Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 04, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-31465 | |
Entity Registrant Name | NATURAL RESOURCE PARTNERS LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 35-2164875 | |
Entity Address, Address Line One | 1201 Louisiana Street, Suite 3400 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 751-7507 | |
Title of 12(b) Security | Common Units representing limited partner interests | |
Trading Symbol | NRP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,261,199 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001171486 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 115,573 | $ 98,265 |
Accounts receivable, net | 17,462 | 30,869 |
Other current assets, net | 3,972 | 1,244 |
Current assets of discontinued operations | 0 | 1,706 |
Total current assets | 137,007 | 132,084 |
Land | 24,008 | 24,008 |
Mineral rights, net | 465,870 | 605,096 |
Intangible assets, net | 17,601 | 17,687 |
Equity in unconsolidated investment | 256,834 | 263,080 |
Long-term contract receivable, net | 33,791 | 36,963 |
Other long-term assets, net | 7,447 | 6,989 |
Total assets | 942,558 | 1,085,907 |
Current liabilities | ||
Accounts payable | 1,372 | 1,179 |
Accrued liabilities | 6,859 | 8,764 |
Accrued interest | 9,273 | 2,316 |
Current portion of deferred revenue | 11,035 | 4,608 |
Current portion of long-term debt, net | 39,072 | 45,776 |
Current liabilities of discontinued operations | 0 | 65 |
Total current liabilities | 67,611 | 62,708 |
Deferred revenue | 50,980 | 47,213 |
Long-term debt, net | 452,401 | 470,422 |
Other non-current liabilities | 5,020 | 4,949 |
Total liabilities | 576,012 | 585,292 |
Commitments and contingencies (see Note 12) | ||
Class A Convertible Preferred Units (250,000 units issued and outstanding at September 30, 2020 and December 31, 2019, at $1,000 par value per unit; liquidation preference of $1,700 per unit at September 30, 2020 and $1,500 per unit at December 31, 2019) | 164,587 | 164,587 |
Partners’ capital | ||
Common unitholders’ interest (12,261,199 units issued and outstanding at September 30, 2020 and December 31, 2019) | 134,545 | 271,471 |
General partner’s interest | 428 | 3,270 |
Warrant holders’ interest | 66,816 | 66,816 |
Accumulated other comprehensive income (loss) | 170 | (2,594) |
Total partners’ capital | 201,959 | 338,963 |
Non-controlling interest | 0 | (2,935) |
Total capital | 201,959 | 336,028 |
Total liabilities and capital | $ 942,558 | $ 1,085,907 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred Units, Issued | 250,000 | 250,000 |
Preferred units outstanding (in shares) | 250,000 | 250,000 |
Preferred unit par value per unit | $ 1,000 | $ 1,000 |
Preferred unit liquidation preference per unit | $ 1,700 | $ 1,500 |
Common units issued (in shares) | 12,261,199 | 12,261,199 |
Common units outstanding (in shares) | 12,261,199 | 12,261,199 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | $ 29,930 | $ 57,602 | $ 100,690 | $ 205,610 |
Gain on asset sales and disposals | 0 | 6,107 | 465 | 6,609 |
Total revenues and other income | 29,930 | 63,709 | 101,155 | 212,219 |
Operating expenses | ||||
Operating and maintenance expenses | 5,781 | 5,994 | 19,200 | 26,813 |
Depreciation, depletion and amortization | 2,111 | 3,384 | 6,185 | 11,746 |
General and administrative expenses | 3,634 | 4,253 | 11,168 | 12,799 |
Asset impairments | 934 | 484 | 133,217 | 484 |
Total operating expenses | 12,460 | 14,115 | 169,770 | 51,842 |
Income (loss) from operations | 17,470 | 49,594 | (68,615) | 160,377 |
Other expenses, net | ||||
Interest expense, net | (10,254) | (10,431) | (30,891) | (37,061) |
Loss on extinguishment of debt | 0 | 0 | 0 | (29,282) |
Other Expenses | (10,254) | (10,431) | (30,891) | (66,343) |
Net income (loss) from continuing operations | 7,216 | 39,163 | (99,506) | 94,034 |
Income from discontinued operations | 0 | 7 | 0 | 206 |
Net income (loss) | 7,216 | 39,170 | (99,506) | 94,240 |
Less: income attributable to preferred unitholders | (7,500) | (7,500) | (22,613) | (22,500) |
Net income (loss) attributable to common unitholders and general partner | (284) | 31,670 | (122,119) | 71,740 |
Net income (loss) attributable to common unitholders | (279) | 31,036 | (119,677) | 70,305 |
Net income (loss) attributable to the general partner | $ (5) | $ 634 | $ (2,442) | $ 1,435 |
Income from continuing operations per common unit | ||||
Basic (in dollars per share) | $ (0.02) | $ 2.53 | $ (9.76) | $ 5.72 |
Diluted (in dollars per share) | (0.02) | 1.66 | (9.76) | 3.91 |
Net income per common unit | ||||
Basic (in dollars per share) | (0.02) | 2.53 | (9.76) | 5.73 |
Diluted (in dollars per share) | $ (0.02) | $ 1.66 | $ (9.76) | $ 3.92 |
Comprehensive income (loss) from unconsolidated investment and other | $ 2,428 | $ (520) | $ 2,764 | $ (340) |
Comprehensive income (loss) | 9,644 | 38,650 | (96,742) | 93,900 |
Coal Royalty and Other | ||||
Revenues | 25,740 | 39,919 | 88,839 | 154,037 |
Soda Ash | ||||
Revenues | 1,986 | 13,818 | 5,200 | 36,833 |
Transportation and processing services revenues | Coal Royalty and Other | ||||
Revenues | $ 2,204 | $ 3,865 | $ 6,651 | $ 14,740 |
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 Non-Controlling Interest | Non-Controlling Interest | Common Unitholders | Common UnitholdersCommon Unitholders | Common unitholders and general partner | Common unitholders and general partnerPartners' Capital Excluding Non-Controlling Interest | General Partner | General PartnerGeneral Partner | Preferred Partner | Preferred PartnerGeneral Partner | Preferred PartnerCommon Unitholders | Preferred PartnerPartners' Capital Excluding Non-Controlling Interest | |||||
Balance, beginning of period (in units) at Dec. 31, 2018 | 12,249 | |||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2018 | $ 420,546 | $ 5,014 | $ 355,113 | $ 66,816 | $ (3,462) | $ 423,481 | $ (2,935) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income attributable to NRP | [1] | 714 | $ 35,005 | 35,719 | ||||||||||||||||||
Net income (loss) | [1] | 35,719 | ||||||||||||||||||||
Distributions to unitholders | $ (5,513) | $ (5,625) | $ (5,625) | $ (112) | $ (7,500) | $ (150) | $ (7,350) | $ (7,500) | ||||||||||||||
Issuance of unit-based awards (units) | 12 | |||||||||||||||||||||
Issuance of unit-based awards | 486 | $ 486 | 486 | |||||||||||||||||||
Unit-based awards amortization and vesting | 399 | $ 399 | 399 | |||||||||||||||||||
Comprehensive loss from unconsolidated investment and other | 1,015 | 10 | 1,005 | 1,015 | ||||||||||||||||||
Balance, end of period (in units) at Mar. 31, 2019 | 12,261 | |||||||||||||||||||||
Balance, end of period at Mar. 31, 2019 | 445,040 | 5,476 | $ 378,140 | 66,816 | (2,457) | 447,975 | (2,935) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Income attributable to preferred unitholders | 7,500 | $ 7,350 | $ 150 | |||||||||||||||||||
Balance, beginning of period (in units) at Dec. 31, 2018 | 12,249 | |||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2018 | 420,546 | 5,014 | $ 355,113 | 66,816 | (3,462) | 423,481 | (2,935) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 94,240 | |||||||||||||||||||||
Balance, end of period (in units) at Sep. 30, 2019 | 12,261 | |||||||||||||||||||||
Balance, end of period at Sep. 30, 2019 | 466,254 | 5,909 | $ 400,266 | 66,816 | (3,802) | 469,189 | (2,935) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Income attributable to preferred unitholders | 22,500 | |||||||||||||||||||||
Balance, beginning of period (in units) at Mar. 31, 2019 | 12,261 | |||||||||||||||||||||
Balance, beginning of period at Mar. 31, 2019 | 445,040 | 5,476 | $ 378,140 | 66,816 | (2,457) | 447,975 | (2,935) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income attributable to NRP | 387 | [1],[2] | 18,964 | 19,351 | [1] | |||||||||||||||||
Net income (loss) | 19,351 | [1] | 0 | |||||||||||||||||||
Distributions to unitholders | (15,939) | (16,265) | (16,265) | (326) | (7,500) | (150) | (7,350) | (7,500) | ||||||||||||||
Unit-based awards amortization and vesting | 460 | $ 460 | 460 | |||||||||||||||||||
Comprehensive loss from unconsolidated investment and other | (825) | (825) | (825) | |||||||||||||||||||
Balance, end of period (in units) at Jun. 30, 2019 | 12,261 | |||||||||||||||||||||
Balance, end of period at Jun. 30, 2019 | 440,261 | 5,387 | $ 374,275 | 66,816 | (3,282) | 443,196 | (2,935) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Income attributable to preferred unitholders | 7,500 | 7,350 | 150 | |||||||||||||||||||
Net income attributable to NRP | 784 | 38,386 | 39,170 | |||||||||||||||||||
Net income (loss) | 39,170 | |||||||||||||||||||||
Distributions to unitholders | (5,518) | (5,630) | (5,630) | (112) | (7,500) | (150) | (7,350) | (7,500) | ||||||||||||||
Unit-based awards amortization and vesting | 473 | $ 473 | 473 | |||||||||||||||||||
Comprehensive loss from unconsolidated investment and other | (520) | (520) | (520) | |||||||||||||||||||
Balance, end of period (in units) at Sep. 30, 2019 | 12,261 | |||||||||||||||||||||
Balance, end of period at Sep. 30, 2019 | 466,254 | 5,909 | $ 400,266 | 66,816 | (3,802) | 469,189 | (2,935) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Income attributable to preferred unitholders | 7,500 | 7,350 | 150 | |||||||||||||||||||
Balance, beginning of period (in units) at Dec. 31, 2019 | 12,261 | |||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2019 | 336,028 | 3,270 | $ 271,471 | 66,816 | (2,594) | 338,963 | (2,935) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income attributable to NRP | 376 | 18,403 | 18,779 | [3] | ||||||||||||||||||
Net income (loss) | [3] | 18,779 | ||||||||||||||||||||
Distributions to unitholders | (5,517) | $ (5,630) | $ (5,630) | (113) | (7,500) | (150) | (7,350) | (7,500) | ||||||||||||||
Unit-based awards amortization and vesting | 673 | $ 673 | 673 | |||||||||||||||||||
Comprehensive loss from unconsolidated investment and other | (1,023) | (1,023) | (1,023) | |||||||||||||||||||
Balance, end of period (in units) at Mar. 31, 2020 | 12,261 | |||||||||||||||||||||
Balance, end of period at Mar. 31, 2020 | 337,416 | 3,305 | $ 273,847 | 66,816 | (3,617) | 340,351 | (2,935) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Income attributable to preferred unitholders | 7,500 | 7,350 | 150 | |||||||||||||||||||
Balance, beginning of period (in units) at Dec. 31, 2019 | 12,261 | |||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2019 | 336,028 | 3,270 | $ 271,471 | 66,816 | (2,594) | 338,963 | (2,935) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | (99,506) | |||||||||||||||||||||
Balance, end of period (in units) at Sep. 30, 2020 | 12,261 | |||||||||||||||||||||
Balance, end of period at Sep. 30, 2020 | 201,959 | 428 | $ 134,545 | 66,816 | 170 | 201,959 | 0 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Income attributable to preferred unitholders | 22,613 | |||||||||||||||||||||
Balance, beginning of period (in units) at Mar. 31, 2020 | 12,261 | |||||||||||||||||||||
Balance, beginning of period at Mar. 31, 2020 | 337,416 | 3,305 | $ 273,847 | 66,816 | (3,617) | 340,351 | (2,935) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income attributable to NRP | (2,510) | (122,991) | (125,501) | [2] | ||||||||||||||||||
Net income (loss) | [2] | (125,501) | ||||||||||||||||||||
Distributions to unitholders | (7,613) | (152) | (7,461) | (7,613) | ||||||||||||||||||
Acquisition of non-controlling interest in BRP | (1,909) | (97) | (4,747) | (4,844) | 2,935 | |||||||||||||||||
Unit-based awards amortization and vesting | 869 | $ 869 | 869 | |||||||||||||||||||
Comprehensive loss from unconsolidated investment and other | 1,359 | 1,359 | 1,359 | |||||||||||||||||||
Balance, end of period (in units) at Jun. 30, 2020 | 12,261 | |||||||||||||||||||||
Balance, end of period at Jun. 30, 2020 | 204,621 | 546 | $ 139,517 | 66,816 | (2,258) | 204,621 | 0 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Income attributable to preferred unitholders | 7,600 | 7,460 | 150 | |||||||||||||||||||
Net income attributable to NRP | 144 | [3] | 7,072 | [3] | 7,216 | |||||||||||||||||
Net income (loss) | 7,216 | |||||||||||||||||||||
Distributions to unitholders | $ (5,518) | $ (112) | $ (5,630) | $ (150) | $ (7,350) | $ (5,630) | ||||||||||||||||
Acquisition of non-controlling interest in BRP | (7,500) | (7,500) | ||||||||||||||||||||
Unit-based awards amortization and vesting | 824 | $ 824 | 824 | |||||||||||||||||||
Comprehensive loss from unconsolidated investment and other | 2,428 | 2,428 | 2,428 | |||||||||||||||||||
Balance, end of period (in units) at Sep. 30, 2020 | 12,261 | |||||||||||||||||||||
Balance, end of period at Sep. 30, 2020 | 201,959 | $ 428 | $ 134,545 | $ 66,816 | $ 170 | $ 201,959 | $ 0 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Income attributable to preferred unitholders | $ 7,500 | $ 7,350 | $ 150 | |||||||||||||||||||
[1] | Net income includes $7.5 million attributable to preferred unitholders that accumulated during the period, of which $7.35 million is allocated to the common unitholders and $0.15 million is allocated to the general partner. | |||||||||||||||||||||
[2] | Net loss includes $7.6 million attributable to preferred unitholders that accumulated during the period, of which $7.46 million is allocated to the common unitholders and $0.15 million is allocated to the general partner. | |||||||||||||||||||||
[3] | Net income includes $7.5 million attributable to preferred unitholders that accumulated during the period, of which $7.35 million is allocated to the common unitholders and $0.15 million is allocated to the general partner. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities | ||
Net income (loss) | $ (99,506) | $ 94,240 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities of continuing operations: | ||
