Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 04, 2021 | Mar. 31, 2020 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 109 | ||
Documents Incorporated by Reference | None. | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001171486 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 12,351,306 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 99,790 | $ 98,265 |
Accounts receivable, net | 12,322 | 30,869 |
Other current assets, net | 5,080 | 1,244 |
Current assets of discontinued operations | 0 | 1,706 |
Total current assets | 117,192 | 132,084 |
Land | 24,008 | 24,008 |
Mineral rights, net | 460,373 | 605,096 |
Intangible assets, net | 17,459 | 17,687 |
Equity in unconsolidated investment | 262,514 | 263,080 |
Long-term contract receivable, net | 33,264 | 36,963 |
Other long-term assets, net | 7,067 | 6,989 |
Total assets | 921,877 | 1,085,907 |
Current liabilities | ||
Accounts payable | 1,385 | 1,179 |
Accrued liabilities | 7,733 | 8,764 |
Accrued interest | 1,714 | 2,316 |
Current portion of deferred revenue | 11,485 | 4,608 |
Current portion of long-term debt, net | 39,055 | 45,776 |
Current liabilities of discontinued operations | 0 | 65 |
Total current liabilities | 61,372 | 62,708 |
Deferred revenue | 50,069 | 47,213 |
Long-term debt, net | 432,444 | 470,422 |
Other non-current liabilities | 5,131 | 4,949 |
Total liabilities | 549,016 | 585,292 |
Class A Convertible Preferred Units (253,750 and 250,000 units issued and outstanding at December 31, 2020 and 2019, respectively, at $1,000 par value per unit; liquidation preference of $1,700 per unit and $1,500 per unit at December 31, 2020 and 2019, respectively) | 168,337 | 164,587 |
Partners’ capital | ||
Common unitholders’ interest (12,261,199 units issued and outstanding at December 31, 2020 and 2019) | 136,927 | 271,471 |
General partner’s interest | 459 | 3,270 |
Warrant holders’ interest | 66,816 | 66,816 |
Accumulated other comprehensive income (loss) | 322 | (2,594) |
Total partners’ capital | 204,524 | 338,963 |
Non-controlling interest | 0 | (2,935) |
Total capital | 204,524 | 336,028 |
Total liabilities and capital | $ 921,877 | $ 1,085,907 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Class A convertible preferred units (in units) | 253,750 | 250,000 |
Class A preferred units, outstanding (in units) | 253,750 | 250,000 |
Class A convertible preferred units (in units) | $ 1,000 | $ 1,000 |
Class A convertible preferred units, liquidation preference (in USD per unit) | $ 1,700 | $ 1,500 |
Common unitholders', units issued (in units) | 12,261,199 | 12,261,199 |
Common unitholders', units outstanding (in units) | 12,261,199 | 12,261,199 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Revenues | $ 139,739 | $ 257,437 | $ 251,071 | |||
Gain on litigation settlement | 0 | 0 | 25,000 | |||
Gain on asset sales and disposals | 581 | 6,498 | 2,441 | |||
Total revenues and other income | 140,320 | 263,935 | 278,512 | |||
Operating expenses | ||||||
Operating and maintenance expenses | 24,795 | 32,738 | 29,509 | |||
Depreciation, depletion and amortization | 9,198 | 14,932 | 21,689 | |||
General and administrative expenses | 14,293 | 16,730 | 16,496 | |||
Asset impairments | 135,885 | 148,214 | 18,280 | |||
Total operating expenses | 184,171 | 212,614 | 85,974 | |||
Income (loss) from operations | (43,851) | 51,321 | 192,538 | |||
Other expenses, net | ||||||
Interest expense, net | (40,968) | (47,453) | (70,178) | |||
Loss on extinguishment of debt | 0 | (29,282) | 0 | |||
Other expenses, net | (40,968) | (76,735) | (70,178) | |||
Net income (loss) from continuing operations | (84,819) | (25,414) | 122,360 | |||
Income from discontinued operations | 0 | 956 | 17,687 | |||
Net income (loss) | (84,819) | [1] | (24,458) | [2] | 140,047 | [2] |
Net income attributable to non-controlling interest | 0 | 0 | (510) | [2] | ||
Net income (loss) attributable to NRP | (84,819) | (24,458) | 139,537 | |||
Less: income attributable to preferred unitholders | (30,225) | (30,000) | (30,000) | |||
Net income (loss) attributable to common unitholders and the general partner | (115,044) | (54,458) | 109,537 | |||
Net income (loss) attributable to common unitholders | (112,743) | (53,369) | 107,346 | |||
Net income (loss) attributable to the general partner | $ (2,301) | $ (1,089) | $ 2,191 | |||
Income from continuing operations per common unit | ||||||
Income (loss) from continuing operations per common unit (basic) | $ (9.20) | $ (4.43) | $ 7.35 | |||
Income (loss) from continuing operations per common unit (diluted) | (9.20) | (4.43) | 5.90 | |||
Basic and diluted net income per common unit (in dollars per share): | ||||||
Net income per common unit (basic) | (9.20) | (4.35) | 8.77 | |||
Net income per common unit (diluted) | $ (9.20) | $ (4.35) | $ 6.76 | |||
Comprehensive income (loss) from unconsolidated investment and other | $ 2,916 | $ 868 | $ (149) | |||
Comprehensive income (loss) | (81,903) | (23,590) | 139,898 | |||
Comprehensive income attributable to non-controlling interest | 0 | 0 | (510) | |||
Comprehensive income (loss) attributable to NRP | (81,903) | (23,590) | 139,388 | |||
Coal Royalty and Other | ||||||
Revenues | 120,166 | 191,069 | 178,878 | |||
Soda Ash | ||||||
Revenues | 10,728 | 47,089 | 48,306 | |||
Transportation and processing services | Coal Royalty and Other | ||||||
Revenues | $ 8,845 | $ 19,279 | $ 23,887 | |||
[1] | Net loss includes $30.2 million of income attributable to preferred unitholders that accumulated during the period, of which $29.6 million is allocated to the common unitholders and $0.6 million is allocated to the general partner. | |||||
[2] | Net income (loss) includes $30.0 million of income attributable to preferred unitholders that accumulated during the period, of which $29.4 million is allocated to the common unitholders and $0.6 million is allocated to the general partner. |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | General Partner | General PartnerCumulative Effect, Period of Adoption, Adjustment | Common Unitholders | Warrant Holders | Accumulated Other Comprehensive Income (Loss) | Partners Capital Excluding Noncontrolling Interest | Partners Capital Excluding Noncontrolling InterestCumulative Effect, Period of Adoption, Adjustment | Non-Controlling Interest | Common unitholders | Common unitholdersCommon Unitholders | Common unitholdersCommon UnitholdersCumulative Effect, Period of Adoption, Adjustment | General Partner | General PartnerGeneral Partner | Common unitholders and general partner | Common unitholders and general partnerPartners Capital Excluding Noncontrolling Interest | Preferred Partner | Preferred PartnerGeneral Partner | Preferred PartnerCommon Unitholders | Preferred PartnerPartners Capital Excluding Noncontrolling Interest | ||||
Balance, beginning of period (in shares) at Dec. 31, 2017 | 12,232 | ||||||||||||||||||||||||
Balance, beginning of period at Dec. 31, 2017 | $ 261,817 | $ 70,466 | $ 1,857 | $ 1,409 | $ 199,851 | $ 66,816 | $ (3,313) | $ 265,211 | $ (3,394) | $ 69,057 | |||||||||||||||
Net income (loss) | 139,537 | 2,791 | [1] | $ 136,746 | [1] | 139,537 | [1] | ||||||||||||||||||
Net income (loss) | [1] | 140,047 | |||||||||||||||||||||||
Distributions to unitholders | $ (22,036) | $ (450) | $ (22,486) | $ (22,486) | $ (30,265) | $ (605) | $ (29,660) | $ (30,265) | |||||||||||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 17 | ||||||||||||||||||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 546 | $ 546 | 546 | ||||||||||||||||||||||
Partners' Capital Account, Unit-based Compensation, Amortization | 560 | 560 | 560 | ||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Excluding General Partner Distributions | (139) | 12 | $ 49 | (149) | (88) | (51) | |||||||||||||||||||
Unit-based awards amortization and vesting | 0 | ||||||||||||||||||||||||
Comprehensive income (loss) from unconsolidated investment and other | (149) | ||||||||||||||||||||||||
Balance, end of period (in shares) at Dec. 31, 2018 | 12,249 | ||||||||||||||||||||||||
Balance, end of period at Dec. 31, 2018 | 420,546 | 5,014 | $ 355,113 | 66,816 | (3,462) | 423,481 | (2,935) | ||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | [1] | 510 | |||||||||||||||||||||||
Income attributable to preferred unitholders | (30,000) | $ 29,400 | $ (600) | ||||||||||||||||||||||
Net income (loss) | (24,458) | (489) | [1] | $ (23,969) | [1] | (24,458) | [1] | ||||||||||||||||||
Net income (loss) | [1] | (24,458) | 0 | ||||||||||||||||||||||
Distributions to unitholders | (32,487) | (663) | (33,150) | (33,150) | (30,000) | (600) | (29,400) | (30,000) | |||||||||||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 12 | ||||||||||||||||||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 486 | $ 486 | 486 | ||||||||||||||||||||||
Partners' Capital Account, Unit-based Compensation, Amortization | 1,804 | ||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Excluding General Partner Distributions | 800 | 8 | $ (76) | 868 | 800 | 0 | |||||||||||||||||||
Unit-based awards amortization and vesting | 1,804 | 0 | 1,804 | ||||||||||||||||||||||
Comprehensive income (loss) from unconsolidated investment and other | 868 | ||||||||||||||||||||||||
Balance, end of period (in shares) at Dec. 31, 2019 | 12,261 | ||||||||||||||||||||||||
Balance, end of period at Dec. 31, 2019 | 336,028 | $ (3,911) | 3,270 | $ (78) | $ 271,471 | 66,816 | (2,594) | 338,963 | $ (3,911) | (2,935) | $ (3,833) | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||||||||||||||||
Income attributable to preferred unitholders | (30,000) | 29,400 | 600 | ||||||||||||||||||||||
Net income (loss) | (84,819) | (1,696) | [2] | $ (83,123) | [2] | (84,819) | [2] | ||||||||||||||||||
Net income (loss) | [2] | (84,819) | 0 | ||||||||||||||||||||||
Distributions to unitholders | $ (16,552) | $ (338) | $ (16,890) | $ (16,890) | $ (30,113) | $ (602) | $ (29,511) | $ (30,113) | |||||||||||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 0 | ||||||||||||||||||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 0 | $ 0 | 0 | ||||||||||||||||||||||
Partners' Capital Account, Unit-based Compensation, Amortization | 3,222 | $ 3,222 | 3,222 | ||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Excluding General Partner Distributions | 2,916 | 2,916 | 2,916 | 2,935 | |||||||||||||||||||||
Comprehensive income (loss) from unconsolidated investment and other | 2,916 | ||||||||||||||||||||||||
Balance, end of period (in shares) at Dec. 31, 2020 | 12,261 | ||||||||||||||||||||||||
Balance, end of period at Dec. 31, 2020 | 204,524 | 459 | $ 136,927 | $ 66,816 | $ 322 | 204,524 | $ 0 | ||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||||||||||||||||
Income attributable to preferred unitholders | (30,225) | $ (29,600) | $ (600) | ||||||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ (1,909) | $ (97) | $ (4,747) | $ (4,844) | |||||||||||||||||||||
[1] | Net income (loss) includes $30.0 million of income attributable to preferred unitholders that accumulated during the period, of which $29.4 million is allocated to the common unitholders and $0.6 million is allocated to the general partner. | ||||||||||||||||||||||||
[2] | Net loss includes $30.2 million of income attributable to preferred unitholders that accumulated during the period, of which $29.6 million is allocated to the common unitholders and $0.6 million is allocated to the general partner. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Net income (loss) | $ (84,819) | [1] | $ (24,458) | [2] | $ 140,047 | [2] |
Adjustments to reconcile net income (loss) to net cash provided by operating activities of continuing operations: | ||||||
Depreciation, depletion and amortization | 9,198 | 14,932 | 21,689 | |||
Distributions from unconsolidated investment | 14,210 | 31,850 | 44,453 | |||
Equity earnings from unconsolidated investment | (10,728) | (47,089) | (48,306) | |||
Gain on asset sales and disposals | (581) | (6,498) | (2,441) | |||
Loss on extinguishment of debt | 0 | 29,282 | 0 | |||
Income from discontinued operations | 0 | (956) | (17,687) | |||
Asset impairments | 135,885 | 148,214 | 18,280 | |||
Bad debt expense | 4,001 | 7,462 | (62) | |||
Unit-based compensation expense | 3,570 | 2,361 | 1,434 | |||
Amortization of debt issuance costs and other | 1,323 | 3,687 | 7,133 | |||
Change in operating assets and liabilities: | ||||||
Accounts receivable | 12,853 | (6,035) | (6,062) | |||
Accounts payable | 207 | (1,234) | 1,138 | |||
Accrued liabilities | (2,205) | (3,656) | 19 | |||
Accrued interest | (602) | (12,029) | (1,138) | |||
Deferred revenue | 9,733 | (732) | 19,465 | |||
Other items, net | (4,477) | 2,218 | 320 | |||
Net cash provided by operating activities of continuing operations | 87,568 | 137,319 | 178,282 | |||
Net cash provided by (used in) operating activities of discontinued operations | 1,706 | (8) | 10,641 | |||
Net cash provided by operating activities | 89,274 | 137,311 | 188,923 | |||
Cash flows from investing activities | ||||||
Distributions from unconsolidated investment in excess of cumulative earnings | 0 | 0 | 2,097 | |||
Proceeds from asset sales and disposals | 623 | 6,500 | 2,449 | |||
Acquisition of non-controlling interest in BRP | (1,000) | 0 | 0 | |||
Acquisition of mineral rights | 0 | (22) | 0 | |||
Return of long-term contract receivable | 2,122 | 1,743 | 3,061 | |||
Net cash provided by investing activities of continuing operations | 1,745 | 8,221 | 7,607 | |||
Net cash provided by (used in) investing activities of discontinued operations | (65) | (629) | 183,021 | |||
Cash flows from financing activities | ||||||
Debt borrowings | 0 | 300,000 | 35,000 | |||
Debt repayments | (46,176) | (463,082) | (175,706) | |||
Contributions from (to) discontinued operations | 1,641 | (637) | (195,690) | |||
Debt issuance costs and other | 0 | (26,436) | (228) | |||
Net cash used in financing activities of continuing operations | (87,788) | (253,305) | (6,839) | |||
Net cash provided by investing activities | 1,680 | 7,592 | 190,628 | |||
Net cash provided by (used in) financing activities of discontinued operations | (1,641) | 637 | (196,509) | |||
Net cash used in financing activities | (89,429) | (252,668) | (203,348) | |||
Net increase (decrease) in cash and cash equivalents | 1,525 | (107,765) | 176,203 | |||
Cash and cash equivalents at end of period | 99,790 | 98,265 | 206,030 | |||
Cash and cash equivalents of discontinued operations at beginning of period | 0 | 0 | (2,847) | |||
Cash and cash equivalents at beginning of period | 98,265 | 206,030 | 29,827 | |||
Cash and cash equivalents of continuing operations at end of period | 99,790 | 98,265 | 206,030 | |||
Less: cash and cash equivalents of discontinued operations at end of period | 0 | 0 | 0 | |||
Cash, cash equivalents and restricted cash of continuing operations at end of period | 98,265 | 206,030 | 26,980 | |||
Supplemental Cash Flow Elements [Abstract] | ||||||
Cash paid during the period for interest | 39,830 | 58,597 | 64,991 | |||
Plant, equipment and mineral rights funded with accounts payable or accrued liabilities | 970 | 0 | 0 | |||
Dividends, Paid-in-kind | 3,750 | 0 | 0 | |||
Preferred Partner | ||||||
Cash flows from financing activities | ||||||
Distributions to common unitholders and general partner | (26,363) | (30,000) | (30,265) | |||
General Partner | ||||||
Cash flows from financing activities | ||||||
Distributions to common unitholders and general partner | (16,890) | (33,150) | (22,486) | |||
Class A Convertible Preferred Units | ||||||
Cash flows from financing activities | ||||||
Redemption of preferred units paid-in-kind | $ 0 | $ 0 | $ (8,844) | |||
[1] | Net loss includes $30.2 million of income attributable to preferred unitholders that accumulated during the period, of which $29.6 million is allocated to the common unitholders and $0.6 million is allocated to the general partner. | |||||
[2] | Net income (loss) includes $30.0 million of income attributable to preferred unitholders that accumulated during the period, of which $29.4 million is allocated to the common unitholders and $0.6 million is allocated to the general partner. |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | Organization and Nature of Operations Natural Resource Partners L.P. (the "Partnership"), a Delaware limited partnership, was formed in April 2002. The general partner of the Partnership is NRP (GP) LP ("NRP GP"), a Delaware limited partnership, whose general partner is GP Natural Resource Partners LLC, a Delaware limited liability company. 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 7. 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. The Partnership’s operations are conducted through, and its operating assets are owned by, its subsidiaries. The Partnership owns its subsidiaries through one wholly owned operating company, NRP (Operating) LLC ("Opco"). NRP GP has sole responsibility for conducting the Partnership's business and for managing its operations. Because NRP GP is a limited partnership, its general partner, GP Natural Resource Partners LLC, conducts its business and operations, and the board of directors and officers of GP Natural Resource Partners LLC makes decisions on its behalf. Robertson Coal Management LLC ("RCM"), a limited liability company wholly owned by Corbin J. Robertson, Jr., owns all of the membership interest in GP Natural Resource Partners LLC. Subject to the Board Representation and Observation Rights Agreement with certain entities controlled by funds affiliated with The Blackstone Group Inc. (collectively referred to as "Blackstone") and affiliates of GoldenTree Asset Management LP (collectively referred to as "GoldenTree"), RCM is entitled to appoint the directors of the Board of Directors of GP Natural Resource Partners LLC (the "Board of Directors"). RCM has delegated the right to appoint one director to Blackstone. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying Consolidated Financial Statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The Consolidated Financial Statements include the accounts of Natural Resource Partners L.P. and its wholly owned subsidiaries. The Partnership has an equity investment in Ciner Wyoming through which it is able to exercise significant influence over but does not control the investee and is not the primary beneficiary of the investee’s activities and is accounted for using the equity method. Intercompany transactions and balances have been eliminated. Use of Estimates Preparation of the accompanying financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities on the accompanying Consolidated Balance Sheets, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss) during the reporting period. Actual results could differ from those estimates. The most significant estimates pertain to coal and aggregates reserves and related cash flow estimates which are used to compute depreciation, depletion and amortization and impairments of coal and aggregates properties and related intangible assets and commitments and contingencies. Fair Value The Partnership discloses certain assets and liabilities using fair value as defined by authoritative guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 12. Fair Value Measurements for further details. There are three levels of inputs that may be used to measure fair value: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial assets and liabilities whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Cash and Cash Equivalents The Partnership considers all highly liquid short-term investments with an original maturity of three months or less to be cash equivalents Allowance for Doubtful Accounts The Partnership records an allowance for doubtful accounts for its accounts receivable and notes receivable comprised of estimated credit risk and non-credit risk (e.g., legal disputes) losses. Receivables are written off when collection efforts are exhausted and future recovery is doubtful. Beginning January 1, 2020 upon adoption of ASU No. 2016-13, the Partnership includes an allowance for current expected credit losses ("CECL") on its financial assets based on the loss-rate method. NRP assesses the likelihood of collection of its receivables utilizing historical loss rates, current market conditions that include 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. See Note 18. Credit Losses for more information. The total allowance related to accounts receivables included in accounts receivables, net on the Partnership's Consolidated Balance Sheets was $1.7 million and $0.4 million at December 31, 2020 and 2019, respectively. The total allowance related to short-term notes receivables included in other current assets, net on the Partnership's Consolidated Balance Sheets was $0.6 million and $1.2 million at December 31, 2020 and 2019, respectively. The total allowance related to the Partnership's long-term financing receivable included in long-term contract receivable, net on the Consolidated Balance Sheets was $1.6 million at December 31, 2020. The Partnership recorded bad debt expense of $4.0 million, $7.5 million and $(0.1) million included in operating and maintenance expenses on its Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2020, 2019 and 2018, respectively. Mineral Rights Mineral rights owned and leased are recorded at its original cost of construction or, upon acquisition, at fair value of the assets acquired. Coal and aggregates mineral rights are depleted on a unit-of-production basis by lease, based upon minerals mined in relation to the net cost of the mineral properties and estimated proven and probable tonnage therein. Intangible Assets The Partnership’s intangible assets consist of mineral royalty and transportation contracts that at acquisition were more favorable for the Partnership than prevailing market rates, known as above-market contracts. The estimated fair value of the above-market rate contracts are determined based on the present value of future cash flow projections related to the underlying assets acquired. Intangible assets are amortized on a unit-of-production basis by asset based upon minerals mined or transported in relation to the net book value of the intangible asset and estimated proven and probable tonnage expected to be mined or transported during the above-market contract term. Asset Impairment The Partnership has developed procedures to evaluate its long-lived assets, including intangible 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. A long-lived asset is deemed impaired when the future expected undiscounted cash flows from its use and disposition is less than the asset's net book value. Impairment is measured based on the estimated fair value, which is usually determined based upon the present value of the projected future cash flows compared to the asset's net book value. The Partnership believes its estimates of cash flows and discount rates are consistent with those of principal market participants. The Partnership evaluates its equity investment for impairment when events or changes in circumstances indicate, in management’s judgment, that the carrying value of such investment may have experienced an other-than-temporary decline in value. When evidence of loss in value has occurred, management compares the estimated fair value of the investment to the carrying value of the investment to determine whether potential impairment has occurred. If the estimated fair value is less than the carrying value and management considers the decline in value to be other than temporary, the excess of the carrying value over the estimated fair value is recognized in the financial statements as an impairment loss. The fair value of the impaired investment is based on quoted market prices (Level 1), or upon the present value of expected cash flows using discount rates believed to be consistent with those used by principal market participants (Level 3), plus market analysis of comparable assets owned by the investee, if appropriate (Level 3). Accrued Liabilities Included in accrued liabilities on the Partnership's Consolidated Balance Sheets at December 31, 2020 were $3.7 million of accrued employee costs and $4.0 million of other accrued liabilities, which primarily includes property taxes. These amounts were $3.7 million and $5.0 million of accrued employee costs and other accrued liabilities, respectively, at December 31, 2019. Other accrued liabilities at December 31, 2019 primarily included property taxes and disputed well liabilities. Revenue Recognition Coal Royalty and Other Segment Revenues Royalty-based leases. Approximately two-thirds of the Partnership's royalty-based leases have initial terms of five three five The Partnership has defined its coal and aggregates royalty lease performance obligation as providing the lessee the right to mine and sell its coal or aggregates over the lease term. NRP then evaluated the likelihood that consideration it expected to receive from its lessees resulting from production would exceed consideration expected to be received from minimum payments over the lease term. As a result of this evaluation, revenue recognition from the Partnership's royalty-based leases is based on either production or minimum payments as follows: • Production Leases : Leases for which the Partnership expects that consideration from production will be greater than consideration from minimums over the lease term. Revenue recognition for these leases is recognized over time based on production as coal royalty revenues or aggregates royalty revenues, as applicable. Deferred revenue from minimums is recognized as royalty revenues when recoupment occurs or as production lease minimum revenues when the recoupment period expires. In addition, NRP recognizes breakage revenue from minimums when NRP determines that recoupment is remote. This breakage revenue is included in production lease minimum revenues. • Minimum Leases : Leases for which the Partnership expects that consideration from minimums will be greater than consideration from production over the lease term. Revenue recognition for these leases is recognized straight-line over the lease term based on the minimum consideration amount as minimum lease straight-line revenues. This evaluation is performed at the inception of the lease and only reassessed upon modification or renewal of the lease. Oil and gas related revenues consist of revenues from royalties and overriding royalties and are recognized on the basis of volume of hydrocarbons sold by lessees and the corresponding revenues from those sales. Also, included within oil and gas royalty revenues are lease bonus payments, which are generally paid upon the execution of a lease. The Partnership also has overriding royalty revenue interests in coal reserves. Revenues from these interests are recognized over time based on when the coal is sold. Wheelage revenues. Revenues related to fees collected per ton to transport foreign coal across property owned by the Partnership that is recognized over time as transportation across the property occurs. Other revenues. Other revenues consists primarily of rental payments and surface damage fees related to certain land owned by the Partnership and is recognized straight-line over time as it is earned. Other revenues also include property tax revenues. The majority of property taxes paid on the Partnership's properties are reimbursable by the lessee and are recognized on a gross basis over time which reflects the reimbursement of property taxes by the lessee. Property taxes paid by NRP are included in operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income (Loss). Transportation and processing services revenues. The Partnership owns transportation and processing infrastructure that is leased to third parties for throughput fees. Revenue is recognized over time based on the coal tons transported over the beltlines or processed through the facilities. Contract Modifications Contract modifications that impact goods or services or the transaction price are evaluated in accordance with ASC 606. A majority of the Partnership's contract modifications pertain to its coal and aggregates royalty contracts and include, but are not limited to, extending the lease term, changes to royalty rates, floor prices or minimum consideration, assignment of the contract or forfeiture of recoupment rights. Consideration received in conjunction with a modification of an ongoing lease will be deferred and recognized straight-line over the remaining term of the contract. Consideration received to assign a lease to another party and related forfeited minimums will be recognized immediately upon the termination of the contract. Fees from contract modifications are recognized in lease amendment revenues within coal royalty and other revenues on the Consolidated Statements of Comprehensive Income (Loss) while modifications in royalty rates and minimums will be recognized prospectively in accordance with the above lease classification. Contract Assets and Liabilities from Contracts with Customers Contract assets include receivables from contracts with customers and are recorded when the right to consideration becomes unconditional. Receivables are recognized when the minimums are contractually owed, production occurs or minimums accrued for based on the passage of time. Contract liabilities represent minimum consideration received, contractually owed or earned based on the passage of time. The current portion of deferred revenue relates to deferred revenue on minimum leases and lease amendment fees that are to be recognized as revenue on a straight-line basis over the next twelve months. The long-term portion of deferred revenue relates to deferred revenue on production leases and lease amendment fees that are to be recognized as revenue on a straight-line basis beyond the next twelve months. Due to uncertainty in the amount of deferred revenue that will be recouped and recognized as coal royalty revenues from its production leases over the next twelve months, the Partnership is unable to estimate the current portion of deferred revenue. Equity in Earnings of Ciner Wyoming The Partnership accounts for non-marketable equity investments using the equity method of accounting if the investment gives it the ability to exercise significant influence over, but not control of, an investee. The Partnership's 49% investment in Ciner Wyoming is accounted for using this method. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the proportionate share of earnings or losses and distributions. The basis difference between the investment and the proportional share of investee's net assets is attributed to net tangible assets and is amortized over its estimated useful life. The carrying value in Ciner Wyoming is recognized in equity in unconsolidated investment on the Partnership's Consolidated Balance Sheets. The Partnership's adjusted share of the earnings or losses of Ciner Wyoming and amortization of the basis difference is recognized in equity in earnings of Ciner Wyoming on the Consolidated Statements of Comprehensive Income (Loss). The Partnership decreases its investment for its proportional share of distributions received from Ciner Wyoming. These cash flows are reported utilizing the cumulative earnings approach. Under this approach, distributions received are considered returns on investment and classified as operating cash inflows unless the cumulative distributions received exceed the Partnership's cumulative equity in earnings. The excess of cumulative distributions received over the Partnership's cumulative equity in earnings are considered returns of investment and classified as investing cash inflows. Property Taxes The Partnership is responsible for paying property taxes on the properties it owns. Typically, the lessees are contractually responsible for reimbursing the Partnership for property taxes on the leased properties. The payment of and reimbursement of property taxes is included in operating and maintenance expenses and in coal royalty and other revenues, respectively, on the Consolidated Statements of Comprehensive Income (Loss). Unit-Based Compensation The Partnership has awarded unit-based compensation in the form of equity-based awards and phantom units. Compensation cost is measured at the grant date for equity-classified awards and remeasured each reporting period for liability-classified awards based on the fair value of an award and is recognized over the service period, which is generally the vesting period. Forfeitures are recognized as they occur. Unit-based compensation expense for all awards is recognized in general and administrative expenses and operating and maintenance expenses on the Consolidated Statements of Comprehensive Income (Loss). See Note 16. Unit-Based Compensation for more information. Deferred Financing Costs Deferred financing costs consist of legal and other costs related to the issuance of the Partnership’s debt. These costs are amortized over the term of the respective line-of-credit or debt arrangements. Deferred financing costs related to the Partnership's revolving credit facility are included in other long-term assets, net on the Partnership's Consolidated Balance Sheets. Deferred financing costs related to the Partnership's note agreements are included as a direct deduction from the carrying amount of the debt liability in current portion of long-term debt, net or long-term debt, net on the Partnership's Consolidated Balance Sheets. Income Taxes The Partnership is not subject to federal or material state income taxes as the unitholders are taxed individually on their allocable share of taxable income. Net income (loss) for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities. In the event of an examination of the Partnership’s tax return, the tax liability of the unitholders could be changed if an adjustment in the Partnership’s income is ultimately sustained by the taxing authorities. 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. The new standard replaces today's "incurred loss" model with an "expected credit loss" model that requires entities to estimate an expected lifetime credit loss on financial assets, including trade accounts receivable. See Note 18. Credit Losses for more information. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenues from Contracts with Customers The following table represents the Partnership's Coal Royalty and Other segment revenues by major source: For the Year Ended December 31, (In thousands) 2020 2019 2018 Coal royalty revenues $ 51,868 $ 109,612 $ 129,341 Production lease minimum revenues 21,749 24,068 8,207 Minimum lease straight-line revenues 16,796 14,910 2,362 Property tax revenues 5,786 6,287 5,422 Wheelage revenues 7,025 5,880 6,484 Coal overriding royalty revenues 4,977 13,496 13,878 Lease amendment revenues 3,450 7,991 — Aggregates royalty revenues 1,717 4,265 4,739 Oil and gas royalty revenues 5,816 3,031 6,608 Other revenues 982 1,529 1,837 Coal royalty and other revenues $ 120,166 $ 191,069 $ 178,878 Transportation and processing services revenues (1) 8,845 19,279 23,887 Total coal royalty and other segment revenues $ 129,011 $ 210,348 $ 202,765 (1) Transportation and processing services revenues from contracts with customers as defined under ASC 606 was $5.0 million, $9.6 million and $13.2 million for the year ended December 31, 2020, 2019 and 2018, respectively. The remaining transportation and processing services revenues of $3.8 million, $9.7 million and $10.7 million for the year ended December 31, 2020, 2019 and 2018, respectively, related to other NRP-owned infrastructure leased to and operated by third-party operators accounted for under other guidance. See Note 17. 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: December 31, (In thousands) 2020 2019 Receivables Accounts receivable, net $ 10,193 $ 27,915 Other current assets, net (1) 3,307 90 Other long-term assets, net (2) 525 — Contract liabilities Current portion of deferred revenue $ 11,485 $ 4,608 Deferred revenue 50,069 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 lease amendment fee 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 Year Ended December 31, (In thousands) 2020 2019 2018 Balance at end of prior period (current and non-current) $ 51,821 $ 52,553 $ 100,605 Cumulative adjustment for change in accounting principle — — (65,591) Balance at beginning of period (current and non-current) $ 51,821 $ 52,553 $ 35,014 Increase due to minimums and lease amendment fees 41,557 47,038 37,781 Recognition of previously deferred revenue (31,824) (47,770) (20,242) Balance at end of period (current and non-current) $ 61,554 $ 51,821 $ 52,553 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 December 31, 2020 (in thousands): Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments (2) 0 - 5 years 4.4 $ 13,349 5 - 10 years 5.4 8,022 10+ years 13.7 30,130 Total 9.6 $ 51,501 (1) Lease term does not include renewal periods. (2) Annual minimum payments do not include $19.3 million of the $40.0 million of annual fixed consideration owed to NRP in 2021 resulting from contract modifications entered into during the second quarter of 2020. Additionally, $5.0 million of this remaining $19.3 million relates to a coal infrastructure lease that is accounted for as a financing transaction. See Note 17. Financing Transaction for additional information. |
Class A Convertible Preferred U
Class A Convertible Preferred Units and Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Class A Convertible Preferred Units and Warrants | Class A Convertible Preferred Units and Warrants On March 2, 2017, NRP issued $250 million of Class A Convertible Preferred Units representing limited partner interests in NRP (the "preferred units") to certain entities controlled by funds affiliated with The Blackstone Group Inc. (collectively referred to as "Blackstone") and certain affiliates of GoldenTree Asset Management LP (collectively referred to as "GoldenTree") (together the "preferred purchasers") pursuant to a Preferred Unit and Warrant Purchase Agreement. NRP issued 250,000 preferred units to the preferred purchasers at a price of $1,000 per preferred unit (the "per unit purchase price"), less a 2.5% structuring and origination fee. The preferred units entitle the preferred purchasers to receive cumulative distributions at a rate of 12% of the purchase price per year, up to one half of which NRP may pay in additional preferred units (such additional preferred units, the "PIK units"). The preferred units have a perpetual term, unless converted or redeemed as described below. NRP also issued two tranches of warrants (the "warrants") to purchase common units to the preferred purchasers (warrants to purchase 1.75 million common units with a strike price of $22.81 and warrants to purchase 2.25 million common units with a strike price of $34.00). The warrants may be exercised by the holders thereof at any time before the eighth anniversary of the closing date. Upon exercise of the warrants, NRP may, at its option, elect to settle the warrants in common units or cash, each on a net basis. After March 2, 2022 and prior to March 2, 2025, the holders of the preferred units may elect to convert up to 33% of the outstanding preferred units in any 12-month period into common units if the volume weighted average trading price of our common units (the "VWAP") for the 30 trading days immediately prior to date notice is provided is greater than $51.00. In such case, the number of common units to be issued upon conversion would be equal to the per unit purchase price plus the value of any accrued and unpaid distributions divided by an amount equal to a 7.5% discount to the VWAP for the 30 trading days immediately prior to the notice of conversion. Rather than have the preferred units convert to common units in accordance with the provisions of this paragraph, NRP would have the option to elect to redeem the preferred units proposed to be converted for cash at a price equal to the per unit purchase price plus the value of any accrued and unpaid distributions. On or after March 2, 2025, the holders of the preferred units may elect to convert the preferred units to common units at a conversion rate equal to the Liquidation Value divided by an amount equal to a 10% discount to the VWAP for the 30 trading days immediately prior to the notice of conversion. The “liquidation value” will be an amount equal to the greater of: (1) (a) the per unit purchase price multiplied by (i) prior to March 2, 2020, 1.50, (ii) on or after March 2, 2020 and prior to March 2, 2021, 1.70 and (iii) on or after March 2, 2021, 1.85, less (b)(i) all preferred unit distributions previously made by NRP and (ii) all cash payments previously made in respect of redemption of any PIK units; and (2) the per unit purchase price plus the value of all accrued and unpaid distributions. To the extent the holders of the preferred units have not elected to convert their preferred units before March 2, 2029, NRP has the right to force conversion of the preferred units at a price equal to the liquidation value divided by an amount equal to a 10% discount to the VWAP for the 30 trading days immediately prior to the notice of conversion. In addition, NRP has the ability to redeem at any time (subject to compliance with its debt agreements) all or any portion of the preferred units and any outstanding PIK units for cash. The redemption price for each outstanding PIK unit is $1,000 plus the value of any accrued and unpaid distributions per PIK unit. The redemption price for each preferred unit is the liquidation value divided by the number of outstanding preferred units. The preferred units are redeemable at the option of the preferred purchasers only upon a change in control. The terms of the preferred units contain certain restrictions on NRP's ability to pay distributions on its common units. To the extent that either (i) NRP's consolidated Leverage Ratio, as defined in the Partnership's Fifth Amended and Restated Partnership Agreement dated March 2, 2017 (the "restated partnership agreement"), is greater than 3.25x, or (ii) the ratio of NRP's Distributable Cash Flow (as defined in the Restated Partnership Agreement) to cash distributions made or proposed to be made is less than 1.2x (in