Note 2 - Revenues From Contracts With Customers

3 Months Ended

Mar. 31, 2024

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)	2024		2023
Coal royalty revenues	$	46,818	$	58,023
Production lease minimum revenues		924		613
Minimum lease straight-line revenues		4,171		4,503
Carbon neutral initiative revenues		2,161		2,118
Property tax revenues		1,892		1,470
Wheelage revenues		2,672		3,869
Coal overriding royalty revenues		1,169		188
Lease amendment revenues		702		851
Aggregates royalty revenues		772		753
Oil and gas royalty revenues		3,640		3,588
Other revenues		653		295
Royalty and other mineral rights revenues	$	65,574	$	76,271
Transportation and processing services revenues		2,836		2,933
Total Mineral Rights segment revenues from contracts with customers	$	68,410	$	79,204

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

	March 31,		December 31,
(In thousands)	2024		2023
Receivables
Accounts receivable, net	$	29,978	$	37,206
Other current assets, net (1)		2,221		429
Contract liabilities
Current portion of deferred revenue	$	5,635	$	4,599
Deferred revenue		38,348		38,356

⁽¹⁾ Other current assets, net includes short-term notes receivables from contracts with customers.

The following table shows the activity related to the Partnership's Mineral Rights segment deferred revenue: 

	For the Three Months Ended March 31,
(In thousands)	2024			2023
Balance at beginning of period (current and non-current)	$	42,955		$	46,437
Increase due to minimums and lease amendment fees		6,979			7,770
Recognition of previously deferred revenue		(5,951	)		(7,924	)
Balance at end of period (current and non-current)	$	43,983		$	46,283

The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty leases are as follows as of  March 31, 2024 (in thousands):

Lease Term (1)	Weighted Average Remaining Years		Annual Minimum Payments
0 - 5 years		1.9	$	17,362
5 - 10 years		6.3		17,237
10+ years		11.8		25,779
Total		7.4	$	60,378

⁽¹⁾ Lease term does not include renewal periods.