Depreciation, depletion and amortization | 6,185 | 11,746 |
Distributions from unconsolidated investment | 14,210 | 25,480 |
Gain on asset sales and disposals | (465) | (6,609) |
Loss on extinguishment of debt | 0 | 29,282 |
Income from discontinued operations | 0 | (206) |
Asset impairments | 133,217 | 484 |
Bad debt expense | 3,915 | 6,842 |
Unit-based compensation expense | 2,566 | 1,842 |
Amortization of debt issuance costs and other | 491 | 3,223 |
Change in operating assets and liabilities: | ||
Accounts receivable | 7,994 | (2,111) |
Accounts payable | 193 | (822) |
Accrued liabilities | (2,985) | (5,083) |
Accrued interest | 6,957 | 19 |
Deferred revenue | 10,194 | (3,920) |
Other items, net | (3,353) | 351 |
Net cash provided by operating activities of continuing operations | 74,413 | 117,925 |
Net cash provided by (used in) operating activities of discontinued operations | 1,706 | (4) |
Net cash provided by operating activities | 76,119 | 117,921 |
Cash flows from investing activities | ||
Proceeds from asset sales and disposals | 507 | 6,611 |
Return of long-term contract receivable | 1,462 | 1,351 |
Acquisition of non-controlling interest in BRP | 1,000 | 0 |
Net cash provided by investing activities of continuing operations | 969 | 7,962 |
Net cash used in investing activities of discontinued operations | (66) | (556) |
Net cash provided by investing activities | 903 | 7,406 |
Cash flows from financing activities | ||
Debt borrowings | 0 | 300,000 |
Debt repayments | (25,841) | (442,747) |
Contributions from (to) discontinued operations | 1,640 | (560) |
Debt issuance costs and other | 0 | 26,427 |
Net cash used in financing activities of continuing operations | (58,074) | (219,754) |
Net cash provided by (used in) financing activities of discontinued operations | (1,640) | 560 |
Net cash used in financing activities | (59,714) | (219,194) |
Net increase (decrease) in cash and cash equivalents | 17,308 | (93,867) |
Cash and cash equivalents at beginning of period | 98,265 | 206,030 |
Cash and cash equivalents at end of period | 115,573 | 112,163 |
Supplemental cash flow information: | ||
Cash paid during the period for interest | 22,712 | 36,270 |
Plant, equipment, mineral rights and other funded with accounts payable or accrued liabilities | 947 | 0 |
Ciner Wyoming | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities of continuing operations: | ||
Equity earnings from unconsolidated investment | 5,200 | 36,833 |
General Partner | ||
Cash flows from financing activities | ||
Distributions to common unitholders and general partner | (11,260) | (27,520) |
Preferred Partner | ||
Cash flows from financing activities | ||
Distributions to common unitholders and general partner | $ (22,613) | $ (22,500) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
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, managing and leasing a diversified portfolio of mineral properties in the United States, including interests in coal and other natural resources and owns a non-controlling 49% interest in Ciner Wyoming LLC ("Ciner Wyoming"), a trona ore mining and soda ash production business. The Partnership is organized into two operating segments further described in Note 5. Segment Information . 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. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2019 and notes thereto included in the Partnership's Annual Report on Form 10-K, which was filed with the SEC on February 27, 2020. Recently Adopted Accounting Standards Credit Losses On January 1, 2020, the Partnership adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), and all the related amendments ("the new credit loss standard"). The Partnership recognized a $3.9 million cumulative effect of adoption in the opening balance of partners' capital on January 1, 2020 as a result of the adoption of the new credit loss standard. See Note 15. Credit Losses for more information. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenues from Contracts with Customers The following table presents the Partnership's Coal Royalty and Other segment revenues by major source: For the Three Months Ended For the Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Coal royalty revenues (1) $ 10,610 $ 24,727 $ 40,559 $ 87,561 Production lease minimum revenues (1) 4,267 2,752 13,554 21,331 Minimum lease straight-line revenues (1) 3,553 3,982 12,349 11,152 Property tax revenues 1,896 1,606 4,256 4,416 Wheelage revenues 1,680 1,675 5,468 5,035 Coal overriding royalty revenues 1,314 2,189 3,319 10,163 Lease amendment revenues 858 1,535 2,591 6,720 Aggregates royalty revenues 221 954 1,068 3,655 Oil and gas royalty revenues 1,078 374 4,923 2,575 Other revenues 263 125 752 1,429 Coal royalty and other revenues $ 25,740 $ 39,919 $ 88,839 $ 154,037 Transportation and processing services revenues (2) 2,204 3,865 6,651 14,740 Total coal royalty and other segment revenues $ 27,944 $ 43,784 $ 95,490 $ 168,777 (1) Effective January 1, 2020, certain revenues previously classified as coal royalty revenues are classified as production lease minimum revenues or minimum lease straight-line revenues due to contract modifications to certain leases that fixed consideration paid to the Partnership over a two year period. (2) Transportation and processing services revenues from contracts with customers as defined under ASC 606 was $1.2 million and $1.7 million for the three months ended September 30, 2020 and 2019, respectively and $3.7 million and $7.3 million for the nine months ended September 30, 2020 and 2019, respectively. The remaining transportation and processing services revenues of $1.0 million and $2.2 million for the three months ended September 30, 2020 and 2019, respectively, and $2.9 million and $7.5 million for the nine months ended September 30, 2020 and 2019, respectively, related to other NRP-owned infrastructure leased to and operated by third-party operators accounted for under other guidance. See Note 14. Financing Transaction for more information. The following table details the Partnership's Coal Royalty and Other segment receivables and liabilities resulting from contracts with customers: September 30, December 31, (In thousands) 2020 2019 Receivables Accounts receivable, net $ 15,371 $ 27,915 Other current assets, net (1) 3,696 90 Other long-term assets, net (2) 691 — Contract liabilities Current portion of deferred revenue $ 11,035 $ 4,608 Deferred revenue 50,980 47,213 (1) Other current assets, net includes short-term notes receivables from contracts with customers. (2) Other long-term assets, net includes long-term notes receivables from contracts with customers. The following table shows the activity related to the Partnership's Coal Royalty and Other segment deferred revenue: For the Nine Months Ended September 30, (In thousands) 2020 2019 Balance at beginning of period (current and non-current) $ 51,821 $ 52,553 Increase due to minimums and lease amendment fees 38,005 37,315 Recognition of previously deferred revenue (27,811) (41,234) Balance at end of period (current and non-current) $ 62,015 $ 48,634 The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty and overriding royalty leases are as follows as of September 30, 2020 (in thousands): Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments (2) 0 - 5 years 3.7 $ 14,792 5 - 10 years 5.7 7,478 10+ years 13.5 30,922 Total 9.3 $ 53,192 (1) Lease term does not include renewal periods. (2) Annual minimum payments do not include $40.0 million of annual fixed consideration owed to NRP in 2020 and 2021 resulting from contract modifications entered into during the second quarter of 2020. Additionally, $5.0 million of this $40.0 million annual fixed consideration amount relates to a coal infrastructure lease that is accounted for as a financing transaction. See Note 14. Financing Transaction |
Common and Preferred Unit Distr
Common and Preferred Unit Distributions | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Common and Preferred Unit Distributions | Common and Preferred Unit Distributions The Partnership makes cash distributions to common and preferred unitholders on a quarterly basis, subject to approval by the Board of Directors of GP Natural Resource Partners LLC (the "Board of Directors"). NRP recognizes both common unit and preferred unit distributions on the date the distribution is declared. Distributions made on the common units and the general partner's general partner ("GP") interest are made on a pro-rata basis in accordance with their relative percentage interests in the Partnership. The general partner is entitled to receive 2% of such distributions. Income (loss) available to common unitholders and the general partner is reduced by preferred unit distributions that accumulated during the period. NRP reduced net income (loss) available to common unitholders and the general partner by $7.5 million during the three months ended September 30, 2020 and 2019, and $22.6 million and $22.5 million during the nine months ended September 30, 2020 and 2019, respectively, as a result of accumulated preferred unit distributions earned during the period. In May 2020, the Partnership paid in kind one-half of the preferred unit distribution related to the three months ended March 31, 2020. In June 2020, the Partnership redeemed all of the outstanding preferred units paid in kind. The following table shows the cash distributions declared and paid to common and preferred unitholders during the nine months ended September 30, 2020 and 2019, respectively: Common Units Preferred Units Date Paid Period Covered by Distribution Distribution per Unit Total Distribution (1) (In thousands) Distribution per Unit Total Distribution 2020 February 2020 October 1 - December 31, 2019 $ 0.45 $ 5,630 $ 30.00 $ 7,500 May 2020 January 1 - March 31, 2020 — — 15.00 3,750 June 2020 (2) January 1 - March 31, 2020 — — 15.45 3,863 August 2020 April 1 - June 30, 2020 0.45 5,630 30.00 7,500 2019 February 2019 October 1 - December 31, 2018 $ 0.45 $ 5,625 $ 30.00 $ 7,500 May 2019 January 1 - March 31, 2019 0.45 5,630 30.00 7,500 May 2019 (3) Special Distribution 0.85 10,635 — — August 2019 April 1 - June 30, 2019 0.45 5,630 30.00 7,500 (1) Total common unit distribution includes the amount paid to NRP's general partner in accordance with the general partner's 2% general partner interest. (2) Redemption of preferred units paid in kind plus accrued interest. (3) Special distribution was made to cover the common unitholders’ tax liability resulting from the sale of NRP’s construction aggregates business in December 2018. |
Net Income Per Common Unit
Net Income Per Common Unit | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Unit | Net Income (Loss) Per Common Unit Basic net income (loss) per common unit is computed by dividing net income (loss), after considering income attributable to preferred unitholders and the general partner’s general partner interest, by the weighted average number of common units outstanding. Diluted net income (loss) per common unit includes the effect of NRP's preferred units, warrants, and unvested unit-based awards if the inclusion of these items is 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 (loss) per unit calculation for the period being presented. 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 calculation of diluted net income (loss) per common unit for the three and nine months ended September 30, 2020 does not include the assumed conversion of the preferred units because the impact would have been anti-dilutive. The calculation of diluted net income per common unit for the three and nine months ended September 30, 2019 includes the assumed conversion of the preferred units. 