each case, with respect to the most recently completed four-quarter period), NRP may not increase the quarterly distribution above $0.45 per quarter without the approval of the holders of a majority of the outstanding preferred units. In addition, if at any time after January 1, 2022, any PIK units are outstanding, NRP may not make distributions on its common units until it has redeemed all PIK units for cash. The holders of the preferred units have the right to vote with holders of NRP’s common units on an as-converted basis and have other customary approval rights with respect to changes of the terms of the preferred units. In addition, Blackstone has certain approval rights over certain matters as identified in the restated partnership agreement. GoldenTree also has more limited approval rights that will expand once Blackstone's ownership goes below the minimum preferred unit threshold (as defined below). These approval rights are not transferrable without NRP's consent. In addition, the approval rights held by Blackstone and GoldenTree will terminate at such time that Blackstone (together with their affiliates) or GoldenTree (together with their affiliates), as applicable, no longer own at least 20% of the total number of preferred units issued on the closing date, together with all PIK units that have been issued but not redeemed (the "minimum preferred unit threshold"). At the closing, pursuant to the Board Representation and Observation Rights Agreement, the Preferred Purchasers received certain board appointment and observation rights, and Blackstone appointed one director and one observer to the Board of Directors. NRP also entered into a registration rights agreement (the "preferred unit and warrant registration rights agreement") with the preferred purchasers, pursuant to which NRP is required to file (i) a shelf registration statement to register the common units issuable upon exercise of the warrants and to cause such registration statement to become effective not later than 90 days following the closing date and (ii) a shelf registration statement to register the common units issuable upon conversion of the preferred units and to cause such registration statement to become effective not later than the earlier of the fifth anniversary of the closing date or 90 days following the first issuance of any common units upon conversion of preferred units (the "registration deadlines"). In addition, the preferred unit and warrant registration rights agreement gives the preferred purchasers piggyback registration and demand underwritten offering rights under certain circumstances. The shelf registration statement to register the common units issuable upon exercise of the warrants became effective on April 20, 2017. If the shelf registration statement to register the common units issuable upon conversion of the preferred units is not effective by the applicable registration deadline, NRP will be required to pay the preferred purchasers liquidated damages in the amounts and upon the term set forth in the preferred unit and warrant registration rights agreement. Accounting for the Preferred Units and Warrants Classification The preferred units are accounted for as temporary equity on NRP's Consolidated Balance Sheets due to certain contingent redemption rights that may be exercised at the election of preferred purchasers. The warrants are accounted for as equity on NRP's Consolidated Balance Sheets. Initial Measurement The net transaction price as shown below was allocated to the preferred units and warrants based on their relative fair values at inception date. NRP allocated the transaction issuance costs to the preferred units and warrants primarily on a pro-rata basis based on their relative inception date allocated values. Subsequent Measurement Subsequent adjustment of the preferred units will not occur until NRP has determined that the conversion or redemption of all or a portion of the preferred units is probable of occurring. Once conversion or redemption becomes probable of occurring, the carrying amount of the preferred units will be accreted to their redemption value over the period from the date the feature is probable of occurring to the date the preferred units can first be converted or redeemed. Activity related to the preferred units is as follows: (In thousands, except unit data) Units Outstanding Financial Balance at December 31, 2017 258,844 $ 173,431 Redemption of PIK units (8,844) (8,844) Balance at December 31, 2018 and 2019 250,000 $ 164,587 Distribution paid-in-kind 3,750 3,750 Balance at December 31, 2020 $ 253,750 $ 168,337 Subsequent adjustment of the warrants will not occur until the warrants are exercised, at which time, NRP may, at its option, elect to settle the warrants in common units or cash, each on a net basis. The net basis will be equal to the difference between the Partnership's common unit price and the strike price of the warrant. Once warrant exercise occurs, the difference between the carrying amount of the warrants and the net settlement amount will be allocated on a pro-rata basis to the common unitholders and general partner. Certain embedded features within the preferred unit and warrant purchase agreement are accounted for at fair value and are remeasured each quarter. See Note 12. Fair Value Measurements |
Common and Preferred Unit Distr
Common and Preferred Unit Distributions | 12 Months Ended |
Dec. 31, 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. 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 $30.2 million during the year ended December 31, 2020 and $30.0 million during the years ended December 31, 2019 and 2018 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. Additionally, in November 2020, the Partnership paid in kind one-half of the preferred unit distribution related to the three months ended September 30, 2020. During the three months ended March 31, 2018, the Partnership redeemed all of the outstanding PIK units related to the year ended December 31, 2017, which resulted in an $8.8 million cash payment during the year ended December 31, 2018. This $8.8 million cash payment is not included in the table below. The following table shows the cash distributions declared and paid to common and preferred unitholders during the years ended December 31, 2020, 2019 and 2018, respectively: Common Units Preferred Units Date Paid Period Covered by Distribution Distribution 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 November 2020 July 1 - September 30, 2020 0.45 5,630 15.00 3,750 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 November 2019 July 1 - September 30, 2019 0.45 5,630 30.00 7,500 2018 February 2018 October 1 - December 31, 2017 $ 0.45 $ 5,617 $ 30.00 $ 7,765 May 2018 January 1 - March 31, 2018 0.45 5,623 30.00 7,500 August 2018 April 1 - June 30, 2018 0.45 5,623 30.00 7,500 November 2018 July 1 - September 30, 2018 0.45 5,623 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 (Loss) Per Common Un
Net Income (Loss) Per Common Unit | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) 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 non-controlling interest, 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 loss per common unit for the years ended December 31, 2020 and 2019 do 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 year ended December 31, 2018 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. Due to NRP's net loss during the years ended December 31, 2020 and 2019, the dilutive effect of the warrants were not included as the impact would have been anti-dilutive. The calculation of the dilutive effect of the warrants for the year ended December 31, 2018 included 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 following tables reconcile the numerators and denominators 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 Year Ended December 31, (In thousands, except per unit data) 2020 2019 2018 Allocation of net income (loss) Net income (loss) from continuing operations $ (84,819) $ (25,414) $ 122,360 Less: net income attributable to non-controlling interest — — (510) Less: income attributable to preferred unitholders (30,225) (30,000) (30,000) Net income (loss) from continuing operations attributable to common unitholders and the general partner $ (115,044) $ (55,414) $ 91,850 Add (less): net loss (income) from continuing operations attributable to the general partner 2,301 1,108 (1,837) Net income (loss) from continuing operations attributable to common unitholders $ (112,743) $ (54,306) $ 90,013 Net income from discontinued operations $ — $ 956 $ 17,687 Less: net income from discontinued operations attributable to the general partner — (19) (354) Net income from discontinued operations attributable to common unitholders $ — $ 937 $ 17,333 Net income (loss) $ (84,819) $ (24,458) $ 140,047 Less: net income attributable to non-controlling interest — — (510) Less: income attributable to preferred unitholders (30,225) (30,000) (30,000) Net income (loss) attributable to common unitholders and the general partner $ (115,044) $ (54,458) $ 109,537 Add (less): net loss (income) attributable to the general partner 2,301 1,089 (2,191) Net income (loss) attributable to common unitholders $ (112,743) $ (53,369) $ 107,346 Basic income (loss) per common unit Weighted average common units—basic 12,261 12,260 12,244 Basic net income (loss) from continuing operations per common unit $ (9.20) $ (4.43) $ 7.35 Basic net income from discontinued operations per common unit $ — $ 0.08 $ 1.42 Basic net income (loss) per common unit $ (9.20) $ (4.35) $ 8.77 For the Year Ended December 31, (In thousands, except per unit data) 2020 2019 2018 Diluted income (loss) per common unit Weighted average common units—basic 12,261 12,260 12,244 Plus: dilutive effect of preferred units — — 7,479 Plus: dilutive effect of warrants — — 511 Plus: dilutive effect of unvested unit-based awards — — — Weighted average common units—diluted 12,261 12,260 20,234 Net income (loss) from continuing operations $ (84,819) $ (25,414) $ 122,360 Less: net income attributable to non-controlling interest — — (510) Less: income attributable to preferred unitholders (30,225) (30,000) — Diluted net income (loss) from continuing operations attributable to common unitholders and the general partner $ (115,044) $ (55,414) $ 121,850 Add (less): net loss (income) from continuing operations attributable to the general partner 2,301 1,108 (2,437) Diluted net income (loss) from continuing operations attributable to common unitholders $ (112,743) $ (54,306) $ 119,413 Diluted net income from discontinued operations attributable to common unitholders $ — $ 937 $ 17,333 Net income (loss) $ (84,819) $ (24,458) $ 140,047 Less: net income attributable to non-controlling interest — — (510) Less: income attributable to preferred unitholders (30,225) (30,000) — Diluted net income (loss) attributable to common unitholders and the general partner $ (115,044) $ (54,458) $ 139,537 Add (less): diluted net loss (income) attributable to the general partner 2,301 1,089 (2,791) Diluted net income (loss) attributable to common unitholders $ (112,743) $ (53,369) $ 136,746 Diluted net income (loss) from continuing operations per common unit $ (9.20) $ (4.43) $ 5.90 Diluted net income from discontinued operations per common unit $ — $ 0.08 $ 0.86 Diluted net income (loss) per common unit $ (9.20) $ (4.35) $ 6.76 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 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 Wyoming mines trona and processes it into soda ash that is sold both domestically and internationally into 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 Year Ended December 31, 2020 Revenues $ 129,011 $ 10,728 $ — $ 139,739 Gain on asset sales and disposals 581 — — 581 Operating and maintenance expenses 24,610 185 — 24,795 Depreciation, depletion and amortization 9,198 — — 9,198 General and administrative expenses — — 14,293 14,293 Asset impairments 135,885 — — 135,885 Other expenses, net 79 — 40,889 40,968 Net income (loss) from continuing operations (40,180) 10,543 (55,182) (84,819) As of December 31, 2020 Total assets of continuing operations $ 656,505 $ 262,514 $ 2,858 $ 921,877 For the Year Ended December 31, 2019 Revenues $ 210,348 $ 47,089 $ — $ 257,437 Gain on asset sales and disposals 6,498 — — 6,498 Operating and maintenance expenses 32,489 249 — 32,738 Depreciation, depletion and amortization 14,932 — — 14,932 General and administrative expenses — — 16,730 16,730 Asset impairments 148,214 — — 148,214 Other expenses, net — — 76,735 76,735 Net income (loss) from continuing operations 21,211 46,840 (93,465) (25,414) Income from discontinued operations — — — 956 As of December 31, 2019 Total assets of continuing operations $ 817,768 $ 263,080 $ 3,353 $ 1,084,201 Total assets of discontinued operations — — — 1,706 For the Year Ended December 31, 2018 Revenues $ 202,765 $ 48,306 $ — $ 251,071 Gain on litigation settlement 25,000 — — 25,000 Gain on asset sales and disposals 2,441 — — 2,441 Operating and maintenance expenses 29,509 — — 29,509 Depreciation, depletion and amortization 21,689 — — 21,689 General and administrative expenses — — 16,496 16,496 Asset impairments 18,280 — — 18,280 Other expenses, net — — 70,178 70,178 Net income (loss) from continuing operations 160,728 48,306 (86,674) 122,360 Income from discontinued operations — — — 17,687 |
Equity Investment
Equity Investment | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, (In thousands) 2020 2019 2018 Balance at beginning of period $ 263,080 $ 247,051 $ 245,433 Income allocation to NRP’s equity interests (1) 15,205 52,016 53,095 Amortization of basis difference (4,477) (4,927) (4,789) Other comprehensive income (loss) 2,916 790 (138) Distribution (14,210) (31,850) (46,550) Balance at end of period $ 262,514 $ 263,080 $ 247,051 (1) Includes reclassifications of accumulated other comprehensive loss to income allocation to NRP equity interest of $1.7 million, $0.6 million and $0.5 million for the year ended December 31, 2020, 2019 and 2018, respectively. The difference between the amount at which the investment in Ciner Wyoming is carried and the amount of underly ing equity in Ciner Wyoming's net assets was $131.4 million and $135.8 million as of December 31, 2020 and 2019, respectively. This excess basis relates to property, plant and equipment and right to mine assets. The excess basis difference that relates to property, plant and equipment is being amortized into income using the straight-line method over 27 years. The excess basis difference that relates to right to mine assets is being amortized into income using the units of production method. The following table represents summarized financial information for Ciner Wyoming as derived from their respective financial statements for the years ended December 31, 2020, 2019, and 2018: For the Year Ended December 31, (In thousands) 2020 2019 2018 Net sales $ 392,231 $ 522,843 $ 486,759 Gross profit 54,838 131,712 104,053 Net income 31,030 106,155 108,357 The financial position of Ciner Wyoming is summarized as follows: December 31, (In thousands) 2020 2019 Current assets $ 164,720 $ 170,696 Noncurrent assets 294,008 282,387 Current liabilities 55,313 55,339 Noncurrent liabilities 135,776 138,087 |
Mineral Rights, Net
Mineral Rights, Net | 12 Months Ended |
Dec. 31, 2020 | |
Extractive Industries [Abstract] | |
Mineral Rights, Net | Mineral Rights, Net The Partnership’s mineral rights consist of the following: December 31, 2020 2019 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 785,623 $ (346,773) $ 438,850 $ 981,352 $ (420,448) $ 560,904 Aggregates properties 9,039 (2,819) 6,220 41,486 (13,357) 28,129 Oil and gas royalty properties 12,354 (8,593) 3,761 12,395 (7,887) 4,508 Other 13,154 (1,612) 11,542 13,156 (1,601) 11,555 Total mineral rights, net $ 820,170 $ (359,797) $ 460,373 $ 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 $8.8 million, $12.1 million and $17.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. Sales of Mineral Rights During the year ended December 31, 2020, the Partnership recorded a gain of $0.6 million included in gain on asset sales and disposals on the Consolidated Statements of Comprehensive Income (Loss) related to sales of multiple mineral reserves. During the year ended December 31, 2019, the Partnership recorded a gain of $6.5 million included in gain on asset sales and disposals on the Consolidated Statements of Comprehensive Income (Loss) primarily related to the disposal of certain coal mineral rights with a $0 net book value. During the year ended December 31, 2018, the Partnership recorded a cumulative gain of $2.4 million included in gain on asset sales and disposals on the Consolidated Statements of Comprehensive Income (Loss) related to sales of multiple mineral reserves. Impairment of Mineral Rights During the years ended December 31, 2020, 2019 and 2018, the Partnership identified facts and circumstances that indicated that the carrying value of certain of its mineral rights exceed future cash flows from those assets and recorded non-cash impairment expense included in asset impairments on the Consolidated Statements of Comprehensive Income (Loss) as follows: For the Year Ended December 31, (In thousands) 2020 2019 2018 Coal properties (1) $ 114,302 $ 125,806 $ 5,259 Aggregates properties (2) 21,583 103 13,021 Total $ 135,885 $ 125,909 $ 18,280 (1) The Partnership recorded $114.3 million of impairment expense to impair certain assets during the year ended December 31, 2020 primarily related to weakened coal markets that resulted in termination of certain coal leases and changes to lessee mine plans resulting in permanent moves off certain of our coal properties. The Partners hip recorded $125.8 million of impairment expense during the year ended December 31, 2019 primarily due to deterioration in thermal coal markets, lessee capital constraints, thermal coal lease terminations, and expectations of further reductions in global and domestic thermal coal demand due to low natural gas prices and continued pressure on the electric power generation industry over emissions and climate change, resulting in reductions in expected cash flows (combination of lower expected coal sales volumes, sales prices, minimums and/or life of mine assumptions) on certain of our coal properties. During the year ended December 31, 2019, the Partnership recorded $36.0 million to fully impair certain coal properties. In addition, NRP recorded $89.8 million of impairment expense on coal royalty properties with $97 million of net book value, resulting in a fair value of $7.2 million at December 31, 2019. The fair value of the impaired assets at December 31, 2019 was calculated using a discount rate of 15%. The Partnership recorded $5.3 million of coal property impairments during the year ended December 31, 2018 primarily as a result of lease terminations, of which it recorded $5.0 million of impairment expense to fully impair certain coal properties during the three months ended December 31, 2018. NRP compared the net book value of its coal properties to estimated undiscounted future net cash flows. If the net book value exceeded the undiscounted future cash flows, the Partnership recorded an impairment for the excess of the net book value over fair value. A discounted cash flow model was used to estimate fair value. Significant inputs used to determine fair value include estimates of future cash flows from coal sales and minimum payments, discount rate and useful economic life. Estimated cash flows are the product of a process that began with current realized pricing as of the measurement date and included an adjustment for risk related to the future realization of cash flows. (2) The Partnership recorded $21.6 million of aggregates royalty property impairments during the year ended December 31, 2020 primarily related to decreased oil and gas drilling activity which negatively impacted the outlook for NRP's frac sand properties. Th e Partnership recorded $0.1 million of aggregates royalty property impairments during the year ended December 31, 2019. During the three months ended December 31, 2018, the Partnership recorded $13.0 million of impairment expense related to an aggregates property that the Partnership owns and leases to its former construction aggregates business, which mines, produces and sells the aggregates. The fair value of the impaired asset was reduced to $2.3 million at December 31, 2018 using a discount rate of 11%. NRP compared the net book value of its aggregates and timber properties to estimated undiscounted future net cash flows. If the net book value exceeded the undiscounted cash flows, the Partnership recorded an impairment for the excess of the net book value over fair value. A discounted cash flow model was used to estimate fair value. Significant inputs used to determine fair value include estimates of future cash flows from aggregates sales and minimum payments, discount rate and useful economic life. Estimated cash flows are the product of a process that began with current realized pricing as of the measurement date and included an adjustment for risk related to the future realization of cash flows. While the Partnership's impairment evaluation as of December 31, 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. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Intangible Assets, Net The Partnership's intangible assets consist of above-market coal royalty and related transportation contracts with subsidiaries of Foresight Energy Resources LLC ("Foresight") pursuant to which the Partnership receives royalty payments for coal sales and throughput fees for the transportation and processing of coal. The Partnership's intangible assets included on its Consolidated Balance Sheets are as follows: December 31, (In thousands) 2020 2019 Intangible assets at cost $ 53,878 $ 53,878 Less: accumulated amortization (36,419) (36,191) Total intangible assets, net $ 17,459 $ 17,687 Amortization expense included in depreciation, depletion and amortization on the Partnership's Consolidated Statements of Comprehensive Income (Loss) was $0.2 million, $2.5 million and $4.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. During the year ended December 31, 2019, the Partnership identified facts and circumstances that indicated that the carrying value of certain of its above-market contracts exceed future cash flows from those assets and recorded a non-cash impairment expense of $22.3 million to fully impair these assets. These impairments are included in asset impairments on the Partnership's Consolidated Statements of Comprehensive Income (Loss) and resulted from deterioration in thermal coal markets, lessee capital constraints, and expectations of further reductions in global and domestic thermal coal demand due to low natural gas prices and continued pressure on the electric power generation industry over emissions and climate change, resulting in reductions in expected cash flows (combination of lower expected coal sales volumes, sales prices and/or life of mine assumptions) on certain of our intangible assets. The estimates of amortization expense for the years ended December 31, as indicated below, are based on current mining plans and are subject to revision as those plans change in future periods. (In thousands) Estimated Amortization Expense 2021 $ 1,155 2022 525 2023 1,199 2024 1,037 2025 950 |
