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Note 3 - Revenues From Contracts With Customers | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | 3. Revenues from Contracts with Customers The following table represents the Partnership's Mineral Rights segment revenues from contracts with customers by major source:
|  | For the Year Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Coal royalty revenues |  | $ | 159,033 |  |  | $ | 218,011 |  |  | $ | 226,956 |
Production lease minimum revenues |  |  | 4,365 |  |  |  | 3,322 |  |  |  | 5,854 |
Minimum lease straight-line revenues |  |  | 16,530 |  |  |  | 19,389 |  |  |  | 18,792 |
Carbon neutral revenues (1) |  |  | 15,703 |  |  |  | 2,969 |  |  |  | 8,600 |
Property tax revenues |  |  | 7,100 |  |  |  | 6,219 |  |  |  | 5,878 |
Wheelage revenues |  |  | 9,324 |  |  |  | 12,191 |  |  |  | 13,961 |
Coal overriding royalty revenues |  |  | 2,358 |  |  |  | 2,175 |  |  |  | 3,434 |
Lease amendment revenues |  |  | 3,724 |  |  |  | 3,070 |  |  |  | 3,201 |
Aggregates royalty revenues |  |  | 2,904 |  |  |  | 2,876 |  |  |  | 3,299 |
Oil and gas royalty revenues |  |  | 8,566 |  |  |  | 7,387 |  |  |  | 16,161 |
Other revenues |  |  | 2,744 |  |  |  | 1,124 |  |  |  | 877 |
Royalty and other mineral rights revenues |  | $ | 232,351 |  |  | $ | 278,733 |  |  | $ | 307,013 |
Transportation and processing services revenues |  |  | 8,597 |  |  |  | 12,411 |  |  |  | 17,876 |
Total Mineral Rights segment revenues from contracts with customers |  | $ | 240,948 |  |  | $ | 291,144 |  |  | $ | 324,889 |
(1) | During 2024, NRP recorded revenues of approximately $13.4 million from a third party related to its creation of California Air Resources Board carbon offset credits from our properties. $11.3 million of this revenue was recorded in the three months ended December 31, 2024.
The following table details the Partnership's Mineral Rights segment contract assets and liabilities resulting from contracts with customers:
|  | December 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Receivables |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 27,358 |  |  | $ | 37,206 |
Other current assets, net (1) |  |  | — |  |  |  | 429 |
Other long-term assets, net (2) |  |  | 2,352 |  |  |  | — |
Contract liabilities |  |  |  |  |  |  |  |
Accounts payable (3) |  | $ | 125 |  |  | $ | — |
Current portion of deferred revenue |  |  | 4,341 |  |  |  | 4,599 |
Deferred revenue |  |  | 55,814 |  |  |  | 38,356 |
(1) | Other current assets, net includes short-term notes receivables from contracts with customers.
(2) | Other long-term assets, net includes amounts prepaid by NRP related to override agreements from contracts with customers as well as other long-term assets due from contracts with customers.
(3) | Accounts payable includes override payments owed by NRP from contracts with customers.
The following table shows the activity related to the Partnership's Mineral Rights segment deferred revenue resulting from contracts with customers:
|  | For the Year Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at beginning of period (current and non-current) |  | $ | 42,955 |  |  | $ | 46,437 |  |  | $ | 61,862 |
Increase due to minimums and lease amendment fees |  |  | 32,960 |  |  |  | 17,526 |  |  |  | 19,073 |
Recognition of previously deferred revenue |  |  | (15,760 | ) |  |  | (21,008 | ) |  |  | (34,498 | )
Balance at end of period (current and non-current) |  | $ | 60,155 |  |  | $ | 42,955 |  |  | $ | 46,437 |
The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty contracts with customers are as follows as of December 31, 2024 (in thousands):
Lease Term (1) |  | Weighted Average Remaining Years |  |  | Annual Minimum Payments |
0 - 5 years |  |  | 2.3 |  |  | $ | 13,478 |
5 - 10 years |  |  | 5.4 |  |  |  | 17,477 |
10+ years |  |  | 11.2 |  |  |  | 26,309 |
Total |  |  | 7.3 |  |  | $ | 57,264 |
(1) | Lease term does not include renewal periods.

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