Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Feb. 16, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | ||||
Entity Central Index Key | 0001171486 | |||
Entity Registrant Name | NATURAL RESOURCE PARTNERS LP | |||
Amendment Flag | false | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Period Focus | FY | |||
Document Fiscal Year Focus | 2022 | |||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Period End Date | Dec. 31, 2022 | |||
Document Transition Report | false | |||
Entity File Number | 001-31465 | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Tax Identification Number | 35-2164875 | |||
Entity Address, Address Line One | 1415 Louisiana Street, Suite 3325 | |||
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 | $ 334,000,000 | |||
Entity Common Stock, Shares Outstanding | 12,634,642 | |||
Auditor Firm ID | 42 | |||
Auditor Name | Ernst & Young LLP | |||
Auditor Location | Houston, Texas | |||
Subsidiaries [Member] | ||||
Document Information [Line Items] | ||||
Auditor Firm ID | 243 | 34 | ||
Auditor Name | BDO USA, LLP | Deloitte & Touche LLP | ||
Auditor Location | Atlanta, Georgia | Atlanta, Georgia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 39,091 | $ 135,520 |
Accounts receivable, net | 42,701 | 24,538 |
Other current assets, net | 1,822 | 2,723 |
Total current assets | 83,614 | 162,781 |
Land | 24,008 | 24,008 |
Mineral rights, net | 412,312 | 437,697 |
Intangible assets, net | 14,713 | 16,130 |
Equity in unconsolidated investment | 306,470 | 276,004 |
Long-term contract receivable, net | 28,946 | 31,371 |
Other long-term assets, net | 7,068 | 5,832 |
Total assets | 877,131 | 953,823 |
Current liabilities | ||
Accounts payable | 1,992 | 1,956 |
Accrued liabilities | 11,916 | 10,297 |
Accrued interest | 989 | 1,213 |
Current portion of deferred revenue | 6,256 | 11,817 |
Current portion of long-term debt, net | 39,076 | 39,102 |
Total current liabilities | 60,229 | 64,385 |
Deferred revenue | 40,181 | 50,045 |
Long-term debt, net | 129,205 | 394,443 |
Other non-current liabilities | 5,472 | 5,018 |
Total liabilities | 235,087 | 513,891 |
Commitments and contingencies (see Note 15) | ||
Class A Convertible Preferred Units (250,000 and 269,321 units issued and outstanding at December 31, 2022 and 2021, respectively, at $1,000 par value per unit; liquidation preference of $1,850 per unit at December 31, 2022 and 2021) (See Note 4) | 164,587 | 183,908 |
Partners’ capital | ||
Common unitholders’ interest (12,505,996 and 12,351,306 units issued and outstanding at December 31, 2022 and 2021, respectively) | 404,799 | 203,062 |
General partner’s interest | 5,977 | 1,787 |
Warrant holders’ interest | 47,964 | 47,964 |
Accumulated other comprehensive income | 18,717 | 3,211 |
Total partners' capital | 477,457 | 256,024 |
Total liabilities and partners' capital | $ 877,131 | $ 953,823 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Temporary Equity, shares issued (in shares) | 250,000 | 269,321 |
Temporary Equity, shares outstanding (in shares) | 250,000 | 269,321 |
Temporary Equity, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Temporary Equity, liquidation (in dollars per share) | $ 1,850 | $ 1,850 |
Common unitholders interest, issued (in shares) | 12,505,996 | 12,351,306 |
Common unitholders interest, outstanding (in shares) | 12,505,996 | 12,351,306 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Revenues and other income | |||||||
Equity in earnings of Sisecam Wyoming | $ 59,795 | $ 21,871 | $ 10,728 | ||||
Gain on asset sales and disposals | 1,082 | 245 | 581 | ||||
Total revenues and other income | 388,962 | 216,364 | 140,320 | ||||
Operating expenses | |||||||
Operating and maintenance expenses | 34,903 | 27,049 | 24,795 | ||||
Depreciation, depletion and amortization | 22,519 | 19,075 | 9,198 | ||||
General and administrative expenses | 21,852 | 17,360 | 14,293 | ||||
Asset impairments | 4,457 | 5,102 | 135,885 | ||||
Total operating expenses | 83,731 | 68,586 | 184,171 | ||||
Income (loss) from operations | 305,231 | 147,778 | (43,851) | ||||
Other expenses, net | |||||||
Interest expense, net | (26,274) | (38,876) | (40,968) | ||||
Loss on extinguishment of debt | (10,465) | 0 | 0 | ||||
Total other expenses, net | (36,739) | (38,876) | (40,968) | ||||
Net income (loss) | 268,492 | [1] | 108,902 | [2] | (84,819) | [3] | |
Less: income attributable to preferred unitholders | (30,000) | (31,609) | (30,225) | ||||
Net income (loss) attributable to common unitholders and the general partner | 238,492 | 77,293 | (115,044) | ||||
Net income (loss) attributable to common unitholders | 233,722 | 75,747 | (112,743) | ||||
Net income (loss) attributable to the general partner | $ 4,770 | $ 1,546 | $ (2,301) | ||||
Net income (loss) per common unit (see Note 6) | |||||||
Basic (in dollars per share) | $ 18.72 | $ 6.14 | $ (9.20) | ||||
Diluted (in dollars per share) | $ 13.39 | $ 4.81 | $ (9.20) | ||||
Net income (loss) | $ 268,492 | [1] | $ 108,902 | [2] | $ (84,819) | [3] | |
Comprehensive income from unconsolidated investment and other | 15,506 | 2,889 | 2,916 | ||||
Comprehensive income (loss) | 283,998 | 111,791 | (81,903) | ||||
Mineral Rights Segment [Member] | |||||||
Operating expenses | |||||||
Depreciation, depletion and amortization | 20,900 | 17,600 | 8,800 | ||||
Royalty and Other Mineral Rights [Member] | Mineral Rights Segment [Member] | |||||||
Revenues and other income | |||||||
Revenues | 307,013 | 185,196 | 120,166 | ||||
Transportation and Processing Services [Member] | Mineral Rights Segment [Member] | |||||||
Revenues and other income | |||||||
Revenues | [4] | $ 21,072 | $ 9,052 | $ 8,845 | |||
[1]Net income 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 income includes $31.6 million of income attributable to preferred unitholders that accumulated during the period, of which $31.0 million is allocated to the common unitholders and $0.6 million is allocated to the general partner.[3]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.[4]Transportation and processing services revenues from contracts with customers as defined under ASC 606 was $4.9 million and $1.2 million for the three months ended September 30, 2022 and 2021, respectively, and $12.9 million and $3.7 million for the nine months ended September 30, 2022 and 2021, respectively. The remaining transportation and processing services revenues of $1.1 million and $0.9 million for the three months ended September 30, 2022 and 2021, respectively, and $2.5 million and $2.8 million for the nine months ended September 30, 2022 and 2021, respectively, related to other NRP-owned infrastructure leased to and operated by third-party operators accounted for under other guidance. See Note 14. Financing Transaction for more information. |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Parent [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Partners Capital Excluding Noncontrolling Interest [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Limited Partner [Member] | Limited Partner [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | General Partner [Member] | General Partner [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Warrant Holder [Member] | Warrant Holder [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Balance (in shares) at Dec. 31, 2019 | 12,261 | ||||||||||||||
Balance at Dec. 31, 2019 | $ 336,028 | $ (3,911) | $ (2,594) | $ 0 | $ 338,963 | $ (2,935) | $ 0 | $ (3,911) | $ 271,471 | $ (3,833) | $ 3,270 | $ (78) | $ 66,816 | $ 0 | |
Net income (loss) | [1] | (84,819) | 0 | (84,819) | 0 | (83,123) | (1,696) | 0 | |||||||
Distributions to common unitholders and the general partner | (16,890) | 0 | (16,890) | 0 | (16,552) | (338) | 0 | ||||||||
Distributions to preferred unitholders | (30,113) | 0 | (30,113) | 0 | (29,511) | (602) | 0 | ||||||||
Acquisition of non-controlling interest in BRP | (1,909) | 0 | (4,844) | 2,935 | (4,747) | (97) | 0 | ||||||||
Unit-based awards amortization and vesting | 3,222 | 0 | 3,222 | 0 | 3,222 | 0 | 0 | ||||||||
Comprehensive income from unconsolidated investment and other | 2,916 | 2,916 | 2,916 | 0 | $ 0 | 0 | 0 | ||||||||
Balance (in shares) at Dec. 31, 2020 | 12,261 | ||||||||||||||
Balance at Dec. 31, 2020 | 204,524 | 322 | 204,524 | 0 | $ 136,927 | 459 | 66,816 | ||||||||
Net income (loss) | [2] | 108,902 | 0 | 108,902 | 0 | 106,724 | 2,178 | 0 | |||||||
Distributions to common unitholders and the general partner | (22,645) | 0 | (22,645) | 0 | (22,192) | (453) | 0 | ||||||||
Distributions to preferred unitholders | (31,142) | 0 | (31,142) | 0 | (30,519) | (623) | 0 | ||||||||
Unit-based awards amortization and vesting | 2,647 | 0 | 2,647 | 0 | 2,647 | 0 | 0 | ||||||||
Comprehensive income from unconsolidated investment and other | 2,889 | 2,889 | 2,889 | 0 | $ 0 | 0 | 0 | ||||||||
Issuance of unit-based awards (in shares) | 90 | ||||||||||||||
Issuance of unit-based awards | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | ||||||||
Capital contribution | 32 | 0 | 32 | 0 | 0 | 32 | 0 | ||||||||
Warrant settlement | (9,183) | 0 | (9,183) | 0 | $ 9,475 | 194 | (18,852) | ||||||||
Balance (in shares) at Dec. 31, 2021 | 12,351 | ||||||||||||||
Balance at Dec. 31, 2021 | 256,024 | 3,211 | 256,024 | 0 | $ 203,062 | 1,787 | 47,964 | ||||||||
Net income (loss) | [3] | 268,492 | 0 | 268,492 | 0 | 263,122 | 5,370 | 0 | |||||||
Distributions to common unitholders and the general partner | (34,384) | 0 | (34,384) | 0 | (33,697) | (687) | 0 | ||||||||
Distributions to preferred unitholders | (30,258) | 0 | (30,258) | 0 | (29,653) | (605) | 0 | ||||||||
Unit-based awards amortization and vesting | 1,965 | 0 | 1,965 | 0 | 1,965 | 0 | 0 | ||||||||
Comprehensive income from unconsolidated investment and other | 15,506 | 15,506 | 15,506 | 0 | $ 0 | 0 | 0 | ||||||||
Issuance of unit-based awards (in shares) | 155 | ||||||||||||||
Issuance of unit-based awards | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | ||||||||
Capital contribution | 112 | 0 | 112 | 0 | $ 0 | 112 | 0 | ||||||||
Balance (in shares) at Dec. 31, 2022 | 12,506 | ||||||||||||||
Balance at Dec. 31, 2022 | $ 477,457 | $ 18,717 | $ 477,457 | $ 0 | $ 404,799 | $ 5,977 | $ 47,964 | ||||||||
[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 includes $31.6 million of income attributable to preferred unitholders that accumulated during the period, of which $31.0 million is allocated to the common unitholders and $0.6 million is allocated to the general partner.[3]Net income 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 $0.6 million is allocated to the general partner. |
Consolidated Statements of Pa_2
Consolidated Statements of Partners' Capital (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allocation to unitholders | $ (30,000) | $ (31,609) | $ (30,225) |
Limited Partner [Member] | |||
Allocation to unitholders | 29,400 | 31,000 | 29,600 |
General Partner [Member] | |||
Allocation to unitholders | 600 | 600 | 600 |
Parent [Member] | |||
Allocation to unitholders | $ 30,000 | $ 31,600 | $ 30,200 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Cash flows from operating activities of continuing operations | ||||||
Net income (loss) | $ 268,492 | [1] | $ 108,902 | [2] | $ (84,819) | [3] |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Depreciation, depletion and amortization | 22,519 | 19,075 | 9,198 | |||
Distributions from unconsolidated investment | 44,835 | 11,270 | 14,210 | |||
Equity earnings from unconsolidated investment | (59,795) | (21,871) | (10,728) | |||
Gain on asset sales and disposals | (1,082) | (245) | (581) | |||
Loss on extinguishment of debt | 10,465 | 0 | 0 | |||
Asset impairments | 4,457 | 5,102 | 135,885 | |||
Bad debt expense | 1,062 | 2,572 | 4,001 | |||
Unit-based compensation expense | 5,773 | 4,039 | 3,570 | |||
Amortization of debt issuance costs and other | 2,410 | 2,265 | 1,323 | |||
Change in operating assets and liabilities: | ||||||
Accounts receivable | (18,671) | (14,415) | 12,853 | |||
Accounts payable | 37 | 570 | 207 | |||
Accrued liabilities | 935 | 3,020 | (2,205) | |||
Accrued interest | (224) | (501) | (602) | |||
Deferred revenue | (15,424) | 307 | 9,733 | |||
Other items, net | 1,049 | 1,714 | (4,477) | |||