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 diluted net income (loss) per common unit for the three and nine months ended September 30, 2020 did not include the net settlement of warrants to purchase 1.75 million common units at a strike price of $22.81 or 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 calculation of the dilutive effect of the warrants for the three months ended September 30, 2019 includes the net settlement of warrants to purchase 1.75 million common units with a strike price of $22.81 but 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 calculation of the dilutive effect of the warrants for the nine months ended September 30, 2019 includes both the net settlement of warrants to purchase 1.75 million common units with a strike price of $22.81 and the net settlement of warrants to purchase 2.25 million common units with a strike price of $34.00. The following tables reconcile the numerator and denominator of the basic and diluted net income (loss) per common unit computations and calculates basic and diluted net income (loss) per common unit: For the Three Months Ended For the Nine Months Ended September 30, (In thousands, except per unit data) 2020 2019 2020 2019 Allocation of net income (loss) Net income (loss) from continuing operations $ 7,216 $ 39,163 $ (99,506) $ 94,034 Less: income attributable to preferred unitholders (7,500) (7,500) (22,613) (22,500) Net income (loss) from continuing operations attributable to common unitholders and general partner $ (284) $ 31,663 $ (122,119) $ 71,534 Add (less): net loss (income) from continuing operations attributable to the general partner 5 (634) 2,442 (1,431) Net income (loss) from continuing operations attributable to common unitholders $ (279) $ 31,029 $ (119,677) $ 70,103 Net income from discontinued operations $ — $ 7 $ — $ 206 Less: net income from discontinued operations attributable to the general partner — — — (4) Net income from discontinued operations attributable to common unitholders $ — $ 7 $ — $ 202 Net income (loss) $ 7,216 $ 39,170 $ (99,506) $ 94,240 Less: income attributable to preferred unitholders (7,500) (7,500) (22,613) (22,500) Net income (loss) attributable to common unitholders and general partner $ (284) $ 31,670 $ (122,119) $ 71,740 Add (less): net loss (income) attributable to the general partner 5 (634) 2,442 (1,435) Net income (loss) attributable to common unitholders $ (279) $ 31,036 $ (119,677) $ 70,305 Basic net income (loss) per common unit Weighted average common units—basic 12,261 12,261 12,261 12,259 Basic net income (loss) from continuing operations per common unit $ (0.02) $ 2.53 $ (9.76) $ 5.72 Basic net income from discontinued operations per common unit $ 0.00 $ 0.00 $ 0.00 $ 0.02 Basic net income (loss) per common unit $ (0.02) $ 2.53 $ (9.76) $ 5.73 For the Three Months Ended For the Nine Months Ended September 30, (In thousands, except per unit data) 2020 2019 2020 2019 Diluted income (loss) per common unit Weighted average common units—basic 12,261 12,261 12,261 12,259 Plus: dilutive effect of preferred units — 10,494 — 10,494 Plus: dilutive effect of warrants — 389 — 800 Plus: dilutive effect of unvested unit-based awards — 13 — 31 Weighted average common units—diluted 12,261 23,157 12,261 23,584 Net income (loss) from continuing operations $ 7,216 $ 39,163 $ (99,506) $ 94,034 Less: income attributable to preferred unitholders (7,500) — (22,613) — Diluted net income (loss) from continuing operations attributable to common unitholders and general partner $ (284) $ 39,163 $ (122,119) $ 94,034 Add (less): diluted net loss (income) from continuing operations attributable to the general partner 5 (784) 2,442 (1,881) Diluted net income (loss) from continuing operations attributable to common unitholders $ (279) $ 38,379 $ (119,677) $ 92,153 Diluted net income from discontinued operations attributable to common unitholders $ — $ 7 $ — $ 202 Net income (loss) $ 7,216 $ 39,170 $ (99,506) $ 94,240 Less: income attributable to preferred unitholders (7,500) — (22,613) — Diluted net income (loss) attributable to common unitholders and general partner $ (284) $ 39,170 $ (122,119) $ 94,240 Add (less): diluted net loss (income) attributable to the general partner 5 (784) 2,442 (1,885) Diluted net income (loss) attributable to common unitholders $ (279) $ 38,386 $ (119,677) $ 92,355 Diluted net income (loss) from continuing operations per common unit $ (0.02) $ 1.66 $ (9.76) $ 3.91 Diluted net income from discontinued operations per common unit $ 0.00 $ 0.00 $ 0.00 $ 0.01 Diluted net income (loss) per common unit $ (0.02) $ 1.66 $ (9.76) $ 3.92 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Partnership's segments are strategic business units that offer distinct products and services to different customers in different geographies within the U.S. and that are managed accordingly. NRP has the following two operating segments: Coal Royalty and Other —consists primarily of coal royalty properties and coal-related transportation and processing assets. Other assets include industrial mineral royalty properties, aggregates royalty properties, oil and gas royalty properties and timber. The Partnership's coal reserves are primarily located in Appalachia, the Illinois Basin and the Northern Powder River Basin in the United States. The Partnership's industrial minerals and aggregates properties are located in various states across the United States. The Partnership's oil and gas royalty assets are primarily located in Louisiana and its timber assets are primarily located in West Virginia. Soda Ash —consists of the Partnership's 49% non-controlling equity interest in Ciner Wyoming, a trona ore mining operation and soda ash refinery in the Green River Basin of 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 to the glass and chemicals industries. Direct segment costs and certain other costs incurred at the corporate level that are identifiable and that benefit the Partnership's segments are allocated to the operating segments accordingly. These allocated costs generally include salaries and benefits, insurance, property taxes, legal, royalty, information technology and shared facilities services and are included in operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income (Loss). Corporate and Financing includes functional corporate departments that do not earn revenues. Costs incurred by these departments include interest and financing, corporate headquarters and overhead, centralized treasury, legal and accounting and other corporate-level activity not specifically allocated to a segment and are included in general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income (Loss). The following table summarizes certain financial information for each of the Partnership's business segments: Operating Segments (In thousands) Coal Royalty and Other Soda Ash Corporate and Financing Total For the Three Months Ended September 30, 2020 Revenues $ 27,944 $ 1,986 $ — $ 29,930 Operating and maintenance expenses 5,685 96 — 5,781 Depreciation, depletion and amortization 2,111 — — 2,111 General and administrative expenses — — 3,634 3,634 Asset impairments 934 — — 934 Other expenses, net 41 — 10,213 10,254 Net income (loss) from continuing operations 19,173 1,890 (13,847) 7,216 For the Three Months Ended September 30, 2019 Revenues $ 43,784 $ 13,818 $ — $ 57,602 Gain on asset sales and disposals 6,107 — — 6,107 Operating and maintenance expenses 5,771 223 — 5,994 Depreciation, depletion and amortization 3,384 — — 3,384 General and administrative expenses — — 4,253 4,253 Asset impairments 484 — — 484 Other expenses, net — — 10,431 10,431 Net income (loss) from continuing operations 40,252 13,595 (14,684) 39,163 Income from discontinued operations — — — 7 For the Nine Months Ended September 30, 2020 Revenues $ 95,490 $ 5,200 $ — $ 100,690 Gain on asset sales and disposals 465 — — 465 Operating and maintenance expenses 19,059 141 — 19,200 Depreciation, depletion and amortization 6,185 — — 6,185 General and administrative expenses — — 11,168 11,168 Asset impairments 133,217 — — 133,217 Other expenses, net 56 — 30,835 30,891 Net income (loss) from continuing operations (62,562) 5,059 (42,003) (99,506) For the Nine Months Ended September 30, 2019 Revenues $ 168,777 $ 36,833 $ — $ 205,610 Gain on asset sales and disposals 6,609 — — 6,609 Operating and maintenance expenses 26,590 223 — 26,813 Depreciation, depletion and amortization 11,746 — — 11,746 General and administrative expenses — — 12,799 12,799 Asset impairments 484 — — 484 Other expenses, net — — 66,343 66,343 Net income (loss) from continuing operations 136,566 36,610 (79,142) 94,034 Income from discontinued operations — — — 206 |
Equity Investment
Equity Investment | 9 Months Ended |
Sep. 30, 2020 | |
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. Activity related to this investment is as follows: For the Three Months Ended For the Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Balance at beginning of period $ 252,420 $ 251,135 $ 263,080 $ 247,051 Income allocation to NRP’s equity interests 3,004 15,068 8,450 40,511 Amortization of basis difference (1,018) (1,250) (3,250) (3,678) Other comprehensive income (loss) 2,428 (520) 2,764 (341) Distribution — (6,370) (14,210) (25,480) Balance at end of period $ 256,834 $ 258,063 $ 256,834 $ 258,063 The following table represents summarized financial information for Ciner Wyoming as derived from their respective unaudited financial statements for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended For the Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Net sales $ 98,197 $ 137,148 $ 288,804 $ 397,378 Gross profit 11,704 36,747 35,363 103,382 Net income 6,130 30,750 17,245 82,675 |
Mineral Rights, Net
Mineral Rights, Net | 9 Months Ended |
Sep. 30, 2020 | |
Extractive Industries [Abstract] | |
Mineral Rights, Net | Mineral Rights, Net The Partnership’s mineral rights consist of the following: September 30, 2020 December 31, 2019 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 798,870 $ (354,843) $ 444,027 $ 981,352 $ (420,448) $ 560,904 Aggregates properties 9,102 (2,741) 6,361 41,486 (13,357) 28,129 Oil and gas royalty properties 12,354 (8,416) 3,938 12,395 (7,887) 4,508 Other 13,156 (1,612) 11,544 13,156 (1,601) 11,555 Total mineral rights, net $ 833,482 $ (367,612) $ 465,870 $ 1,048,389 $ (443,293) $ 605,096 Depletion expense related to the Partnership’s mineral rights is included in depreciation, depletion and amortization on its Consolidated Statements of Comprehensive Income (Loss) and totaled $2.1 million and $2.8 million for the three months ended September 30, 2020 and 2019, respectively, and $6.0 million and $9.5 million for the nine months ended September 30, 2020 and 2019, respectively. The Partnership recorded $0.9 million and $133.2 million of expense to fully impair certain properties during the three and nine months ended September 30, 2020, respectively, primarily related to weakened coal markets that resulted in termination of certain coal leases, changes to lessee mine plans resulting in permanent moves off certain of our coal properties and decreased oil and gas drilling activity which negatively impacted the outlook for NRP's frac sand properties. The Partnership has developed procedures to evaluate its long-lived assets for possible impairment periodically or whenever events or changes in circumstances indicate an asset's net book value may not be recoverable. Potential events or circumstances include, but are not limited to, specific events such as a reduction in economically recoverable reserves or production ceasing on a property for an extended period. This analysis is based on historic, current and future performance and considers both quantitative and qualitative information. While the Partnership's impairment evaluation as of September 30, 2020 incorporated an estimated impact of the global COVID-19 pandemic, there is significant uncertainty as to the severity and duration of this disruption. If the impact is worse than we currently estimate, an additional impairment charge may be recognized in future periods. |
Debt, Net
Debt, Net | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt, Net | Debt, Net The Partnership's debt consists of the following: September 30, December 31, (In thousands) 2020 2019 NRP LP debt: 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025, issued at par ("2025 Senior Notes") $ 300,000 $ 300,000 Opco debt: Revolving credit facility $ — $ — Senior Notes 5.05% with semi-annual interest payments in January and July, with annual principal payments in July, due July 2020 $ — $ 6,780 5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023 7,094 9,458 4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023 24,016 24,016 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 50,738 63,423 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 16,047 20,059 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 79,945 79,945 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 20,375 20,375 Total Opco Senior Notes $ 198,215 $ 224,056 Total debt at face value $ 498,215 $ 524,056 Net unamortized debt issuance costs (6,742) (7,858) Total debt, net $ 491,473 $ 516,198 Less: current portion of long-term debt (39,072) (45,776) Total long-term debt, net $ 452,401 $ 470,422 NRP LP Debt 2025 Senior Notes The 2025 Senior Notes were issued under an Indenture dated as of April 29, 2019 (the "2025 Indenture"), bear interest at 9.125% per year and mature on June 30, 2025. Interest is payable semi-annually on June 30 and December 30. NRP and NRP Finance have the option to redeem the 2025 Senior Notes, in whole or in part, at any time on or after October 30, 2021, at the redemption prices (expressed as percentages of principal amount) of 104.563% for the 12-month period beginning October 30, 2021, 102.281% for the 12-month period beginning October 30, 2022, and thereafter at 100.000%, together, in each case, with any accrued and unpaid interest to the date of redemption. Furthermore, before October 30, 2021, NRP may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2025 Senior Notes with the net proceeds of certain public or private equity offerings at a redemption price of 109.125% of the principal amount of 2025 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 2025 Senior Notes issued under the 2025 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 2025 Indenture, the holders of the 2025 Senior Notes may require us to purchase their 2025 Senior Notes at a purchase price equal to 101% of the principal amount of the 2025 Senior Notes, plus accrued and unpaid interest, if any. The 2025 Senior Notes were issued at par. The 2025 Senior Notes are the senior unsecured obligations of NRP and NRP Finance. The 2025 Senior Notes rank equal in right of payment to all existing and future senior unsecured debt of NRP and NRP Finance and senior in right of payment to any of NRP's subordinated debt. The 2025 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 2025 Senior Notes. As of September 30, 2020 and December 31, 2019, NRP and NRP Finance were in compliance with the terms of the Indenture relating to their 2025 Senior Notes. 2022 Senior Notes During the second quarter of 2019, the Partnership redeemed the 2022 Senior Notes at a redemption price equal to 105.250% of the principal amount of the 2022 Senior Notes, plus accrued and unpaid interest. In connection with the early redemption, the Partnership paid an $18.1 million call premium and wrote off $10.4 million of unamortized debt issuance costs and debt discount. These expenses are included in loss on extinguishment of debt on the Partnership's Consolidated Statements of Comprehensive Income (Loss). 