Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments Commitments
Letters of Credit

Under the Revolving Credit Facility, the Company has a total capacity of $225.0 million that may be used for a combination of cash borrowings and letter of credit issuances. At December 31, 2021, the Company had aggregate letters of credit outstanding in the amount of $11.3 million, primarily related to certain insurance policies as described in Note 2 - Significant Accounting Policies.
Purchase Commitments
As of December 31, 2021, the Company had unconditional purchase commitments for diesel fuel in the normal course of business in the aggregate amount of $3.4 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 December 31, 2021, our purchase commitments annually thereafter are as follows (in thousands):
Fiscal Year Amount
Remainder of 2022 $ 1,969 
2023 1,453 
Total $ 3,422 
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 has commitments in the form of minimum royalties as of December 31, 2021 in the amount of $2.3 million, due as follows (in thousands):
Fiscal Year Amount
Remainder of 2022 $ 234 
2023 196 
2024 189 
2025 137 
2026 124 
Thereafter 1,460 
Total $ 2,340 
Royalty expense recorded in cost of revenue during the three months ended December 31, 2021 and 2020 was $0.3 million and $0.2 million, respectively.