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PARTNERS' CAPITAL

12 Months Ended

Dec. 31, 2021

PARTNERS' CAPITAL

PARTNERS' CAPITAL

11.PARTNERS' CAPITAL

Distributions

Our available cash that is not used for unit repurchases may, at the discretion of our general partner, be distributed within 45 days after the end of each quarter to unitholders of record. Available cash is generally defined in the partnership agreement as all cash and cash equivalents on hand at the end of each quarter less reserves established by MGP in its reasonable discretion for future cash requirements. These reserves are retained to provide for the conduct of our business, the payment of debt principal and interest and to provide funds for future distributions. The following table summarizes the quarterly per unit distribution paid during each quarter of 2019 through 2021:


		Year Ended December 31,
		2021			2020			2019
First Quarter		$	—		$	0.400		$	0.530
Second Quarter		$	0.100		$	—		$	0.535
Third Quarter		$	0.100		$	—		$	0.540
Fourth Quarter		$	0.200		$	—		$	0.540

On January 28, 2022, we declared a quarterly distribution of $0.25 per unit, totaling approximately $31.8 million, on all our common units outstanding, which was paid on February 14, 2022, to all unitholders of record on February 7, 2022.

Unit Repurchase Program

In May 2018, the board of directors of our managing general partner ("Board of Directors") approved the establishment of a unit repurchase program authorizing us to repurchase and retire up to $100 million of ARLP common units. The program has no time limit and we may repurchase units from time to time in the open market or in other privately negotiated transactions. The unit repurchase program authorization does not obligate us to repurchase any dollar amount or number of units. No unit repurchases were made during the year ended December 31, 2021. Since inception of the unit repurchase program, we have repurchased and retired 5,460,639 units at an average unit price of $17.12 for an aggregate purchase price of $93.5 million.

Other

The noncontrolling interest in our consolidated balance sheets represents Bluegrass Minerals' ownership interest in Cavalier Minerals. Our accumulated other comprehensive loss consists of unrecognized actuarial gains and losses as well as unrecognized prior service costs related to our pension and pneumoconiosis benefits. See Note 12 – Variable Interest Entities, Note 16 –Employee Benefit Plans and Note 20 – Accrued Workers' Compensation and Pneumoconiosis Benefits for further information.