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Note 2 - Revenues From Contracts With Customers
 9 Months Ended
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.