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, 2020 and December 31, 2019, Opco was in compliance with the terms of the financial covenants contained in its debt agreements. Opco Credit Facility In April 2019, the Partnership entered into the Fourth Amendment (the “Fourth Amendment”) to the Opco Credit Facility (the "Opco Credit Facility"). The Fourth Amendment extended the term of the Opco Credit Facility until April 2023. Lender commitments under the Opco Credit Facility remain at $100.0 million. 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 4.0x; provided, however, that if the Partnership 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 4.0x to 3.0x; and • 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. During the three and nine months ended September 30, 2020 and 2019, the Partnership did not have any borrowings outstanding under the Opco Credit Facility and had $100 million in available borrowing capacity at both September 30, 2020 and December 31, 2019. The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values of $366.8 million and $399.7 million classified as mineral rights, net and other long-term assets, net on the Partnership’s Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, respectively. 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, 2020 and December 31, 2019, the Opco Senior Notes had cumulative principal balances of $198.2 million and $224.1 million, respectively. Opco made mandatory principal payments of $25.8 million during the nine months ended September 30, 2020 and $97.1 million during the nine months ended September 30, 2019, which included a $49.3 million pre-payment as a result of the sale of the Partnership's construction aggregates business. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value of Financial Assets and Liabilities The Partnership’s financial assets and liabilities consist of cash and cash equivalents, a contract receivable and debt. The carrying amounts reported on the Consolidated Balance Sheets for cash and cash equivalents approximate fair value due to their short-term nature. The Partnership uses available market data and valuation methodologies to estimate the fair value of its debt and contract receivable. The following table shows the carrying value and estimated fair value of the Partnership's debt and contract receivable: September 30, 2020 December 31, 2019 (In thousands) Fair Value Hierarchy Level Carrying Estimated Carrying Estimated Debt: NRP 2025 Senior Notes 1 $ 294,891 $ 263,250 $ 294,084 $ 269,250 Opco Senior Notes (1) 3 196,582 173,934 222,114 201,090 Opco Credit Facility 3 — — — — Assets: Contract receivable (current and long-term) (2) 3 $ 35,800 $ 27,255 $ 38,945 $ 33,460 (1) The fair value of the Opco Senior Notes are estimated by management using quotations obtained for the NRP 2025 Senior Notes on the closing trading prices near period end, which were at 88% of par value at September 30, 2020. (2) The fair value of the Partnership's contract receivable is determined based on the present value of future cash flow projections related to the underlying asset at a discount rate of 15% at September 30, 2020. 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 on the Partnership'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 expenses, net on the Partnership's Consolidated Statements of Comprehensive Income (Loss). The embedded derivatives had zero value as of September 30, 2020 and December 31, 2019. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Affiliates of our General Partner The Partnership’s general partner does not receive any management fee or other compensation for its management of NRP. 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 Western Pocahontas Properties Limited Partnership ("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 are presented as operating and maintenance expenses and general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income (Loss). NRP also reimburses overhead costs incurred by its affiliates to manage the Partnership's business. These overhead costs include certain rent, information technology, 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 and general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income (Loss). Direct general and administrative expenses charged to the Partnership by QMC and WPPLP are included on the Partnership's Consolidated Statement of Comprehensive Income (Loss) as follows: For the Three Months Ended For the Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Operating and maintenance expenses $ 1,562 $ 1,598 $ 4,729 $ 4,806 General and administrative expenses 878 855 2,657 2,704 The Partnership had accounts payable to QMC of $0.4 million at both September 30, 2020 and December 31, 2019 and $0.2 million and $0.1 million to WPPLP on its Consolidated Balance Sheets at September 30, 2020 and December 31, 2019, respectively. During the three months ended September 30, 2020 and 2019, the Partnership recognized $0.2 million and $0.3 million in operating and maintenance expenses, respectively, on its Consolidated Statements of Comprehensive Income (Loss) related to an overriding royalty agreement with WPPLP. These amounts were $0.3 million and $3.8 million during the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, the Partnership had $0.4 million of other long-term assets on its Consolidated Balance Sheet related to a prepaid royalty for this agreement and at December 31, 2019, the Partnership had $0.1 million of accounts payable to WPPLP related to this agreement. Industrial Minerals Group LLC Corbin J. Robertson, III, a Director of GP Natural Resource Partners LLC, owned a minority ownership interest in Industrial Minerals Group LLC (“Industrial Minerals”), which, through its subsidiaries, leases two of NRP's coal royalty properties in Central Appalachia. As of December 31, 2019, Mr. Robertson no longer held an equity interest in Industrial Minerals; accordingly, revenues are no longer classified as related party revenues as of such date. Coal royalty related revenues from Industrial Minerals totaled $0.4 million and $0.9 million for the three and nine months ended September 30, 2019, respectively. The Partnership had accounts receivable from Industrial Minerals of $0.7 million on its Consolidated Balance Sheet as of December 31, 2019. Quinwood Coal Company In May 2017, a subsidiary of Alpha Natural Resources assigned two coal leases with us to Quinwood Coal Company ("Quinwood"), an entity wholly owned by Corbin J. Robertson III. Coal related revenues from Quinwood totaled $0.0 million and $0.2 million for the three and nine months ended September 30, 2019, respectively. |
Major Customers
Major Customers | 9 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Major Customers | Major Customers Revenues from customers that exceeded 10 percent of total revenues for any of the periods presented below are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Revenues Percent Revenues Percent Revenues Percent Revenues Percent Foresight Energy (1) (2) $ 8,592 29 % $ 12,375 21 % $ 27,052 27 % $ 44,604 22 % Contura Energy (1) 7,143 24 % 9,190 16 % 23,164 23 % 32,915 16 % (1) Revenues from Foresight Energy and Contura Energy are included within the Partnership's Coal Royalty and Other segment. (2) In June 2020, the Partnership entered into lease amendments with Foresight Energy pursuant to which Foresight agreed to pay NRP fixed cash payments to satisfy all obligations arising out of the existing various coal mining leases and transportation infrastructure fee agreements between the Partnership and Foresight Energy for calendar years 2020 and 2021. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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 ordinary course matters will not have a material effect on the Partnership’s financial position, liquidity or operations. |
Unit-Based Compensation
Unit-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Unit-Based Compensation [Abstract] | |
Unit-Based Compensation | Unit-Based Compensation The Partnership's unit-based awards granted in 2020 and 2019 were valued using the closing price of NRP's units as of the grant date. The grant date fair value of these awards granted during the nine months ended September 30, 2020 and 2019 were $3.5 million and $5.4 million, respectively. Total unit-based compensation expense associated with these awards was $0.9 million and $0.5 million for the three months ended September 30, 2020 and 2019, respectively, and $2.6 million and $1.8 million for the nine months ended September 30, 2020 and 2019, respectively, and is included in general and administrative expenses and operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income (Loss). The unamortized cost associated with unvested outstanding awards as of September 30, 2020 is $4.4 million, which is to be recognized over a weighted average period of 1.8 years. The unamortized cost associated with unvested outstanding awards as of December 31, 2019 was $3.5 million. A summary of the unit activity in the outstanding grants during 2020 is as follows: (In thousands) Common Units Weighted Average Exercise Price Outstanding at January 1, 2020 157 $ 37.48 Granted 203 $ 17.20 Fully vested and issued — $ — Forfeitures (5) $ 17.20 Outstanding at September 30, 2020 355 $ 26.20 |
Credit Losses
Credit Losses | 9 Months Ended |
Sep. 30, 2020 | |
Credit Losses [Abstract] | |
Credit Losses | Credit Losses The Partnership is exposed to credit losses through collection of its trade receivables resulting from contracts with customers and a long-term receivable resulting from a financing transaction with a customer. The Partnership records an allowance for current expected credit losses on these receivables based on the loss-rate method. NRP assessed the likelihood of collection of its receivables utilizing historical loss rates, current market conditions that included the estimated impact of the global COVID-19 pandemic, industry and macroeconomic factors, reasonable and supportable forecasts and facts or circumstances of individual customers and properties. Examples of these facts or circumstances include, but are not limited to, contract disputes or renegotiations with the customer and evaluation of short and long-term economic viability of the contracted property. For its long-term contract receivable, management reverts to the historical loss experience immediately after the reasonable and supportable forecast period ends. As of September 30, 2020, NRP recorded the following current expected credit loss (“CECL”) related to its receivables and long-term contract receivable: (In thousands) Gross CECL Allowance Net Receivables $ 24,172 $ (2,324) $ 21,848 Long-term contract receivable 35,370 (1,579) 33,791 Total $ 59,542 $ (3,903) $ 55,639 NRP recorded $0.3 million and $0.0 million in operating and maintenance expenses on its Consolidated Statement of Comprehensive Income (Loss) related to the change in CECL allowance during the three and nine months ended September 30, 2020, respectively. In addition, the Partnership recorded $0.0 million and $3.9 million of bad debt expense due to balances deemed to be non-collectible in the three and nine months ended September 30, 2020, respectively. NRP has procedures in place to monitor its ongoing credit exposure through timely review of counterparty balances against contract terms and due dates, account and financing receivable reconciliations, bankruptcy monitoring, lessee audits and dispute resolution. The Partnership may employ legal counsel or collection specialists to pursue recovery of defaulted receivables. |
Financing Transaction
Financing Transaction | 9 Months Ended |
Sep. 30, 2020 | |
Financing Transaction [Abstract] | |
Financing Transaction | Financing Transaction The Partnership owns rail loadout and associated infrastructure at the Sugar Camp mine in the Illinois Basin operated by a subsidiary of Foresight Energy. The infrastructure at the Sugar Camp mine is leased to a subsidiary of Foresight Energy and is accounted for as a financing transaction (the "Sugar Camp lease"). The Sugar Camp lease expires in 2032 with renewal options for up to 80 additional years. Minimum payments are $5.0 million per year through the end of the lease term. The $5.0 million due to the Partnership in 2020 and 2021 is included in the fixed cash payments from Foresight Energy resulting from contract modifications entered into during the second quarter of 2020 as discussed in Note 11. Major Customers . The Partnership is also entitled to variable payments in the form of throughput fees determined based on the amount of coal transported and processed utilizing the Partnership's assets. In the event the Sugar Camp lease is renewed beyond 2032, payments become a fixed $10 thousand per year for the remainder of the renewed term. The following table shows certain amounts related to the Partnership's Sugar Camp lease through 2032: September 30, December 31, (In thousands) 2020 2019 Accounts receivable, net $ — $ 540 Contract receivable, net (current and long-term) 35,800 38,945 Unearned income 19,704 21,889 Projected remaining payments, net $ 55,504 $ 61,374 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases Lessee Accounting As of September 30, 2020, the Partnership had one operating lease for an office building that is owned by WPPLP. On January 1, 2019, the Partnership entered into a new lease of the building with a five-year base term and five additional five-year renewal options. Upon lease commencement and as of September 30, 2020, the Partnership was reasonably certain to exercise all renewal options included in the lease and capitalized the right-of-use asset and corresponding lease liability on its Consolidated Balance Sheets using the present value of the future lease payments over 30 years. The Partnership's right-of-use asset and lease liability included within other long-term assets, net and other non-current liabilities, respectively, on its Consolidated Balance Sheets totaled $3.5 million at both September 30, 2020 and December 31, 2019. During the three and nine months ended September 30, 2020 and 2019, the Partnership incurred total operating lease expense of $0.1 million and $0.4 million, respectively, included in both operating and maintenance expenses and general and administrative expenses on its Consolidated Statements of Comprehensive Income (Loss). The following table details the maturity analysis of the Partnership's operating lease liability and reconciles the undiscounted cash flows to the operating lease liability included on its Consolidated Balance Sheet: Remaining Annual Lease Payments (In thousands) As of September 30, 2020 2020 $ 121 2021 483 2022 483 2023 483 2024 483 After 2024 11,597 Total lease payments (1) $ 13,650 Less: present value adjustment (2) (10,150) Total operating lease liability $ 3,500 (1) The remaining lease term of the Partnership's operating lease is 28.25 years. (2) The present value of the operating lease liability on the Partnership's Consolidated Balance Sheets was calculated using a 13.5% discount rate which represents the Partnership's estimated incremental borrowing rate under the lease. As the Partnership's lease does not provide an implicit rate, the Partnership estimated the incremental borrowing rate at the time the lease was entered into by utilizing the rate of the Partnership's secured debt and adjusting it for factors that reflect the profile of borrowing over the 30-year expected lease term. |