Net cash provided by operating activities of continuing operations | 266,838 | 121,804 | 87,568 | |||
Net cash provided by operating activities of discontinued operations | 0 | 0 | 1,706 | |||
Net cash provided by operating activities | 266,838 | 121,804 | 89,274 | |||
Cash flows from investing activities | ||||||
Proceeds from asset sales and disposals | 1,083 | 249 | 623 | |||
Return of long-term contract receivable | 1,723 | 2,163 | 2,122 | |||
Acquisition of non-controlling interest in BRP | 0 | 0 | (1,000) | |||
Capital expenditures | (118) | 0 | 0 | |||
Net cash provided by investing activities of continuing operations | 2,688 | 2,412 | 1,745 | |||
Net cash used in investing activities of discontinued operations | 0 | 0 | (65) | |||
Net cash provided by investing activities | 2,688 | 2,412 | 1,680 | |||
Cash flows from financing activities | ||||||
Debt borrowings | 70,000 | 0 | 0 | |||
Debt repayments | (339,396) | (39,396) | (46,176) | |||
Redemption of preferred units paid-in-kind | (19,579) | 0 | (3,863) | |||
Warrant settlement | 0 | (9,183) | 0 | |||
Acquisition of non-controlling interest in BRP | 0 | (1,000) | 0 | |||
Contributions from discontinued operations | 0 | 0 | 1,641 | |||
Other items, net | (12,596) | (691) | 0 | |||
Net cash used in financing activities of continuing operations | (365,955) | (88,486) | (87,788) | |||
Net cash used in financing activities of discontinued operations | 0 | 0 | (1,641) | |||
Net cash used in financing activities | (365,955) | (88,486) | (89,429) | |||
Net increase (decrease) in cash and cash equivalents | (96,429) | 35,730 | 1,525 | |||
Cash and cash equivalents of continuing operations at beginning of period | 135,520 | 99,790 | 98,265 | |||
Cash and cash equivalents at end of period | 39,091 | 135,520 | 99,790 | |||
Supplemental cash flow information: | ||||||
Cash paid for interest | 25,265 | 37,378 | 39,830 | |||
Non-cash investing and financing activities: | ||||||
Plant, equipment, mineral rights and other funded with accounts payable or accrued liabilities | 0 | 0 | 970 | |||
Preferred unit distributions paid-in-kind | 0 | 15,571 | 3,750 | |||
Common Unitholders And General Partner [Member] | ||||||
Cash flows from financing activities | ||||||
Distributions to unitholders | (34,384) | (22,645) | (16,890) | |||
Preferred Partner [Member] | ||||||
Cash flows from financing activities | ||||||
Distributions to unitholders | $ (30,000) | $ (15,571) | $ (22,500) | |||
[1]Net income 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 income includes $31.6 million of income attributable to preferred unitholders that accumulated during the period, of which $31.0 million is allocated to the common unitholders and $0.6 million is allocated to the general partner.[3]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. |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Nature of Operations Natural Resource Partners L.P. (the "Partnership"), a Delaware limited partnership, was formed in April 2002. two Note 7. The Partnership’s operations are conducted through, and its operating assets are owned by, its subsidiaries. The Partnership owns its subsidiaries through one one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. 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 Sisecam Wyoming through which it is able to exercise significant influence over but does not not no 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 mineral rights 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. There are three may • Level 1—Quoted • Level 2—Observable 1 not • Level 3—Unobservable no 3 Cash and Cash Equivalents The Partnership considers all highly liquid short-term investments with an original maturity of three 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. 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 Note 18. million a December 31, 2022 2021 onsolidated Balance Sheets was million and $0.1 million at December 31, 2022 2021 , 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 million December 31, 2022 2021 million, $ December 31, 2022, 2021 2020 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 economic 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 economic 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 not 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 1 3 3 Accrued Liabilities Included in accrued liabilities on the Partnership's Consolidated Balance Sheets at December 31, 2022 million of million December 31, 2021 December 31, 2022 2021 Revenue Recognition Mineral Rights Segment Revenues Royalty-based leases. two 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 • Minimum Leases 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 certain coal and aggregates mineral rights. Revenue from these interests is recognized over time based on when the coal is sold. Carbon neutral initiatives. Wheelage revenues. Other revenues. Transportation and processing services revenues. third Contract Modifications Contract modifications that impact goods or services or the transaction price are evaluated in accordance with ASC 606. not 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 twelve twelve Equity in Earnings of Sisecam 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 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 royalty and other mineral rights 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. 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 may |
Note 3 - Revenues from Contract
Note 3 - Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenues from Contracts with Customers The following table represents the Partnership's Mineral Rights segment revenues by major source: For the Year Ended December 31, (In thousands) 2022 2021 2020 Coal royalty revenues $ 226,956 $ 104,089 $ 51,868 Production lease minimum revenues 5,854 14,269 21,749 Minimum lease straight-line revenues 18,792 20,564 16,796 Carbon neutral initiative revenues 8,600 13,790 — Property tax revenues 5,878 6,028 5,786 Wheelage revenues 13,961 10,065 7,025 Coal overriding royalty revenues 3,434 4,367 4,977 Lease amendment revenues 3,201 4,696 3,450 Aggregates royalty revenues 3,299 1,889 1,717 Oil and gas royalty revenues 16,161 4,506 5,816 Other revenues 877 933 982 Royalty and other mineral rights revenues $ 307,013 $ 185,196 $ 120,166 Transportation and processing services revenues (1) 21,072 9,052 8,845 Total Mineral Rights segment revenues $ 328,085 $ 194,248 $ 129,011 ( 1 Transportation and processing services revenues from contracts with customers as defined under ASC 606 million December 31, 2022, 2021 2020 December 31, 2022, 2021 2020 third Note 17. The following table details the Partnership's Mineral Rights segment receivables and liabilities resulting from contracts with customers: December 31, (In thousands) 2022 2021 Receivables Accounts receivable, net $ 39,004 $ 22,277 Other current assets, net (1) — 769 Other long-term assets, net (2) 75 250 Contract liabilities Current portion of deferred revenue $ 6,256 $ 11,817 Deferred revenue 40,181 50,045 ( 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 Mineral Rights segment deferred revenue: For the Year Ended December 31, (In thousands) 2022 2021 2020 Balance at beginning of period (current and non-current) $ 61,862 $ 61,554 $ 51,821 Increase due to minimums and lease amendment fees 19,073 19,842 41,557 Recognition of previously deferred revenue (34,498 ) (19,534 ) (31,824 ) Balance at end of period (current and non-current) $ 46,437 $ 61,862 $ 61,554 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, 2022 Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments 0 - 5 years 2.2 $ 21,981 5 - 10 years 3.6 7,517 10+ years 12.7 27,221 Total 7.4 $ 56,719 ( 1 Lease term does not |
Note 4 - Class A Convertible Pr
Note 4 - Class A Convertible Preferred Units and Warrants | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 4. On March 2, 2017, one may NRP also issued two may eighth may, After March 2, 2022 March 2, 2025, may 12 30 30 On or after March 2, 2025, may 30 1 March 2, 2020, March 2, 2020 March 2, 2021, March 2, 2021, 2 To the extent the holders of the preferred units have not March 2, 2029, 30 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 ( 3.25x, 1.2x four may not January 1, 2022, may not 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 no not 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 one 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 90 not fifth 90 first April 20, 2017. not 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 Initial Measurement The net transaction price 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 first Activity related to the preferred units is as follows: Units Financial (In thousands, except unit data) Outstanding Position Balance at December 31, 2019 250,000 $ 164,587 Distribution paid-in-kind 3,750 3,750 Balance at December 31, 2020 253,750 $ 168,337 Distribution paid-in-kind 15,571 15,571 Balance at December 31, 2021 269,321 $ 183,908 Redemption of preferred units paid-in-kind (19,321 ) (19,321 ) Balance at December 31, 2022 250,000 $ 164,587 In February 2023, 30 Subsequent adjustment of the warrants will not may, On November 10, 2021 ( 15 Activity related to the warrants is as follows: Warrants Financial (In thousands, except warrant data) Outstanding Position Balance at December 31, 2019 and 2020 4,000,000 $ 66,816 Warrant settlement (997,500 ) (18,852 ) Balance at December 31, 2021 and 2022 3,002,500 $ 47,964 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. |
Note 5 - Common and Preferred U
Note 5 - Common and Preferred Unit Distributions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Partners' Capital Notes Disclosure [Text Block] | 5. Common and Preferred Unit Distributions The Partnership makes 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 adjusted by preferred unit distributions that accumulated during the period. NRP adjusted net income (loss) available to common unitholders and the general partner by $30.0 million, $31.6 million and $30.2 million during the year ended December 31, 2022, 2021 2020 The following table shows the distributions declared and paid to common and preferred unitholders during the year ended December 31, 2022, 2021 2020 Cash Distributions Paid-in-kind Distributions Common Units Preferred Units Total Total Total Distribution Distribution(1) Distribution Distribution Distribution Date Paid Period Covered by Distribution per Unit (In thousands) per Unit (In thousands) (In units) 2022 February 2022 October 1 - December 31, 2021 $ 0.45 $ 5,672 $ 30.00 $ 7,500 — February 2022 (2) July 1 2020 - September 30, 2021 — — 78.31 19,579 — May 2022 January 1 - March 31, 2022 0.75 9,570 30.00 7,500 — August 2022 April 1 - June 30, 2022 0.75 9,571 30.00 7,500 — November 2022 July 1 - September 30, 2022 0.75 9,571 30.00 7,500 — 2021 February 2021 October 1 - December 31, 2020 $ 0.45 $ 5,630 $ 15.00 $ 3,806 3,806 May 2021 January 1 - March 31, 2021 0.45 5,672 15.00 3,864 3,864 August 2021 April 1 - June 30, 2021 0.45 5,671 15.00 3,921 3,921 November 2021 July 1 - September 30, 2021 0.45 5,672 15.00 3,980 3,980 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 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 3,750 ( 1 Total common unit distribution includes the amount paid to NRP's general partner in accordance with the general partner's 2% ( 2 Redemption of preferred units paid in kind plus accrued interest. |
Note 6 - Net Income (Loss) Per
