||||||||
Principal payments on its senior notes | $ (56,100,000) | $ (56,000,000) | ||||||||||||
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 | $ 69,000,000 | $ 69,000,000 | $ 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 | |||||||||||||
Subsequent Event | Senior Notes due 2018 | Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt redeemed | $ 94,400,000 | |||||||||||||
Redemption price (as a percent) | 100.00% |
Fair Value Measurements - Contr
Fair Value Measurements - Contractual Override, Note Receivable and Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 955,869 | $ 1,138,932 |
Contracts receivable—affiliate, current and long-term | 44,217 | 46,742 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contracts receivable—affiliate, current and long-term | 30,807 | 32,554 |
Senior Notes due 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 94,362 | 420,097 |
Senior Notes due 2018 | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 95,070 | 412,250 |
Senior Notes due 2022 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 329,732 | 0 |
Senior Notes due 2022 | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 366,376 | 0 |
Opco Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 443,485 | 500,174 |
Opco Senior Notes | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 473,683 | 488,814 |
Opco Revolving Credit Facility And Term Loan Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 69,000 | |
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 | $ 69,000 | $ 210,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Warrants Outstanding (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Mar. 02, 2017 | |
Equity [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | $ 0 | ||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 0 | $ 0 | |||
Preferred Stock Warrants Outstanding [Roll Forward] | |||||
Beginning balance | $ 66,816,000 | $ 0 | $ 0 | 0 | |
Fair value adjustments for Warrant liabilities | 0 | 0 | 0 | ||
Ending balance | $ 66,816,000 | $ 66,816,000 | $ 66,816,000 | $ 66,816,000 |
Related Party Transactions - Su
Related Party Transactions - Summary of Reimbursements (Detail) - USD ($) $ in Thousands, shares in Millions | May 09, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Related Party Transaction [Line Items] | |||||
Operating and maintenance expenses—affiliates, net | $ 2,154 | $ 4,062 | $ 6,928 | $ 9,948 | |
General and administrative—affiliates | 1,207 | 867 | $ 3,183 | 2,670 | |
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 | 0 | 392 | $ 452 | 973 | |
Affiliated Entity | Western Pocahontas Properties and Quintana Minerals Corporation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating and maintenance expenses—affiliates, net | $ 2,154 | $ 1,980 | $ 6,477 | $ 6,591 | |
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 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||||||||
Operating Expenses | $ 46,756 | $ 58,967 | $ 142,938 | $ 153,308 | ||||
Accounts receivable, net | 48,788 | 48,788 | $ 43,202 | |||||
Amount payable to related parties | 670 | 670 | 940 | |||||
Operating and maintenance expenses—affiliates, net | 2,154 | 4,062 | 6,928 | 9,948 | ||||
Revenues and other income | 93,116 | 91,448 | 273,339 | 284,667 | ||||
Operating and maintenance expenses | 32,441 | 31,242 | 93,089 | 87,824 | ||||
Accounts receivable—affiliates | 243 | 243 | 6,658 | |||||
Intangible assets, net | 50,370 | 50,370 | 3,236 | |||||
Intangible assets, net—affiliate | 0 | 0 | 49,811 | |||||
Long-term contracts receivable | 41,211 | 41,211 | 0 | |||||
Due from Affiliate, Noncurrent | 0 | 0 | 43,785 | |||||
Deferred revenue | 106,391 | 106,391 | $ 110,885 | $ 46,008 | 44,931 | |||
Deferred revenue—affiliates | 0 | 0 | $ 68,735 | 71,632 | ||||
Quintana Minerals | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount payable to related parties | 500 | 500 | 400 | |||||
Operating and maintenance expenses—affiliates, net | 0 | 400 | 100 | 1,200 | ||||
Western Pocahontas Properties | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount payable to related parties | 200 | 200 | 600 | |||||