Leases | Leases Lessee Accounting As of September 30, 2020, the Partnership had one operating lease for an office building that is owned by WPPLP. On January 1, 2019, the Partnership entered into a new lease of the building with a five-year base term and five additional five-year renewal options. Upon lease commencement and as of September 30, 2020, the Partnership was reasonably certain to exercise all renewal options included in the lease and capitalized the right-of-use asset and corresponding lease liability on its Consolidated Balance Sheets using the present value of the future lease payments over 30 years. The Partnership's right-of-use asset and lease liability included within other long-term assets, net and other non-current liabilities, respectively, on its Consolidated Balance Sheets totaled $3.5 million at both September 30, 2020 and December 31, 2019. During the three and nine months ended September 30, 2020 and 2019, the Partnership incurred total operating lease expense of $0.1 million and $0.4 million, respectively, included in both operating and maintenance expenses and general and administrative expenses on its Consolidated Statements of Comprehensive Income (Loss). The following table details the maturity analysis of the Partnership's operating lease liability and reconciles the undiscounted cash flows to the operating lease liability included on its Consolidated Balance Sheet: Remaining Annual Lease Payments (In thousands) As of September 30, 2020 2020 $ 121 2021 483 2022 483 2023 483 2024 483 After 2024 11,597 Total lease payments (1) $ 13,650 Less: present value adjustment (2) (10,150) Total operating lease liability $ 3,500 (1) The remaining lease term of the Partnership's operating lease is 28.25 years. (2) The present value of the operating lease liability on the Partnership's Consolidated Balance Sheets was calculated using a 13.5% discount rate which represents the Partnership's estimated incremental borrowing rate under the lease. As the Partnership's lease does not provide an implicit rate, the Partnership estimated the incremental borrowing rate at the time the lease was entered into by utilizing the rate of the Partnership's secured debt and adjusting it for factors that reflect the profile of borrowing over the 30-year expected lease term. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The following represents material events that have occurred subsequent to September 30, 2020 through the time of the Partnership’s filing of its Quarterly Report on Form 10-Q with the SEC: Common Unit and Preferred Unit Distributions |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation Reporting | Principles of Consolidation and ReportingThe 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. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2019 and notes thereto included in the Partnership's Annual Report on Form 10-K, which was filed with the SEC on February 27, 2020. |
Recently Issued Accounting Standards | Recently Adopted Accounting Standards Credit Losses On January 1, 2020, the Partnership adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), and all the related amendments ("the new credit loss standard"). The Partnership recognized a $3.9 million cumulative effect of adoption in the opening balance of partners' capital on January 1, 2020 as a result of the adoption of the new credit loss standard. See Note 15. Credit Losses for more information. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue from Contracts with Customers by Source | The following table presents the Partnership's Coal Royalty and Other segment revenues by major source: For the Three Months Ended For the Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Coal royalty revenues (1) $ 10,610 $ 24,727 $ 40,559 $ 87,561 Production lease minimum revenues (1) 4,267 2,752 13,554 21,331 Minimum lease straight-line revenues (1) 3,553 3,982 12,349 11,152 Property tax revenues 1,896 1,606 4,256 4,416 Wheelage revenues 1,680 1,675 5,468 5,035 Coal overriding royalty revenues 1,314 2,189 3,319 10,163 Lease amendment revenues 858 1,535 2,591 6,720 Aggregates royalty revenues 221 954 1,068 3,655 Oil and gas royalty revenues 1,078 374 4,923 2,575 Other revenues 263 125 752 1,429 Coal royalty and other revenues $ 25,740 $ 39,919 $ 88,839 $ 154,037 Transportation and processing services revenues (2) 2,204 3,865 6,651 14,740 Total coal royalty and other segment revenues $ 27,944 $ 43,784 $ 95,490 $ 168,777 (1) Effective January 1, 2020, certain revenues previously classified as coal royalty revenues are classified as production lease minimum revenues or minimum lease straight-line revenues due to contract modifications to certain leases that fixed consideration paid to the Partnership over a two year period. (2) Transportation and processing services revenues from contracts with customers as defined under ASC 606 was $1.2 million and $1.7 million for the three months ended September 30, 2020 and 2019, respectively and $3.7 million and $7.3 million for the nine months ended September 30, 2020 and 2019, respectively. The remaining transportation and processing services revenues of $1.0 million and $2.2 million for the three months ended September 30, 2020 and 2019, respectively, and $2.9 million and $7.5 million for the nine months ended September 30, 2020 and 2019, respectively, related to other NRP-owned infrastructure leased to and operated by third-party operators accounted for under other guidance. See Note 14. Financing Transaction | |
Schedule of Receivables and Liabilities from Contracts with Customers | The following table details the Partnership's Coal Royalty and Other segment receivables and liabilities resulting from contracts with customers: September 30, December 31, (In thousands) 2020 2019 Receivables Accounts receivable, net $ 15,371 $ 27,915 Other current assets, net (1) 3,696 90 Other long-term assets, net (2) 691 — Contract liabilities Current portion of deferred revenue $ 11,035 $ 4,608 Deferred revenue 50,980 47,213 (1) Other current assets, net includes short-term notes receivables from contracts with customers. | |
Activity Related to Coal Royalty and Other Segment Deferred Revenue | The following table shows the activity related to the Partnership's Coal Royalty and Other segment deferred revenue: For the Nine Months Ended September 30, (In thousands) 2020 2019 Balance at beginning of period (current and non-current) $ 51,821 $ 52,553 Increase due to minimums and lease amendment fees 38,005 37,315 Recognition of previously deferred revenue (27,811) (41,234) Balance at end of period (current and non-current) $ 62,015 $ 48,634 | |
Schedule of Annual Minimums by Current Remaining Contract Term | The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty and overriding royalty leases are as follows as of September 30, 2020 (in thousands): Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments (2) 0 - 5 years 3.7 $ 14,792 5 - 10 years 5.7 7,478 10+ years 13.5 30,922 Total 9.3 $ 53,192 (1) Lease term does not include renewal periods. (2) Annual minimum payments do not include $40.0 million of annual fixed consideration owed to NRP in 2020 and 2021 resulting from contract modifications entered into during the second quarter of 2020. Additionally, $5.0 million of this $40.0 million annual fixed consideration amount relates to a coal infrastructure lease that is accounted for as a financing transaction. See Note 14. Financing Transaction |
Common and Preferred Unit Dis_2
Common and Preferred Unit Distributions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Distributions declared and paid | The following table shows the cash distributions declared and paid to common and preferred unitholders during the nine months ended September 30, 2020 and 2019, respectively: Common Units Preferred Units Date Paid Period Covered by Distribution Distribution per Unit Total Distribution (1) (In thousands) Distribution per Unit Total Distribution 2020 February 2020 October 1 - December 31, 2019 $ 0.45 $ 5,630 $ 30.00 $ 7,500 May 2020 January 1 - March 31, 2020 — — 15.00 3,750 June 2020 (2) January 1 - March 31, 2020 — — 15.45 3,863 August 2020 April 1 - June 30, 2020 0.45 5,630 30.00 7,500 2019 February 2019 October 1 - December 31, 2018 $ 0.45 $ 5,625 $ 30.00 $ 7,500 May 2019 January 1 - March 31, 2019 0.45 5,630 30.00 7,500 May 2019 (3) Special Distribution 0.85 10,635 — — August 2019 April 1 - June 30, 2019 0.45 5,630 30.00 7,500 (1) Total common unit distribution includes the amount paid to NRP's general partner in accordance with the general partner's 2% general partner interest. (2) Redemption of preferred units paid in kind plus accrued interest. (3) Special distribution was made to cover the common unitholders’ tax liability resulting from the sale of NRP’s construction aggregates business in December 2018. |
Net Income Per Common Unit (Tab
Net Income Per Common Unit (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income to Weighted Average Units Outstanding | The following tables reconcile the numerator and denominator of the basic and diluted net income (loss) per common unit computations and calculates basic and diluted net income (loss) per common unit: For the Three Months Ended For the Nine Months Ended September 30, (In thousands, except per unit data) 2020 2019 2020 2019 Allocation of net income (loss) Net income (loss) from continuing operations $ 7,216 $ 39,163 $ (99,506) $ 94,034 Less: income attributable to preferred unitholders (7,500) (7,500) (22,613) (22,500) Net income (loss) from continuing operations attributable to common unitholders and general partner $ (284) $ 31,663 $ (122,119) $ 71,534 Add (less): net loss (income) from continuing operations attributable to the general partner 5 (634) 2,442 (1,431) Net income (loss) from continuing operations attributable to common unitholders $ (279) $ 31,029 $ (119,677) $ 70,103 Net income from discontinued operations $ — $ 7 $ — $ 206 Less: net income from discontinued operations attributable to the general partner — — — (4) Net income from discontinued operations attributable to common unitholders $ — $ 7 $ — $ 202 Net income (loss) $ 7,216 $ 39,170 $ (99,506) $ 94,240 Less: income attributable to preferred unitholders (7,500) (7,500) (22,613) (22,500) Net income (loss) attributable to common unitholders and general partner $ (284) $ 31,670 $ (122,119) $ 71,740 Add (less): net loss (income) attributable to the general partner 5 (634) 2,442 (1,435) Net income (loss) attributable to common unitholders $ (279) $ 31,036 $ (119,677) $ 70,305 Basic net income (loss) per common unit Weighted average common units—basic 12,261 12,261 12,261 12,259 Basic net income (loss) from continuing operations per common unit $ (0.02) $ 2.53 $ (9.76) $ 5.72 Basic net income from discontinued operations per common unit $ 0.00 $ 0.00 $ 0.00 $ 0.02 Basic net income (loss) per common unit $ (0.02) $ 2.53 $ (9.76) $ 5.73 For the Three Months Ended For the Nine Months Ended September 30, (In thousands, except per unit data) 2020 2019 2020 2019 Diluted income (loss) per common unit Weighted average common units—basic 12,261 12,261 12,261 12,259 Plus: dilutive effect of preferred units — 10,494 — 10,494 Plus: dilutive effect of warrants — 389 — 800 Plus: dilutive effect of unvested unit-based awards — 13 — 31 Weighted average common units—diluted 12,261 23,157 12,261 23,584 Net income (loss) from continuing operations $ 7,216 $ 39,163 $ (99,506) $ 94,034 Less: income attributable to preferred unitholders (7,500) — (22,613) — Diluted net income (loss) from continuing operations attributable to common unitholders and general partner $ (284) $ 39,163 $ (122,119) $ 94,034 Add (less): diluted net loss (income) from continuing operations attributable to the general partner 5 (784) 2,442 (1,881) Diluted net income (loss) from continuing operations attributable to common unitholders $ (279) $ 38,379 $ (119,677) $ 92,153 Diluted net income from discontinued operations attributable to common unitholders $ — $ 7 $ — $ 202 Net income (loss) $ 7,216 $ 39,170 $ (99,506) $ 94,240 Less: income attributable to preferred unitholders (7,500) — (22,613) — Diluted net income (loss) attributable to common unitholders and general