Note 6 - Net Income (Loss) Per Common Unit | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. Basic net income (loss) per common unit is computed by dividing net income (loss), after considering income attributable to preferred unitholders and the general partner’s general partner interest, by the weighted average number of common units outstanding. Diluted net income (loss) per common unit includes the effect of NRP's preferred units, warrants, and unvested unit-based awards if the inclusion of these items is dilutive. The dilutive effect of the preferred units is calculated using the if-converted method. Under the if-converted method, the preferred units are assumed to be converted at the beginning of the period, and the resulting common units are included in the denominator of the diluted net income (loss) per unit calculation for the period being presented. Distributions declared in the period and undeclared distributions on the preferred units that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. The calculation of diluted net income per common unit for the year ended December 31, 2022 2021 December 31, 2020 not The dilutive effect of the warrants is calculated using the treasury stock method, which assumes that the proceeds from the exercise of these instruments are used to purchase common units at the average market price for the period. The calculation of diluted net income per common unit for the year ended December 31, 2022 $34.00.The December 31, 2021 not December 31, 2020 not The following table reconciles 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) 2022 2021 2020 Allocation of net income (loss) Net income (loss) $ 268,492 $ 108,902 $ (84,819 ) Less: income attributable to preferred unitholders (30,000 ) (31,609 ) (30,225 ) Net income (loss) attributable to common unitholders and the general partner $ 238,492 $ 77,293 $ (115,044 ) Add (less): net loss (income) attributable to the general partner (4,770 ) (1,546 ) 2,301 Net income (loss) attributable to common unitholders $ 233,722 $ 75,747 $ (112,743 ) Basic net income (loss) per common unit Weighted average common units—basic 12,484 12,337 12,261 Basic net income (loss) per common unit $ 18.72 $ 6.14 $ (9.20 ) Diluted net income (loss) per common unit Weighted average common units—basic 12,484 12,337 12,261 Plus: dilutive effect of preferred units 6,176 9,604 — Plus: dilutive effect of warrants 783 74 — Plus: dilutive effect of unvested unit-based awards 210 178 — Weighted average common units—diluted 19,653 22,193 12,261 Net income (loss) $ 268,492 $ 108,902 $ (84,819 ) Less: income attributable to preferred unitholders — — (30,225 ) Diluted net income (loss) attributable to common unitholders and the general partner $ 268,492 $ 108,902 $ (115,044 ) Add (less): diluted net loss (income) attributable to the general partner (5,370 ) (2,178 ) 2,301 Diluted net income (loss) attributable to common unitholders $ 263,122 $ 106,724 $ (112,743 ) Diluted net income (loss) per common unit $ 13.39 $ 4.81 $ (9.20 ) |
Note 7 - Segment Information
Note 7 - Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7. 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: Mineral Rights Soda Ash 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 not The following table summarizes certain financial information for each of the Partnership's business segments: Operating Segments (In thousands) Mineral Rights Soda Ash Corporate and Financing Total For the Year Ended December 31, 2022 Revenues $ 328,085 $ 59,795 $ — $ 387,880 Gain on asset sales and disposals 1,082 — — 1,082 Operating and maintenance expenses 34,743 160 — 34,903 Depreciation, depletion and amortization 22,519 — — 22,519 General and administrative expenses — — 21,852 21,852 Asset impairments 4,457 — — 4,457 Other expenses, net — — 36,739 36,739 Net income (loss) 267,448 59,635 (58,591 ) 268,492 As of December 31, 2022 Total assets $ 566,615 $ 306,470 $ 4,046 $ 877,131 For the Year Ended December 31, 2021 Revenues $ 194,248 $ 21,871 $ — $ 216,119 Gain on asset sales and disposals 245 — — 245 Operating and maintenance expenses 26,880 169 — 27,049 Depreciation, depletion and amortization 19,075 — — 19,075 General and administrative expenses — — 17,360 17,360 Asset impairments 5,102 — — 5,102 Other expenses, net 24 — 38,852 38,876 Net income (loss) 143,412 21,702 (56,212 ) 108,902 As of December 31, 2021 Total assets $ 675,579 $ 276,004 $ 2,240 $ 953,823 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) (40,180 ) 10,543 (55,182 ) (84,819 ) |
Note 8 - Equity Investment
Note 8 - Equity Investment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. Equity Investment The Partnership accounts for its 49% investment in Sisecam Wyoming using the equity method of accounting. Activity related to this investment is as follows: For the Year Ended December 31, (In thousands) 2022 2021 2020 Balance at beginning of period $ 276,004 $ 262,514 $ 263,080 Income allocation to NRP’s equity interests (1) 64,712 26,979 15,205 Amortization of basis difference (4,917 ) (5,108 ) (4,477 ) Other comprehensive income 15,506 2,889 2,916 Distribution (44,835 ) (11,270 ) (14,210 ) Balance at end of period $ 306,470 $ 276,004 $ 262,514 ( 1 Amounts reclassified into income out of accumulated other comprehensive income (loss) were ($6.8 million), $0.0 million and $1.7 million for the year ended December 31, 2022, 2021 2020 The difference between the amount at which the investment in Sisecam Wyoming is carried and the amount of underlying equity in Sisecam Wyoming's net assets was $121.3 million and $ December 31, 2022 2021 27 years. The following table represents summarized financial information for Sisecam Wyoming as derived from their respective financial statements for the years ended December 31, 2022 2021 2020 For the Year Ended December 31, (In thousands) 2022 2021 2020 Net sales $ 720,120 $ 540,139 $ 392,231 Gross profit 162,575 80,550 54,838 Net income 132,065 55,059 31,030 The financial position of Sisecam Wyoming is summarized as follows: December 31, (In thousands) 2022 2021 Current assets $ 340,437 $ 206,315 Noncurrent assets 292,915 297,210 Current liabilities 111,258 73,181 Noncurrent liabilities 144,290 124,749 |
Note 9 - Mineral Rights, Net
Note 9 - Mineral Rights, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Mineral Industries Disclosures [Text Block] | 9. Mineral Rights, Net The Partnership’s mineral rights consist of the following: December 31, 2022 2021 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 661,812 $ (269,037 ) $ 392,775 $ 670,650 $ (253,503 ) $ 417,147 Aggregates properties 8,655 (3,410 ) 5,245 8,747 (2,975 ) 5,772 Oil and gas royalty properties 12,354 (9,600 ) 2,754 12,354 (9,115 ) 3,239 Other 13,150 (1,612 ) 11,538 13,151 (1,612 ) 11,539 Total mineral rights, net $ 695,971 $ (283,659 ) $ 412,312 $ 704,902 $ (267,205 ) $ 437,697 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 $20.9 million, $17.6 million and $8.8 million for the year ended December 31, 2022, 2021 2020 Impairment of Mineral Rights During the years ended December 31, 2022, 2021 2020 For the Year Ended December 31, (In thousands) 2022 2021 2020 Coal properties (1) $ 4,365 $ 5,015 $ 114,302 Aggregates properties (2) 92 87 21,583 Total $ 4,457 $ 5,102 $ 135,885 ( 1 The Partnership recorded $4.4 million of impairment expense during the year ended December 31, 2022 December 31, 2022. December 31, 2022 December 31, 2021 December 31, 2020 3 ( 2 The Partnership recorded $0.1 million of aggregates royalty property impairments during the year ended December 31, 2022 2021. December 31, 2020 3 While the Partnership's impairment evaluation as of December 31, 2022 19 may |
Note 10 - Intangible Assets, Ne
Note 10 - Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 10. 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) 2022 2021 Intangible assets at cost $ 51,353 $ 51,353 Less: accumulated amortization (36,640 ) (35,223 ) Total intangible assets, net $ 14,713 $ 16,130 Amortization expense included in depreciation, depletion and amortization on the Partnership's Consolidated Statements of Comprehensive Income (Loss) was $1.4 million, December 31, 2022, 2021 2020 The estimates of amortization expense for the years ended December 31, (In thousands) Estimated Amortization Expense 2023 $ 990 2024 1,133 2025 1,052 2026 1,052 2027 1,052 |
Note 11 - Debt, Net
Note 11 - Debt, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. Debt, Net The Partnership's debt consists of the following: December 31, (In thousands) 2022 2021 NRP LP debt: 9.125 $ — $ 300,000 Opco debt: Revolving credit facility $ 70,000 $ — Senior Notes 5.55 $ 2,366 $ 4,730 4.73 6,004 12,008 5.82 25,368 38,053 8.92 8,023 12,035 5.03 45,683 57,104 5.18 11,643 14,554 Total Opco Senior Notes $ 99,087 $ 138,484 Total debt at face value $ 169,087 $ 438,484 Net unamortized debt issuance costs (806 ) (4,939 ) Total debt, net $ 168,281 $ 433,545 Less: current portion of long-term debt (39,076 ) (39,102 ) Total long-term debt, net $ 129,205 $ 394,443 NRP LP Debt 2025 In 2022, 2025 December 31, 2022, 2025 The 2025 April 29, 2019 ( "2025 June 30, 2025. June 30 December 30. 2025 October 30, 2021, 12 October 30, 2021, 12 October 30, 2022, 2025 2025 may 2025 2025 2025 The 2025 2025 2025 None 2025 December 31, 2021, 2025 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 BRP LLC and NRP Trona LLC. As of December 31, 2022 2021 Opco Credit Facility In August 2022, August 2027. 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%; 3.50%; • a rate equal to SOFR plus an applicable margin ranging from 3.50% to 4.50%. During the year ended December 31, 2022 December 31, 2022. December 31, 2022 December 31, 2021, not $100.0 December 31, 2021. may 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 3.0x; • an interest coverage ratio of consolidated EBITDDA to consolidated interest expense and consolidated lease expense (in each case as defined in the Opco Credit Facility) of not 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 The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values o f $326.4 million December 31, 2022 2021 1 2 3 4 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, 2022 2021 million December 31, 2022, 2021 2020 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 1.0 four • not • 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 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 two 3.75 1.00. not 1.00 December 31, 2022 In September 2016, The mandatory prepayment offers described above will be made pro-rata across each series of outstanding Opco Senior Notes and will not not Consolidated Principal Payments The consolidated principal payments due are set forth below: NRP LP Opco (In thousands) Senior Notes Senior Notes Credit Facility Total 2023 $ — $ 39,396 $ — $ 39,396 2024 — 31,028 — 31,028 2025 — 14,332 — 14,332 2026 — 14,331 — 14,331 2027 — — 70,000 70,000 Thereafter — — — — $ — $ 99,087 $ 70,000 $ 169,087 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. 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, 2022 2021 Carrying Estimated Carrying Estimated (In thousands) Fair Value Hierarchy Level Value Fair Value Value Fair Value Debt: NRP 2025 Senior Notes 1 $ — $ — $ 296,236 $ 300,000 Opco Senior Notes (1) (2) 3 98,281 96,060 137,309 138,484 Opco Credit Facility (3) 3 70,000 70,000 — — Assets: Contract receivable, net (current and long-term) (4) 3 $ 31,371 $ 24,833 $ 33,612 $ 26,010 ( 1 The fair value of the Opco Senior Notes at December 31, 2022 December 31, 2022. ( 2 The fair value of the Opco Senior Notes at December 31, 2021 2025 ( 3 The fair value of the Opco Credit Facility approximates the outstanding borrowing amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay this debt at any time without penalty. ( 4 The fair value of the Partnership's contract receivable was 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, 2022 2021 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 zero December 31, 2022 2021 Fair Value of Non-Financial Assets The Partnership discloses or recognizes its non-financial assets, such as impairments of coal and aggregates properties at fair value on a nonrecurring basis. Refer to Note 9. |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Related Party Transactions Affiliates of our General Partner The Partnership’s general partner does not Direct general and administrative expenses charged to the Partnership by QMC, WPPLP and QID are included on the Partnership's Consolidated Statement of Comprehensive Income (Loss) as follows: For the Year Ended December 31, (In thousands) 2022 2021 2020 Operating and maintenance expenses $ 6,694 $ 6,543 $ 6,559 General and administrative expenses 4,864 4,611 4,611 The Partnership had accounts payable to QMC of $0.4 December 31, 2022 2021 December 31, 2022 2021 During the years ended December 31, 2022, 2021 2020 Corbin J. Robertson, Jr. owns 85% of the general partner of Great Northern Properties Limited Partnership ("GNP"), a privately held company primarily engaged in owning and managing mineral properties and surface leases. As of December 31, 2022 2021 |
