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Note 7 - Segment Information | 12 Months Ended
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Dec. 31, 2024
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—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 into 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. NRP’s Chief Operating Decision Makers (“CODM”) are its Chief Executive Officer and President and Chief Operating Officer. Together, they evaluate the Partnership’s performance monthly through a review of the segments’ net income and free cash flow as compared to budget and utilize this information to assess the segments’ performance and allocate resources. NRP does not conduct operations on any of its assets or directly engage in any type of industrial activity. Instead, it leases its mineral and other rights to companies that conduct operations on its properties in exchange for paying royalties and other fees to the Partnership. Operating expenses, capital costs and other liabilities arising out of production activities are borne entirely by NRP's lessees. In the case of its soda ash investment, operations are managed by NRP's partner, Sisecam Chemicals Wyoming LLC. As such, none of the Partnership's expenses are considered to affect the trends reflected in the segments or consolidated information nor are they considered important to NRP’s future profitability. Accordingly, NRP has determined its significant segment expenses to be its employee related expenses, including compensation (salaries, benefits and bonus) and long-term incentive compensation as well as interest expense and property tax expense. The Partnership is responsible for paying property taxes on the properties it owns. Typically, NRP's lessees are contractually responsible for reimbursing the Partnership for property taxes on the leased properties and this reimbursement amount is included within the Mineral Rights segment revenues. Reclassifications have been made to prior year amounts to conform with current year presentation. 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, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 245,027 |  |  | $ | — |  |  | $ | — |  |  | $ | 245,027 |
Equity in earnings of Sisecam Wyoming |  |  | — |  |  |  | 18,135 |  |  |  | — |  |  |  | 18,135 |
Gain on asset sales and disposals |  |  | 4,845 |  |  |  | — |  |  |  | — |  |  |  | 4,845 |
Total revenues and other income |  | $ | 249,872 |  |  | $ | 18,135 |  |  | $ | — |  |  | $ | 268,007 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Compensation (salaries, benefits and bonus) |  | $ | 7,948 |  |  | $ | — |  |  | $ | 8,570 |  |  | $ | 16,518 |
Long-term incentive compensation (1) |  |  | 1,785 |  |  |  | — |  |  |  | 9,466 |  |  |  | 11,251 |
Property taxes |  |  | 7,704 |  |  |  | — |  |  |  | — |  |  |  | 7,704 |
Depreciation, depletion and amortization |  |  | 15,517 |  |  |  | — |  |  |  | 18 |  |  |  | 15,535 |
Asset impairments |  |  | 87 |  |  |  | — |  |  |  | — |  |  |  | 87 |
Interest expense, net (2) |  |  | — |  |  |  | — |  |  |  | 15,554 |  |  |  | 15,554 |
Other segment items (3) |  |  | 10,428 |  |  |  | 171 |  |  |  | 7,115 |  |  |  | 17,714 |
Net income (loss) |  | $ | 206,403 |  |  | $ | 17,964 |  |  | $ | (40,723 | ) |  | $ | 183,644 |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 509,127 |  |  | $ | 257,355 |  |  | $ | 6,425 |  |  | $ | 772,907 |
For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 293,656 |  |  | $ | — |  |  | $ | — |  |  | $ | 293,656 |
Equity in earnings of Sisecam Wyoming |  |  | — |  |  |  | 73,397 |  |  |  | — |  |  |  | 73,397 |
Gain on asset sales and disposals |  |  | 2,956 |  |  |  | — |  |  |  | — |  |  |  | 2,956 |
Total revenues and other income |  | $ | 296,612 |  |  | $ | 73,397 |  |  | $ | — |  |  | $ | 370,009 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation (salaries, benefits and bonus) |  | $ | 8,382 |  |  | $ | — |  |  | $ | 10,204 |  |  | $ | 18,586 |
