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Note 2 - Revenues From Contracts With Customers | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | 2. Revenues from Contracts with Customers The following table presents the Partnership's Mineral Rights segment revenues by major source:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Coal royalty revenues |  | $ | 55,544 |  |  | $ | 52,381 |  |  | $ | 161,527 |  |  | $ | 170,775 |
Production lease minimum revenues |  |  | 850 |  |  |  | 1,885 |  |  |  | 2,025 |  |  |  | 3,542 |
Minimum lease straight-line revenues |  |  | 4,464 |  |  |  | 4,778 |  |  |  | 13,414 |  |  |  | 14,235 |
Carbon neutral initiative revenues |  |  | 681 |  |  |  | 8,600 |  |  |  | 2,914 |  |  |  | 8,600 |
Property tax revenues |  |  | 1,770 |  |  |  | 1,360 |  |  |  | 4,710 |  |  |  | 4,527 |
Wheelage revenues |  |  | 2,385 |  |  |  | 2,977 |  |  |  | 9,538 |  |  |  | 11,073 |
Coal overriding royalty revenues |  |  | 827 |  |  |  | 1,367 |  |  |  | 1,165 |  |  |  | 2,307 |
Lease amendment revenues |  |  | 623 |  |  |  | 759 |  |  |  | 2,322 |  |  |  | 2,450 |
Aggregates royalty revenues |  |  | 736 |  |  |  | 884 |  |  |  | 2,175 |  |  |  | 2,691 |
Oil and gas royalty revenues |  |  | 324 |  |  |  | 6,170 |  |  |  | 5,126 |  |  |  | 10,890 |
Other revenues |  |  | 329 |  |  |  | 218 |  |  |  | 895 |  |  |  | 705 |
Royalty and other mineral rights revenues |  | $ | 68,533 |  |  | $ | 81,379 |  |  | $ | 205,811 |  |  | $ | 231,795 |
Transportation and processing services revenues (1) |  |  | 4,579 |  |  |  | 5,969 |  |  |  | 11,447 |  |  |  | 15,377 |
Total Mineral Rights segment revenues |  | $ | 73,112 |  |  | $ | 87,348 |  |  | $ | 217,258 |  |  | $ | 247,172 |
(1) | Transportation and processing services revenues from contracts with customers as defined under ASC 606 was $3.9 million and $4.9 million for the three months ended September 30, 2023 and 2022, respectively and $9.5 million and $12.9 million for the nine months ended September 30, 2023 and 2022, respectively. The remaining transportation and processing services revenues of $0.6 million and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, and $1.9 million and $2.5 million for the nine months ended September 30, 2023 and 2022, respectively, related to other NRP-owned infrastructure leased to and operated by third-party operators accounted for under other guidance. See Note 15. Financing Transaction for more information.
The following table details the Partnership's Mineral Rights segment receivables and liabilities resulting from contracts with customers:
|  | September 30, |  |  | December 31, |
(In thousands) |  | 2023 |  |  | 2022 |
Receivables |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 34,775 |  |  | $ | 39,004 |
Other current assets, net (1) |  |  | 2,382 |  |  |  | — |
Other long-term assets, net (2) |  |  | — |  |  |  | 75 |
Contract liabilities |  |  |  |  |  |  |  |
Current portion of deferred revenue |  | $ | 6,399 |  |  | $ | 6,256 |
Deferred revenue |  |  | 35,076 |  |  |  | 40,181 |
(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 Nine Months Ended September 30, |
(In thousands) |  | 2023 |  |  | 2022 |
Balance at beginning of period (current and non-current) |  | $ | 46,437 |  |  | $ | 61,862 |
Increase due to minimums and lease amendment fees |  |  | 11,525 |  |  |  | 11,309 |
Recognition of previously deferred revenue |  |  | (16,487 | ) |  |  | (28,403 | )
Balance at end of period (current and non-current) |  | $ | 41,475 |  |  | $ | 44,768 |
The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty leases are as follows as of September 30, 2023 (in thousands):
Lease Term (1) |  | Weighted Average Remaining Years |  |  | Annual Minimum Payments |
0 - 5 years |  |  | 1.7 |  |  | $ | 19,867 |
5 - 10 years |  |  | 4.8 |  |  |  | 10,417 |
10+ years |  |  | 12.0 |  |  |  | 27,129 |
Total |  |  | 7.2 |  |  | $ | 57,413 |
(1) | Lease term does not include renewal periods.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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