Note 14 - Major Customers
Note 14 - Major Customers | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 14. Major Customers Revenues from customers that exceeded 10 For the Year Ended December 31, 2022 2021 2020 (In thousands) Revenues Percent Revenues Percent Revenues Percent Alpha Metallurgical Resources, Inc. (1) $ 102,352 26 % $ 49,440 23 % $ 33,227 24 % Foresight (1) (2) 65,597 17 % 37,366 17 % 35,704 26 % ( 1 Revenues from Alpha Metallurgical Resources, Inc. and Foresight are included within the Partnership's Mineral Rights segment. ( 2 Revenues from Foresight in 2020 2021 2022 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. 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 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. 2. may not December 31, 2022 not may not not As a former owner of the working interests in oil and natural gas operations, the Partnership is responsible for its proportionate share of any losses and liabilities, including environmental liabilities, arising from uninsured and underinsured events during the period it was an owner. |
Note 16 - Unit-Based Compensati
Note 16 - Unit-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 16. Unit-Based Compensation 2017 In December 2017, 2017 “2017 January 2018. 2017 March 2022, 2017 2017 2017 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 2017 2017 Unit-Based Awards Unit-based awards under the 2017 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 The Partnership's unit-based awards granted in 2022 2021 2020 December 31, 2022, 2021 2020 December 31, 2022, 2021 2020 December 31, 2022 December 31, 2021 A summary of the unit activity in the outstanding grants during 2022 (In thousands) Common Units Weighted Average Grant Date Fair value per Common Unit Outstanding grants at January 1, 2022 411 $ 23.00 Granted 208 $ 38.29 Fully vested and issued (233 ) $ 26.74 Outstanding at December 31, 2022 386 $ 28.96 |
Note 17 - Financing Transaction
Note 17 - Financing Transaction | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 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 $5.0 2020 2021 second 2020 Note 14. 2032, |
Note 18 - Credit Losses
Note 18 - Credit Losses | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Credit Loss, Financial Instrument [Text Block] | 18. 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 not As of December 31, 2022 2021 December 31, 2022 2021 (In thousands) Gross CECL Allowance Net Gross CECL Allowance Net Receivables $ 47,237 $ (4,461 ) $ 42,776 $ 28,869 $ (3,312 ) $ 25,557 Long-term contract receivable 29,984 (1,038 ) 28,946 32,497 (1,126 ) 31,371 Total $ 77,221 $ (5,499 ) $ 71,722 $ 61,366 $ (4,438 ) $ 56,928 NRP recorded $1.1 million, $0.5 million and $0.0 million in operating and maintenance expenses on its Consolidated Statements of Comprehensive Income (Loss) related to the change in the CECL allowance during the year ended December 31, 2022, 2021 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 |
Note 19 - Leases
Note 19 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 19. Leases As of December 31, 2022 one January 1, 2019, five five five December 31, 2022 2021 December 31, 2022 2021 December 31, 2022, 2021 2020 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, 2022 2023 $ 483 2024 483 2025 483 2026 483 2027 483 After 2027 10,147 Total lease payments (1) $ 12,562 Less: present value adjustment (2) (9,092 ) Total operating lease liability $ 3,470 ( 1 The remaining lease term of the Partnership's operating lease is 26 ( 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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 Sisecam Wyoming through which it is able to exercise significant influence over but does not not no |
Use of Estimates, Policy [Policy Text Block] | 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 mineral rights 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 of Financial Instruments, Policy [Policy Text Block] | 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. There are three may • Level 1—Quoted • Level 2—Observable 1 not • Level 3—Unobservable no 3 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Partnership considers all highly liquid short-term investments with an original maturity of three |
Receivable [Policy Text Block] | 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. 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 Note 18. million a December 31, 2022 2021 onsolidated Balance Sheets was million and $0.1 million at December 31, 2022 2021 , 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 million December 31, 2022 2021 million, $ December 31, 2022, 2021 2020 |
Land Coal and Mineral Rights Policy [Policy Text Block] | 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 economic tonnage therein. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | 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 economic tonnage expected to be mined or transported during the above-market contract term. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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 not 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 1 3 3 |
Accrued Liabilities [Policy Text Block] | Accrued Liabilities Included in accrued liabilities on the Partnership's Consolidated Balance Sheets at December 31, 2022 million of million December 31, 2021 December 31, 2022 2021 |
Revenue [Policy Text Block] | Revenue Recognition Mineral Rights Segment Revenues Royalty-based leases. two 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 • Minimum Leases 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 certain coal and aggregates mineral rights. Revenue from these interests is recognized over time based on when the coal is sold. Carbon neutral initiatives. Wheelage revenues. Other revenues. Transportation and processing services revenues. third Contract Modifications Contract modifications that impact goods or services or the transaction price are evaluated in accordance with ASC 606. not 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 twelve twelve |
Equity Method Investments [Policy Text Block] | Equity in Earnings of Sisecam 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 |
Property Taxes Policy [Policy Text Block] | 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 royalty and other mineral rights revenues, respectively, on the Consolidated Statements of Comprehensive Income (Loss). |
Share-Based Payment Arrangement [Policy Text Block] | 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. |
Deferred Charges, Policy [Policy Text Block] | 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 Tax, Policy [Policy Text Block] | Income Taxes The Partnership is not may |
Note 3 - Revenues from Contra_2
Note 3 - Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Year Ended December 31, (In thousands) 2022 2021 2020 Coal royalty revenues $ 226,956 $ 104,089 $ 51,868 Production lease minimum revenues 5,854 14,269 21,749 Minimum lease straight-line revenues 18,792 20,564 16,796 Carbon neutral initiative revenues 8,600 13,790 — Property tax revenues 5,878 6,028 5,786 Wheelage revenues 13,961 10,065 7,025 Coal overriding royalty revenues 3,434 4,367 4,977 Lease amendment revenues 3,201 4,696 3,450 Aggregates royalty revenues 3,299 1,889 1,717 Oil and gas royalty revenues 16,161 4,506 5,816 Other revenues 877 933 982 Royalty and other mineral rights revenues $ 307,013 $ 185,196 $ 120,166 Transportation and processing services revenues (1) 21,072 9,052 8,845 Total Mineral Rights segment revenues $ 328,085 $ 194,248 $ 129,011 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, (In thousands) 2022 2021 Receivables Accounts receivable, net $ 39,004 $ 22,277 Other current assets, net (1) — 769 Other long-term assets, net (2) 75 250 Contract liabilities Current portion of deferred revenue $ 6,256 $ 11,817 Deferred revenue 40,181 50,045 For the Year Ended December 31, (In thousands) 2022 2021 2020 Balance at beginning of period (current and non-current) $ 61,862 $ 61,554 $ 51,821 Increase due to minimums and lease amendment fees 19,073 19,842 41,557 Recognition of previously deferred revenue (34,498 ) (19,534 ) (31,824 ) Balance at end of period (current and non-current) $ 46,437 $ 61,862 $ 61,554 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments 0 - 5 years 2.2 $ 21,981 5 - 10 years 3.6 7,517 10+ years 12.7 27,221 Total 7.4 $ 56,719 |
Note 4 - Class A Convertible _2
Note 4 - Class A Convertible Preferred Units and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Preferred Units [Table Text Block] | Units Financial (In thousands, except unit data) Outstanding Position Balance at December 31, 2019 250,000 $ 164,587 Distribution paid-in-kind 3,750 3,750 Balance at December 31, 2020 253,750 $ 168,337 Distribution paid-in-kind 15,571 15,571 Balance at December 31, 2021 269,321 $ 183,908 Redemption of preferred units paid-in-kind (19,321 ) (19,321 ) Balance at December 31, 2022 250,000 $ 164,587 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Financial (In thousands, except warrant data) Outstanding Position Balance at December 31, 2019 and 2020 4,000,000 $ 66,816 Warrant settlement (997,500 ) (18,852 ) Balance at December 31, 2021 and 2022 3,002,500 $ 47,964 |
Note 5 - Common and Preferred_2
Note 5 - Common and Preferred Unit Distributions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Cash Distributions Paid-in-kind Distributions Common Units Preferred Units Total Total Total Distribution Distribution(1) Distribution Distribution Distribution Date Paid Period Covered by Distribution per Unit (In thousands) per Unit (In thousands) (In units) 2022 February 2022 October 1 - December 31, 2021 $ 0.45 $ 5,672 $ 30.00 $ 7,500 — February 2022 (2) July 1 2020 - September 30, 2021 — — 78.31 19,579 — May 2022 January 1 - March 31, 2022 0.75 9,570 30.00 7,500 — August 2022 April 1 - June 30, 2022 0.75 9,571 30.00 7,500 — November 2022 July 1 - September 30, 2022 0.75 9,571 30.00 7,500 — 2021 February 2021 October 1 - December 31, 2020 $ 0.45 $ 5,630 $ 15.00 $ 3,806 3,806 May 2021 January 1 - March 31, 2021 0.45 5,672 15.00 3,864 3,864 August 2021 April 1 - June 30, 2021 0.45 5,671 15.00 3,921 3,921 November 2021 July 1 - September 30, 2021 0.45 5,672 15.00 3,980 3,980 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 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 3,750 |
Note 6 - Net Income (Loss) Pe_2
Note 6 - Net Income (Loss) Per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, (In thousands, except per unit data) 2022 2021 2020 Allocation of net income (loss) Net income (loss) $ 268,492 $ 108,902 $ (84,819 ) Less: income attributable to preferred unitholders (30,000 ) (31,609 ) (30,225 ) Net income (loss) attributable to common unitholders and the general partner $ 238,492 $ 77,293 $ (115,044 ) Add (less): net loss (income) attributable to the general partner (4,770 ) (1,546 ) 2,301 Net income (loss) attributable to common unitholders $ 233,722 $ 75,747 $ (112,743 ) Basic net income (loss) per common unit Weighted average common units—basic 12,484 12,337 12,261 Basic net income (loss) per common unit $ 18.72 $ 6.14 $ (9.20 ) Diluted net income (loss) per common unit Weighted average common units—basic 12,484 12,337 12,261 Plus: dilutive effect of preferred units 6,176 9,604 — Plus: dilutive effect of warrants 783 74 — Plus: dilutive effect of unvested unit-based awards 210 178 — Weighted average common units—diluted 19,653 22,193 12,261 Net income (loss) $ 268,492 $ 108,902 $ (84,819 ) Less: income attributable to preferred unitholders — — (30,225 ) Diluted net income (loss) attributable to common unitholders and the general partner $ 268,492 $ 108,902 $ (115,044 ) Add (less): diluted net loss (income) attributable to the general partner (5,370 ) (2,178 ) 2,301 Diluted net income (loss) attributable to common unitholders $ 263,122 $ 106,724 $ (112,743 ) Diluted net income (loss) per common unit $ 13.39 $ 4.81 $ (9.20 ) |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Operating Segments (In thousands) Mineral Rights Soda Ash Corporate and Financing Total For the Year Ended December 31, 2022 Revenues $ 328,085 $ 59,795 $ — $ 387,880 Gain on asset sales and disposals 1,082 — — 1,082 Operating and maintenance expenses 34,743 160 — 34,903 Depreciation, depletion and amortization 22,519 — — 22,519 General and administrative expenses — — 21,852 21,852 Asset impairments 4,457 — — 4,457 Other expenses, net — — 36,739 36,739 Net income (loss) 267,448 59,635 (58,591 ) 268,492 As of December 31, 2022 Total assets $ 566,615 $ 306,470 $ 4,046 $ 877,131 For the Year Ended December 31, 2021 Revenues $ 194,248 $ 21,871 $ — $ 216,119 Gain on asset sales and disposals 245 — — 245 Operating and maintenance expenses 26,880 169 — 27,049 Depreciation, depletion and amortization 19,075 — — 19,075 General and administrative expenses — — 17,360 17,360 Asset impairments 5,102 — — 5,102 Other expenses, net 24 — 38,852 38,876 Net income (loss) 143,412 21,702 (56,212 ) 108,902 As of December 31, 2021 Total assets $ 675,579 $ 276,004 $ 2,240 $ 953,823 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) (40,180 ) 10,543 (55,182 ) (84,819 ) |
