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Common Unit Repurchase and Retirement | 6 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Common Unit Repurchase and Retirement | 4) Common Unit Repurchase and Retirement In July 2012, the Board adopted a plan to repurchase certain of the Company’s Common Units (the “Repurchase Plan”). Through May 2023, the Company had repurchased approximately 20.5 million Common Units under the Repurchase Plan. In May 2023, the Board authorized an increase of the number of Common Units that remained available for the Company to repurchase from 1.1 million to a total of 2.6 million, of which, approximately 2.3 million were available for repurchase in open market transactions and approximately 0.3 million were available for repurchase in privately-negotiated transactions. There is no guarantee of the number of units that will be purchased under the Repurchase Plan and the Company may discontinue purchases at any time. The Repurchase Plan does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Company’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the Common Units purchased under the Repurchase Plan will be retired. Under the credit agreement dated September 27, 2024, in order to repurchase Common Units we must maintain Availability (as defined in the credit agreement) of not less than the greater of (i) 15% of the Line Cap (lesser of the aggregate revolving commitment and the borrowing base) and (ii) $40 million on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 measured as of the date of repurchase or distribution. (See Note 11—Long-Term Debt and Bank Facility Borrowings). The following table shows repurchases under the Repurchase Plan:
(in thousands, except per unit amounts) |  |  |  |  |  |  |  |  |  |  |  |  |
Period |  | Total Number of Units Purchased |  |  | Average Price Paid per Unit (a) |  |  | Total Number of Units Purchased as Part of Publicly Announced Plans or Programs |  |  | Maximum Number of Units that May Yet Be Purchased |  |
Fiscal year 2012 to 2024 total |  |  | 26,438 |  |  | $ | 8.90 |  |  |  | 21,550 |  |  |  | 1,552 |  |
First quarter fiscal year 2025 total |  |  | 13 |  |  | $ | 11.20 |  |  |  | 13 |  |  |  | 1,539 |  |
January 2025 |  |  | 6 |  |  | $ | 11.24 |  |  |  | 6 |  |  |  | 1,533 |  |
February 2025 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,533 |  |
March 2025 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,533 |  |
Second quarter fiscal year 2025 total |  |  | 6 |  |  | $ | 11.24 |  |  |  | 6 |  |  |  | 1,533 |  |
April 2025 |  |  | 1 |  |  | $ | 12.03 |  |  |  | 1 |  |  |  | 1,532 |  | (b)
(a) Amount includes repurchase costs. (b) Of the total available for repurchase, approximately 1.2 million units are available for repurchase in open market transactions and approximately 0.3 million units are available for repurchase in privately-negotiated transactions, under the Repurchase Plan.

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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 -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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