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Note 6 - Segment Information
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

6.    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—consists of mineral interests and other subsurface rights across the United States. NRP's ownership provides critical inputs for the manufacturing of steel, electricity and basic building materials, as well as opportunities for carbon sequestration and renewable energy. The Partnership is working to strategically redefine its business as a key player in the transitional energy economy in the years to come.

 

Soda Ash—consists of the Partnership's 49% non-controlling equity interest in Sisecam Wyoming, a trona ore mining operation and soda ash refinery in the Green River Basin of Wyoming. Sisecam Wyoming mines trona and processes it into soda ash that is sold both domestically and internationally to the glass and chemicals industries.

 

Direct segment costs and certain other costs incurred at the corporate level that are identifiable and that benefit the Partnership's segments are allocated to the operating segments accordingly. These allocated costs generally include salaries and benefits, insurance, property taxes, legal, royalty, information technology and shared facilities services and are included in operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income.

 

Corporate and Financing includes functional corporate departments that do not earn revenues. Costs incurred by these departments include interest and financing, corporate headquarters and overhead, centralized treasury, legal and accounting and other corporate-level activity not specifically allocated to a segment and are included in general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income.

 

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 Three Months Ended September 30, 2023

                

Revenues

 $73,112  $12,401  $—  $85,513 

Gain on asset sales and disposals

  854   —   —   854 

Operating and maintenance expenses

  8,305   53   —   8,358 

Depreciation, depletion and amortization

  4,589   —   5   4,594 

General and administrative expenses

  —   —   5,669   5,669 

Asset impairments

  63   —   —   63 

Other expenses, net

  —   —   3,837   3,837 

Net income (loss)

  61,009   12,348   (9,511)  63,846 
                 

For the Three Months Ended September 30, 2022

                

Revenues

 $87,348  $14,556  $—  $101,904 

Gain on asset sales and disposals

  354   —   —   354 

Operating and maintenance expenses

  7,867   31   —   7,898 

Depreciation, depletion and amortization

  6,850   —   —   6,850 

General and administrative expenses

  —   —   4,518   4,518 

Asset impairments

  812   —   —   812 

Other expenses, net

  —   —   7,625   7,625 

Net income (loss)

  72,173   14,525   (12,143)  74,555 
                 

For the Nine Months Ended September 30, 2023

                

Revenues

 $217,258  $58,633  $—  $275,891 

Gain on asset sales and disposals

  955   —   —   955 

Operating and maintenance expenses

  23,226   225   —   23,451 

Depreciation, depletion and amortization

  12,455   —   14   12,469 

General and administrative expenses

  —   —   17,157   17,157 

Asset impairments

  132   —   —   132 

Other expenses, net

  —   —   10,182   10,182 

Net income (loss)

  182,400   58,408   (27,353)  213,455 
                 

For the Nine Months Ended September 30, 2022

                

Revenues

 $247,172  $44,036  $—  $291,208 

Gain on asset sales and disposals

  699   —   —   699 

Operating and maintenance expenses

  25,884   105   —   25,989 

Depreciation, depletion and amortization

  16,565   —   —   16,565 

General and administrative expenses

  —   —   14,037   14,037 

Asset impairments

  874   —   —   874 

Other expenses, net

  —   —   29,168   29,168 

Net income (loss)

  204,548   43,931   (43,205)  205,274