Note 8 - Equity Investment (Tab
Note 8 - Equity Investment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | For the Year Ended December 31, (In thousands) 2022 2021 2020 Balance at beginning of period $ 276,004 $ 262,514 $ 263,080 Income allocation to NRP’s equity interests (1) 64,712 26,979 15,205 Amortization of basis difference (4,917 ) (5,108 ) (4,477 ) Other comprehensive income 15,506 2,889 2,916 Distribution (44,835 ) (11,270 ) (14,210 ) Balance at end of period $ 306,470 $ 276,004 $ 262,514 For the Year Ended December 31, (In thousands) 2022 2021 2020 Net sales $ 720,120 $ 540,139 $ 392,231 Gross profit 162,575 80,550 54,838 Net income 132,065 55,059 31,030 December 31, (In thousands) 2022 2021 Current assets $ 340,437 $ 206,315 Noncurrent assets 292,915 297,210 Current liabilities 111,258 73,181 Noncurrent liabilities 144,290 124,749 |
Note 9 - Mineral Rights, Net (T
Note 9 - Mineral Rights, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Mineral Properties Disclosure [Table Text Block] | December 31, 2022 2021 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 661,812 $ (269,037 ) $ 392,775 $ 670,650 $ (253,503 ) $ 417,147 Aggregates properties 8,655 (3,410 ) 5,245 8,747 (2,975 ) 5,772 Oil and gas royalty properties 12,354 (9,600 ) 2,754 12,354 (9,115 ) 3,239 Other 13,150 (1,612 ) 11,538 13,151 (1,612 ) 11,539 Total mineral rights, net $ 695,971 $ (283,659 ) $ 412,312 $ 704,902 $ (267,205 ) $ 437,697 |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | For the Year Ended December 31, (In thousands) 2022 2021 2020 Coal properties (1) $ 4,365 $ 5,015 $ 114,302 Aggregates properties (2) 92 87 21,583 Total $ 4,457 $ 5,102 $ 135,885 |
Note 10 - Intangible Assets, _2
Note 10 - Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, (In thousands) 2022 2021 Intangible assets at cost $ 51,353 $ 51,353 Less: accumulated amortization (36,640 ) (35,223 ) Total intangible assets, net $ 14,713 $ 16,130 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) Estimated Amortization Expense 2023 $ 990 2024 1,133 2025 1,052 2026 1,052 2027 1,052 |
Note 11 - Debt, Net (Tables)
Note 11 - Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, (In thousands) 2022 2021 NRP LP debt: 9.125 $ — $ 300,000 Opco debt: Revolving credit facility $ 70,000 $ — Senior Notes 5.55 $ 2,366 $ 4,730 4.73 6,004 12,008 5.82 25,368 38,053 8.92 8,023 12,035 5.03 45,683 57,104 5.18 11,643 14,554 Total Opco Senior Notes $ 99,087 $ 138,484 Total debt at face value $ 169,087 $ 438,484 Net unamortized debt issuance costs (806 ) (4,939 ) Total debt, net $ 168,281 $ 433,545 Less: current portion of long-term debt (39,076 ) (39,102 ) Total long-term debt, net $ 129,205 $ 394,443 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | NRP LP Opco (In thousands) Senior Notes Senior Notes Credit Facility Total 2023 $ — $ 39,396 $ — $ 39,396 2024 — 31,028 — 31,028 2025 — 14,332 — 14,332 2026 — 14,331 — 14,331 2027 — — 70,000 70,000 Thereafter — — — — $ — $ 99,087 $ 70,000 $ 169,087 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value Option, Disclosures [Table Text Block] | December 31, 2022 2021 Carrying Estimated Carrying Estimated (In thousands) Fair Value Hierarchy Level Value Fair Value Value Fair Value Debt: NRP 2025 Senior Notes 1 $ — $ — $ 296,236 $ 300,000 Opco Senior Notes (1) (2) 3 98,281 96,060 137,309 138,484 Opco Credit Facility (3) 3 70,000 70,000 — — Assets: Contract receivable, net (current and long-term) (4) 3 $ 31,371 $ 24,833 $ 33,612 $ 26,010 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Year Ended December 31, (In thousands) 2022 2021 2020 Operating and maintenance expenses $ 6,694 $ 6,543 $ 6,559 General and administrative expenses 4,864 4,611 4,611 |
Note 14 - Major Customers (Tabl
Note 14 - Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | For the Year Ended December 31, 2022 2021 2020 (In thousands) Revenues Percent Revenues Percent Revenues Percent Alpha Metallurgical Resources, Inc. (1) $ 102,352 26 % $ 49,440 23 % $ 33,227 24 % Foresight (1) (2) 65,597 17 % 37,366 17 % 35,704 26 % |
Note 16 - Unit-Based Compensa_2
Note 16 - Unit-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | (In thousands) Common Units Weighted Average Grant Date Fair value per Common Unit Outstanding grants at January 1, 2022 411 $ 23.00 Granted 208 $ 38.29 Fully vested and issued (233 ) $ 26.74 Outstanding at December 31, 2022 386 $ 28.96 |
Note 18 - Credit Losses (Tables
Note 18 - Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | December 31, 2022 2021 (In thousands) Gross CECL Allowance Net Gross CECL Allowance Net Receivables $ 47,237 $ (4,461 ) $ 42,776 $ 28,869 $ (3,312 ) $ 25,557 Long-term contract receivable 29,984 (1,038 ) 28,946 32,497 (1,126 ) 31,371 Total $ 77,221 $ (5,499 ) $ 71,722 $ 61,366 $ (4,438 ) $ 56,928 |
Note 19 - Leases (Tables)
Note 19 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Remaining Annual Lease Payments (In thousands) December 31, 2022 2023 $ 483 2024 483 2025 483 2026 483 2027 483 After 2027 10,147 Total lease payments (1) $ 12,562 Less: present value adjustment (2) (9,092 ) Total operating lease liability $ 3,470 |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Operations (Details Textual) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Number of Operating Segments | 2 |
Number of Wholly Owned Operating Companies | 1 |
Sisecam Wyoming [Member] | |
Equity Method Investment, Ownership Percentage | 49% |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 4,461 | $ 3,312 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,000 | 1,100 | |
Accounts Receivable, Credit Loss Expense (Reversal) | 1,062 | 2,572 | $ 4,001 |
Other Employee-related Liabilities, Current | 9,500 | 7,700 | |
Other Accrued Liabilities, Current | $ 2,400 | 2,600 | |
Sisecam Wyoming LLC [Member] | |||
Equity Method Investment, Ownership Percentage | 49% | ||
Minimum [Member] | |||
Lessor, Operating Lease, Term of Contract (Year) | 5 years | ||
Operating Lease Late Payment Recovery Period (Year) | 3 years | ||
Maximum [Member] | |||
Lessor, Operating Lease, Term of Contract (Year) | 40 years | ||
Operating Lease Late Payment Recovery Period (Year) | 5 years | ||
Operating and Maintenance Expenses [Member] | |||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 1,100 | 2,600 | $ 4,000 |
Accounts Receivable [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 4,500 | 3,200 | |
Other Current Assets [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | $ 100 |
Note 3 - Revenues from Contra_3
Note 3 - Revenues from Contracts with Customers (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 307,013 | $ 185,196 | $ 120,166 |
Mineral Rights Segment [Member] | Transportation and Processing Services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,900 | 5,400 | 5,000 |
Sales-type Lease, Revenue | $ 3,200 | $ 3,600 | $ 3,800 |
Note 3 - Revenues from Contra_4
Note 3 - Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenue from contract with customers | $ 307,013 | $ 185,196 | $ 120,166 | |
Mineral Rights Segment [Member] | Operating Segments [Member] | ||||
Revenues | 328,085 | 194,248 | 129,011 | |
Coal Royalty Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 226,956 | 104,089 | 51,868 | |
Production Lease Minimum Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 5,854 | 14,269 | 21,749 | |
Minimum Lease Straight-line Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 18,792 | 20,564 | 16,796 | |
Carbon Neutral Initiatives [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 8,600 | 13,790 | 0 | |
Property Tax Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 5,878 | 6,028 | 5,786 | |
Wheelage Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 13,961 | 10,065 | 7,025 | |
Coal Overriding Royalty Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 3,434 | 4,367 | 4,977 | |
Lease Amendment Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 3,201 | 4,696 | 3,450 | |
Aggregates Royalty Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 3,299 | 1,889 | 1,717 | |
Oil and Gas Royalty Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 16,161 | 4,506 | 5,816 | |
Other Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 877 | 933 | 982 | |
Transportation and Processing Services [Member] | Mineral Rights Segment [Member] | ||||
Revenues | [1] | $ 21,072 | $ 9,052 | $ 8,845 |
[1]Transportation and processing services revenues from contracts with customers as defined under ASC 606 was $4.9 million and $1.2 million for the three months ended September 30, 2022 and 2021, respectively, and $12.9 million and $3.7 million for the nine months ended September 30, 2022 and 2021, respectively. The remaining transportation and processing services revenues of $1.1 million and $0.9 million for the three months ended September 30, 2022 and 2021, respectively, and $2.5 million and $2.8 million for the nine months ended September 30, 2022 and 2021, respectively, related to other NRP-owned infrastructure leased to and operated by third-party operators accounted for under other guidance. See Note 14. Financing Transaction for more information. |
Note 3 - Revenue from Contracts
Note 3 - Revenue from Contracts with Customers - Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Current portion of deferred revenue | $ 6,256 | $ 11,817 | ||
Deferred revenue | 40,181 | 50,045 | ||
Beginning Balance | 61,862 | 61,554 | $ 51,821 | |
Increase due to minimums and lease amendment fees | 19,073 | 19,842 | 41,557 | |
Recognition of previously deferred revenue | (34,498) | (19,534) | (31,824) | |
Ending Balance | 46,437 | 61,862 | $ 61,554 | |
Coal Royalty Revenues [Member] | ||||
Current portion of deferred revenue | 6,256 | 11,817 | ||
Deferred revenue | 40,181 | 50,045 | ||
Coal Royalty Revenues [Member] | Accounts Receivable [Member] | ||||
Contract with customer, current | 39,004 | 22,277 | ||
Coal Royalty Revenues [Member] | Other Current Assets [Member] | ||||
Contract with customer, current | [1] | 0 | 769 | |
Coal Royalty Revenues [Member] | Other Noncurrent Assets [Member] | ||||
Contract with customer, noncurrent | [2] | $ 75 | $ 250 | |
[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. |
Note 3 - Revenue from Contrac_2
Note 3 - Revenue from Contracts with Customers - Operating Lease Payments Receivable (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | [1] | |
Weighted average remaining years (Year) | 7 years 4 months 24 days | |
Annual minimum payments | $ 56,719 | |
Lease Term, 0 to 5 Years [Member] | ||
Weighted average remaining years (Year) | 2 years 2 months 12 days | |
Annual minimum payments | $ 21,981 | |
Lease Term, 5 to 10 Years [Member] | ||
Weighted average remaining years (Year) | 3 years 7 months 6 days | |
Annual minimum payments | $ 7,517 | |
Lease Term, Greater Than 10 Years [Member] | ||
Weighted average remaining years (Year) | 12 years 8 months 12 days | |
Annual minimum payments | $ 27,221 | |
[1]Lease term does not include renewal periods. |
Note 4 - Class A Convertible _3
Note 4 - Class A Convertible Preferred Units and Warrants (Details Textual) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 10, 2021 USD ($) $ / shares shares | Mar. 02, 2017 USD ($) $ / shares shares | Feb. 28, 2023 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2022 $ / shares | |