Long-term incentive compensation (4) |  |  | 2,022 |  |  |  | — |  |  |  | 8,711 |  |  |  | 10,733 |
Property taxes |  |  | 6,758 |  |  |  | — |  |  |  | — |  |  |  | 6,758 |
Depreciation, depletion and amortization |  |  | 18,471 |  |  |  | — |  |  |  | 18 |  |  |  | 18,489 |
Asset impairments |  |  | 556 |  |  |  | — |  |  |  | — |  |  |  | 556 |
Interest expense, net (2) |  |  | — |  |  |  | — |  |  |  | 14,103 |  |  |  | 14,103 |
Other segment items (3) |  |  | 14,896 |  |  |  | 257 |  |  |  | 7,196 |  |  |  | 22,349 |
Net income (loss) |  | $ | 245,527 |  |  | $ | 73,140 |  |  | $ | (40,232 | ) |  | $ | 278,435 |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 516,844 |  |  | $ | 276,549 |  |  | $ | 4,483 |  |  | $ | 797,876 |
For the Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 328,085 |  |  | $ | — |  |  | $ | — |  |  | $ | 328,085 |
Equity in earnings of Sisecam Wyoming |  |  | — |  |  |  | 59,795 |  |  |  | — |  |  |  | 59,795 |
Gain on asset sales and disposals |  |  | 1,082 |  |  |  | — |  |  |  | — |  |  |  | 1,082 |
Total revenues and other income |  | $ | 329,167 |  |  | $ | 59,795 |  |  | $ | — |  |  | $ | 388,962 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation (salaries, benefits and bonus) |  | $ | 8,206 |  |  | $ | — |  |  | $ | 9,388 |  |  | $ | 17,594 |
Long-term incentive compensation (5) |  |  | 1,259 |  |  |  | — |  |  |  | 4,505 |  |  |  | 5,764 |
Property taxes |  |  | 6,389 |  |  |  | — |  |  |  | — |  |  |  | 6,389 |
Depreciation, depletion and amortization |  |  | 22,519 |  |  |  | — |  |  |  | — |  |  |  | 22,519 |
Asset impairments |  |  | 4,457 |  |  |  | — |  |  |  | — |  |  |  | 4,457 |
Interest expense, net (2) |  |  | — |  |  |  | — |  |  |  | 26,274 |  |  |  | 26,274 |
Loss on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | 10,465 |  |  |  | 10,465 |
Other segment items (3) |  |  | 18,889 |  |  |  | 160 |  |  |  | 7,959 |  |  |  | 27,008 |
Net income (loss) |  | $ | 267,448 |  |  | $ | 59,635 |  |  | $ | (58,591 | ) |  | $ | 268,492 |
(1) | Long-term incentive compensation for the year ended December 31, 2024 includes (1) Mineral Rights segment: $1.4 million of equity compensation and $0.4 million of cash compensation; (2) Corporate & Financing segment: $9.1 million of equity compensation and $0.4 of cash compensation
(2) | Included in interest expense, net was $0.7 million, $0.3 million and $0.3 million of interest income for the years ended December 31, 2024, 2023 and 2022, respectively.
(3) | Other segment items in the Mineral Rights segment primarily include: insurance, legal, overriding royalty expense, processing and transportation expense, information technology, shared facility services, rent and professional fees. Other segment items in the Soda Ash segment primarily include professional fees. Other segment items in the Corporate and Financing segment primarily include: insurance, legal, information technology, shared facility services, rent and professional fees.
(4) | Long-term incentive compensation for the year ended December 31, 2023 includes (1) Mineral Rights segment: $1.4 million of equity compensation and $0.6 million of cash compensation; (2) Corporate & Financing segment: $8.4 million of equity compensation and $0.3 million of cash compensation
(5) | Long-term incentive compensation for the year ended December 31, 2022 includes (1) Mineral Rights segment: $0.8 million of equity compensation and $0.5 million of cash compensation; (2) Corporate & Financing segment: $4.1 million of equity compensation and $0.3 million of cash compensation

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- Definition The entire disclosure for reporting segments including data and tables. 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