Cline Affiliates | ||||||||
Related Party Transaction [Line Items] | ||||||||
Operating and maintenance expenses—affiliates, net | 0 | 392 | $ 452 | 973 | ||||
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 | 6,828 | $ 6,828 | 0 | |||||
Accounts receivable—affiliates | 0 | 0 | 6,496 | |||||
Deferred revenue | 59,009 | 59,009 | 0 | |||||
Deferred revenue—affiliates | 0 | 0 | 71,632 | |||||
Foresight Energy Lp | ||||||||
Related Party Transaction [Line Items] | ||||||||
Operating Expenses | 415 | 0 | 700 | 0 | ||||
Operating and maintenance expenses | 415 | 392 | 1,152 | 973 | ||||
Foresight Energy Lp | Coal Sales | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenues and other income | 18,781 | 20,635 | 50,827 | 47,648 | ||||
Coal royalty and other—affiliates | 0 | 20,635 | 27,216 | 47,648 | ||||
Revenues | 18,781 | 0 | 23,611 | 0 | ||||
Sugar Camp | ||||||||
Related Party Transaction [Line Items] | ||||||||
Unearned income | 29,213 | 29,213 | 31,803 | |||||
Net amount receivable | 72,531 | 72,531 | 76,424 | |||||
Long-term contracts receivable | 41,211 | 41,211 | 0 | |||||
Due from Affiliate, Noncurrent | 0 | 0 | 43,785 | |||||
Corsa | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts receivable—affiliates | 200 | 200 | 200 | |||||
Royalty Revenue from Coal | 300 | 800 | 1,000 | 1,900 | ||||
Western Pocahontas Properties Limited Partnership | Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Operating and maintenance expenses—affiliates, net | 400 | 0 | 700 | 700 | ||||
Other assets—affiliate | 900 | 900 | 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 | 100 | 100 | $ 100 | |||||
Foresight Energy Lp | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenues | $ 18,781 | $ 20,635 | $ 50,827 | $ 47,648 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 36 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2017 | Dec. 31, 2015 | Jul. 31, 2013 | Jan. 31, 2013 | |
Lawsuit Against Macoupin Energy, LLC | |||||||
Commitments And Contingencies [Line Items] | |||||||
Damages sought, value | $ 8.5 | ||||||
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% | 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 | 68.5 | ||||||
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Concentration Risk [Line Items] | ||||
Revenues | $ 18,781 | $ 20,635 | $ 50,827 | $ 47,648 |
Sales Revenue | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 20.10% | 21.10% | 18.40% | 15.30% |
Deferred Revenue and Deferred70
Deferred Revenue and Deferred Revenue - Affiliate Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Deferred Revenue Arrangement [Line Items] | |||||||
Deferred revenue | $ 106,391 | $ 106,391 | $ 110,885 | $ 46,008 | $ 44,931 | ||
Deferred revenue—affiliates | 0 | 0 | $ 68,735 | 71,632 | |||
Deferred Revenue, Including Related Party | 106,391 | 106,391 | $ 116,563 | ||||
Coal Royalty and Other | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Deferred Revenue, Revenue Recognized | (9,717) | $ (3,662) | (8,406) | $ (48,705) | |||
Deferred Revenue, Revenue Recognized, Including Related Party | 9,717 | 9,755 | 22,461 | 60,455 | |||
Coal Royalty and Other | Affiliated Entity | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Deferred Revenue, Revenue Recognized | $ 0 | $ (6,093) | (14,055) | (11,750) | |||
Leasing Arrangement [Member] | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Deferred Revenue, Revenue Recognized | $ (3,400) | $ (40,400) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Oct. 26, 2017 | Oct. 02, 2017 | Apr. 03, 2017 |
Senior Notes due 2018 | Senior Notes | |||
Subsequent Event [Line Items] | |||
Debt redeemed | $ 90 | ||
Redemption price (as a percent) | 104.563% | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Distribution paid (in dollar per share) | $ 0.45 | ||
Dividend rate (as a percent) | 12.00% | ||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 3.8 | ||
Paid-in-Kind Preferred Units (in shares) | 3,825 | ||
Subsequent Event | Senior Notes due 2018 | Senior Notes | |||
Subsequent Event [Line Items] | |||
Debt redeemed | $ 94.4 | ||
Redemption price (as a percent) | 100.00% |