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ 1,000 | $ 1,000 | |||
Warrants Exercised In Period (in shares) | shares | 997,500 | 997,500 | |||
Payment For Warrant Exercises | $ | $ 9.2 | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 32.02 | ||||
Warrants at 22.81 Strike Price [Member] | |||||
Class of Warrant or Right Warrants, Issued (in shares) | shares | 1,750,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 22.81 | $ 22.81 | |||
Warrants at 34.00 Strike Price [Member] | |||||
Class of Warrant or Right Warrants, Issued (in shares) | shares | 2,250,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 34 | ||||
Class A Convertible Preferred Units [Member] | |||||
Preferred Units, Issued (in shares) | shares | 250,000 | ||||
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ 1,000 | ||||
Preferred Units Origination Fee Percent | 2.50% | ||||
Preferred Stock, Dividend Rate, Percentage | 12% | ||||
Convertible Preferred Units Maximum Redeemed Units Percent | 33% | ||||
Convertible Preferred Units, Redemption Price, Minimum (in dollars per share) | $ 51 | ||||
Debt Instrument Covenants Consolidated Leverage Ratio Minimum | 3.25 | ||||
Debt Instrument Covenants Distributable Cash Flow Ratio Maximum | 1.2 | ||||
Partners' Capital, Distribution Amount Per Share (in dollars per share) | $ 0.45 | ||||
Preferred Units Preferred Purchaser Approval Rights Ownership Threshold | 20% | ||||
Class A Convertible Preferred Units [Member] | Subsequent Event [Member] | |||||
Preferred Units, Number of Redeemed Units (in shares) | shares | 47,499 | ||||
Preferred Units, Value of Redeemed Units | $ | $ 47.5 | ||||
Preferred Units, Outstanding (in shares) | shares | 202,501 | ||||
Preferred Units, Volume Weighted Average Trading Price (in dollars per share) | $ 51.01 | ||||
Class A Convertible Preferred Units [Member] | Debt Instrument, Redemption, Period One [Member] | |||||
Convertible Preferred Units Conversion to Common Units Discount Percentage | 7.50% | ||||
Convertible Preferred Units Purchase Price Multiplier | 1.50 | ||||
Class A Convertible Preferred Units [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||
Convertible Preferred Units Conversion to Common Units Discount Percentage | 10% | ||||
Convertible Preferred Units Purchase Price Multiplier | 1.85 | ||||
Class A Convertible Preferred Units [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||
Convertible Preferred Units Purchase Price Multiplier | 1.70 | ||||
Preferred Stock [Member] | |||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants, Total | $ | $ 250 |
Note 4 - Class A Convertible _4
Note 4 - Class A Convertible Preferred Units and Warrants - Preferred Units Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance, units outstanding (in shares) | 269,321 | ||
Beginning balance, financial position | $ 183,908 | ||
Preferred unit distributions paid-in-kind | $ 0 | $ 15,571 | $ 3,750 |
Ending balance, units outstanding (in shares) | 250,000 | 269,321 | |
Ending balance, financial position | $ 164,587 | $ 183,908 | |
Preferred Partner [Member] | Preferred Stock [Member] | |||
Beginning balance, units outstanding (in shares) | 269,321 | 253,750 | 250,000 |
Beginning balance, financial position | $ 183,908 | $ 168,337 | $ 164,587 |
Distribution paid-in-kind, units outstanding (in shares) | 15,571 | 3,750 | |
Preferred unit distributions paid-in-kind | $ 15,571 | $ 3,750 | |
Redemption of preferred units paid-in-kind, units outstanding (in shares) | (19,321) | ||
Redemption of preferred units paid-in-kind, financial position | $ (19,321) | ||
Ending balance, units outstanding (in shares) | 250,000 | 269,321 | 253,750 |
Ending balance, financial position | $ 164,587 | $ 183,908 | $ 168,337 |
Note 4 - Class A Convertible _5
Note 4 - Class A Convertible Preferred Units and Warrants - Warrants Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 10, 2021 | Dec. 31, 2021 | |
Balance (in shares) | 4,000,000 | |
Balance | $ 66,816 | |
Warrant settlement (in shares) | (997,500) | (997,500) |
Warrant settlement | $ (18,852) | |
Balance (in shares) | 3,002,500 | |
Balance | $ 47,964 |
Note 5 - Common and Preferred_3
Note 5 - Common and Preferred Unit Distributions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest Allocated to Preferred Unit Holders | $ (30,000) | $ (31,609) | $ (30,225) |
Common Unitholders And General Partner [Member] | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest Allocated to Preferred Unit Holders | $ (30,000) | $ (31,600) | $ (30,200) |
Partner, General [Member] | |||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 2% |
Note 5 - Common and Preferred_4
Note 5 - Common and Preferred Unit Distributions - Distributions Made to Partners (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Feb. 28, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | Jun. 30, 2020 | May 31, 2020 | Feb. 29, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Distributions, common units | $ 34,384 | $ 22,645 | $ 16,890 | ||||||||||||||
Preferred Partner [Member] | Preferred Stock [Member] | |||||||||||||||||
Distribution per unit, common units (in dollars per share) | $ 30 | $ 30 | $ 30 | $ 30 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 30 | $ 15.45 | $ 15 | $ 30 | ||||
Distribution, preferred stock | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | $ 3,980 | $ 3,921 | $ 3,864 | $ 3,806 | $ 3,750 | $ 7,500 | $ 3,863 | $ 3,750 | $ 7,500 | ||||
Distributions, paid-in-kind | $ 0 | $ 0 | $ 0 | $ 0 | $ 3,980 | $ 3,921 | $ 3,864 | $ 3,806 | $ 3,750 | $ 0 | $ 0 | $ 3,750 | $ 0 | ||||
Preferred Partner [Member] | Preferred Stock [Member] | Distrubutions covering July 1 2020 - September 30, 2021 [Member] | |||||||||||||||||
Distribution per unit, common units (in dollars per share) | [1] | $ 78.31 | |||||||||||||||
Distribution, preferred stock | [1] | $ 19,579 | |||||||||||||||
Distributions, paid-in-kind | [1] | $ 0 | |||||||||||||||
Common Unitholders, General Partner [Member] | |||||||||||||||||
Distribution per unit, common units (in dollars per share) | $ 0.75 | $ 0.75 | $ 0.75 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0 | $ 0 | $ 0.45 | ||||
Distributions, common units | [2] | $ 9,571 | $ 9,571 | $ 9,570 | $ 5,672 | $ 5,672 | $ 5,671 | $ 5,672 | $ 5,630 | $ 5,630 | $ 5,630 | $ 0 | $ 0 | $ 5,630 | |||
Common Unitholders, General Partner [Member] | Distrubutions covering July 1 2020 - September 30, 2021 [Member] | |||||||||||||||||
Distribution per unit, common units (in dollars per share) | [1] | $ 0 | |||||||||||||||
Distributions, common units | [1],[2] | $ 0 | |||||||||||||||
[1]Redemption of preferred units paid in kind plus accrued interest.[2]Totals include the amount paid to NRP's general partner in accordance with the general partner's 2% general partner interest. |
Note 6 - Net Income (Loss) Pe_3
Note 6 - Net Income (Loss) Per Common Unit (Details Textual) - $ / shares shares in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 10, 2021 | Dec. 31, 2020 | Mar. 02, 2017 |
Warrants at 22.81 Strike Price [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 22.81 | $ 22.81 | |||
Warrants at 34.00 Strike Price [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 34 | ||||
Warrant Holder [Member] | Warrants at 22.81 Strike Price [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 750 | 750 | 1,750 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 22.81 | $ 22.81 | $ 22.81 | ||
Warrant Holder [Member] | Warrants at 34.00 Strike Price [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,250 | 2,250 | 2,250 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 34 | $ 34 | $ 34 |
Note 6 - Net Income (Loss) Pe_4
Note 6 - Net Income (Loss) Per Common Unit - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Net income (loss) | $ 268,492 | [1] | $ 108,902 | [2] | $ (84,819) | [3] |
Less: income attributable to preferred unitholders | (30,000) | (31,609) | (30,225) | |||
Net income (loss) attributable to common unitholders and the general partner | 238,492 | 77,293 | (115,044) | |||
Add (less): net loss (income) attributable to the general partner | (4,770) | (1,546) | 2,301 | |||
Net income (loss) attributable to common unitholders | $ 233,722 | $ 75,747 | $ (112,743) | |||
Weighted average common units—basic (in shares) | 12,484 | 12,337 | 12,261 | |||
Basic net income (loss) per common unit (in dollars per share) | $ 18.72 | $ 6.14 | $ (9.20) | |||
Plus: dilutive effect of preferred units (in shares) | 6,176 | 9,604 | 0 | |||
Plus: dilutive effect of warrants (in shares) | 783 | 74 | 0 | |||
Plus: dilutive effect of unvested unit-based awards (in shares) | 210 | 178 | 0 | |||
Weighted average common units—diluted (in shares) | 19,653 | 22,193 | 12,261 | |||
Less: income attributable to preferred unitholders | $ 0 | $ 0 | $ (30,225) | |||
Diluted net income (loss) attributable to common unitholders and the general partner | 268,492 | 108,902 | (115,044) | |||
Add (less): diluted net loss (income) attributable to the general partner | (5,370) | (2,178) | 2,301 | |||
Diluted net income (loss) attributable to common unitholders | $ 263,122 | $ 106,724 | $ (112,743) | |||
Diluted net income (loss) per common unit (in dollars per share) | $ 13.39 | $ 4.81 | $ (9.20) | |||
[1]Net income 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 income includes $31.6 million of income attributable to preferred unitholders that accumulated during the period, of which $31.0 million is allocated to the common unitholders and $0.6 million is allocated to the general partner.[3]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 $0.6 million is allocated to the general partner. |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Number of Operating Segments | 2 |
Sisecam Wyoming [Member] | |
Equity Method Investment, Ownership Percentage | 49% |
Note 7 - Segment Information -
Note 7 - Segment Information - Information By Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 387,880 | $ 216,119 | $ 139,739 |
Gain on asset sales and disposals | 1,082 | 245 | 581 |
Operating and maintenance expenses | 34,903 | 27,049 | 24,795 |
Depreciation, depletion and amortization | 22,519 | 19,075 | 9,198 |
General and administrative expenses | 21,852 | 17,360 | 14,293 |
Asset impairments | 4,457 | 5,102 | 135,885 |
Other expenses, net | 36,739 | 38,876 | 40,968 |
Net income (loss) | 268,492 | 108,902 | (84,819) |
Total assets | 877,131 | 953,823 | |
Corporate, Non-Segment [Member] | |||
Revenues | 0 | 0 | 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 | 21,852 | 17,360 | 14,293 |
Asset impairments | 0 | 0 | 0 |
Other expenses, net | 36,739 | 38,852 | 40,889 |
Net income (loss) | (58,591) | (56,212) | (55,182) |
Total assets | 4,046 | 2,240 | |
Mineral Rights Segment [Member] | |||
Depreciation, depletion and amortization | 20,900 | 17,600 | 8,800 |
Mineral Rights Segment [Member] | Operating Segments [Member] | |||
Revenues | 328,085 | 194,248 | 129,011 |
Gain on asset sales and disposals | 1,082 | 245 | 581 |
Operating and maintenance expenses | 34,743 | 26,880 | 24,610 |
Depreciation, depletion and amortization | 22,519 | 19,075 | 9,198 |
General and administrative expenses | 0 | 0 | 0 |
Asset impairments | 4,457 | 5,102 | 135,885 |
Other expenses, net | 0 | 24 | 79 |
Net income (loss) | 267,448 | 143,412 | (40,180) |
Total assets | 566,615 | 675,579 | |
Soda Ash Segment [Member] | Operating Segments [Member] | |||
Revenues | 59,795 | 21,871 | 10,728 |
Gain on asset sales and disposals | 0 | 0 | 0 |
Operating and maintenance expenses | 160 | 169 | 185 |
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) | 59,635 | 21,702 | $ 10,543 |
Total assets | $ 306,470 | $ 276,004 |
Note 8 - Equity Investment (Det
Note 8 - Equity Investment (Details Textual) - Sisecam Wyoming [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Method Investment, Ownership Percentage | 49% | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (6,800) | $ 0 | $ 1,700 |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 121,300 | $ 126,300 | |
Weighted Average Useful Life of Equity Method Investment Difference Between Carrying Amount And Underlying Equity (Year) | 27 years |
