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Note 3 - Revenues From Contracts With Customers
 12 Months Ended
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.