Debt, Net
Debt, Net | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt, Net | Debt, Net The Partnership's debt consists of the following: 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 18,013 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 68,524 79,945 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 17,464 20,375 Total Opco Senior Notes $ 177,880 $ 224,056 Total debt at face value $ 477,880 $ 524,056 Net unamortized debt issuance costs (6,381) (7,858) Total debt, net $ 471,499 $ 516,198 Less: current portion of long-term debt (39,055) (45,776) Total long-term debt, net $ 432,444 $ 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 December 31, 2020 and 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 also 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 December 31, 2020 and 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 extends the term of the Opco Credit Facility until April 2023. Lender commitments under the Opco Credit Facility remain at $100.0 million. Indebtedness under the Opco Credit Facility bears interest, at Opco's option, at: • the higher of (i) the prime rate as announced by the agent bank; (ii) the federal funds rate plus 0.50%; or (iii) LIBOR plus 1%, in each case plus an applicable margin ranging from 2.50% to 3.50%; or • a rate equal to LIBOR plus an applicable margin ranging from 3.50% to 4.50%. During the years ended December 31, 2020 and 2019, the Partnership did not have any borrowings outstanding under the Opco Credit Facility and had $100.0 million in available borrowing capacity at both December 31, 2020 and 2019. Opco will incur a commitment fee on the unused portion of the revolving credit facility at a rate of 0.50% per annum. Opco may prepay all amounts outstanding under the Opco Credit Facility at any time without penalty. 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. The Opco Credit Facility contains certain additional customary negative covenants that, among other items, restrict Opco’s ability to incur additional debt, grant liens on its assets, make investments, sell assets and engage in business combinations. Included in the investment covenant are restrictions upon Opco’s ability to acquire assets where Opco does not maintain certain levels of liquidity. In addition, Opco is required to use 75% of the net cash proceeds of certain non-ordinary course asset sales to repay the Opco Credit Facility (without any corresponding commitment reduction) and use the remaining 25% of the net cash proceeds to offer to repay its Senior Notes on a pro-rata basis, as described below under “—Opco Senior Notes.” The Opco Credit Facility also contains customary events of default, including cross-defaults under Opco’s Senior Notes. The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values o f $364.5 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 December 31, 2020 and 2019, respectively. The collateral includes (1) the equity interests in all of Opco’s wholly owned subsidiaries, other than BRP LLC and NRP Trona LLC (which owns a 49% non-controlling equity interest in Ciner Wyoming), (2) the personal property and fixtures owned by Opco’s wholly owned subsidiaries, other than NRP Trona LLC, (3) Opco’s material coal royalty revenue producing properties, and (4) certain of Opco’s coal-related infrastructure assets. Opco Senior Notes Opco has issued several series of private placement senior notes (the "Opco Senior Notes") with various interest rates and principal due dates. As of December 31, 2020 and 2019, the Opco Senior Notes had cumulative principal balances of $177.9 million and $224.1 million, respectively. Opco made mandatory principal payments on the Opco Senior Notes of $46.2 million, $117.4 million and $80.7 million during the years ended December 31, 2020, 2019 and 2018, respectively. The payments made during the year ended December 31, 2019 included a $49.3 million pre-payment as a result of the sale of the Partnership's construction aggregates business. The Note Purchase Agreements relating to the Opco Senior Notes contain covenants requiring Opco to: • maintain a ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the note purchase agreement) of no more than 4.0 to 1.0 for the four most recent quarters; • not permit debt secured by certain liens and debt of subsidiaries to exceed 10% of consolidated net tangible assets (as defined in the note purchase agreement); and • maintain the ratio of consolidated EBITDDA (as defined in the note purchase agreement) to consolidated fixed charges (consisting of consolidated interest expense and consolidated operating lease expense) at not less than 3.5 to 1.0. In addition, the Note Purchase Agreements include a covenant that provides that, in the event NRP Operating or any of its subsidiaries is subject to any additional or more restrictive covenants under the agreements governing its material indebtedness (including the Opco Credit Facility and all renewals, amendments or restatements thereof), such covenants shall be deemed to be incorporated by reference in the Note Purchase Agreements and the holders of the Notes shall receive the benefit of such additional or more restrictive covenants to the same extent as the lenders under such material indebtedness agreement. The 8.92% Opco Senior Notes also provides that in the event that Opco’s leverage ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the Note Purchase Agreements) exceeds 3.75 to 1.00 at the end of any fiscal quarter, then in addition to all other interest accruing on these notes, additional interest in the amount of 2.00% per annum shall accrue on the notes for the two succeeding quarters and for as long thereafter as the leverage ratio remains above 3.75 to 1.00. Opco has not exceeded the 3.75 to 1.00 ratio at the end of any fiscal quarter through December 31, 2020. In September 2016, Opco amended the Opco Senior Notes. Under this amendment, Opco agreed to use certain asset sale proceeds to make mandatory prepayment offers to the holders of the Opco Senior Notes using an amount of net cash proceeds from certain asset sales that will be calculated pro-rata based on the amount of Opco Senior Notes then outstanding compared to the other total Opco senior debt outstanding that is being prepaid. The mandatory prepayment offers described above will be made pro-rata across each series of outstanding Opco Senior Notes and will not require any make-whole payment by Opco. In addition, the remaining principal and interest payments on the Opco Senior Notes will be adjusted accordingly based on the amount of Opco Senior Notes actually prepaid. The prepayments do not affect the maturity dates of any series of the Opco Senior Notes. Consolidated Principal Payments The consolidated principal payments due are set forth below: NRP LP Opco (In thousands) Senior Notes Senior Notes Credit Facility Total 2021 $ — $ 39,396 $ — $ 39,396 2022 — 39,396 — 39,396 2023 — 39,396 — 39,396 2024 — 31,028 — 31,028 2025 300,000 14,332 — 314,332 Thereafter — 14,332 — 14,332 $ 300,000 $ 177,880 $ — $ 477,880 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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: December 31, 2020 2019 (In thousands) Fair Value Hierarchy Level Carrying Estimated Carrying Estimated Debt: NRP 2025 Senior Notes 1 $ 295,160 $ 274,500 $ 294,084 $ 269,250 Opco Senior Notes (1) 3 176,339 162,760 222,114 201,090 Opco Credit Facility 3 — — — — Assets: Contract receivable, net (current and long-term) (2) 3 $ 35,313 $ 27,025 $ 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 92% of par value at December 31, 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 December 31, 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 December 31, 2020 and 2019. Fair Value of Non-Financial Assets The Partnership discloses or recognizes its non-financial assets, such as impairments of coal and aggregates properties and other assets, at fair value on a nonrecurring basis. Refer to Note 9. Mineral Rights, Net and Note 10. Intangible Assets, Net for additional disclosures related to the fair value associated with the impaired assets. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, (In thousands) 2020 2019 2018 Operating and maintenance expenses $ 6,294 $ 6,436 $ 6,170 General and administrative expenses 3,539 3,548 3,658 The Partnership had accounts payable to QMC of $0.4 million on its Consolidated Balance Sheets as of December 31, 2020 and 2019 and $0.3 million and $0.1 million of accounts payable to WPPLP as of December 31, 2020 and 2019, respectively. During the years ended December 31, 2020, 2019 and 2018, the Partnership recognized $0.4 million, $4.0 million and $5.4 million in operating and maintenance expenses, respectively, on its Consolidated Statements of Comprehensive Income (Loss) related to an overriding royalty agreement with WPPLP. At December 31, 2020, the Partnership had $0.3 million of other long-term assets, net on its Consolidated Balance Sheets related to a prepaid royalty for this agreement. At December 31, 2019, the Partnership had $0.1 million of accounts payable to WPPLP on its Consolidated Balance Sheets related to this agreement. Industrial Minerals Group LLC Prior to December 31, 2019, Corbin J. Robertson, III, a Director of GP Natural Resource Partners LLC, held a minority ownership interest in Industrial Minerals Group LLC (“Industrial Minerals”), which, through its subsidiaries, leases one of NRP’s coal royalty properties in Central Appalachia. Coal royalty related revenues from Industrial Minerals totaled $1.7 million and $0.8 million for the years ended December 31, 2019 and 2018, respectively. The Partnership had accounts receivable from Industrial Minerals of $0.7 million on its Consolidated Balance Sheets as of December 31, 2019. Quinwood Coal Company Royalty Quinwood Coal Partners LP (“Quinwood”), an entity controlled by Corbin J. Robertson, III, leases two coal properties from NRP in Central Appalachia. Coal related revenues from Quinwood totaled $0.0 million, $0.2 million and $0.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2020 2019 2018 (In thousands) Revenues Percent Revenues Percent Revenues Percent Foresight (1) (2) $ 35,704 26 % $ 58,923 23 % $ 54,595 22 % Alpha Metallurgical Resources, Inc. (formerly Contura Energy Inc.) (1) (3) 33,227 24 % 40,743 16 % 24,580 10 % (1) Revenues from Foresight and Alpha Metallurgical Resources, Inc. (formerly Contura Energy Inc.) are included within the Partnership's Coal Royalty and Other segment. (2) In June 2020, the Partnership entered into lease amendments with Foresight 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 for calendar years 2020 and 2021. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal NRP is involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, Partnership management believes these ordinary course matters will not have a material effect on the Partnership’s financial position, liquidity or operations. In November 2019, the District Court of Harris County, Texas, 157th Judicial District, issued a ruling in the contingent consideration payment dispute that Anadarko Holding Company and its subsidiary, Big Island Trona Company (together, "Anadarko") brought against NRP in July 2017. The Trial Court ruled in NRP's favor in all respects and ordered that Anadarko take nothing. Anadarko did not appeal the trial court ruling, and accordingly this lawsuit was concluded in the first quarter of 2020 with no liability to the Partnership. Environmental Compliance The operations the Partnership’s lessees conduct on its properties, as well as the industrial minerals, aggregates and oil and gas operations in which the Partnership has interests, are subject to federal and state environmental laws and regulations. See " Items 1. and 2. Business and Properties—Regulation and Environmental Matters ." As an owner of surface interests in some properties, the Partnership may be liable for certain environmental conditions occurring on the surface properties. The |
Unit-Based Compensation
Unit-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Unit-Based Compensation | Unit-Based Compensation 2017 Long-Term Incentive Plan In December 2017, the 2017 Long-Term Incentive Plan (the “2017 LTIP”) was approved and it became effective in January 2018. The 2017 LTIP authorizes 800,000 common units that are available for delivery by the Partnership pursuant to awards under the plan. The term is 10 years from the date of approval of the Board of Directors or, if earlier, the date the 2017 LTIP is terminated by the Board of Directors or the committee appointed by the Board of Directors to administer the 2017 LTIP, or the date all available common units available have been delivered. Common units delivered pursuant to the 2017 LTIP will consist, in whole or part, of (i) common units acquired in the open market, (ii) common units acquired from the Partnership (including newly issued units), any of our affiliates or any other person or (iii) any combination of the foregoing. Employees, consultants and non-employee directors of the Partnership, the General Partner, GP LLC and their affiliates are generally eligible to receive awards under the 2017 LTIP. The 2017 LTIP provides for the issuance of a variety of equity-based grants, including grants of (i) options, (ii) unit appreciation rights, (iii) restricted units, (iv) phantom units, (v) cash awards, (vi) performance awards, (vii) distribution equivalent rights, and (viii) other unit-based awards. The plan is administered by the Compensation, Nominating and Governance Committee ("CNG Committee") of the Board of Directors, which determines the terms and conditions of awards granted under the 2017 LTIP. The Partnership recognizes forfeitures for any awards issued under this plan as they occur. Unit-Based Awards Unit-based awards under the 2017 LTIP are generally issued to certain employees and non-employee directors of the Partnership. Awards granted to employees either vest 3 years following the grant date or vest ratably over the 3 year period following the grant date. Awards granted to non-employee directors vest over a 1 year period. Directors are given the option to take immediate issuance of the vested awards or defer such issuance until a later date. Upon deferral of issuance, such units will continue to accumulate distribution equivalent rights ("DERs") until issuance. In connection with the phantom unit awards, the CNG Committee also granted tandem DERs, which entitle the holders to receive distributions equal to the distributions paid on the Partnership’s common units between the date the units are granted and the settlement date. The DERs are payable in cash upon vesting but may be subject to forfeiture if the grantee ceases employment prior to vesting. The awards granted in 2020, 2019 and 2018 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 years ended December 31, 2020, 2019 and 2018 were $3.5 million, $5.4 million and $2.2 million, respectively. Total unit-based compensation expense associated with these awards was $3.6 million,$2.4 million and $1.1 million for the years ended December 31, 2020, 2019 and 2018, 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 December 31, 2020 is $3.7 million, which is to be recognized over a weighted average period of 1.6 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 grants at January 1, 2020 157 $ 37.48 Granted 203 $ 17.20 Fully vested and issued — $ — Forfeitures (5) $ 17.20 Outstanding at December 31, 2020 355 $ 26.20 |
Financing Transaction
Financing Transaction | 12 Months Ended |
Dec. 31, 2020 | |
Financing Receivable [Abstract] | |
Financing Transaction | 17. 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. The infrastructure at the Sugar Camp mine is leased to a subsidiary of Foresight 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 resulting from contract modifications entered into during the second quarter of 2020 as discussed in Note 14. Major Customers |
Credit Losses
Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Credit Loss [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 December 31, 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 $ 18,512 $ (2,358) $ 16,154 Long-term contract receivable 34,818 (1,554) 33,264 Total $ 53,330 $ (3,912) $ 49,418 NRP recorded $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 year ended December 31, 2020. 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases As of December 31, 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 December 31, 2019 and 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 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) December 31, 2020 2021 $ 483 2022 483 2023 483 2024 483 2025 483 After 2025 11,114 Total lease payments (1) $ 13,529 Less: present value adjustment (2) (10,033) Total operating lease liability $ 3,496 (1) The remaining lease term of the Partnership's operating lease is 28 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 As of December 31, 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 December 31, 2019 and 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 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) December 31, 2020 2021 $ 483 2022 483 2023 483 2024 483 2025 483 After 2025 11,114 Total lease payments (1) $ 13,529 Less: present value adjustment (2) (10,033) Total operating lease liability $ 3,496 (1) The remaining lease term of the Partnership's operating lease is 28 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. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In December 2018, the Partnership sold VantaCore Partners LLC, its construction aggregates materials business for $205 million, before customary purchase price adjustments and transaction expenses, and recorded a gain of $13.1 million, and in July 2016, the Partnership sold its non-operated oil and gas working interest assets. The Partnership's exit from both its construction aggregates business and non-operated oil and gas working interest business represented strategic shifts to reduce debt and focus on its Coal Royalty and Other and Soda Ash business segments. As a result, the Partnership classified the assets and liabilities, operating results and cash flows of these businesses as discontinued operations on its Consolidated Balance Sheets, Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Cash Flows for all periods presented. The following table presents the carrying amounts of the Partnership's assets and liabilities of discontinued operations on the Consolidated Balance Sheet at December 31, 2019: (In thousands) Construction Aggregates NRP Total ASSETS Current assets Accounts receivable, net $ — $ 1,706 $ 1,706 Total assets of discontinued operations $ — $ 1,706 $ 1,706 LIABILITIES Current liabilities Accounts payable $ 42 $ — $ 42 Accrued liabilities 23 — 23 Total liabilities of discontinued operations $ 65 $ — $ 65 The following tables present summarized financial results of the Partnership's discontinued operations on the Consolidated Statements of Comprehensive Income (Loss): For the Year Ended December 31, 2019 (In thousands) Construction Aggregates NRP Total Revenues and other income Oil and gas $ — $ 2 $ 2 Gain on asset sales and disposals 280 — 280 Total revenues and other income $ 280 $ 2 $ 282 Operating expenses Operating and maintenance expenses $ 27 $ 16 $ 43 Total operating expenses $ 27 $ 16 $ 43 Other income $ — $ 717 $ 717 Income from discontinued operations $ 253 $ 703 $ 956 For the Year Ended December 31, 2018 (In thousands) Construction Aggregates NRP Total Revenues and other income Construction aggregates $ 116,066 $ — $ 116,066 Road construction and asphalt paving services 18,400 — 18,400 Oil and gas — (3) (3) Gain on asset sales and disposals 13,414 — 13,414 Total revenues and other income $ 147,880 $ (3) $ 147,877 Operating expenses Operating and maintenance expenses $ 117,568 $ 134 $ 117,702 Depreciation, depletion and amortization 12,218 — 12,218 Asset impairments 232 — 232 Total operating expenses $ 130,018 $ 134 $ 130,152 Interest expense $ (38) $ — $ (38) Income (loss) from discontinued operations $ 17,824 $ (137) $ 17,687 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying Consolidated Financial Statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The Consolidated Financial Statements include the accounts of Natural Resource Partners L.P. and its wholly owned subsidiaries. The Partnership has an equity investment in Ciner Wyoming through which it is able to exercise significant influence over but does not control the investee and is not the primary beneficiary of the investee’s activities and is accounted for using the equity method. Intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of EstimatesPreparation of the accompanying financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities on the accompanying Consolidated Balance Sheets, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss) during the reporting period. Actual results could differ from those estimates. The most significant estimates pertain to coal and aggregates reserves and related cash flow estimates which are used to compute depreciation, depletion and amortization and impairments of coal and aggregates properties and related intangible assets and commitments and contingencies. |
