PARTNERS' CAPITAL

3 Months Ended

Mar. 31, 2024

PARTNERS' CAPITAL

PARTNERS' CAPITAL

12.PARTNERS' CAPITAL

Distributions

Distributions paid or declared during 2023 and 2024 were as follows:

Payment Date	Per Unit Cash Distribution		Total Cash Distribution
			(in thousands)
February 14, 2023	$	0.7000	$	91,938
May 15, 2023		0.7000		90,930
August 14, 2023		0.7000		90,899
November 14, 2023		0.7000		90,812
Total	$	2.8000	$	364,579
February 14, 2024	$	0.7000	$	91,246
May 15, 2024 (1)		0.7000
Total	$	1.4000	$	91,246

(1) On April 26, 2024, we declared this quarterly distribution payable on May 15, 2024 to all unitholders of record as of May 8, 2024.  

Unit Repurchase Program

In January 2023, the board of directors of MGP authorized a $93.5 million increase to the unit repurchase program  authorizing us to be able to repurchase up to a total of $100.0 million of ARLP common units from that date. No units were repurchased during the three months ended March 31, 2024. During the three months ended March 31, 2023, we repurchased and retired 860,060 units at an average unit price of $21.17 for an aggregate purchase price of $18.2 million.  Since inception of the unit repurchase program, we have repurchased and retired 6,390,446 units at an average unit price of $17.67 for an aggregate purchase price of $112.9 million.

Change in Partners' Capital

The following tables present the quarterly change in Partners' Capital for the three months ended March 31, 2024 and 2023:

						Accumulated
	Number of	Limited		General		Other
	Limited Partner	Partners'		Partner's		Comprehensive		Noncontrolling		Total Partners'
	Units	Capital		Capital		Income (Loss)		Interest		Capital
	(in thousands, except unit data)
Balance at January 1, 2024	127,125,437	$	1,896,027	$	—	$	(61,525)	$	24,095	$	1,858,597
Cumulative-effect adjustment (see Note 2)	—		6,232		—		—		—		6,232
Comprehensive income:
Net income	—		158,057		—		—		1,510		159,567
Actuarially determined long-term liability adjustments	—		—		—		923		—		923
Total comprehensive income	—		—				—		—		160,490
Settlement of deferred compensation plans	936,544		(13,292)		—		—		—		(13,292)
Purchase of units under unit repurchase program	—		—		—		—		—		—
Common unit-based compensation	—		2,604		—		—		—		2,604
Distributions on deferred common unit-based compensation	—		(2,261)		—		—		—		(2,261)
Distributions from consolidated company to noncontrolling interest	—		—		—		—		(1,981)		(1,981)
Distributions to Partners	—		(88,985)		—		—		—		(88,985)
Balance at March 31, 2024	128,061,981	$	1,958,382	$	—	$	(60,602)	$	23,624	$	1,921,404

						Accumulated
	Number of	Limited		General		Other
	Limited Partner	Partners'		Partner's		Comprehensive		Noncontrolling		Total Partners'
	Units	Capital		Capital		Income (Loss)		Interest		Capital
	(in thousands, except unit data)
Balance at January 1, 2023	127,195,219	$	1,656,025	$	66,548	$	(41,054)	$	26,507	$	1,708,026
Comprehensive income:
Net income	—		189,801		1,384		—		1,493		192,678
Actuarially determined long-term liability adjustments	—		—		—		565		—		565
Total comprehensive income											193,243
Settlement of deferred compensation plans	860,060		(9,320)		—		—		—		(9,320)
Purchase of units under unit repurchase program	(860,060)		(18,209)		—		—		—		(18,209)
Common unit-based compensation	—		2,830		—		—		—		2,830
Distributions on deferred common unit-based compensation	—		(2,901)		—		—		—		(2,901)
Distributions from consolidated company to affiliate noncontrolling interest	—		—		—		—		(2,288)		(2,288)
JC Resources acquisition			(7,251)		(64,999)						(72,250)
Cash retained by JC Resources in acquisition	—		—		(2,933)		—		—		(2,933)
Distributions to Partners	—		(89,037)		—		—		—		(89,037)
Balance at March 31, 2023	127,195,219	$	1,721,938	$	—	$	(40,489)	$	25,712	$	1,707,161