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Distributions of Available Cash | 12 Months Ended
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Sep. 26, 2020
Distributions Made To Members Or Limited Partners [Abstract] |
Distributions of Available Cash |
5. | Distributions of Available Cash
The Partnership makes distributions to its partners no later than 45 days after the end of each fiscal quarter in an aggregate amount equal to its Available Cash for such quarter. Available Cash, as defined in the Partnership Agreement, generally means all cash on hand at the end of the respective fiscal quarter less the amount of cash reserves established by the Board of Supervisors in its reasonable discretion for future cash requirements. These reserves are retained for the proper conduct of the Partnership’s business, the payment of debt principal and interest and for distributions during the next four quarters. The following summarizes the quarterly distributions per Common Unit declared and paid in respect of each of the quarters in the last three fiscal years:
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
|  | 2020 |  |  | 2019 |  |  | 2018 |
First Quarter |  | $ | 0.6000 |  |  | $ | 0.6000 |  |  | $ | 0.6000 |
Second Quarter |  |  | 0.6000 |  |  |  | 0.6000 |  |  |  | 0.6000 |
Third Quarter |  |  | 0.3000 |  |  |  | 0.6000 |  |  |  | 0.6000 |
Fourth Quarter |  |  | 0.3000 |  |  |  | 0.6000 |  |  |  | 0.6000 |
On July 23, 2020, the Partnership announced a reduction in the quarterly distribution effective for the distribution payable in respect of the third quarter of fiscal 2020. This proactive step will reduce the Partnership’s annual cash requirements by approximately $75,000, and contribute to the Partnership’s efforts to accelerate debt reduction, further strengthen the balance sheet and enhance financial flexibility to support the Partnership’s strategic growth initiatives.

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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