Fair Value | Fair Value The Partnership discloses certain assets and liabilities using fair value as defined by authoritative guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 12. Fair Value Measurements for further details. There are three levels of inputs that may be used to measure fair value: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial assets and liabilities whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Partnership considers all highly liquid short-term investments with an original maturity of three months or less to be cash equivalents |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Partnership records an allowance for doubtful accounts for its accounts receivable and notes receivable comprised of estimated credit risk and non-credit risk (e.g., legal disputes) losses. Receivables are written off when collection efforts are exhausted and future recovery is doubtful. Beginning January 1, 2020 upon adoption of ASU No. 2016-13, the Partnership includes an allowance for current expected credit losses ("CECL") on its financial assets based on the loss-rate method. NRP assesses the likelihood of collection of its receivables utilizing historical loss rates, current market conditions that include 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. See Note 18. Credit Losses |
Mineral Rights | Mineral RightsMineral rights owned and leased are recorded at its original cost of construction or, upon acquisition, at fair value of the assets acquired. Coal and aggregates mineral rights are depleted on a unit-of-production basis by lease, based upon minerals mined in relation to the net cost of the mineral properties and estimated proven and probable tonnage therein. |
Intangible Assets | Intangible Assets The Partnership’s intangible assets consist of mineral royalty and transportation contracts that at acquisition were more favorable for the Partnership than prevailing market rates, known as above-market contracts. The estimated fair value of the above-market rate contracts are determined based on the present value of future cash flow projections related to the underlying assets acquired. Intangible assets are amortized on a unit-of-production basis by asset based upon minerals mined or transported in relation to the net book value of the intangible asset and estimated proven and probable tonnage expected to be mined or transported during the above-market contract term. |
Asset Impairment | Asset Impairment The Partnership has developed procedures to evaluate its long-lived assets, including intangible 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. A long-lived asset is deemed impaired when the future expected undiscounted cash flows from its use and disposition is less than the asset's net book value. Impairment is measured based on the estimated fair value, which is usually determined based upon the present value of the projected future cash flows compared to the asset's net book value. The Partnership believes its estimates of cash flows and discount rates are consistent with those of principal market participants. |
Accrued Liabilities | Accrued Liabilities Included in accrued liabilities on the Partnership's Consolidated Balance Sheets at December 31, 2020 were $3.7 million of accrued employee costs and $4.0 million of other accrued liabilities, which primarily includes property taxes. These amounts were $3.7 million and $5.0 million of accrued employee costs and other accrued liabilities, respectively, at December 31, 2019. Other accrued liabilities at December 31, 2019 primarily included property taxes and disputed well liabilities. |
Revenue Recognition | Revenue Recognition Coal Royalty and Other Segment Revenues Royalty-based leases. Approximately two-thirds of the Partnership's royalty-based leases have initial terms of five three five The Partnership has defined its coal and aggregates royalty lease performance obligation as providing the lessee the right to mine and sell its coal or aggregates over the lease term. NRP then evaluated the likelihood that consideration it expected to receive from its lessees resulting from production would exceed consideration expected to be received from minimum payments over the lease term. As a result of this evaluation, revenue recognition from the Partnership's royalty-based leases is based on either production or minimum payments as follows: • Production Leases : Leases for which the Partnership expects that consideration from production will be greater than consideration from minimums over the lease term. Revenue recognition for these leases is recognized over time based on production as coal royalty revenues or aggregates royalty revenues, as applicable. Deferred revenue from minimums is recognized as royalty revenues when recoupment occurs or as production lease minimum revenues when the recoupment period expires. In addition, NRP recognizes breakage revenue from minimums when NRP determines that recoupment is remote. This breakage revenue is included in production lease minimum revenues. • Minimum Leases : Leases for which the Partnership expects that consideration from minimums will be greater than consideration from production over the lease term. Revenue recognition for these leases is recognized straight-line over the lease term based on the minimum consideration amount as minimum lease straight-line revenues. This evaluation is performed at the inception of the lease and only reassessed upon modification or renewal of the lease. Oil and gas related revenues consist of revenues from royalties and overriding royalties and are recognized on the basis of volume of hydrocarbons sold by lessees and the corresponding revenues from those sales. Also, included within oil and gas royalty revenues are lease bonus payments, which are generally paid upon the execution of a lease. The Partnership also has overriding royalty revenue interests in coal reserves. Revenues from these interests are recognized over time based on when the coal is sold. Wheelage revenues. Revenues related to fees collected per ton to transport foreign coal across property owned by the Partnership that is recognized over time as transportation across the property occurs. Other revenues. Other revenues consists primarily of rental payments and surface damage fees related to certain land owned by the Partnership and is recognized straight-line over time as it is earned. Other revenues also include property tax revenues. The majority of property taxes paid on the Partnership's properties are reimbursable by the lessee and are recognized on a gross basis over time which reflects the reimbursement of property taxes by the lessee. Property taxes paid by NRP are included in operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income (Loss). Transportation and processing services revenues. The Partnership owns transportation and processing infrastructure that is leased to third parties for throughput fees. Revenue is recognized over time based on the coal tons transported over the beltlines or processed through the facilities. Contract Modifications Contract modifications that impact goods or services or the transaction price are evaluated in accordance with ASC 606. A majority of the Partnership's contract modifications pertain to its coal and aggregates royalty contracts and include, but are not limited to, extending the lease term, changes to royalty rates, floor prices or minimum consideration, assignment of the contract or forfeiture of recoupment rights. Consideration received in conjunction with a modification of an ongoing lease will be deferred and recognized straight-line over the remaining term of the contract. Consideration received to assign a lease to another party and related forfeited minimums will be recognized immediately upon the termination of the contract. Fees from contract modifications are recognized in lease amendment revenues within coal royalty and other revenues on the Consolidated Statements of Comprehensive Income (Loss) while modifications in royalty rates and minimums will be recognized prospectively in accordance with the above lease classification. Contract Assets and Liabilities from Contracts with Customers Contract assets include receivables from contracts with customers and are recorded when the right to consideration becomes unconditional. Receivables are recognized when the minimums are contractually owed, production occurs or minimums accrued for based on the passage of time. Contract liabilities represent minimum consideration received, contractually owed or earned based on the passage of time. The current portion of deferred revenue relates to deferred revenue on minimum leases and lease amendment fees that are to be recognized as revenue on a straight-line basis over the next twelve months. The long-term portion of deferred revenue relates to deferred revenue on production leases and lease amendment fees that are to be recognized as revenue on a straight-line basis beyond the next twelve months. Due to uncertainty in the amount of deferred revenue that will be recouped and recognized as coal royalty revenues from its production leases over the next twelve months, the Partnership is unable to estimate the current portion of deferred revenue. Equity in Earnings of Ciner Wyoming |
Property Taxes | Property Taxes The Partnership is responsible for paying property taxes on the properties it owns. Typically, the lessees are contractually responsible for reimbursing the Partnership for property taxes on the leased properties. The payment of and reimbursement of property taxes is included in operating and maintenance expenses and in coal royalty and other revenues, respectively, on the Consolidated Statements of Comprehensive Income (Loss). |
Unit-Based Compensation | Unit-Based Compensation The Partnership has awarded unit-based compensation in the form of equity-based awards and phantom units. Compensation cost is measured at the grant date for equity-classified awards and remeasured each reporting period for liability-classified awards based on the fair value of an award and is recognized over the service period, which is generally the vesting period. Forfeitures are recognized as they occur. Unit-based compensation expense for all awards is recognized in general and administrative expenses and operating and maintenance expenses on the Consolidated Statements of Comprehensive Income (Loss). See Note 16. Unit-Based Compensation |
Deferred Financing Costs | Deferred Financing CostsDeferred financing costs consist of legal and other costs related to the issuance of the Partnership’s debt. These costs are amortized over the term of the respective line-of-credit or debt arrangements. Deferred financing costs related to the Partnership's revolving credit facility are included in other long-term assets, net on the Partnership's Consolidated Balance Sheets. Deferred financing costs related to the Partnership's note agreements are included as a direct deduction from the carrying amount of the debt liability in current portion of long-term debt, net or long-term debt, net on the Partnership's Consolidated Balance Sheets. |
Income Taxes | Income Taxes The Partnership is not subject to federal or material state income taxes as the unitholders are taxed individually on their allocable share of taxable income. Net income (loss) for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities. In the event of an examination of the Partnership’s tax return, the tax liability of the unitholders could be changed if an adjustment in the Partnership’s income is ultimately sustained by the taxing authorities. |
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. The new standard replaces today's "incurred loss" model with an "expected credit loss" model that requires entities to estimate an expected lifetime credit loss on financial assets, including trade accounts receivable. See Note 18. Credit Losses for more information. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents the Partnership's Coal Royalty and Other segment revenues by major source: For the Year Ended December 31, (In thousands) 2020 2019 2018 Coal royalty revenues $ 51,868 $ 109,612 $ 129,341 Production lease minimum revenues 21,749 24,068 8,207 Minimum lease straight-line revenues 16,796 14,910 2,362 Property tax revenues 5,786 6,287 5,422 Wheelage revenues 7,025 5,880 6,484 Coal overriding royalty revenues 4,977 13,496 13,878 Lease amendment revenues 3,450 7,991 — Aggregates royalty revenues 1,717 4,265 4,739 Oil and gas royalty revenues 5,816 3,031 6,608 Other revenues 982 1,529 1,837 Coal royalty and other revenues $ 120,166 $ 191,069 $ 178,878 Transportation and processing services revenues (1) 8,845 19,279 23,887 Total coal royalty and other segment revenues $ 129,011 $ 210,348 $ 202,765 (1) Transportation and processing services revenues from contracts with customers as defined under ASC 606 was $5.0 million, $9.6 million and $13.2 million for the year ended December 31, 2020, 2019 and 2018, respectively. The remaining transportation and processing services revenues of $3.8 million, $9.7 million and $10.7 million for the year ended December 31, 2020, 2019 and 2018, respectively, related to other NRP-owned infrastructure leased to and operated by third-party operators accounted for under other guidance. See Note 17. Financing Transaction for more information. |
Contract with Customer, Asset and Liability | The following table details the Partnership's Coal Royalty and Other segment receivables and liabilities resulting from contracts with customers: December 31, (In thousands) 2020 2019 Receivables Accounts receivable, net $ 10,193 $ 27,915 Other current assets, net (1) 3,307 90 Other long-term assets, net (2) 525 — Contract liabilities Current portion of deferred revenue $ 11,485 $ 4,608 Deferred revenue 50,069 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 lease amendment fee receivables from contracts with customers. |
Revenue Recognition Deferred Revenue Rollforward | The following table shows the activity related to the Partnership's Coal Royalty and Other segment deferred revenue: For the Year Ended December 31, (In thousands) 2020 2019 2018 Balance at end of prior period (current and non-current) $ 51,821 $ 52,553 $ 100,605 Cumulative adjustment for change in accounting principle — — (65,591) Balance at beginning of period (current and non-current) $ 51,821 $ 52,553 $ 35,014 Increase due to minimums and lease amendment fees 41,557 47,038 37,781 Recognition of previously deferred revenue (31,824) (47,770) (20,242) Balance at end of period (current and non-current) $ 61,554 $ 51,821 $ 52,553 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 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 December 31, 2020 (in thousands): Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments (2) 0 - 5 years 4.4 $ 13,349 5 - 10 years 5.4 8,022 10+ years 13.7 30,130 Total 9.6 $ 51,501 (1) Lease term does not include renewal periods. (2) Annual minimum payments do not include $19.3 million of the $40.0 million of annual fixed consideration owed to NRP in 2021 resulting from contract modifications entered into during the second quarter of 2020. Additionally, $5.0 million of this remaining $19.3 million relates to a coal infrastructure lease that is accounted for as a financing transaction. See Note 17. Financing Transaction for additional information. |
Class A Convertible Preferred_2
Class A Convertible Preferred Units and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Financial Position of Preferred Units | Activity related to the preferred units is as follows: (In thousands, except unit data) Units Outstanding Financial Balance at December 31, 2017 258,844 $ 173,431 Redemption of PIK units (8,844) (8,844) Balance at December 31, 2018 and 2019 250,000 $ 164,587 Distribution paid-in-kind 3,750 3,750 Balance at December 31, 2020 $ 253,750 $ 168,337 |
Common and Preferred Unit Dis_2
Common and Preferred Unit Distributions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of distributions paid | The following table shows the cash distributions declared and paid to common and preferred unitholders during the years ended December 31, 2020, 2019 and 2018, respectively: Common Units Preferred Units Date Paid Period Covered by Distribution Distribution 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 November 2020 July 1 - September 30, 2020 0.45 5,630 15.00 3,750 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 November 2019 July 1 - September 30, 2019 0.45 5,630 30.00 7,500 2018 February 2018 October 1 - December 31, 2017 $ 0.45 $ 5,617 $ 30.00 $ 7,765 May 2018 January 1 - March 31, 2018 0.45 5,623 30.00 7,500 August 2018 April 1 - June 30, 2018 0.45 5,623 30.00 7,500 November 2018 July 1 - September 30, 2018 0.45 5,623 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 (Loss) Per Common _2