partner $ (284) $ 39,170 $ (122,119) $ 94,240 Add (less): diluted net loss (income) attributable to the general partner 5 (784) 2,442 (1,885) Diluted net income (loss) attributable to common unitholders $ (279) $ 38,386 $ (119,677) $ 92,355 Diluted net income (loss) from continuing operations per common unit $ (0.02) $ 1.66 $ (9.76) $ 3.91 Diluted net income from discontinued operations per common unit $ 0.00 $ 0.00 $ 0.00 $ 0.01 Diluted net income (loss) per common unit $ (0.02) $ 1.66 $ (9.76) $ 3.92 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table summarizes certain financial information for each of the Partnership's business segments: Operating Segments (In thousands) Coal Royalty and Other Soda Ash Corporate and Financing Total For the Three Months Ended September 30, 2020 Revenues $ 27,944 $ 1,986 $ — $ 29,930 Operating and maintenance expenses 5,685 96 — 5,781 Depreciation, depletion and amortization 2,111 — — 2,111 General and administrative expenses — — 3,634 3,634 Asset impairments 934 — — 934 Other expenses, net 41 — 10,213 10,254 Net income (loss) from continuing operations 19,173 1,890 (13,847) 7,216 For the Three Months Ended September 30, 2019 Revenues $ 43,784 $ 13,818 $ — $ 57,602 Gain on asset sales and disposals 6,107 — — 6,107 Operating and maintenance expenses 5,771 223 — 5,994 Depreciation, depletion and amortization 3,384 — — 3,384 General and administrative expenses — — 4,253 4,253 Asset impairments 484 — — 484 Other expenses, net — — 10,431 10,431 Net income (loss) from continuing operations 40,252 13,595 (14,684) 39,163 Income from discontinued operations — — — 7 For the Nine Months Ended September 30, 2020 Revenues $ 95,490 $ 5,200 $ — $ 100,690 Gain on asset sales and disposals 465 — — 465 Operating and maintenance expenses 19,059 141 — 19,200 Depreciation, depletion and amortization 6,185 — — 6,185 General and administrative expenses — — 11,168 11,168 Asset impairments 133,217 — — 133,217 Other expenses, net 56 — 30,835 30,891 Net income (loss) from continuing operations (62,562) 5,059 (42,003) (99,506) For the Nine Months Ended September 30, 2019 Revenues $ 168,777 $ 36,833 $ — $ 205,610 Gain on asset sales and disposals 6,609 — — 6,609 Operating and maintenance expenses 26,590 223 — 26,813 Depreciation, depletion and amortization 11,746 — — 11,746 General and administrative expenses — — 12,799 12,799 Asset impairments 484 — — 484 Other expenses, net — — 66,343 66,343 Net income (loss) from continuing operations 136,566 36,610 (79,142) 94,034 Income from discontinued operations — — — 206 |
Equity Investment (Tables)
Equity Investment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Summarized Financial Information | Activity related to this investment is as follows: For the Three Months Ended For the Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Balance at beginning of period $ 252,420 $ 251,135 $ 263,080 $ 247,051 Income allocation to NRP’s equity interests 3,004 15,068 8,450 40,511 Amortization of basis difference (1,018) (1,250) (3,250) (3,678) Other comprehensive income (loss) 2,428 (520) 2,764 (341) Distribution — (6,370) (14,210) (25,480) Balance at end of period $ 256,834 $ 258,063 $ 256,834 $ 258,063 The following table represents summarized financial information for Ciner Wyoming as derived from their respective unaudited financial statements for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended For the Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Net sales $ 98,197 $ 137,148 $ 288,804 $ 397,378 Gross profit 11,704 36,747 35,363 103,382 Net income 6,130 30,750 17,245 82,675 |
Mineral Rights, Net (Tables)
Mineral Rights, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Extractive Industries [Abstract] | |
Mineral Rights | The Partnership’s mineral rights consist of the following: September 30, 2020 December 31, 2019 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 798,870 $ (354,843) $ 444,027 $ 981,352 $ (420,448) $ 560,904 Aggregates properties 9,102 (2,741) 6,361 41,486 (13,357) 28,129 Oil and gas royalty properties 12,354 (8,416) 3,938 12,395 (7,887) 4,508 Other 13,156 (1,612) 11,544 13,156 (1,601) 11,555 Total mineral rights, net $ 833,482 $ (367,612) $ 465,870 $ 1,048,389 $ (443,293) $ 605,096 |
Debt, Net (Tables)
Debt, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Total Debt | The Partnership's debt consists of the following: September 30, December 31, (In thousands) 2020 2019 NRP LP debt: 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025, issued at par ("2025 Senior Notes") $ 300,000 $ 300,000 Opco debt: Revolving credit facility $ — $ — Senior Notes 5.05% with semi-annual interest payments in January and July, with annual principal payments in July, due July 2020 $ — $ 6,780 5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023 7,094 9,458 4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023 24,016 24,016 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 50,738 63,423 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 16,047 20,059 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 79,945 79,945 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 20,375 20,375 Total Opco Senior Notes $ 198,215 $ 224,056 Total debt at face value $ 498,215 $ 524,056 Net unamortized debt issuance costs (6,742) (7,858) Total debt, net $ 491,473 $ 516,198 Less: current portion of long-term debt (39,072) (45,776) Total long-term debt, net $ 452,401 $ 470,422 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Debt and Contracts Receivable | The following table shows the carrying value and estimated fair value of the Partnership's debt and contract receivable: September 30, 2020 December 31, 2019 (In thousands) Fair Value Hierarchy Level Carrying Estimated Carrying Estimated Debt: NRP 2025 Senior Notes 1 $ 294,891 $ 263,250 $ 294,084 $ 269,250 Opco Senior Notes (1) 3 196,582 173,934 222,114 201,090 Opco Credit Facility 3 — — — — Assets: Contract receivable (current and long-term) (2) 3 $ 35,800 $ 27,255 $ 38,945 $ 33,460 (1) The fair value of the Opco Senior Notes are estimated by management using quotations obtained for the NRP 2025 Senior Notes on the closing trading prices near period end, which were at 88% of par value at September 30, 2020. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Reimbursements | Direct general and administrative expenses charged to the Partnership by QMC and WPPLP are included on the Partnership's Consolidated Statement of Comprehensive Income (Loss) as follows: For the Three Months Ended For the Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Operating and maintenance expenses $ 1,562 $ 1,598 $ 4,729 $ 4,806 General and administrative expenses 878 855 2,657 2,704 |
Major Customers (Tables)
Major Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Major customers | Revenues from customers that exceeded 10 percent of total revenues for any of the periods presented below are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Revenues Percent Revenues Percent Revenues Percent Revenues Percent Foresight Energy (1) (2) $ 8,592 29 % $ 12,375 21 % $ 27,052 27 % $ 44,604 22 % Contura Energy (1) 7,143 24 % 9,190 16 % 23,164 23 % 32,915 16 % (1) Revenues from Foresight Energy and Contura Energy are included within the Partnership's Coal Royalty and Other segment. (2) In June 2020, the Partnership entered into lease amendments with Foresight Energy pursuant to which Foresight agreed to pay NRP fixed cash payments to satisfy all obligations arising out of the existing various coal mining leases and transportation infrastructure fee agreements between the Partnership and Foresight Energy for calendar years 2020 and 2021. |
Unit-Based Compensation (Tables
Unit-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Unit-Based Compensation [Abstract] | |
Summary of Activity in Awards | A summary of the unit activity in the outstanding grants during 2020 is as follows: (In thousands) Common Units Weighted Average Exercise Price Outstanding at January 1, 2020 157 $ 37.48 Granted 203 $ 17.20 Fully vested and issued — $ — Forfeitures (5) $ 17.20 Outstanding at September 30, 2020 355 $ 26.20 |
Credit Losses (Tables)
Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Credit Losses [Abstract] | |
Accounts Receivable, Allowance for Credit Loss | (In thousands) Gross CECL Allowance Net Receivables $ 24,172 $ (2,324) $ 21,848 Long-term contract receivable 35,370 (1,579) 33,791 Total $ 59,542 $ (3,903) $ 55,639 |
Financing Transaction (Tables)
Financing Transaction (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Financing Transaction [Abstract] | |
Financing Receivable, after Allowance for Credit Loss | The following table shows certain amounts related to the Partnership's Sugar Camp lease through 2032: September 30, December 31, (In thousands) 2020 2019 Accounts receivable, net $ — $ 540 Contract receivable, net (current and long-term) 35,800 38,945 Unearned income 19,704 21,889 Projected remaining payments, net $ 55,504 $ 61,374 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following table details the maturity analysis of the Partnership's operating lease liability and reconciles the undiscounted cash flows to the operating lease liability included on its Consolidated Balance Sheet: Remaining Annual Lease Payments (In thousands) As of September 30, 2020 2020 $ 121 2021 483 2022 483 2023 483 2024 483 After 2024 11,597 Total lease payments (1) $ 13,650 Less: present value adjustment (2) (10,150) Total operating lease liability $ 3,500 (1) The remaining lease term of the Partnership's operating lease is 28.25 years. (2) The present value of the operating lease liability on the Partnership's Consolidated Balance Sheets was calculated using a 13.5% discount rate which represents the Partnership's estimated incremental borrowing rate under the lease. As the Partnership's lease does not provide an implicit rate, the Partnership estimated the incremental borrowing rate at the time the lease was entered into by utilizing the rate of the Partnership's secured debt and adjusting it for factors that reflect the profile of borrowing over the 30-year expected lease term. |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) $ in Thousands | 9 Months Ended | ||||||||
Sep. 30, 2020USD ($)segment | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||
Number of operating segments | segment | 2 | ||||||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | $ 201,959 | $ 204,621 | $ 337,416 | $ 336,028 | $ 466,254 | $ 440,261 | $ 445,040 | $ 420,546 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | $ (3,911) | ||||||||
Ciner Wyoming | |||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||
Percentage of partnership interest owned (percent) | 49.00% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Partnerships' Coal Royalty and Other Segment Revenues from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | $ 27,944 | $ 43,784 | $ 95,490 | $ 168,777 |
Revenues | 29,930 | 57,602 | 100,690 | 205,610 |
Coal Royalty and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 25,740 | 39,919 | 88,839 | 154,037 |
Revenues | 25,740 | 39,919 | 88,839 | 154,037 |
Coal Royalty and Other | Coal royalty revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 10,610 | 24,727 | 40,559 | 87,561 |
Coal Royalty and Other | Production lease minimum revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 4,267 | 2,752 | 13,554 | 21,331 |
Coal Royalty and Other | Minimum lease straight-line revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 3,553 | 3,982 | 12,349 | 11,152 |
Coal Royalty and Other | Property tax revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 1,896 | 1,606 | 4,256 | 4,416 |
Coal Royalty and Other | Wheelage revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 1,680 | 1,675 | 5,468 | 5,035 |
Coal Royalty and Other | Coal overriding royalty revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 1,314 | 2,189 | 3,319 | 10,163 |
Coal Royalty and Other | Lease amendment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 858 | 1,535 | 2,591 | 6,720 |
Coal Royalty and Other | Aggregates royalty revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 221 | 954 | 1,068 | 3,655 |
Coal Royalty and Other | Oil and gas royalty revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 1,078 | 374 | 4,923 | 2,575 |
Coal Royalty and Other | Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 263 | 125 | 752 | 1,429 |
Coal Royalty and Other | Transportation and processing services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total coal royalty and other segment revenues | 1,200 | 1,700 | 3,700 | 7,300 |
Revenues | 2,204 | 3,865 | 6,651 | 14,740 |
Lease revenue | $ 1,000 | $ 2,200 | $ 2,900 | $ 7,500 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Schedule of Receivables and Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Other long-term assets, net | $ 7,447 | $ 6,989 |
Current portion of deferred revenue | 11,035 | 4,608 |
Deferred revenue | 50,980 | 47,213 |
Coal Royalty | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 15,371 | 27,915 |
Other current assets, net | 3,696 | 90 |
Other long-term assets, net | 691 | 0 |
Current portion of deferred revenue | 11,035 | 4,608 |
Deferred revenue | $ 50,980 | $ 47,213 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Revenue Recognition Deferred Revenue Rollforward (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Movement in Deferred Revenue [Roll Forward] | ||
Balance at beginning of period (current and non-current) | $ 51,821 | $ 52,553 |
Increase due to minimums and lease amendment fees | 38,005 | 37,315 |
Recognition of previously deferred revenue | (27,811) | (41,234) |