Note 8 - Equity Investment - In
Note 8 - Equity Investment - Investment Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Balance | $ 276,004 | ||||||
Balance | 306,470 | $ 276,004 | |||||
Net income (loss) | 268,492 | [1] | 108,902 | [2] | $ (84,819) | [3] | |
Current assets | 83,614 | 162,781 | |||||
Current liabilities | 60,229 | 64,385 | |||||
Sisecam Wyoming [Member] | |||||||
Net sales | 720,120 | 540,139 | 392,231 | ||||
Gross profit | 162,575 | 80,550 | 54,838 | ||||
Net income (loss) | 132,065 | 55,059 | 31,030 | ||||
Current assets | 340,437 | 206,315 | |||||
Noncurrent assets | 292,915 | 297,210 | |||||
Current liabilities | 111,258 | 73,181 | |||||
Noncurrent liabilities | 144,290 | 124,749 | |||||
Sisecam Wyoming [Member] | |||||||
Balance | 276,004 | 262,514 | 263,080 | ||||
Income allocation to NRP’s equity interests (1) | [4] | 64,712 | 26,979 | 15,205 | |||
Amortization of basis difference | (4,917) | (5,108) | (4,477) | ||||
Other comprehensive income | 15,506 | 2,889 | 2,916 | ||||
Distribution | (44,835) | (11,270) | (14,210) | ||||
Balance | $ 306,470 | $ 276,004 | $ 262,514 | ||||
[1]Net income 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 income includes $31.6 million of income attributable to preferred unitholders that accumulated during the period, of which $31.0 million is allocated to the common unitholders and $0.6 million is allocated to the general partner.[3]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.[4]Amounts reclassified into income out of accumulated other comprehensive income (loss) were ($6.8 million), $0.0 million and $1.7 million for the year ended December 31, 2022, 2021 and 2020, respectively. |
Note 9 - Mineral Rights, Net (D
Note 9 - Mineral Rights, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Depreciation, Depletion and Amortization, Total | $ 22,519 | $ 19,075 | $ 9,198 | |
Asset Impairment Charges, Total | $ 4,457 | $ 5,102 | 135,885 | |
Discount Rate | 15% | 15% | ||
Coal Mineral Rights [Member] | ||||
Asset Impairment Charges, Total | [1] | $ 4,365 | $ 5,015 | 114,302 |
Coal Mineral Rights [Member] | Other [Member] | ||||
Asset Impairment Charges, Total | 2,600 | |||
Property, Plant and Equipment, Net, Total | 4,300 | |||
Property, Plant, and Equipment, Fair Value Disclosure | 1,700 | |||
Aggregates Properties [Member] | ||||
Asset Impairment Charges, Total | [2] | 92 | 87 | 21,583 |
Mineral Rights Segment [Member] | ||||
Depreciation, Depletion and Amortization, Total | $ 20,900 | $ 17,600 | $ 8,800 | |
[1]The Partnership recorded $4.4 million of impairment expense during the year ended December 31, 2022, primarily related to assets whose undiscounted future net cash flows were less than their net book values. Of this amount, $2.6 million of impairment expense related to an asset with $4.3 million of net book value, resulting in a fair value of $1.7 million at December 31, 2022. The fair value of the impaired asset at December 31, 2022 was calculated using a discount rate of 15%. The Partnership recorded $5.0 million of impairment expense during the year ended December 31, 2021 primarily related to the full impairment of an asset resulting from a lease termination. 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. 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 the level 3 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 $0.1 million of aggregates royalty property impairments during the year ended December 31, 2022. The Partnership recorded $21.6 million of aggregates royalty property impairments during the year ended December 31, 2021 primarily related to decreased oil and gas drilling activity which negatively impacted the outlook for NRP's frac sand properties. The Partnership recorded $0.1 million of aggregates royalty property impairments during the year ended December 31, 2020. NRP compared the net book value of its aggregates and timber properties to estimated undiscounted future net cash flows. If the net book value exceeded the undiscounted cash flows, the Partnership recorded an impairment for the excess of the net book value over fair value. A discounted cash flow model was used to estimate fair value. Significant inputs used to determine fair value include estimates of future cash flows from aggregates sales and minimum payments, discount rate and useful economic life. Estimated cash flows are the product of a process that began with current realized pricing as of the measurement date and included an adjustment for risk related to the future realization of cash flows. |
Note 9 - Mineral Rights, Net -
Note 9 - Mineral Rights, Net - Composition of Mineral Rights (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Mineral Properties, carrying value | $ 695,971 | $ 704,902 |
Mineral Properties, accumulated depletion | (283,659) | (267,205) |
Mineral Properties, net book value | 412,312 | 437,697 |
Coal Properties [Member] | ||
Mineral Properties, carrying value | 661,812 | 670,650 |
Mineral Properties, accumulated depletion | (269,037) | (253,503) |
Mineral Properties, net book value | 392,775 | 417,147 |
Aggregates Properties [Member] | ||
Mineral Properties, carrying value | 8,655 | 8,747 |
Mineral Properties, accumulated depletion | (3,410) | (2,975) |
Mineral Properties, net book value | 5,245 | 5,772 |
Oil and Gas Royalty Properties [Member] | ||
Mineral Properties, carrying value | 12,354 | 12,354 |
Mineral Properties, accumulated depletion | (9,600) | (9,115) |
Mineral Properties, net book value | 2,754 | 3,239 |
Other [Member] | ||
Mineral Properties, carrying value | 13,150 | 13,151 |
Mineral Properties, accumulated depletion | (1,612) | (1,612) |
Mineral Properties, net book value | $ 11,538 | $ 11,539 |
Note 9 - Mineral Rights, Net _2
Note 9 - Mineral Rights, Net - Impairment of Mineral Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Asset Impairment Charges, Total | $ 4,457 | $ 5,102 | $ 135,885 | |
Coal Mineral Rights [Member] | ||||
Asset Impairment Charges, Total | [1] | 4,365 | 5,015 | 114,302 |
Aggregates Properties [Member] | ||||
Asset Impairment Charges, Total | [2] | 92 | 87 | 21,583 |
Mining Properties and Mineral Rights [Member] | ||||
Asset Impairment Charges, Total | $ 4,457 | $ 5,102 | $ 135,885 | |
[1]The Partnership recorded $4.4 million of impairment expense during the year ended December 31, 2022, primarily related to assets whose undiscounted future net cash flows were less than their net book values. Of this amount, $2.6 million of impairment expense related to an asset with $4.3 million of net book value, resulting in a fair value of $1.7 million at December 31, 2022. The fair value of the impaired asset at December 31, 2022 was calculated using a discount rate of 15%. The Partnership recorded $5.0 million of impairment expense during the year ended December 31, 2021 primarily related to the full impairment of an asset resulting from a lease termination. 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. 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 the level 3 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 $0.1 million of aggregates royalty property impairments during the year ended December 31, 2022. The Partnership recorded $21.6 million of aggregates royalty property impairments during the year ended December 31, 2021 primarily related to decreased oil and gas drilling activity which negatively impacted the outlook for NRP's frac sand properties. The Partnership recorded $0.1 million of aggregates royalty property impairments during the year ended December 31, 2020. NRP compared the net book value of its aggregates and timber properties to estimated undiscounted future net cash flows. If the net book value exceeded the undiscounted cash flows, the Partnership recorded an impairment for the excess of the net book value over fair value. A discounted cash flow model was used to estimate fair value. Significant inputs used to determine fair value include estimates of future cash flows from aggregates sales and minimum payments, discount rate and useful economic life. Estimated cash flows are the product of a process that began with current realized pricing as of the measurement date and included an adjustment for risk related to the future realization of cash flows. |
Note 10 - Intangible Assets, _3
Note 10 - Intangible Assets, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of Intangible Assets | $ 1.4 | $ 1.3 | $ 0.2 |
Note 10 - Intangible Asset, Net
Note 10 - Intangible Asset, Net - Schedule of Finite-Lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible assets at cost | $ 51,353 | $ 51,353 |
Less: accumulated amortization | (36,640) | (35,223) |
Total intangible assets, net | $ 14,713 | $ 16,130 |
Note 10 - Intangible Assets, _4
Note 10 - Intangible Assets, Net - Schedule of Finite-Lived Assets Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 990 |
2024 | 1,133 |
2025 | 1,052 |
2026 | 1,052 |
2027 | $ 1,052 |
Note 11 - Debt, Net (Details Te
Note 11 - Debt, Net (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 31, 2022 USD ($) | |
Repayments of Long-Term Debt, Total | $ 339,396 | $ 39,396 | $ 46,176 | |
Long-Term Debt, Gross | $ 169,087 | 438,484 | ||
Ciner Wyoming LLC [Member] | ||||
Equity Method Investment, Ownership Percentage | 49% | |||
Opco [Member] | ||||
Percentage Of Consolidated Net Tangible Assets Debt Of Subsidiaries Not Permitted To Exceed | 10% | |||
Opco [Member] | Minimum [Member] | ||||
Ratio of EBITDA To Consolidated Fixed Charges | 3.5 | |||
Opco [Member] | Maximum [Member] | ||||
Ratio of Indebtedness to Net Capital | 4 | |||
Senior Notes [Member] | Opco [Member] | ||||
Debt Instrument Asset Sales Proceeds Required to Repay Outstanding Debt Percent | 25% | |||
Long-Term Debt, Gross | $ 99,087 | 138,484 | ||
Repayments of Debt | 39,400 | 39,400 | $ 46,200 | |
Senior Notes [Member] | Nine Point One Two Five Percent Senior Notes Due June Two Zero Two Five [Member] | ||||
Repayments of Long-Term Debt, Total | 300,000 | |||
Redemption Premium | 7,200 | |||
Write off of Deferred Debt Issuance Cost | $ 3,100 | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.125% | |||
Debt Instrument, Redemption Price At Change of Control Event As Percentage of Principal Amount | 101% | |||
Senior Notes [Member] | Nine Point One Two Five Percent Senior Notes Due June Two Zero Two Five [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 104.563% | |||
Senior Notes [Member] | Nine Point One Two Five Percent Senior Notes Due June Two Zero Two Five [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 102.281% | |||
Senior Notes [Member] | Nine Point One Two Five Percent Senior Notes Due June Two Zero Two Five [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 100% | |||
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Opco [Member] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 130,000 | |||
Floating Rate Revolving Credit Facility Due April 2023 [Member] | Opco [Member] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 60,000 | |||
Long-Term Line of Credit, Total | $ 70,000 | |||
Long-Term Debt, Weighted Average Interest Rate, over Time | 7.17% | |||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||
Debt Instrument, Covenant, Maximum Leverage Ratio, Quarterly Distribution Above Threshold | 3 | |||
Ratio of EBITDA To Consolidated Fixed Charges | 3.5 | |||
Debt Instrument Asset Sales Proceeds Required to Repay Outstanding Debt Percent | 75% | |||
Long-Term Debt, Gross | $ 70,000 | 0 | ||
Floating Rate Revolving Credit Facility Due April 2023 [Member] | Opco [Member] | Other Noncurrent Assets [Member] | ||||
Debt Instrument, Collateral Amount | $ 326,400 | $ 345,000 | ||
Floating Rate Revolving Credit Facility Due April 2023 [Member] | Opco [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Floating Rate Revolving Credit Facility Due April 2023 [Member] | Opco [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
Floating Rate Revolving Credit Facility Due April 2023 [Member] | Revolving Credit Facility Basis Spread Condition One [Member] | Opco [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Floating Rate Revolving Credit Facility Due April 2023 [Member] | Revolving Credit Facility Basis Spread Condition One [Member] | Opco [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||