Net Income (Loss) Per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income to Weighted Average Units Outstanding | The following tables reconcile the numerators and denominators 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 Year Ended December 31, (In thousands, except per unit data) 2020 2019 2018 Allocation of net income (loss) Net income (loss) from continuing operations $ (84,819) $ (25,414) $ 122,360 Less: net income attributable to non-controlling interest — — (510) Less: income attributable to preferred unitholders (30,225) (30,000) (30,000) Net income (loss) from continuing operations attributable to common unitholders and the general partner $ (115,044) $ (55,414) $ 91,850 Add (less): net loss (income) from continuing operations attributable to the general partner 2,301 1,108 (1,837) Net income (loss) from continuing operations attributable to common unitholders $ (112,743) $ (54,306) $ 90,013 Net income from discontinued operations $ — $ 956 $ 17,687 Less: net income from discontinued operations attributable to the general partner — (19) (354) Net income from discontinued operations attributable to common unitholders $ — $ 937 $ 17,333 Net income (loss) $ (84,819) $ (24,458) $ 140,047 Less: net income attributable to non-controlling interest — — (510) Less: income attributable to preferred unitholders (30,225) (30,000) (30,000) Net income (loss) attributable to common unitholders and the general partner $ (115,044) $ (54,458) $ 109,537 Add (less): net loss (income) attributable to the general partner 2,301 1,089 (2,191) Net income (loss) attributable to common unitholders $ (112,743) $ (53,369) $ 107,346 Basic income (loss) per common unit Weighted average common units—basic 12,261 12,260 12,244 Basic net income (loss) from continuing operations per common unit $ (9.20) $ (4.43) $ 7.35 Basic net income from discontinued operations per common unit $ — $ 0.08 $ 1.42 Basic net income (loss) per common unit $ (9.20) $ (4.35) $ 8.77 For the Year Ended December 31, (In thousands, except per unit data) 2020 2019 2018 Diluted income (loss) per common unit Weighted average common units—basic 12,261 12,260 12,244 Plus: dilutive effect of preferred units — — 7,479 Plus: dilutive effect of warrants — — 511 Plus: dilutive effect of unvested unit-based awards — — — Weighted average common units—diluted 12,261 12,260 20,234 Net income (loss) from continuing operations $ (84,819) $ (25,414) $ 122,360 Less: net income attributable to non-controlling interest — — (510) Less: income attributable to preferred unitholders (30,225) (30,000) — Diluted net income (loss) from continuing operations attributable to common unitholders and the general partner $ (115,044) $ (55,414) $ 121,850 Add (less): net loss (income) from continuing operations attributable to the general partner 2,301 1,108 (2,437) Diluted net income (loss) from continuing operations attributable to common unitholders $ (112,743) $ (54,306) $ 119,413 Diluted net income from discontinued operations attributable to common unitholders $ — $ 937 $ 17,333 Net income (loss) $ (84,819) $ (24,458) $ 140,047 Less: net income attributable to non-controlling interest — — (510) Less: income attributable to preferred unitholders (30,225) (30,000) — Diluted net income (loss) attributable to common unitholders and the general partner $ (115,044) $ (54,458) $ 139,537 Add (less): diluted net loss (income) attributable to the general partner 2,301 1,089 (2,791) Diluted net income (loss) attributable to common unitholders $ (112,743) $ (53,369) $ 136,746 Diluted net income (loss) from continuing operations per common unit $ (9.20) $ (4.43) $ 5.90 Diluted net income from discontinued operations per common unit $ — $ 0.08 $ 0.86 Diluted net income (loss) per common unit $ (9.20) $ (4.35) $ 6.76 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2020 Revenues $ 129,011 $ 10,728 $ — $ 139,739 Gain on asset sales and disposals 581 — — 581 Operating and maintenance expenses 24,610 185 — 24,795 Depreciation, depletion and amortization 9,198 — — 9,198 General and administrative expenses — — 14,293 14,293 Asset impairments 135,885 — — 135,885 Other expenses, net 79 — 40,889 40,968 Net income (loss) from continuing operations (40,180) 10,543 (55,182) (84,819) As of December 31, 2020 Total assets of continuing operations $ 656,505 $ 262,514 $ 2,858 $ 921,877 For the Year Ended December 31, 2019 Revenues $ 210,348 $ 47,089 $ — $ 257,437 Gain on asset sales and disposals 6,498 — — 6,498 Operating and maintenance expenses 32,489 249 — 32,738 Depreciation, depletion and amortization 14,932 — — 14,932 General and administrative expenses — — 16,730 16,730 Asset impairments 148,214 — — 148,214 Other expenses, net — — 76,735 76,735 Net income (loss) from continuing operations 21,211 46,840 (93,465) (25,414) Income from discontinued operations — — — 956 As of December 31, 2019 Total assets of continuing operations $ 817,768 $ 263,080 $ 3,353 $ 1,084,201 Total assets of discontinued operations — — — 1,706 For the Year Ended December 31, 2018 Revenues $ 202,765 $ 48,306 $ — $ 251,071 Gain on litigation settlement 25,000 — — 25,000 Gain on asset sales and disposals 2,441 — — 2,441 Operating and maintenance expenses 29,509 — — 29,509 Depreciation, depletion and amortization 21,689 — — 21,689 General and administrative expenses — — 16,496 16,496 Asset impairments 18,280 — — 18,280 Other expenses, net — — 70,178 70,178 Net income (loss) from continuing operations 160,728 48,306 (86,674) 122,360 Income from discontinued operations — — — 17,687 |
Equity Investment (Tables)
Equity Investment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Summarized Financial Information | 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 Year Ended December 31, (In thousands) 2020 2019 2018 Balance at beginning of period $ 263,080 $ 247,051 $ 245,433 Income allocation to NRP’s equity interests (1) 15,205 52,016 53,095 Amortization of basis difference (4,477) (4,927) (4,789) Other comprehensive income (loss) 2,916 790 (138) Distribution (14,210) (31,850) (46,550) Balance at end of period $ 262,514 $ 263,080 $ 247,051 (1) Includes reclassifications of accumulated other comprehensive loss to income allocation to NRP equity interest of $1.7 million, $0.6 million and $0.5 million for the year ended December 31, 2020, 2019 and 2018, respectively. The following table represents summarized financial information for Ciner Wyoming as derived from their respective financial statements for the years ended December 31, 2020, 2019, and 2018: For the Year Ended December 31, (In thousands) 2020 2019 2018 Net sales $ 392,231 $ 522,843 $ 486,759 Gross profit 54,838 131,712 104,053 Net income 31,030 106,155 108,357 The financial position of Ciner Wyoming is summarized as follows: December 31, (In thousands) 2020 2019 Current assets $ 164,720 $ 170,696 Noncurrent assets 294,008 282,387 Current liabilities 55,313 55,339 Noncurrent liabilities 135,776 138,087 |
Mineral Rights, Net (Tables)
Mineral Rights, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Extractive Industries [Abstract] | |
Mineral Rights | The Partnership’s mineral rights consist of the following: December 31, 2020 2019 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 785,623 $ (346,773) $ 438,850 $ 981,352 $ (420,448) $ 560,904 Aggregates properties 9,039 (2,819) 6,220 41,486 (13,357) 28,129 Oil and gas royalty properties 12,354 (8,593) 3,761 12,395 (7,887) 4,508 Other 13,154 (1,612) 11,542 13,156 (1,601) 11,555 Total mineral rights, net $ 820,170 $ (359,797) $ 460,373 $ 1,048,389 $ (443,293) $ 605,096 |
Schedule of Impairment Expense | During the years ended December 31, 2020, 2019 and 2018, the Partnership identified facts and circumstances that indicated that the carrying value of certain of its mineral rights exceed future cash flows from those assets and recorded non-cash impairment expense included in asset impairments on the Consolidated Statements of Comprehensive Income (Loss) as follows: For the Year Ended December 31, (In thousands) 2020 2019 2018 Coal properties (1) $ 114,302 $ 125,806 $ 5,259 Aggregates properties (2) 21,583 103 13,021 Total $ 135,885 $ 125,909 $ 18,280 (1) The Partnership recorded $114.3 million of impairment expense to impair certain assets during the year ended December 31, 2020 primarily related to weakened coal markets that resulted in termination of certain coal leases and changes to lessee mine plans resulting in permanent moves off certain of our coal properties. The Partners hip recorded $125.8 million of impairment expense during the year ended December 31, 2019 primarily due to deterioration in thermal coal markets, lessee capital constraints, thermal coal lease terminations, and expectations of further reductions in global and domestic thermal coal demand due to low natural gas prices and continued pressure on the electric power generation industry over emissions and climate change, resulting in reductions in expected cash flows (combination of lower expected coal sales volumes, sales prices, minimums and/or life of mine assumptions) on certain of our coal properties. During the year ended December 31, 2019, the Partnership recorded $36.0 million to fully impair certain coal properties. In addition, NRP recorded $89.8 million of impairment expense on coal royalty properties with $97 million of net book value, resulting in a fair value of $7.2 million at December 31, 2019. The fair value of the impaired assets at December 31, 2019 was calculated using a discount rate of 15%. The Partnership recorded $5.3 million of coal property impairments during the year ended December 31, 2018 primarily as a result of lease terminations, of which it recorded $5.0 million of impairment expense to fully impair certain coal properties during the three months ended December 31, 2018. NRP compared the net book value of its coal properties to estimated undiscounted future net cash flows. If the net book value exceeded the undiscounted future cash flows, the Partnership recorded an impairment for the excess of the net book value over fair value. A discounted cash flow model was used to estimate fair value. Significant inputs used to determine fair value include estimates of future cash flows from coal sales and minimum payments, discount rate and useful economic life. Estimated cash flows are the product of a process that began with current realized pricing as of the measurement date and included an adjustment for risk related to the future realization of cash flows. (2) The Partnership recorded $21.6 million of aggregates royalty property impairments during the year ended December 31, 2020 primarily related to decreased oil and gas drilling activity which negatively impacted the outlook for NRP's frac sand properties. Th e Partnership recorded $0.1 million of aggregates royalty property impairments during the year ended December 31, 2019. During the three months ended December 31, 2018, the Partnership recorded $13.0 million of impairment expense related to an aggregates property that the Partnership owns and leases to its former construction aggregates business, which mines, produces and sells the aggregates. The fair value of the impaired asset was reduced to $2.3 million at December 31, 2018 using a discount rate of 11%. NRP compared the net book value of its aggregates and timber properties to estimated undiscounted future net cash flows. If the net book value exceeded the undiscounted cash flows, the Partnership recorded an impairment for the excess of the net book value over fair value. A discounted cash flow model was used to estimate fair value. Significant inputs used to determine fair value include estimates of future cash flows from aggregates sales and minimum payments, discount rate and useful economic life. Estimated cash flows are the product of a process that began with current realized pricing as of the measurement date and included an adjustment for risk related to the future realization of cash flows. While the Partnership's impairment evaluation as of December 31, 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. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets | The Partnership's intangible assets included on its Consolidated Balance Sheets are as follows: December 31, (In thousands) 2020 2019 Intangible assets at cost $ 53,878 $ 53,878 Less: accumulated amortization (36,419) (36,191) Total intangible assets, net $ 17,459 $ 17,687 |
Estimated Amortization Expense | The estimates of amortization expense for the years ended December 31, as indicated below, are based on current mining plans and are subject to revision as those plans change in future periods. (In thousands) Estimated Amortization Expense 2021 $ 1,155 2022 525 2023 1,199 2024 1,037 2025 950 |
Debt, Net (Tables)
Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | The Partnership's debt consists of the following: 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 18,013 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 68,524 79,945 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 17,464 20,375 Total Opco Senior Notes $ 177,880 $ 224,056 Total debt at face value $ 477,880 $ 524,056 Net unamortized debt issuance costs (6,381) (7,858) Total debt, net $ 471,499 $ 516,198 Less: current portion of long-term debt (39,055) (45,776) Total long-term debt, net $ 432,444 $ 470,422 |
Principal Payments Due | The consolidated principal payments due are set forth below: NRP LP Opco (In thousands) Senior Notes Senior Notes Credit Facility Total 2021 $ — $ 39,396 $ — $ 39,396 2022 — 39,396 — 39,396 2023 — 39,396 — 39,396 2024 — 31,028 — 31,028 2025 300,000 14,332 — 314,332 Thereafter — 14,332 — 14,332 $ 300,000 $ 177,880 $ — $ 477,880 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Contractual Override, Note Receivable and Long-Term Debt | The following table shows the carrying value and estimated fair value of the Partnership's debt and contract receivable: December 31, 2020 2019 (In thousands) Fair Value Hierarchy Level Carrying Estimated Carrying Estimated Debt: NRP 2025 Senior Notes 1 $ 295,160 $ 274,500 $ 294,084 $ 269,250 Opco Senior Notes (1) 3 176,339 162,760 222,114 201,090 Opco Credit Facility 3 — — — — Assets: Contract receivable, net (current and long-term) (2) 3 $ 35,313 $ 27,025 $ 38,945 $ 33,460 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, (In thousands) 2020 2019 2018 Operating and maintenance expenses $ 6,294 $ 6,436 $ 6,170 General and administrative expenses 3,539 3,548 3,658 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2020 2019 2018 (In thousands) Revenues Percent Revenues Percent Revenues Percent Foresight (1) (2) $ 35,704 26 % $ 58,923 23 % $ 54,595 22 % Alpha Metallurgical Resources, Inc. (formerly Contura Energy Inc.) (1) (3) 33,227 24 % 40,743 16 % 24,580 10 % (1) Revenues from Foresight and Alpha Metallurgical Resources, Inc. (formerly Contura Energy Inc.) are included within the Partnership's Coal Royalty and Other segment. (2) In June 2020, the Partnership entered into lease amendments with Foresight 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 for calendar years 2020 and 2021. |
Unit-Based Compensation (Tables
Unit-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Activity in Outstanding Grants | A summary of the unit activity in the outstanding grants during 2020 is as follows: (In thousands) Common Units Weighted Average Exercise Price Outstanding grants at January 1, 2020 157 $ 37.48 Granted 203 $ 17.20 Fully vested and issued — $ — Forfeitures (5) $ 17.20 Outstanding at December 31, 2020 355 $ 26.20 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of operating lease maturities | 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) December 31, 2020 2021 $ 483 2022 483 2023 483 2024 483 2025 483 After 2025 11,114 Total lease payments (1) $ 13,529 Less: present value adjustment (2) (10,033) Total operating lease liability $ 3,496 (1) The remaining lease term of the Partnership's operating lease is 28 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. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents the carrying amounts of the Partnership's assets and liabilities of discontinued operations on the Consolidated Balance Sheet at December 31, 2019: (In thousands) Construction Aggregates NRP Total ASSETS Current assets Accounts receivable, net $ — $ 1,706 $ 1,706 Total assets of discontinued operations $ — $ 1,706 $ 1,706 LIABILITIES Current liabilities Accounts payable $ 42 $ — $ 42 Accrued liabilities 23 — 23 Total liabilities of discontinued operations $ 65 $ — $ 65 The following tables present summarized financial results of the Partnership's discontinued operations on the Consolidated Statements of Comprehensive Income (Loss): For the Year Ended December 31, 2019 (In thousands) Construction Aggregates NRP Total Revenues and other income Oil and gas $ — $ 2 $ 2 Gain on asset sales and disposals 280 — 280 Total revenues and other income $ 280 $ 2 $ 282 Operating expenses Operating and maintenance expenses $ 27 $ 16 $ 43 Total operating expenses $ 27 $ 16 $ 43 Other income $ — $ 717 $ 717 Income from discontinued operations $ 253 $ 703 $ 956 For the Year Ended December 31, 2018 (In thousands) Construction Aggregates NRP Total Revenues and other income Construction aggregates $ 116,066 $ — $ 116,066 Road construction and asphalt paving services 18,400 — 18,400 Oil and gas — (3) (3) Gain on asset sales and disposals 13,414 — 13,414 Total revenues and other income $ 147,880 $ (3) $ 147,877 Operating expenses Operating and maintenance expenses $ 117,568 $ 134 $ 117,702 Depreciation, depletion and amortization 12,218 — 12,218 Asset impairments 232 — 232 Total operating expenses $ 130,018 $ 134 $ 130,152 Interest expense $ (38) $ — $ (38) Income (loss) from discontinued operations $ 17,824 $ (137) $ 17,687 |
Organization and Nature of Op_2
Organization and Nature of Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020companysegment | |
Schedule of Equity Method Investments [Line Items] | |
Number of operating segments | segment | 2 |
Number of operating companies owned | company | 1 |
Ciner Wyoming | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of partnership interest owned (percent) | 49.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | Dec. 31, 2017 | |
Schedule Of Significant Accounting Policies [Line Items] | |||||
Accounts Receivable, Allowance for Credit Loss | $ 2,358 | ||||
Bad debt expense | 4,000 | $ 7,500 | $ (100) | ||
Adjustment for accounting standard change | (204,524) | (336,028) | $ (420,546) | $ (261,817) | |
Financing Receivable, Allowance for Credit Loss | $ 1,554 | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Adjustment for accounting standard change | 3,911 | $ 3,900 | $ (70,466) | ||
Ciner Wyoming | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Percentage of partnership interest owned (percent) | 49.00% | ||||
Minimum | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Term of operating lease | 5 years | ||||
Operating lease, late payment recovery period | 3 years | ||||
Maximum | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Term of operating lease | 40 years | ||||
Operating lease, late payment recovery period | 5 years | ||||
Accrued Liabilities | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Accrued employee cost | $ 3,700 | 3,700 | |||
Other current accrued liabilities | (4,000) | (5,000) | |||
Other Current Assets | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Accounts Receivable, Allowance for Credit Loss | 600 | 1,200 | |||
Accounts Receivable | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Accounts Receivable, Allowance for Credit Loss | $ 1,700 | $ 400 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 129,011 | $ 210,348 | $ 202,765 |
Revenue, Remaining Performance Obligation, Amount | 51,501 | ||
Payments for (Proceeds from) Loans Receivable, Annual Minimum Payment | 5,000 | ||
Coal Royalty and Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 120,166 | 191,069 | 178,878 |
Transportation and processing services | Coal Royalty and Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,000 | 9,600 | 13,200 |
Transportation and processing services revenues accounted for under other guidance | Coal Royalty and Other | |||
Disaggregation of Revenue [Line Items] | |||
Sales-type Lease, Revenue | $ 3,800 | $ 9,700 | $ 10,700 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 129,011 | $ 210,348 | $ 202,765 |
Revenues | 139,739 | 257,437 | 251,071 |
Coal Royalty and Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 120,166 | 191,069 | 178,878 |
Revenues | 120,166 | 191,069 | 178,878 |
Coal Royalty and Other | Coal royalty revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 51,868 | 109,612 | 129,341 |
Coal Royalty and Other | Production lease minimum revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 21,749 | 24,068 | 8,207 |
Coal Royalty and Other | Minimum lease straight-line revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 16,796 | 14,910 | 2,362 |
Coal Royalty and Other | Property tax revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,786 | 6,287 | 5,422 |
Coal Royalty and Other | Wheelage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,025 | 5,880 | 6,484 |
Coal Royalty and Other | Coal overriding royalty revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,977 | 13,496 | 13,878 |
Coal Royalty and Other | Lease amendment revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,450 | 7,991 | 0 |
Coal Royalty and Other | Aggregates royalty revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,717 | 4,265 | 4,739 |
Coal Royalty and Other | Oil and gas royalty revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,816 | 3,031 | 6,608 |
Coal Royalty and Other | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 982 | 1,529 | 1,837 |
Coal Royalty and Other | Transportation and processing services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,000 | 9,600 | 13,200 |
Revenues | 8,845 | 19,279 | 23,887 |
Coal Royalty and Other | Transportation and processing services revenues accounted for under other guidance | |||
Disaggregation of Revenue [Line Items] | |||
Sales-type Lease, Revenue | $ 3,800 | $ 9,700 | $ 10,700 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue from External Customer [Line Items] | ||
Current portion of deferred revenue | $ 11,485 | $ 4,608 |
Deferred revenue | 50,069 | 47,213 |
Other long-term assets, net | 7,067 | 6,989 |
Coal Royalty | ||
Revenue from External Customer [Line Items] | ||
Accounts receivable, net | 10,193 | 27,915 |
Prepaid expenses and other | 3,307 | 90 |
Current portion of deferred revenue | 11,485 | 4,608 |
Deferred revenue | 50,069 | 47,213 |
Other long-term assets, net | $ 525 | $ 0 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Revenue Recognition Deferred Revenue Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||
Deferred Revenue | $ 61,554 | $ 51,821 | $ 52,553 | $ 35,014 | $ 100,605 | |
Increase due to minimums and lease amendment fees | 41,557 | 47,038 | 37,781 | |||
