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Note 7 - Equity Investment | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7. 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 Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 290,900 |  |  | $ | 280,300 |  |  | $ | 306,470 |  |  | $ | 276,004 |
Income allocation to NRP’s equity interests (1) |  |  | 13,608 |  |  |  | 15,732 |  |  |  | 62,184 |  |  |  | 47,601 |
Amortization of basis difference |  |  | (1,207 | ) |  |  | (1,176 | ) |  |  | (3,551 | ) |  |  | (3,565 | )
Other comprehensive income (loss) |  |  | 2,200 |  |  |  | 289 |  |  |  | (16,472 | ) |  |  | (1,179 | )
Distribution |  |  | (23,010 | ) |  |  | (10,339 | ) |  |  | (66,140 | ) |  |  | (34,055 | )
Balance at end of period |  | $ | 282,491 |  |  | $ | 284,806 |  |  | $ | 282,491 |  |  | $ | 284,806 |
(1) | Amounts reclassified into income out of accumulated other comprehensive loss were $0.9 million and $(1.2) million for the three months ended September 30, 2023 and 2022, respectively, and $(17.4) million and $(5.7) million for the nine months ended September 30, 2023 and 2022, respectively.
The following table represents summarized financial information for Sisecam Wyoming as derived from their respective unaudited financial statements for the three and nine months ended September 30, 2023 and 2022:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net sales |  | $ | 180,232 |  |  | $ | 190,450 |  |  | $ | 588,725 |  |  | $ | 542,955 |
Gross profit |  |  | 34,454 |  |  |  | 39,679 |  |  |  | 148,063 |  |  |  | 119,723 |
Net income |  |  | 27,772 |  |  |  | 32,105 |  |  |  | 126,906 |  |  |  | 97,144 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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