Balance at end of period (current and non-current) | $ 62,015 | $ 48,634 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Schedule of Annual Minimums by Current Remaining Contract Term (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Payments for (Proceeds from) Loans Receivable, Annual Minimum Payment | $ 5,000 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Annual minimum payments | 53,192 | ||
Payments from coal lease accounted for as financing transaction | 5,000 | ||
Forecast | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Annual fixed consideration after contract modifications | $ 40,000 | $ 40,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Annual minimum payments | $ 14,792 | ||
Average Remaining Contract Term | 3 years 8 months 12 days | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Annual minimum payments | $ 7,478 | ||
Average Remaining Contract Term | 5 years 8 months 12 days | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-10-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Annual minimum payments | $ 30,922 | ||
Average Remaining Contract Term | 9 years 3 months 18 days |
Common and Preferred Unit Dis_3
Common and Preferred Unit Distributions Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Temporary Equity [Line Items] | ||||||||
Income attributable to preferred unitholders | $ (7,500) | $ (7,600) | $ (7,500) | $ (7,500) | $ (7,500) | $ (7,500) | $ (22,613) | $ (22,500) |
Natural Resource Partners L.P. | General Partner | ||||||||
Temporary Equity [Line Items] | ||||||||
General partner's general partner distribution | 2.00% |
Common and Preferred Unit Dis_4
Common and Preferred Unit Distributions Distributions declared and paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | |
Natural Resource Partners L.P. | General Partner | |||||||
Class of Stock [Line Items] | |||||||
General partner's general partner distribution | 2.00% | ||||||
Common unitholders and general partner | |||||||
Class of Stock [Line Items] | |||||||
Distribution per Unit | $ 0.45 | $ 0 | $ 0.45 | $ 0.45 | $ 0.45 | ||
Total distributions, common units | $ 5,630 | $ 5,630 | $ 16,265 | $ 5,625 | |||
Preferred Partner | |||||||
Class of Stock [Line Items] | |||||||
Total distributions, common units | $ 5,630 | $ 7,613 | 7,500 | 7,500 | 7,500 | 7,500 | |
Preferred Partner | General Partner | |||||||
Class of Stock [Line Items] | |||||||
Total distributions, common units | $ 150 | $ 152 | $ 150 | $ 150 | $ 150 | $ 150 | |
Preferred Partner | Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Distribution per Unit | $ 30 | $ 15 | $ 30 | $ 30 | $ 30 | ||
Total distributions, preferred units | $ 7,500 | $ 3,750 | $ 7,500 | $ 7,500 | $ 7,500 | ||
Cash Distribution | Common unitholders and general partner | |||||||
Class of Stock [Line Items] | |||||||
Total distributions, common units | $ 5,630 | $ 0 | $ 5,630 | $ 5,630 | $ 5,625 | ||
Special Tax Distribution | Common unitholders and general partner | |||||||
Class of Stock [Line Items] | |||||||
Distribution per Unit | $ 0.85 | ||||||
Total distributions, common units | $ 10,635 | ||||||
Redemption of preferred units paid in kind | Preferred Partner | Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Distribution per Unit | $ 15.45 | ||||||
Total distributions, preferred units | $ 3,863 |
Net Income Per Common Unit (Det
Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||||
Allocation of net income (loss) | ||||||||||||
Net income (loss) from continuing operations | $ 7,216 | $ 39,163 | $ (99,506) | $ 94,034 | ||||||||
Less: income attributable to preferred unitholders | 0 | 0 | ||||||||||
Net income (loss) from continuing operations attributable to common unitholders and general partner | (284) | 31,663 | (122,119) | 71,534 | ||||||||
Add (less): net loss (income) from continuing operations attributable to the general partner | 5 | (634) | 2,442 | (1,431) | ||||||||
Net income (loss) from continuing operations attributable to common unitholders | (279) | 31,029 | (119,677) | 70,103 | ||||||||
Net income from discontinued operations | 0 | 7 | 0 | 206 | ||||||||
Less: net income from discontinued operations attributable to the general partner | 0 | 0 | 0 | (4) | ||||||||
Net income from discontinued operations attributable to common unitholders | 0 | 7 | 0 | 202 | ||||||||
Net income (loss) | 7,216 | $ (125,501) | [1] | $ 18,779 | [2] | 39,170 | $ 19,351 | [3] | $ 35,719 | [3] | (99,506) | 94,240 |
Net income (loss) attributable to common unitholders and general partner | (284) | 31,670 | (122,119) | 71,740 | ||||||||
Net income (loss) attributable to the general partner | 5 | (634) | 2,442 | (1,435) | ||||||||
Net income (loss) attributable to common unitholders | $ (279) | $ 31,036 | $ (119,677) | $ 70,305 | ||||||||
Basic Income (Loss) per Unit: | ||||||||||||
Weighted average common units (in shares) | 12,261 | 12,261 | 12,261 | 12,259 | ||||||||
Basic net income (loss) from continuing operations per common unit | $ (0.02) | $ 2.53 | $ (9.76) | $ 5.72 | ||||||||
Basic net income from discontinued operations per common unit | 0 | 0 | 0 | 0.02 | ||||||||
Basic net income (loss) per common unit | $ (0.02) | $ 2.53 | $ (9.76) | $ 5.73 | ||||||||
Diluted income (loss) per common unit | ||||||||||||
Dilutive effect of Preferred Units (in shares) | 0 | 10,494 | 0 | 10,494 | ||||||||
Dilutive effect of Warrants (in shares) | 0 | 389 | 0 | 800 | ||||||||
Dilutive effect of unvested unit-based awards (in shares) | 13 | 31 | ||||||||||
Weighted average common units—diluted (in shares) | 12,261 | 23,157 | 12,261 | 23,584 | ||||||||
Less: income attributable to preferred unitholders | $ (7,500) | $ (7,600) | $ (7,500) | $ (7,500) | $ (7,500) | $ (7,500) | $ (22,613) | $ (22,500) | ||||
Diluted net income (loss) from continuing operations attributable to common unitholders and general partner | (284) | 39,163 | (122,119) | 94,034 | ||||||||
Add (less): diluted net loss (income) from continuing operations attributable to the general partner | 5 | (784) | 2,442 | (1,881) | ||||||||
Diluted net income (loss) from continuing operations attributable to common unitholders | (279) | 38,379 | (119,677) | 92,153 | ||||||||
Diluted net income from discontinued operations attributable to common unitholders | 0 | 7 | 0 | 202 | ||||||||
Diluted net income (loss) attributable to common unitholders and general partner | 284 | (39,170) | 122,119 | (94,240) | ||||||||
Add (less): diluted net loss (income) attributable to the general partner | 5 | (784) | 2,442 | (1,885) | ||||||||
Diluted net income (loss) attributable to common unitholders | $ (279) | $ 38,386 | $ (119,677) | $ 92,355 | ||||||||
Diluted net income per common unit from continuing operations (in dollars per share) | $ (0.02) | $ 1.66 | $ (9.76) | $ 3.91 | ||||||||
Diluted net income (loss) from discontinued operations per common unit (in dollars per share) | 0 | 0 | 0 | 0.01 | ||||||||
Diluted net income per common unit (in dollars per share) | $ (0.02) | $ 1.66 | $ (9.76) | $ 3.92 | ||||||||
Warrant Holders | Warrants at $22.81 Strike | ||||||||||||
Class of Warrant or Right, Warrants Issued | 1,750 | 1,750 | 1,750 | 1,750 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 22.81 | $ 22.81 | $ 22.81 | $ 22.81 | ||||||||
Warrant Holders | Warrants at $34.00 Strike | ||||||||||||
Class of Warrant or Right, Warrants Issued | 2,250 | 2,250 | 2,250 | 2,250 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 34 | $ 34 | $ 34 | $ 34 | ||||||||
[1] | Net loss includes $7.6 million attributable to preferred unitholders that accumulated during the period, of which $7.46 million is allocated to the common unitholders and $0.15 million is allocated to the general partner. | |||||||||||
[2] | Net income includes $7.5 million attributable to preferred unitholders that accumulated during the period, of which $7.35 million is allocated to the common unitholders and $0.15 million is allocated to the general partner. | |||||||||||
[3] | Net income includes $7.5 million attributable to preferred unitholders that accumulated during the period, of which $7.35 million is allocated to the common unitholders and $0.15 million is allocated to the general partner. |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2020segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 2 |
Ciner Wyoming | |
Segment Reporting Information [Line Items] | |
Percentage of partnership interest owned (percent) | 49.00% |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 29,930 | $ 57,602 | $ 100,690 | $ 205,610 |
Gain on asset sales and disposals | 0 | 6,107 | 465 | 6,609 |
Operating and maintenance expenses | 5,781 | 5,994 | 19,200 | 26,813 |
Depreciation, depletion and amortization | 2,111 | 3,384 | 6,185 | 11,746 |
General and administrative expenses | 3,634 | 4,253 | 11,168 | 12,799 |
Asset impairments | 934 | 484 | 133,217 | 484 |
Other expenses, net | 10,254 | 10,431 | 30,891 | 66,343 |
Net income (loss) from continuing operations | 7,216 | 39,163 | (99,506) | 94,034 |
Net income from discontinued operations | 0 | 7 | 0 | 206 |
Corporate and Financing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Gain on asset sales and disposals | 0 | 0 | 0 | |
Operating and maintenance expenses | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
General and administrative expenses | 3,634 | 4,253 | 11,168 | 12,799 |
Asset impairments | 0 | 0 | 0 | |
Other expenses, net | 10,213 | 10,431 | 30,835 | 66,343 |
Net income (loss) from continuing operations | (13,847) | (14,684) | (42,003) | (79,142) |
Net income from discontinued operations | 0 | 0 | ||
Coal Royalty and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 25,740 | 39,919 | 88,839 | 154,037 |
Coal Royalty and Other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 27,944 | 43,784 | 95,490 | 168,777 |
Gain on asset sales and disposals | 6,107 | 465 | 6,609 | |
Operating and maintenance expenses | 5,685 | 5,771 | 19,059 | 26,590 |
Depreciation, depletion and amortization | 2,111 | 3,384 | 6,185 | 11,746 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Asset impairments | 934 | 484 | 133,217 | 484 |
Other expenses, net | 41 | 0 | 56 | 0 |
Net income (loss) from continuing operations | 19,173 | 40,252 | (62,562) | 136,566 |
Net income from discontinued operations | 0 | 0 | ||
Soda Ash | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,986 | 13,818 | 5,200 | 36,833 |
Soda Ash | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,986 | 13,818 | 5,200 | 36,833 |
Gain on asset sales and disposals | 0 | 0 | 0 | |
Operating and maintenance expenses | 96 | 223 | 141 | 223 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Asset impairments | 0 | 0 | ||
Other expenses, net | 0 | 0 | 0 | 0 |
Net income (loss) from continuing operations | $ 1,890 | 13,595 | $ 5,059 | 36,610 |
Net income from discontinued operations | $ 0 | $ 0 |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) | Sep. 30, 2020 |
Ciner Wyoming | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of partnership interest owned (percent) | 49.00% |
Equity Investment Summary of Ac
Equity Investment Summary of Activity in Equity Method Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity Method Investments [Roll Forward] | ||||
Balance at beginning of period | $ 263,080 | |||
Other comprehensive income (loss) | $ 9,644 | $ 38,650 | (96,742) | $ 93,900 |
Balance at end of period | 256,834 | 256,834 | ||
Ciner Wyoming | ||||
Equity Method Investments [Roll Forward] | ||||
Balance at beginning of period | 252,420 | 251,135 | 263,080 | 247,051 |
Income allocation to NRP’s equity interests | 3,004 | 15,068 | 8,450 | 40,511 |
Amortization of basis difference | (1,018) | (1,250) | (3,250) | (3,678) |
Other comprehensive income (loss) | 2,428 | (520) | 2,764 | (341) |
Distribution | 0 | (6,370) | (14,210) | (25,480) |
Balance at end of period | $ 256,834 | $ 258,063 | $ 256,834 | $ 258,063 |
Equity Investment - Schedule of
Equity Investment - Schedule of Summarized Financial Information of Unaudited Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [2] | Sep. 30, 2019 | Jun. 30, 2019 | [3] | Mar. 31, 2019 | [3] | Sep. 30, 2020 | Sep. 30, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | $ 29,930 | $ 57,602 | $ 100,690 | $ 205,610 | ||||||||
Net income (loss) | 7,216 | $ (125,501) | $ 18,779 | 39,170 | $ 19,351 | $ 35,719 | (99,506) | 94,240 | ||||
Ciner Wyoming | Ciner Wyoming | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | 98,197 | 137,148 | 288,804 | 397,378 | ||||||||
Gross Profit | 11,704 | 36,747 | 35,363 | 103,382 | ||||||||
Net income (loss) | $ 6,130 | $ 30,750 | $ 17,245 | $ 82,675 | ||||||||
[1] | Net loss includes $7.6 million attributable to preferred unitholders that accumulated during the period, of which $7.46 million is allocated to the common unitholders and $0.15 million is allocated to the general partner. | |||||||||||
[2] | Net income includes $7.5 million attributable to preferred unitholders that accumulated during the period, of which $7.35 million is allocated to the common unitholders and $0.15 million is allocated to the general partner. | |||||||||||
[3] | Net income includes $7.5 million attributable to preferred unitholders that accumulated during the period, of which $7.35 million is allocated to the common unitholders and $0.15 million is allocated to the general partner. |
Mineral Rights, Net - Mineral R
Mineral Rights, Net - Mineral Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||||
Carrying Value | $ 833,482 | $ 833,482 | $ 1,048,389 | ||
Accumulated Depletion | (367,612) | (367,612) | (443,293) | ||
Net Book Value | 465,870 | 465,870 | 605,096 | ||
Asset impairments | 934 | $ 484 | 133,217 | $ 484 | |
Coal Mineral Rights | |||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||||
Carrying Value | 798,870 | 798,870 | 981,352 | ||
Accumulated Depletion | (354,843) | (354,843) | (420,448) | ||
Net Book Value | 444,027 | 444,027 | 560,904 | ||
Aggregates Mineral Rights | |||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||||