Recognition of previously deferred revenue | $ (31,824) | (47,770) | $ (20,242) | |||
Accounting Standards Update 2014-09 | ||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||
Deferred Revenue | $ 0 | $ 0 | $ (65,591) |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Revenue Remaining Performance Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 51,501 | |
Forecast | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Financing Receivable, Minimum Annual Payment Due, After Contract Modifications | $ 40,000 | |
Financing Receivable, Minimum Annual Payment Due, After Contract Modifications, Portion Excluded | $ 19,300 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-12-31 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 years 7 months 6 days | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 13,349 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 4 years 4 months 24 days | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 8,022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years 4 months 24 days | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 30,130 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 13 years 8 months 12 days |
Class A Convertible Preferred_3
Class A Convertible Preferred Units and Warrants - Narrative (Details) - USD ($) | Mar. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||||||
Preferred units issued (in shares) | 253,750 | 250,000 | ||||
Class A convertible preferred units (in units) | $ 1,000 | $ 1,000 | ||||
Class A Convertible Preferred Units (253,750 and 250,000 units issued and outstanding at December 31, 2020 and 2019, respectively, at $1,000 par value per unit; liquidation preference of $1,700 per unit and $1,500 per unit at December 31, 2020 and 2019, respectively) | $ 168,337,000 | $ 164,587,000 | ||||
Dividends, Preferred Stock, Paid-in-kind | 3,750 | |||||
Dividends, Paid-in-kind | 3,750,000 | 0 | $ 0 | |||
Class A Convertible Preferred Units | ||||||
Class of Stock [Line Items] | ||||||
Dividends, Preferred Stock, Paid-in-Kind, Cash Redemption Payment | $ 8,800,000 | $ 0 | $ 0 | $ 8,844,000 | ||
Preferred units issued (in shares) | 250,000 | |||||
Class A convertible preferred units (in units) | $ 1,000 | |||||
Preferred Units, Origination Fee, Percent | 2.50% | |||||
Dividend rate (as a percent) | 12.00% | |||||
Convertible Preferred Units, Redemption Price, Minimum | $ 51 | |||||
Convertible Preferred Units, Maximum Redeemed Units, Percent | 33.00% | |||||
Debt Instrument, Covenants, Consolidated Leverage Ratio, Minimum | 3.25 | |||||
Debt Instrument, Covenants, Distributable Cash Flow Ratio, Maximum | 1.2 | |||||
Distribution amount (in dollars per share) | $ 0.45 | |||||
Purchaser approval rights threshold (as a percent) | 20.00% | |||||
Warrants at $22.81 Strike | Warrant Holders | ||||||
Class of Stock [Line Items] | ||||||
Class of Warrant or Right, Warrants Issued | 1,750,000 | 1,750,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 22.81 | $ 22.81 | $ 22.81 | |||
Warrants at $34.00 Strike | Warrant Holders | ||||||
Class of Stock [Line Items] | ||||||
Class of Warrant or Right, Warrants Issued | 2,250,000 | 2,250,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 34 | $ 34 | $ 34 | |||
Debt Instrument, Redemption, Period One | Class A Convertible Preferred Units | ||||||
Class of Stock [Line Items] | ||||||
Convertible Preferred Units, Conversion to Common Units, Discount Percentage | 7.50% | |||||
Convertible Preferred Units, Purchase Price Multiplier | 1.50 | |||||
Debt Instrument, Redemption, Period Two | Class A Convertible Preferred Units | ||||||
Class of Stock [Line Items] | ||||||
Convertible Preferred Units, Purchase Price Multiplier | 1.70 | |||||
Debt Instrument, Redemption, Period Three | Class A Convertible Preferred Units | ||||||
Class of Stock [Line Items] | ||||||
Convertible Preferred Units, Conversion to Common Units, Discount Percentage | 10.00% | |||||
Convertible Preferred Units, Purchase Price Multiplier | 1.85 | |||||
Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Transaction price, gross | $ 250,000,000 | |||||
Preferred Partner | Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Temporary Equity, Shares Outstanding | 250,000 | 253,750 | 250,000 | 250,000 | 258,844 | |
Class A Convertible Preferred Units (253,750 and 250,000 units issued and outstanding at December 31, 2020 and 2019, respectively, at $1,000 par value per unit; liquidation preference of $1,700 per unit and $1,500 per unit at December 31, 2020 and 2019, respectively) | $ 164,587,000 | $ 168,337,000 | $ 164,587,000 | $ 164,587,000 | $ 173,431,000 |
Class A Convertible Preferred_4
Class A Convertible Preferred Units and Warrants - Preferred Units and Warrants Issued (Details) - USD ($) | Mar. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||||||
Warrant holders interest | $ 66,816,000 | $ 66,816,000 | ||||
Dividends, Preferred Stock, Paid-in-kind | 3,750 | |||||
Class A Convertible Preferred Units (253,750 and 250,000 units issued and outstanding at December 31, 2020 and 2019, respectively, at $1,000 par value per unit; liquidation preference of $1,700 per unit and $1,500 per unit at December 31, 2020 and 2019, respectively) | $ 168,337,000 | $ 164,587,000 | ||||
Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Transaction price, gross | $ 250,000,000 | |||||
Preferred Partner | Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Temporary Equity, Shares Outstanding | 250,000 | 253,750 | 250,000 | 250,000 | 258,844 | |
Class A Convertible Preferred Units (253,750 and 250,000 units issued and outstanding at December 31, 2020 and 2019, respectively, at $1,000 par value per unit; liquidation preference of $1,700 per unit and $1,500 per unit at December 31, 2020 and 2019, respectively) | $ 164,587,000 | $ 168,337,000 | $ 164,587,000 | $ 164,587,000 | $ 173,431,000 | |
Class A Convertible Preferred Units | ||||||
Class of Stock [Line Items] | ||||||
Dividends, Preferred Stock, Paid-in-Kind, Cash Redemption Payment | $ 8,800,000 | $ 0 | $ 0 | $ 8,844,000 |
Common and Preferred Unit Dis_3
Common and Preferred Unit Distributions Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Temporary Equity [Line Items] | ||||
Income attributable to preferred unitholders | $ (30,225) | $ (30,000) | $ (30,000) | |
Class A Convertible Preferred Units | ||||
Temporary Equity [Line Items] | ||||
Dividends, Preferred Stock, Paid-in-Kind, Cash Redemption Payment | $ 8,800 | $ 0 | $ 0 | $ 8,844 |
General Partner | Natural Resource Partners Limited, General Partner | ||||
Temporary Equity [Line Items] | ||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 2.00% |
Common and Preferred Unit Dis_4
Common and Preferred Unit Distributions Schedule of Distributions Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common unitholders and general partner | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Distributions per common unit (in dollars per share) | $ 0 | $ 0.45 | $ 0.45 | $ 0 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | |||
Total distributions paid | $ 16,890 | $ 33,150 | $ 22,486 | |||||||||||||
Common unitholders and general partner | Cash Distribution | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Total distributions paid | $ 0 | $ 5,630 | $ 5,630 | $ 0 | $ 5,630 | $ 5,630 | $ 5,630 | $ 5,630 | $ 5,625 | $ 5,623 | $ 5,623 | $ 5,623 | $ 5,617 | |||
Common unitholders and general partner | Special Tax Distribution | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Distributions per common unit (in dollars per share) | $ 0.85 | |||||||||||||||
Total distributions paid | $ 10,635 | |||||||||||||||
Preferred Partner | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Distributions to common unitholders and general partner | 26,363 | 30,000 | 30,265 | |||||||||||||
Total distributions paid | 30,113 | 30,000 | 30,265 | |||||||||||||
Preferred Partner | Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Distributions per common unit (in dollars per share) | $ 15.45 | $ 15 | $ 30 | $ 15 | $ 30 | $ 30 | $ 30 | $ 30 | $ 30 | $ 30 | $ 30 | $ 30 | $ 30 | |||
Dividends, Preferred Stock, Cash | $ 3,863 | $ 3,750 | $ 7,500 | $ 3,750 | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,765 | |||
General Partner | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Distributions to common unitholders and general partner | 16,890 | 33,150 | 22,486 | |||||||||||||
General Partner | Preferred Partner | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Total distributions paid | 602 | 600 | 605 | |||||||||||||
General Partner | General Partner | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Total distributions paid | $ 338 | $ 663 | $ 450 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 02, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Net income (loss) attributable to common unitholders and the general partner | $ (115,044) | $ (54,458) | $ 109,537 | ||||
Allocation of net income: | |||||||
Net income (loss) from continuing operations | (84,819) | (25,414) | 122,360 | ||||
Net income attributable to non-controlling interest | 0 | 0 | (510) | [1] | |||
Less: income attributable to preferred unitholders | (30,225) | (30,000) | (30,000) | ||||
Income (Loss) from Continuing Operations and Income Attributable to Preferred Unitholders, Including Portion Attributable to Noncontrolling Interest, Allocated to General Partner and Limited Partners | (115,044) | (55,414) | 91,850 | ||||
Add (less): net loss (income) from continuing operations attributable to the general partner | 2,301 | 1,108 | (1,837) | ||||
Net income (loss) from continuing operations attributable to common unitholders | (112,743) | (54,306) | 90,013 | ||||
Income from discontinued operations | 0 | 956 | 17,687 | ||||
Less: net income from discontinued operations attributable to the general partner | 0 | 19 | (354) | ||||
Net income from discontinued operations attributable to common unitholders | 0 | 937 | 17,333 | ||||
Net income (loss) | (84,819) | [2] | (24,458) | [1] | 140,047 | [1] | |
Net income (loss) | (84,819) | (24,458) | 139,537 | ||||
Net income attributable to the general partner | 2,301 | 1,089 | (2,191) | ||||
Net income (loss) attributable to common unitholders | $ (112,743) | $ (53,369) | $ 107,346 | ||||
Weighted average common units—basic (in shares) | 12,261 | 12,260 | 12,244 | ||||
Basic net income (loss) from continuing operations per common unit | $ (9.20) | $ (4.43) | $ 7.35 | ||||
Basic net income from discontinued operations per common unit | 0 | 0.08 | 1.42 | ||||
Basic net income (loss) per common unit | $ (9.20) | $ (4.35) | $ 8.77 | ||||
Dilutive effect of Preferred Units (in shares) | 0 | 0 | 7,479 | ||||
Dilutive effect of Warrants (in shares) | 0 | 0 | 511 | ||||
Dilutive effect of unvested unit-based awards (in shares) | 0 | 0 | 0 | ||||
Weighted average common units—diluted (in shares) | 12,261 | 12,260 | 20,234 | ||||
Less: net income attributable to preferred unitholders | $ (30,225) | $ (30,000) | $ 0 | ||||
Diluted net income (loss) from continuing operations attributable to common unitholders and general partner | (115,044) | (55,414) | 121,850 | ||||
Add (less): net loss (income) from continuing operations attributable to the general partner | 2,301 | 1,108 | (2,437) | ||||
Diluted net income (loss) from continuing operations attributable to common unitholders | (112,743) | (54,306) | 119,413 | ||||
Diluted net income from discontinued operations attributable to common unitholders | 0 | 937 | 17,333 | ||||
Diluted net income (loss) attributable to common unitholders and general partner | (115,044) | (54,458) | 139,537 | ||||
Add (less): diluted net loss (income) attributable to the general partner | (2,301) | 1,089 | (2,791) | ||||
Diluted net income (loss) attributable to common unitholders | $ (112,743) | $ (53,369) | $ 136,746 | ||||
Diluted net income (loss) from continuing operations per common unit | $ (9.20) | $ (4.43) | $ 5.90 | ||||
Diluted net income from discontinued operations per common unit | 0 | 0.08 | 0.86 | ||||
Diluted net income (loss) per common unit | $ (9.20) | $ (4.35) | $ 6.76 | ||||
Warrant Holders | Warrants at $22.81 Strike | |||||||
Class of Warrant or Right, Warrants Issued | 1,750 | 1,750 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 22.81 | $ 22.81 | |||||
Warrant Holders | Warrants at $34.00 Strike | |||||||
Class of Warrant or Right, Warrants Issued | 2,250 | 2,250 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 34 | $ 34 | |||||
[1] | Net income (loss) includes $30.0 million of income attributable to preferred unitholders that accumulated during the period, of which $29.4 million is allocated to the common unitholders and $0.6 million is allocated to the general partner. | ||||||
[2] | Net loss includes $30.2 million of income attributable to preferred unitholders that accumulated during the period, of which $29.6 million is allocated to the common unitholders and $0.6 million is allocated to the general partner. |
Segment Information - Additiona
Segment Information - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 2 | ||
Gain on asset sales and disposals | $ 581 | $ 6,498 | $ 2,441 |
Ciner Wyoming | |||
Segment Reporting Information [Line Items] | |||
Percentage of partnership interest owned (percent) | 49.00% | ||
Discontinued Operations, Held-for-sale | |||
Segment Reporting Information [Line Items] | |||
Consideration received for sale of business | 205,000 | ||
Gain on asset sales and disposals | $ 13,100 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 139,739 | $ 257,437 | $ 251,071 |
Gain on litigation settlement | 0 | 0 | 25,000 |
Gain on asset sales and disposals | 581 | 6,498 | 2,441 |
Operating and maintenance expenses | 24,795 | 32,738 | 29,509 |
Depreciation, depletion and amortization | 9,198 | 14,932 | 21,689 |
General and administrative expenses | 14,293 | 16,730 | 16,496 |
Asset impairments | 135,885 | 148,214 | 18,280 |
Other expenses, net | 40,968 | 76,735 | 70,178 |
Net income (loss) from continuing operations | (84,819) | (25,414) | 122,360 |
Income from discontinued operations | 0 | 956 | 17,687 |
Total assets | 921,877 | 1,085,907 | |
Corporate and Financing | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Gain on litigation settlement | 0 | ||
Gain on asset sales and disposals | 0 | 0 | 0 |
Operating and maintenance expenses | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 |
General and administrative expenses | 14,293 | 16,730 | 16,496 |
Asset impairments | 0 | 0 | 0 |
Other expenses, net | 40,889 | 76,735 | 70,178 |
Net income (loss) from continuing operations | (55,182) | (93,465) | (86,674) |
Income from discontinued operations | 0 | 0 | |
Coal Royalty and Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | 120,166 | 191,069 | 178,878 |
Coal Royalty and Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 129,011 | 210,348 | 202,765 |
Gain on litigation settlement | 25,000 | ||
Gain on asset sales and disposals | 581 | 6,498 | 2,441 |
Operating and maintenance expenses | 24,610 | 32,489 | 29,509 |
Depreciation, depletion and amortization | 9,198 | 14,932 | 21,689 |
General and administrative expenses | 0 | 0 | 0 |
Asset impairments | 135,885 | 148,214 | 18,280 |
Other expenses, net | 79 | 0 | 0 |
Net income (loss) from continuing operations | (40,180) | 21,211 | 160,728 |
Income from discontinued operations | 0 | 0 | |
Soda Ash | |||
Segment Reporting Information [Line Items] | |||
Revenues | 10,728 | 47,089 | 48,306 |
Soda Ash | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 10,728 | 47,089 | 48,306 |
Gain on litigation settlement | 0 | ||
Gain on asset sales and disposals | 0 | 0 | 0 |
Operating and maintenance expenses | 185 | 249 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 |
Asset impairments | 0 | 0 | 0 |
Other expenses, net | 0 | 0 | 0 |
Net income (loss) from continuing operations | 10,543 | 46,840 | 48,306 |
Income from discontinued operations | 0 | $ 0 | |
Continuing Operations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 921,877 | 1,084,201 | |
Continuing Operations | Corporate and Financing | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,858 | 3,353 | |
Continuing Operations | Coal Royalty and Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 656,505 | 817,768 | |
Continuing Operations | Soda Ash | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 262,514 | 263,080 | |
Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,706 | ||
Discontinued Operations | Corporate and Financing | |||
Segment Reporting Information [Line Items] | |||
Total assets | 0 | ||
Discontinued Operations | Coal Royalty and Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 0 | ||
Discontinued Operations | Soda Ash | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 0 |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 262,514 | $ 263,080 | ||
Comprehensive income (loss) from unconsolidated investment and other | $ 2,916 | 868 | $ (149) | |
Weighted average useful life of assets (in years) | 27 years | |||
Ciner Wyoming | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 262,514 | 263,080 | 247,051 | $ 245,433 |
Income allocation to NRP’s equity interests | 15,205 | 52,016 | 53,095 | |
Amortization of basis difference | (4,477) | (4,927) | (4,789) | |
Comprehensive income (loss) from unconsolidated investment and other | 2,916 | 790 | (138) | |
Distribution | $ (14,210) | (31,850) | (46,550) | |
Ciner Wyoming | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of partnership interest owned (percent) | 49.00% | |||
Reclassification of accumulated other comprehensive loss to income allocation | $ 1,700 | 600 | $ 500 | |
Increase in fair value of property, plant and equipment | $ 131,400 | $ 135,800 |
Equity Investment - Schedule of
Equity Investment - Schedule of Summarized Financial Information of Unaudited Financial Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Schedule of Equity Method Investments [Line Items] | ||||||
Current assets | $ 117,192 | $ 132,084 | ||||
Current liabilities | 61,372 | 62,708 | ||||
Revenues | 139,739 | 257,437 | $ 251,071 | |||
Net income (loss) | (84,819) | [1] | (24,458) | [2] | 140,047 | [2] |
Ciner Wyoming | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Current assets | 164,720 | 170,696 | ||||
Noncurrent assets | 294,008 | 282,387 | ||||
Current liabilities | 55,313 | 55,339 | ||||
Noncurrent liabilities | 135,776 | 138,087 | ||||
Revenues | 392,231 | 522,843 | 486,759 | |||
Gross Profit | 54,838 | 131,712 | 104,053 | |||
Net income (loss) | $ 31,030 | $ 106,155 | $ 108,357 | |||
[1] | Net loss includes $30.2 million of income attributable to preferred unitholders that accumulated during the period, of which $29.6 million is allocated to the common unitholders and $0.6 million is allocated to the general partner. | |||||
[2] | Net income (loss) includes $30.0 million of income attributable to preferred unitholders that accumulated during the period, of which $29.4 million is allocated to the common unitholders and $0.6 million is allocated to the general partner. |
Mineral Rights, Net (Detail)
Mineral Rights, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | $ 820,170 | $ 1,048,389 |
Accumulated Depletion | (359,797) | (443,293) |
Net Book Value | 460,373 | 605,096 |
Coal properties | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 785,623 | 981,352 |
Accumulated Depletion | (346,773) | (420,448) |
Net Book Value | 438,850 | 560,904 |
Aggregates properties | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 9,039 | 41,486 |
Accumulated Depletion | (2,819) | (13,357) |
Net Book Value | 6,220 | 28,129 |
Oil and gas royalty properties | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 12,354 | 12,395 |
Accumulated Depletion | (8,593) | (7,887) |
Net Book Value | 3,761 | 4,508 |
Other | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 13,154 | 13,156 |
Accumulated Depletion | (1,612) | (1,601) |
Net Book Value | $ 11,542 | $ 11,555 |
Mineral Rights, Net - Additiona
Mineral Rights, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total depletion and amortization expense on mineral interests | $ 8,800 | $ 12,100 | $ 17,000 |
Gain on asset sales and disposals | 581 | 6,498 | $ 2,441 |
Mineral rights, net | 460,373 | 605,096 | |
Coal properties | |||
Mineral rights, net | 438,850 | 560,904 | |
Coal properties | Reported Value Measurement | |||
Mineral rights, net | 0 | ||
Oil and gas royalty properties | |||
Mineral rights, net | 3,761 | 4,508 | |
Aggregates properties | |||
Mineral rights, net | $ 6,220 | $ 28,129 |
Mineral Rights, Net Schedule of
Mineral Rights, Net Schedule of Impairment Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Asset impairments | $ 135,885 | $ 148,214 | $ 18,280 |
Carrying Value | $ 820,170 | $ 1,048,389 | |
Discount Rate | 15.00% | 15.00% | 11.00% |
Coal Mineral Rights | |||
Property, Plant and Equipment [Line Items] | |||
Asset impairments | $ 114,302 | $ 125,806 | $ 5,259 |
Carrying Value | 785,623 | 981,352 | |
Fair value of impaired assets | 7,200 | ||
Aggregates properties | |||
Property, Plant and Equipment [Line Items] | |||
Asset impairments | 21,583 | 103 | 13,021 |
Carrying Value | 9,039 | 41,486 | |
Fair value of impaired assets | 2,300 | ||