Floating Rate Revolving Credit Facility Due April 2023 [Member] | Revolving Credit Facility Basis Spread Condition Two [Member] | Opco [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||
Floating Rate Revolving Credit Facility Due April 2023 [Member] | Revolving Credit Facility Basis Spread Condition Two [Member] | Opco [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||
The Eight Point Nine Two Senior Notes Due March Two Zero Two Four [Member] | Opco [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.92% | |||
Partnership Leverage Ratio, Maximum | 3.75 | |||
Debt Instrument, Additional Variable Interest Rate | 2% |
Note 11 - Debt, Net - Schedule
Note 11 - Debt, Net - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt instrument, carrying value | $ 169,087 | $ 438,484 |
Net unamortized debt issuance costs | (806) | (4,939) |
Total debt, net | 168,281 | 433,545 |
Less: current portion of long-term debt | (39,076) | (39,102) |
Total long-term debt, net | 129,205 | 394,443 |
Senior Notes [Member] | Five Point Five Five Percent Senior Note Due June Two Zero Two Three [Member] | ||
Debt instrument, carrying value | 2,366 | 4,730 |
Senior Notes [Member] | Four Point Seven Three Percent Senior Note Due December Two Zero Two Three [Member] | ||
Debt instrument, carrying value | 6,004 | 12,008 |
Senior Notes [Member] | Five Point Eight Two Percent Senior Note Due March Two Zero Two Four [Member] | ||
Debt instrument, carrying value | 25,368 | 38,053 |
Senior Notes [Member] | Eight Point Nine Two Percent Senior Note Due March Two Zero Two Four [Member] | ||
Debt instrument, carrying value | 8,023 | 12,035 |
Senior Notes [Member] | Five Point Zero Three Percent Senior Note Due December Two Zero Two Six [Member] | ||
Debt instrument, carrying value | 45,683 | 57,104 |
Senior Notes [Member] | Five Point One Eight Percent Senior Note Due December Two Zero Two Six [Member] | ||
Debt instrument, carrying value | 11,643 | 14,554 |
NRP LP [Member] | Nine Point One Two Five Percent Senior Notes Due June Two Zero Two Five [Member] | ||
Debt instrument, carrying value | 0 | 300,000 |
Opco [Member] | Floating Rate Revolving Credit Facility Due April 2023 [Member] | ||
Debt instrument, carrying value | 70,000 | 0 |
Opco [Member] | Senior Notes [Member] | ||
Debt instrument, carrying value | $ 99,087 | $ 138,484 |
Note 11 - Debt, Net - Schedul_2
Note 11 - Debt, Net - Schedule of Long-term Debt (Details) (Parentheticals) | Dec. 31, 2022 | Dec. 31, 2021 |
Senior Notes [Member] | Five Point Five Five Percent Senior Note Due June Two Zero Two Three [Member] | ||
Debt instrument, interest rate | 5.55% | 5.55% |
Senior Notes [Member] | Four Point Seven Three Percent Senior Note Due December Two Zero Two Three [Member] | ||
Debt instrument, interest rate | 4.73% | 4.73% |
Senior Notes [Member] | Five Point Eight Two Percent Senior Note Due March Two Zero Two Four [Member] | ||
Debt instrument, interest rate | 5.82% | 5.82% |
Senior Notes [Member] | Eight Point Nine Two Percent Senior Note Due March Two Zero Two Four [Member] | ||
Debt instrument, interest rate | 8.92% | 8.92% |
Senior Notes [Member] | Five Point Zero Three Percent Senior Note Due December Two Zero Two Six [Member] | ||
Debt instrument, interest rate | 5.03% | 5.03% |
Senior Notes [Member] | Five Point One Eight Percent Senior Note Due December Two Zero Two Six [Member] | ||
Debt instrument, interest rate | 5.18% | 5.18% |
NRP LP [Member] | Nine Point One Two Five Percent Senior Notes Due June Two Zero Two Five [Member] | ||
Debt instrument, interest rate | 9.125% | 9.125% |
Note 11 - Debt, Net - Schedul_3
Note 11 - Debt, Net - Schedule of Principle Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 39,396 |
2024 | 31,028 |
2025 | 14,332 |
2026 | 14,331 |
2027 | 70,000 |
Thereafter | 0 |
Long Term Debt Maturities Repayments Of Principle | 169,087 |
NRP LP [Member] | Nine Point One Two Five Percent Senior Notes Due June Two Zero Two Five [Member] | |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Long Term Debt Maturities Repayments Of Principle | 0 |
Opco [Member] | Senior Notes [Member] | |
2023 | 39,396 |
2024 | 31,028 |
2025 | 14,332 |
2026 | 14,331 |
2027 | 0 |
Thereafter | 0 |
Long Term Debt Maturities Repayments Of Principle | 99,087 |
Opco [Member] | Floating Rate Revolving Credit Facility Due April 2023 [Member] | |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 70,000 |
Thereafter | 0 |
Long Term Debt Maturities Repayments Of Principle | $ 70,000 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Percentage of Par | 100% | |
Discount Rate | 15% | 15% |
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 0 | $ 0 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Contract receivable, net (current and long-term) (4) | [1] | $ 31,371 | $ 33,612 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Contract receivable, net (current and long-term) (4) | [1] | 24,833 | 26,010 |
Nine Point One Two Five Percent Senior Notes Due June Two Zero Two Five [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Long term debt, fair value | 0 | 296,236 | |
Nine Point One Two Five Percent Senior Notes Due June Two Zero Two Five [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Long term debt, fair value | 0 | 300,000 | |
Opco Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Long term debt, fair value | [2],[3] | 98,281 | 137,309 |
Opco Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Long term debt, fair value | [2],[3] | 96,060 | 138,484 |
Floating Rate Revolving Credit Facility Due April 2023 [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Long term debt, fair value | [4] | 70,000 | 0 |
Floating Rate Revolving Credit Facility Due April 2023 [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Long term debt, fair value | [4] | $ 70,000 | $ 0 |
[1]The fair value of the Partnership's contract receivable was 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, 2022 and 2021.[2]The fair value of the Opco Senior Notes at December 31, 2021 was estimated by management using quotations obtained for the NRP 2025 Senior Notes on the closing trading prices near period end, which were at 100% of par value.[3]The fair value of the Opco Senior Notes at December 31, 2022 was estimated by management utilizing the present value replacement method incorporating the interest rate of the Opco Credit Facility at December 31, 2022.[4]The fair value of the Opco Credit Facility approximates the outstanding borrowing amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay this debt at any time without penalty. |
Note 13 - Related Party Trans_3
Note 13 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Corbin J Robertson Jr [Member] | Great Northern Properties Limited Partnership [Member] | |||
Ownership Percentage | 85% | ||
Quintana Minerals Corp [Member] | Affiliated Entity [Member] | |||
Accounts Payable, Related Parties, Current | $ 400 | ||
Western Pocahontas Properties Limited Partnership [Member] | Affiliated Entity [Member] | |||
Accounts Payable, Related Parties, Current | 1,000 | $ 900 | |
Related Party Transaction, Expenses from Transactions with Related Party | 8,500 | 3,300 | $ 400 |
Great Northern Properties Limited Partnership [Member] | Affiliated Entity [Member] | |||
Accounts Receivable, Related Parties, Current | $ 30 | $ 100 |
Note 13 - Related Party Trans_4
Note 13 - Related Party Transactions - General Partner Affiliates (Details) - QMC and WPPLP and QID [Member] - Affiliated Entity [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating and maintenance expenses | $ 6,694 | $ 6,543 | $ 6,559 |
General and administrative expenses | $ 4,864 | $ 4,611 | $ 4,611 |
Note 14 - Major Customers - Con
Note 14 - Major Customers - Concentration Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Alpha Metallurgical Resources [Member] | ||||
Net sales | [1] | $ 102,352 | $ 49,440 | |
Alpha Metallurgical Resources [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Percentage | [1] | 26% | 23% | |
Alpha Metallurgical Resources, Inc [Member] | ||||
Net sales | [1] | $ 33,227 | ||
Alpha Metallurgical Resources, Inc [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Percentage | [1] | 24% | ||
Foresight Energy Resources [Member] | ||||
Net sales | [1],[2] | $ 65,597 | $ 37,366 | $ 35,704 |
Foresight Energy Resources [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Percentage | [1],[2] | 17% | 17% | 26% |
[1]Revenues from Alpha Metallurgical Resources, Inc. and Foresight are included within the Partnership's Mineral Rights segment.[2]Revenues from Foresight in 2020 and 2021 were fixed as a result of the lease amendment the Partnership entered into 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. Revenues from Foresight in 2022 represent traditional royalty and minimum payments. |
Note 16 - Unit-Based Compensa_3
Note 16 - Unit-Based Compensation (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,600,000 | 800,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 800,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 7.9 | $ 3.8 | $ 3.5 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 6.3 | 3.3 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days | ||||
General and Administrative Expenses and Operating and Maintenance Expense [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 5.8 | $ 4 | $ 3.6 | ||
Director [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year |
Note 16 - Unit-Based Compensa_4
Note 16 - Unit-Based Compensation - Share-based Compensation Activity (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Outstanding, beginning (in shares) | shares | 411 |
Outstanding, weighted average grant date fair value, beginning (in dollars per share) | $ / shares | $ 23 |
Granted (in shares) | shares | 208 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 38.29 |
Fully vested and issued (in shares) | shares | (233) |
Fully vested and issued, weighted average grant date fair value (in dollars per share) | $ / shares | $ 26.74 |
Outstanding, ending (in shares) | shares | 386 |
Outstanding, weighted average grant date fair value, ending (in dollars per share) | $ / shares | $ 28.96 |
Note 17 - Financing Transacti_2
Note 17 - Financing Transaction (Details Textual) - Sugar Camp Mine [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2032 | Dec. 31, 2022 | |
Lessor, Operating Lease, Renewal Term (Year) | 80 years | |
Proceeds from Annual Minimum Lease Payments | $ 5,000 | |
Forecast [Member] | ||
Operating Lease, Lease Income, Total | $ 10 |
Note 18 - Credit Losses (Detail
Note 18 - Credit Losses (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Credit Loss, Expense (Reversal) | $ 1,100 | $ 500 | $ 0 |
Note 18 - Credit Losses - Allow
Note 18 - Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Receivables, gross | $ 47,237 | $ 28,869 |
Receivables, allowance | (4,461) | (3,312) |
Receivables, net | 42,776 | 25,557 |
Long-term contract receivable, gross | 29,984 | 32,497 |
Long-term contract receivable, allowance | (1,038) | (1,126) |
Long-term contract receivable, net | 28,946 | 31,371 |
Total, gross | 77,221 | 61,366 |
Total, allowance | (5,499) | (4,438) |
Total, net | $ 71,722 | $ 56,928 |
Note 19 - Leases (Details Textu
Note 19 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Operating Lease, Term of Contract (Year) | 30 years | ||
Lessee Operating Lease The Option to Extend (Year) | 5 years | ||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | ||
Operating Lease, Expense | $ 500 | $ 500 | $ 500 |
Lessee, Operating Lease, Discount Rate | 13.50% | ||
Other Noncurrent Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 3,470 | 3,500 | |
Other Noncurrent Assets [Member] | |||
Operating Lease, Right-of-Use Asset | $ 3,500 | $ 3,500 | |
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 30 years |
Note 19 - Lease - Schedule of L
Note 19 - Lease - Schedule of Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 483 | |
2024 | 483 | |
2025 | 483 | |
2026 | 483 | |
2027 | 483 | |
After 2027 | 10,147 | |
Total lease payments (1) | 12,562 | |
Less: present value adjustment (2) | (9,092) | |
Other Noncurrent Liabilities [Member] | ||
Total operating lease liability | $ 3,470 | $ 3,500 |