Carrying Value | 9,102 | 9,102 | 41,486 | ||
Accumulated Depletion | (2,741) | (2,741) | (13,357) | ||
Net Book Value | 6,361 | 6,361 | 28,129 | ||
Oil And Gas Mineral Rights | |||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||||
Carrying Value | 12,354 | 12,354 | 12,395 | ||
Accumulated Depletion | (8,416) | (8,416) | (7,887) | ||
Net Book Value | 3,938 | 3,938 | 4,508 | ||
Other Mineral Rights | |||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||||
Carrying Value | 13,156 | 13,156 | 13,156 | ||
Accumulated Depletion | (1,612) | (1,612) | (1,601) | ||
Net Book Value | $ 11,544 | $ 11,544 | $ 11,555 |
Mineral Rights, Net - Additiona
Mineral Rights, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Extractive Industries [Abstract] | ||||
Depletion and amortization expense on coal and other mineral rights | $ 2,100 | $ 2,800 | $ 6,000 | $ 9,500 |
Asset impairments | $ 934 | $ 484 | $ 133,217 | $ 484 |
Debt, Net - Debt (Detail)
Debt, Net - Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Principal balance | $ 498,215 | $ 524,056 |
Net unamortized debt issuance costs | (6,742) | (7,858) |
Total debt, net | 491,473 | 516,198 |
Less - current portion of long term debt | (39,072) | (45,776) |
Total long-term debt, net | 452,401 | 470,422 |
NRP LP | 9.125% senior notes, with semi-annual interest payments in June and December, maturing June 2025 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 300,000 | 300,000 |
Rate of senior notes | 9.125% | |
Opco | Floating Rate Revolving Credit Facility Due April Two Thousand Twenty Three | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 100,000 | |
Principal balance | 0 | 0 |
Opco | 5.05% senior notes, with semi-annual interest payments in January and July, with annual principal payments in July, maturing in July 2020 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 0 | 6,780 |
Rate of senior notes | 5.05% | |
Opco | 5.55% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2023 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 7,094 | 9,458 |
Rate of senior notes | 5.55% | |
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 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 24,016 | 24,016 |
Rate of senior notes | 4.73% | |
Opco | 5.82% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March, maturing in March 2024 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 50,738 | 63,423 |
Rate of senior notes | 5.82% | |
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 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 16,047 | 20,059 |
Rate of senior notes | 8.92% | |
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 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 79,945 | 79,945 |
Rate of senior notes | 5.03% | |
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 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 20,375 | 20,375 |
Rate of senior notes | 5.18% | |
Opco | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 198,215 | $ 224,056 |
Debt, Net - Additional Informat
Debt, Net - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 29, 2019 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||
Call premium | $ 18,100 | ||||
Amortized debt issuance costs and debt discount | $ 10,400 | ||||
Principal balance | $ 498,215 | $ 524,056 | |||
9.125% senior notes, with semi-annual interest payments in June and December, maturing June 2025 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Rate of senior notes | 9.125% | ||||
Percentage of principal eligible for redemption | 35.00% | ||||
Redemption price percentage of principal remaining after redemption | 65.00% | ||||
Redemption price at change of control event as percentage of principal amount | 101.00% | ||||
NRP LP | 9.125% senior notes, with semi-annual interest payments in June and December, maturing June 2025 | |||||
Debt Instrument [Line Items] | |||||
Rate of senior notes | 9.125% | ||||
Principal balance | $ 300,000 | 300,000 | |||
Opco | Floating Rate Revolving Credit Facility Due April Two Thousand Twenty Three | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 100,000 | ||||
Distribution per share (in dollars per share) | $ 0.45 | ||||
Ratio Of Ebitda to consolidated fixed charges | 3.5 | ||||
Collateral carrying amount | $ 366,800 | 399,700 | |||
Principal balance | $ 0 | 0 | |||
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 | |||||
Debt Instrument [Line Items] | |||||
Rate of senior notes | 8.92% | ||||
Principal balance | $ 16,047 | 20,059 | |||
Opco | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal balance | 198,215 | $ 224,056 | |||
Principal payments on its senior notes | $ 25,800 | $ 97,100 | |||
Pre-payment of Senior Notes | $ 49,300 | ||||
Partnership leverage ratio | 3.75 | ||||
Additional interest accrue | 2.00% | ||||
Dividend at or Below $0.45 per Share | Opco | Floating Rate Revolving Credit Facility Due April Two Thousand Twenty Three | |||||
Debt Instrument [Line Items] | |||||
Maximum leverage ratio | 4 | ||||
Dividend Above $0.45 per Share | Opco | Floating Rate Revolving Credit Facility Due April Two Thousand Twenty Three | |||||
Debt Instrument [Line Items] | |||||
Maximum leverage ratio | 3 | ||||
Debt Instrument, Redemption, Period Two | 9.125% senior notes, with semi-annual interest payments in June and December, maturing June 2025 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Redemption percentage of principal | 104.563% | ||||
Debt Instrument, Redemption, Period Two | 10.5% senior notes, with semi-annual interest payments in March and September, maturing March 2022 [Member] | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Redemption percentage of principal | 105.25% | ||||
Debt Instrument, Redemption, Period Three | 9.125% senior notes, with semi-annual interest payments in June and December, maturing June 2025 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Redemption percentage of principal | 102.281% | ||||
Debt Instrument, Redemption, Period Four | 9.125% senior notes, with semi-annual interest payments in June and December, maturing June 2025 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Redemption percentage of principal | 100.00% | ||||
Debt Instrument, Redemption, Period One | 9.125% senior notes, with semi-annual interest payments in June and December, maturing June 2025 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Redemption percentage of principal | 109.125% |
Fair Value Measurements - Contr
Fair Value Measurements - Contracts Receivable and Debt (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 491,473 | $ 516,198 |
Contracts receivable (current and long-term) | $ 35,800 | 38,945 |
Fair value, percentage of par | 88.00% | |
Discount Rate | 15.00% | |
Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contracts receivable (current and long-term) | $ 27,255 | 33,460 |
Senior Notes due 2025 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 294,891 | 294,084 |
Senior Notes due 2025 | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 263,250 | 269,250 |
Opco Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 196,582 | 222,114 |
Opco Senior Notes | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 173,934 | 201,090 |
Opco Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 0 | 0 |
Opco Revolving Credit Facility | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | $ 0 | $ 0 |
Fair Value Measurements - Embed
Fair Value Measurements - Embedded Derivatives (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Fair value of embedded derivatives | $ 0 | $ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Reimbursements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Related Party Transaction [Line Items] | ||||
General and administrative expenses | $ 3,634 | $ 4,253 | $ 11,168 | $ 12,799 |
Western Pocahontas Properties and Quintana Minerals Corporation | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Operating and maintenance expenses | 1,562 | 1,598 | 4,729 | 4,806 |
General and administrative expenses | $ 878 | $ 855 | $ 2,657 | $ 2,704 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Quintana Minerals | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | $ 0.4 | $ 0.4 | $ 0.4 | ||
Western Pocahontas Properties Limited Partnership | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | 0.2 | 0.2 | 0.1 | ||
Operating and maintenance expenses | $ 0.2 | $ 0.3 | $ 0.3 | $ 3.8 | |
Industrial Minerals Group | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | 0.4 | 0.9 | |||
Accounts receivable from related parties | $ 0.7 | ||||
Quinwood Coal Company | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | $ 0 | $ 0.2 |
Major Customers (Detail)
Major Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Concentration Risk [Line Items] | ||||
Revenues | $ 29,930 | $ 57,602 | $ 100,690 | $ 205,610 |
Foresight Energy Lp | ||||
Concentration Risk [Line Items] | ||||
Revenues | 8,592 | 12,375 | 27,052 | 44,604 |
Contura Energy | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 7,143 | $ 9,190 | $ 23,164 | $ 32,915 |
Sales Revenue | Customer Concentration Risk | Foresight Energy Lp | ||||
Concentration Risk [Line Items] | ||||
Percent | 29.00% | 21.00% | 27.00% | 22.00% |
Sales Revenue | Customer Concentration Risk | Contura Energy | ||||
Concentration Risk [Line Items] | ||||
Percent | 24.00% | 16.00% | 23.00% | 16.00% |
Unit-Based Compensation (Detail
Unit-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of awards granted | $ 3.5 | $ 5.4 | |||
Weighted average remaining term vesting recognized | 1 year 9 months 18 days | ||||
Unamortized cost associated with unvested outstanding awards | $ 4.4 | $ 4.4 | $ 3.5 | ||
General and administrative expense and operating and maintenance expense | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unit based compensation expense | $ 0.9 | $ 0.5 | $ 2.6 | $ 1.8 |
Unit-Based Compensation Summary
Unit-Based Compensation Summary of unit based activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Common Units | |
Outstanding at beginning of period | shares | 157 |
Granted | shares | 203 |
Fully vested and issued | shares | 0 |
Forfeitures | shares | (5) |
Outstanding at the end of period | shares | 355 |
Weighted Average Exercise Price | |
Outstanding at beginning of period | $ / shares | $ 26.20 |
Granted | $ / shares | 17.20 |
Fully vested and issued | $ / shares | 0 |
Forfeitures | $ / shares | 17.20 |
Outstanding at the end of period | $ / shares | $ 37.48 |
Credit Losses (Details)
Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Short-term Receivables | $ 24,172 | $ 24,172 | |
CECL Allowance - Short Term | (2,324) | (2,324) | |
Short-term receivables, net of CECL | 21,848 | 21,848 | |
Long-term Investments and Receivables, Gross | 35,370 | 35,370 | |
CECL Allowance - Long term | (1,579) | (1,579) | |
Long-term contract receivable, net | 33,791 | 33,791 | |
Total receivables, Gross | 59,542 | 59,542 | |
CECL Allowance - total | (3,903) | (3,903) | |
Total receivables, net of CECL | 55,639 | 55,639 | |
Credit Loss, Expense (Reversal) | 300 | 0 | |
Bad debt expense | 3,915 | $ 6,842 | |
Direct write-offs excluding CECL | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Bad debt expense | $ 0 | $ 3,900 |
Financing Transaction (Details)
Financing Transaction (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2032 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Lessor, Operating Lease, Renewal Term | 80 years | |
Payments from coal lease accounted for as financing transaction | $ 5,000 | |
Forecast | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Annual rent amount after lease completion | $ 10 |
Financing Transaction Financing
Financing Transaction Financing Receivable, after Allowance for Credit Loss (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | $ 17,462 | $ 30,869 |
Foresight Energy Lp | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 0 | 540 |
Contract receivable, net (current and long-term) | 35,800 | 38,945 |
Unearned income | (19,704) | (21,889) |
Projected remaining payments, net | $ 55,504 | $ 61,374 |
Leases Lessee accounting under
Leases Lessee accounting under ASC 842 - narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lessor, Lease, Description [Line Items] | ||||
Number of options to extend | five | |||
Length of renewal term | 5 years | 5 years | ||
Operating lease, right-of-use asset | $ 3.5 | $ 3.5 | ||
Operating lease expenses | $ 0.1 | $ 0.1 | $ 0.4 | $ 0.4 |
Minimum | ||||
Lessor, Lease, Description [Line Items] | ||||
Base term on lease (in years) | 5 years | 5 years |
Leases Operating lease maturity
Leases Operating lease maturity schedule (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 121 |
2021 | 483 |
2022 | 483 |
2023 | 483 |
2024 | 483 |
After 2024 | 11,597 |
Total lease payments | 13,650 |
Less: present value adjustment | (10,150) |
Total operating lease liability | $ 3,500 |
Remaining lease term of operating lease | 28 years 3 months |
Discount rate | 13.50% |
Maximum | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Expected lease term | 30 years |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 04, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Preferred units, issued | 250,000 | 250,000 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Distribution per Unit | $ 0.45 | ||
Dividends, Preferred Stock | $ 3,750 | ||
Preferred units, issued | 3,750 |
Uncategorized Items - nrp-20200
Label | Element | Value |
Cumulative Effect, Period of Adoption, Adjustment [Member] | General Partner [Member] | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest | $ (78,000) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Common unitholders [Member] | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | us-gaap_PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest | $ (3,833,000) |