Mining Properties and Mineral Rights | |||
Property, Plant and Equipment [Line Items] | |||
Asset impairments | $ 135,885 | 125,909 | 18,280 |
Fully Impaired | Coal Mineral Rights | |||
Property, Plant and Equipment [Line Items] | |||
Asset impairments | 36,000 | $ 5,000 | |
Partially Impaired | Coal Mineral Rights | |||
Property, Plant and Equipment [Line Items] | |||
Asset impairments | 89,800 | ||
Coal Mineral Rights | Coal Mineral Rights | |||
Property, Plant and Equipment [Line Items] | |||
Carrying Value | $ 97,000 |
Intangible Assets, Net - Intang
Intangible Assets, Net - Intangible Assets, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 200 | $ 2,500 | $ 4,300 |
Finite-Lived Intangible Assets, Gross | 53,878 | 53,878 | |
Less accumulated amortization | (36,419) | (36,191) | |
Total intangible assets, net | $ 17,459 | $ 17,687 |
Intangible Assets, Net - Estima
Intangible Assets, Net - Estimated Amortization Expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 1,155 |
2021 | 525 |
2022 | 1,199 |
2023 | 1,037 |
2025 | 950 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ (1,909) |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets [Line Items] | |||
Amortization expense | $ 200 | $ 2,500 | $ 4,300 |
Asset impairments | 135,885 | 148,214 | 18,280 |
Contract-Based Intangible Assets [Member] | |||
Intangible Assets [Line Items] | |||
Asset impairments | 22,300 | ||
Coal properties | |||
Intangible Assets [Line Items] | |||
Asset impairments | $ 114,302 | 125,806 | $ 5,259 |
Fair value of impaired assets | $ 7,200 |
Debt, Net - Debt (Detail)
Debt, Net - Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Carrying Value | $ 477,880 | $ 524,056 |
Net unamortized debt issuance costs | (6,381) | (7,858) |
Total debt | 471,499 | 516,198 |
Less - current portion of long term debt | (39,055) | (45,776) |
Long-term debt, net | 432,444 | 470,422 |
NRP LP | 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025 issued at par ("2025 Senior Notes") | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 300,000 | 300,000 |
Interest rate | 9.125% | |
Opco | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 0 | 0 |
Opco | 5.05% with semi-annual interest payments in January and July, with annual principal payments in July, due July 2020 | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 0 | 6,780 |
Interest rate | 5.05% | |
Opco | 5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023 | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 7,094 | 9,458 |
Interest rate | 5.55% | |
Opco | 4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023 | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 18,013 | 24,016 |
Interest rate | 4.73% | |
Opco | 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 50,738 | 63,423 |
Interest rate | 5.82% | |
Opco | 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 16,047 | 20,059 |
Interest rate | 8.92% | |
Opco | 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 68,524 | 79,945 |
Interest rate | 5.03% | |
Opco | 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 17,464 | 20,375 |
Interest rate | 5.18% | |
Opco | Total Opco Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 177,880 | $ 224,056 |
Debt, Net - Additional Informat
Debt, Net - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Redemption Premium | $ 18,100 | ||
Write off of Deferred Debt Issuance Cost | 10,400 | ||
Principal balance | $ 477,880 | 524,056 | |
Long-term Debt | 471,499 | 516,198 | |
Debt issuance cost capitalized | $ 6,381 | 7,858 | |
9.125% senior notes, with semi-annual interest payments in June and December, due June 2025 issued at par ("2025 Senior Notes") | Total Opco Senior Notes | |||
Debt Instrument [Line Items] | |||
Rate of senior notes | 9.125% | ||
Debt Instrument, Percentage of Principal Eligible for Redemption | 35.00% | ||
Debt Instrument Redemption Price Percentage Of Principal Remaining After Redemption | 65.00% | ||
Debt Instrument Redemption Price At Change Of Control Event As Percentage Of Principal Amount | 101.00% | ||
Ciner Wyoming | |||
Debt Instrument [Line Items] | |||
Percentage of partnership interest owned (percent) | 49.00% | ||
Ciner Wyoming | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Percentage of partnership interest owned (percent) | 49.00% | ||
NRP LP | 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025 issued at par ("2025 Senior Notes") | |||
Debt Instrument [Line Items] | |||
Rate of senior notes | 9.125% | ||
Principal balance | $ 300,000 | 300,000 | |
Opco | |||
Debt Instrument [Line Items] | |||
Ratio of consolidated EBITDDA to consolidated fixed charges | 3.5 | ||
Percentage of consolidated net tangible assets debt of subsidiaries not permitted to exceed | 10.00% | ||
Opco | 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 | |||
Debt Instrument [Line Items] | |||
Rate of senior notes | 8.92% | ||
Principal balance | $ 16,047 | 20,059 | |
Opco | Total Opco Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Asset Sales Proceeds, Required to Repay Outstanding Debt, Percent | 25.00% | ||
Principal balance | $ 177,880 | 224,056 | |
Principal payments on its senior notes | $ (80,700) | $ (46,200) | (117,400) |
Proceeds from (Repayments of) Short-term Debt | 49,300 | ||
Partnership leverage ratio | 3.75 | ||
Additional interest accrue | 2.00% | ||
Opco | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 100,000 | 100,000 | |
Commitment fee (as a percent) | 0.50% | ||
Distribution amount (in dollars per share) | $ 0.45 | ||
Ratio of consolidated EBITDDA to consolidated fixed charges | 3.5 | ||
Debt Instrument, Asset Sales Proceeds, Required to Repay Outstanding Debt, Percent | 75.00% | ||
Debt Instrument, Collateral Amount | $ 364,500 | 399,700 | |
Principal balance | $ 0 | $ 0 | |
Opco | Maximum | |||
Debt Instrument [Line Items] | |||
Ratio of consolidated indebtedness to consolidated EBITDDA | 4 | ||
Opco | Federal Funds Rate [Member] | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 0.50% | ||
Opco | London Interbank Offered Rate (LIBOR) [Member] | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 1.00% | ||
Opco | London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolving Credit Facility Basis Spread Condition One [Member] | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 3.50% | ||
Opco | London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolving Credit Facility Basis Spread Condition Two [Member] | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 4.50% | ||
Opco | London Interbank Offered Rate (LIBOR) [Member] | Minimum | Revolving Credit Facility Basis Spread Condition One [Member] | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 2.50% | ||
Opco | London Interbank Offered Rate (LIBOR) [Member] | Minimum | Revolving Credit Facility Basis Spread Condition Two [Member] | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 3.50% | ||
Debt Instrument, Redemption, Period Two | 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025 issued at par ("2025 Senior Notes") | Total Opco Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 104.563% | ||
Debt Instrument, Redemption, Period Two | 10.5% senior notes, with semi-annual interest payments in March and September, maturing March 2022 | Total Opco Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 105.25% | ||
Debt Instrument, Redemption, Period Three | 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025 issued at par ("2025 Senior Notes") | Total Opco Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 102.281% | ||
Debt Instrument, Redemption, Period Four [Member] | 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025 issued at par ("2025 Senior Notes") | Total Opco Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
Debt Instrument, Redemption, Period One | 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025 issued at par ("2025 Senior Notes") | Total Opco Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 109.125% | ||
Dividend at or Below $0.45 per Share [Member] | Opco | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Covenant, Maximum Leverage Ratio | 4 | ||
Dividend Above $0.45 per Share [Member] | Opco | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Covenant, Maximum Leverage Ratio | 3 |
Debt, Net - Principal Payments
Debt, Net - Principal Payments Due (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
2020 | $ 39,396 | |
2021 | 39,396 | |
2022 | 39,396 | |
2023 | 31,028 | |
2024 | 314,332 | |
Thereafter | 14,332 | |
Principal Payments | 477,880 | |
Long-term Debt | 471,499 | $ 516,198 |
NRP LP | Total Opco Senior Notes | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 300,000 | |
Thereafter | 0 | |
Principal Payments | 300,000 | |
Opco | Total Opco Senior Notes | ||
Debt Instrument [Line Items] | ||
2020 | 39,396 | |
2021 | 39,396 | |
2022 | 39,396 | |
2023 | 31,028 | |
2024 | 14,332 | |
Thereafter | 14,332 | |
Principal Payments | 177,880 | |
Opco | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Principal Payments | $ 0 |
Fair Value Measurements - Debt
Fair Value Measurements - Debt and Contracts Receivable (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt | $ 471,499,000 | $ 516,198,000 |
Carrying Value | 477,880,000 | 524,056,000 |
Receivables, Fair Value Disclosure | $ 35,313,000 | 38,945,000 |
Fair value, percentage of par | 92.00% | |
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 0 | 0 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Receivables, Fair Value Disclosure | 27,025,000 | 33,460,000 |
Senior Notes due 2025 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt | 295,160,000 | 294,084,000 |
Senior Notes due 2025 | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 274,500,000 | 269,250,000 |
Opco Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt | 176,339,000 | 222,114,000 |
Opco Senior Notes | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 162,760,000 | 201,090,000 |
Opco Revolving Credit Facility And Term Loan Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt | 0 | 0 |
Opco Revolving Credit Facility And Term Loan Facility | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | $ 0 | $ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Reimbursements (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||
Revenues | $ 139,739,000 | $ 257,437,000 | $ 251,071,000 | ||
Operating Expenses | 184,171,000 | 212,614,000 | $ 85,974,000 | ||
Class A Convertible Preferred Units (253,750 and 250,000 units issued and outstanding at December 31, 2020 and 2019, respectively, at $1,000 par value per unit; liquidation preference of $1,700 per unit and $1,500 per unit at December 31, 2020 and 2019, respectively) | 168,337,000 | 164,587,000 | |||
Distribution Made to Limited Partner, Unit Redemption | (8,844) | ||||
Dividends, Preferred Stock, Paid-in-kind | 3,750 | ||||
Dividends, Paid-in-kind | 3,750,000 | 0 | $ 0 | ||
Class A Convertible Preferred Units | |||||
Related Party Transaction [Line Items] | |||||
Redemption of preferred units paid-in-kind | $ (8,800,000) | $ 0 | $ 0 | $ (8,844,000) | |
Preferred Partner | Preferred Stock | |||||
Related Party Transaction [Line Items] | |||||
Temporary Equity, Shares Outstanding | 250,000 | 253,750 | 250,000 | 250,000 | 258,844 |
Class A Convertible Preferred Units (253,750 and 250,000 units issued and outstanding at December 31, 2020 and 2019, respectively, at $1,000 par value per unit; liquidation preference of $1,700 per unit and $1,500 per unit at December 31, 2020 and 2019, respectively) | $ 164,587,000 | $ 168,337,000 | $ 164,587,000 | $ 164,587,000 | $ 173,431,000 |
Industrial Minerals Group | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | 1,700,000 | 800,000 | |||
Accounts Receivable, Related Parties, Current | 700,000 | ||||
Quinwood Coal Company | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | 0 | 200,000 | 0 | ||
Affiliated Entity | Quintana Minerals | |||||
Related Party Transaction [Line Items] | |||||
Accounts Payable, Related Parties, Current | 400,000 | 400,000 | |||
Affiliated Entity | Western Pocahontas Properties and Quintana Minerals Corporation | |||||
Related Party Transaction [Line Items] | |||||
Operating and maintenance expenses—affiliates | 6,294,000 | 6,436,000 | 6,170,000 | ||
General and administrative—affiliates | 3,539,000 | 3,548,000 | 3,658,000 | ||
Affiliated Entity | Western Pocahontas Properties Limited Partnership | |||||
Related Party Transaction [Line Items] | |||||
Accounts Payable, Related Parties, Current | 300,000 | 100,000 | |||
Operating and maintenance expenses—affiliates | 400,000 | $ 4,000,000 | $ 5,400,000 | ||
Accounts Receivable, Related Parties, Noncurrent | $ 300,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 139,739 | $ 257,437 | $ 251,071 |
Operating and maintenance expense | 184,171 | 212,614 | 85,974 |
Deferred Revenue, Revenue Recognized | 31,824 | 47,770 | 20,242 |
Western Pocahontas Properties and Quintana Minerals Corporation | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Operating and maintenance expenses—affiliates | 6,294 | 6,436 | 6,170 |
General and administrative—affiliates | 3,539 | 3,548 | 3,658 |
Corsa | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 500 | ||
Western Pocahontas Properties Limited Partnership | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Operating and maintenance expenses—affiliates | 400 | 4,000 | 5,400 |
Amount payable to related parties | 300 | 100 | |
Accounts Receivable, Related Parties, Noncurrent | 300 | ||
Quinwood Coal Company | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 0 | $ 200 | $ 0 |
Major Customers (Detail)
Major Customers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | |||
Revenues | $ 139,739 | $ 257,437 | $ 251,071 |
Foresight Energy Lp | |||
Concentration Risk [Line Items] | |||
Revenues | 35,704 | 58,923 | 54,595 |
Contura Energy | |||
Concentration Risk [Line Items] | |||
Revenues | $ 33,227 | $ 40,743 | $ 24,580 |
Sales Revenue | Customer Concentration Risk | Foresight Energy Lp | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 26.00% | 23.00% | 22.00% |
Sales Revenue | Customer Concentration Risk | Contura Energy | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 24.00% | 16.00% | 10.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | Dec. 31, 2020USD ($) |
Commitments And Contingencies [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 0 |
Ciner Wyoming | |
Commitments And Contingencies [Line Items] | |
Percentage of partnership interest owned (percent) | 49.00% |
Unit-Based Compensation Additio
Unit-Based Compensation Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units available for delivery (in shares) | 800,000 | ||
Term of approved plan (in years) | 10 years | ||
Vesting period of Grants (in years) | 3 years | ||
Grant date fair value | $ 3.5 | $ 5.4 | $ 2.2 |
Unaccrued Cost Associated With Outstanding Grants And Related Distribution Equivalent Rights | $ 3.7 | 3.5 | |
Weighted average recognition period (in years) | 1 year 7 months 6 days | ||
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of Grants (in years) | 1 year | ||
General and Administrative expenses and Operating and Maintenance expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 3.6 | $ 2.4 | $ 1.1 |
Unit-Based Compensation Summary
Unit-Based Compensation Summary of Activity in Outstanding Grants (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Common Units | |
Outstanding grants at beginning of period (in shares) | shares | 157 |
Grants during the period (in shares) | shares | 203 |
Grants vested and paid during the period (in shares) | shares | 0 |
Forfeitures during the period (in shares) | shares | (5) |
Outstanding grants at the end of the period (in shares) | shares | 355 |
Weighted Average Exercise Price | |
Outstanding grants, beginning of period | $ / shares | $ 37.48 |
Granted | $ / shares | 17.20 |
Fully vested and issued | $ / shares | 0 |
Forfeitures | $ / shares | 17.20 |
Outstanding grants, end of period | $ / shares | $ 26.20 |
Financing Transaction (Details)
Financing Transaction (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2032 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term of option to extend lease (in years) | 80 years | |
Minimum required lease payments | $ 5,000 | |
Forecast | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Lease payments due per year after initial lease term | $ 10 |
Credit Losses (Details)
Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Credit Loss [Abstract] | |||
Short-term Receivables, Gross | $ 18,512 | ||
Contract with Customer, Asset, before Allowance for Credit Loss | 34,818 | ||
Accounts Receivable, Allowance for Credit Loss | (2,358) | ||
Allowance for credit loss in long-term contract receivable | (1,554) | ||
Long-term Investments and Receivables, Net | 33,264 | ||
Short-term receivables, net of CECL | 16,154 | ||
Total receivables, Gross | 53,330 | ||
CECL Allowance - total | (3,912) | ||
Total receivables, net of CECL | 49,418 | ||
Financing Receivable, Credit Loss, Expense (Reversal) | 0 | ||
Bad debt expense | $ 4,001 | $ 7,462 | $ (62) |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Renewal term | 5 years | |
Right-of-use asset | $ 3,500 | $ 3,500 |
Lease expense | $ 500 | 500 |
Number of options to extend | five | |
Total operating lease liability | $ 3,496 | $ 3,500 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, term of contract (in years) | 5 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, term of contract (in years) | 30 years |
Leases - Lessee Accounting Unde
Leases - Lessee Accounting Under ASC 842 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 483 | |
2021 | 483 | |
2022 | 483 | |
2023 | 483 | |
2024 | 483 | |
After 2025 | 11,114 | |
Total lease payments | 13,529 | |
Less: present value adjustment | (10,033) | |
Total operating lease liability | $ 3,496 | $ 3,500 |
Remaining lease term of operating leases | 28 years | |
Discount rate | 13.50% | |
Renewal term | 5 years |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain on asset sales and disposals | $ 581 | $ 6,498 | $ 2,441 |
Plant, equipment and mineral rights funded with accounts payable or accrued liabilities | $ 970 | $ 0 | 0 |
Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration received for sale of business | 205,000 | ||
Gain on asset sales and disposals | 13,100 | ||
Construction Aggregates | Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Capital expenditures | 10,900 | ||
Plant, equipment and mineral rights funded with accounts payable or accrued liabilities | $ 900 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Financial Results of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets: | ||
Accounts receivable, net | $ 1,706 | |
Total assets of discontinued operations | 1,706 | |
Current liabilities: | ||
Accounts payable | 42 | |
Accrued liabilities | 23 | |
Total liabilities of discontinued operations | 65 | |
Discontinued Operations, Held-for-sale | ||
Revenues and other income | ||
Construction aggregates | $ 116,066 | |
Road construction and asphalt paving services | 18,400 | |
Oil and gas | 2 | (3) |
Gain on asset sales and disposals | 280 | 13,414 |
Total revenues and other income | 282 | 147,877 |
Operating expenses | ||
Operating and maintenance expenses | 43 | 117,702 |
Depreciation, depletion and amortization | 12,218 | |
Asset impairments | 232 | |
Total operating expenses | 43 | 130,152 |
Other income | 717 | |
Interest expense | (38) | |
Income from discontinued operations | 956 | 17,687 |
NRP Oil and Gas | ||
Current assets: | ||
Accounts receivable, net | 1,706 | |
Total assets of discontinued operations | 1,706 | |
Current liabilities: | ||
Accounts payable | 0 | |
Accrued liabilities | 0 | |
Total liabilities of discontinued operations | 0 | |
Construction Aggregates | ||
Current assets: | ||
Accounts receivable, net | 0 | |
Total assets of discontinued operations | 0 | |
Current liabilities: | ||
Accounts payable | 42 | |
Accrued liabilities | 23 | |
Total liabilities of discontinued operations | 65 | |
Construction Aggregates | Discontinued Operations, Held-for-sale | ||
Revenues and other income | ||
Construction aggregates | 116,066 | |
Road construction and asphalt paving services | 18,400 | |
Oil and gas | 0 | 0 |
Gain on asset sales and disposals | 280 | 13,414 |
Total revenues and other income | 280 | 147,880 |
Operating expenses | ||
Operating and maintenance expenses | 27 | 117,568 |
Depreciation, depletion and amortization | 12,218 | |
Asset impairments | 232 | |
Total operating expenses | 27 | 130,018 |
Other income | 0 | |
Interest expense | (38) | |
Income from discontinued operations | 253 | 17,824 |
NRP Oil and Gas | Discontinued Operations, Held-for-sale | ||
Revenues and other income | ||
Construction aggregates | 0 | |
Road construction and asphalt paving services | 0 | |
Oil and gas | 2 | (3) |
Gain on asset sales and disposals | 0 | 0 |
Total revenues and other income | 2 | (3) |
Operating expenses | ||
Operating and maintenance expenses | 16 | 134 |
Depreciation, depletion and amortization | 0 | |
Asset impairments | 0 | |
Total operating expenses | 16 | 134 |
Other income | 717 | |
Interest expense | 0 | |
Income from discontinued operations | $ 703 | $ (137) |