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Note 2 - Revenues From Contracts With Customers
 3 Months Ended
Mar. 31, 2025
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 from contracts with customers by major source:

 

  

For the Three Months Ended March 31,

 

(In thousands)

 

2025

  

2024

 

Coal royalty revenues

 $35,498  $46,818 

Production lease minimum revenues

  2,725   924 

Minimum lease straight-line revenues

  4,050   4,171 

Oil and gas royalty revenues

  2,444   3,640 

Carbon neutral revenues

  595   2,161 

Property tax revenues

  1,637   1,892 

Wheelage revenues

  1,738   2,672 

Coal overriding royalty revenues

  880   1,169 

Lease amendment revenues

  655   702 

Aggregates royalty revenues

  853   772 

Other revenues

  185   653 

Royalty and other mineral rights revenues

 $51,260  $65,574 

Transportation and processing services revenues

  3,885   2,836 

Total Mineral Rights segment revenues from contracts with customers

 $55,145  $68,410 

 

The following table details the Partnership's Mineral Rights segment contract assets and liabilities resulting from contracts with customers:

 

  

March 31,

  

December 31,

 

(In thousands)

 

2025

  

2024

 

Contract assets

        

Accounts receivable, net

 $27,235  $27,358 

Other current assets, net

  815   — 

Other long-term assets, net

  1,139   2,352 
         

Contract liabilities

        

Accounts payable

 $175  $125 

Current portion of deferred revenue

  4,949   4,341 

Deferred revenue

  51,979   55,814 

 

The following table shows the activity related to the Partnership's Mineral Rights segment deferred revenue resulting from contracts with customers: 

 

  

For the Three Months Ended March 31,

 

(In thousands)

 

2025

  

2024

 

Balance at beginning of period (current and non-current)

 $60,155  $42,955 

Increase due to minimums and lease amendment fees

  5,861   6,979 

Recognition of previously deferred revenue

  (9,088)  (5,951)

Balance at end of period (current and non-current)

 $56,928  $43,983 

 

The Partnership's non-cancellable annual minimum payments due under the lease terms of its coal and aggregates royalty contracts with customers are as follows as of  March 31, 2025 (in thousands): 

 

Lease Term (1)

 

Weighted Average Remaining Years

  

Annual Minimum Payments

 

0 - 5 years

  2.2  $13,244 

5 - 10 years

  5.0   16,900 

10+ years

  11.0   26,309 

Total

  7.1  $56,453 
     
(1)

Lease term does not include renewal periods.