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Commitments | 6 Months Ended
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Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments | Commitments Letters of Credit Under the Revolving Credit Facility, the Company has a total capacity of $325.0 million that may be used for a combination of cash borrowings and letter of credit issuances. At March 31, 2023, the Company had aggregate letters of credit outstanding in the amount of $10.0 million, primarily related to certain insurance policies as described in Note 2 - Significant Accounting Policies. Purchase Commitments As of March 31, 2023, the Company had unconditional purchase commitments for diesel fuel and natural gas in the normal course of business in the aggregate amount of $4.7 million. Management does not expect any significant changes in the market value of these goods during the commitment period that would have a material adverse effect on the financial condition, results of operations and cash flows of the Company. As of March 31, 2023, the Company’s purchase commitments annually thereafter were as follows (unaudited, in thousands):
Fiscal Year |  | Amount
Remainder of 2023 |  | $ | 2,509 |
2024 |  | 1,893 |
2025 |  | 256 |
Total |  | $ | 4,658 |
Minimum Royalties The Company has lease agreements associated with aggregates facilities under which the Company makes royalty payments. These agreements are outside the scope of Topic 842. The payments are generally based on tons sold in a particular period; however, certain agreements have minimum annual payments. The Company had commitments in the form of minimum royalties as of March 31, 2023 in the amount of $2.5 million, due as follows (unaudited, in thousands):
Fiscal Year |  | Amount
Remainder of 2023 |  | $ | 65 |
2024 |  | 246 |
2025 |  | 207 |
2026 |  | 182 |
2027 |  | 170 |
Thereafter |  | 1,615 |
Total |  | $ | 2,485 |
Royalty expense recorded in cost of revenue was $0.4 million and $0.5 million for the three months ended March 31, 2023 and 2022, respectively, and $0.8 million for each of the six months ended March 31, 2023 and 2022.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI https://asc.fasb.org/topic&trid=2144648 + Details
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