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Note 8 - Equity Investment

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

8.    Equity Investment 

The Partnership accounts for its 49% investment in Sisecam Wyoming using the equity method of accounting. Activity related to this investment is as follows:

		For the Year Ended December 31,
(In thousands)		2024				2023				2022
Balance at beginning of period		$	276,549			$	306,470			$	276,004
Income allocation to NRP’s equity interests (1)			22,800				78,179				64,712
Amortization of basis difference			(4,665	)			(4,783	)			(4,917	)
Other comprehensive income (loss)			1,452				(21,839	)			15,506
Distributions			(38,781	)			(81,478	)			(44,835	)
Balance at end of period		$	257,355			$	276,549			$	306,470

⁽¹⁾ Amounts reclassified into income out of accumulated other comprehensive loss was $6.0 million, $(17.9) million and $(6.8) million for the year ended December 31, 2024, 2023 and 2022, respectively.

The difference between the amount at which the investment in Sisecam Wyoming is carried and the amount of underlying equity in Sisecam Wyoming's net assets was $111.9 million and $116.6 million as of December 31, 2024 and 2023, respectively. This excess basis relates to property, plant and equipment and right to mine assets. The excess basis difference that relates to property, plant and equipment is being amortized into income using the straight-line method over 27 years. The excess basis difference that relates to right to mine assets is being amortized into income using the units of production method.

The following table represents summarized financial information for Sisecam Wyoming as derived from their respective financial statements for the years ended December 31, 2024, 2023 and 2022:

		For the Year Ended December 31,
(In thousands)		2024				2023				2022
Net sales		$	578,106			$	773,590			$	720,120
Gross profit			76,820				187,929				162,575
Net income			46,530				159,549				132,065

The financial position of Sisecam Wyoming is summarized as follows:

		December 31,
(In thousands)		2024				2023
Current assets		$	247,937			$	253,754
Noncurrent assets			277,471				284,131
Current liabilities			78,135				91,853
Noncurrent liabilities			150,428				119,533

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- References

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The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478156/740-323-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 323
-Publisher FASB
-URI https://asc.fasb.org/323/tableOfContent

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