Commitments |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments | Commitments Letters of Credit
Under the Revolving Credit Facility, the Company had a total capacity of $325.0 million at March 31, 2024 that may be used for a combination of cash borrowings and letter of credit issuances. At March 31, 2024, the Company had aggregate letters of credit outstanding in the amount of $8.2 million, primarily related to certain insurance policies as described in Note 2 - Significant Accounting Policies.
Purchase Commitments
As of March 31, 2024, the Company had unconditional purchase commitments for diesel fuel and natural gas in the normal course of business in the aggregate amount of $2.4 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, 2024, the Company’s purchase commitments for the remainder of fiscal 2024 and in 2025 were as follows (unaudited, in thousands):
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, 2024 in the amount of $2.5 million, due as follows (unaudited, in thousands):
Royalty expense recorded in cost of revenue was $0.4 million for each of three months ended March 31, 2024 and 2023, and $0.8 million for each of the six months ended March 31, 2024 and 2023.
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