Partners' Equity

6 Months Ended

Jun. 25, 2023

Equity [Abstract]

Partners' Equity

Partners' Equity:

On August 3, 2022, we announced that our Board of Directors approved a unit repurchase program authorizing the Partnership to repurchase units for an aggregate amount of not more than $250 million. There were 0.2 million and 1.4 million limited partnership units repurchased under the August 2022 repurchase program during the three and six months ended June 25, 2023, respectively, at an average price of $45.17 and $44.00 per limited partner unit for an aggregate amount of $7.8 million and $62.5 million, respectively. There was no remaining availability under the August 2022 repurchase program following the repurchase of the 0.2 million limited partnership units in April 2023. There were no unit repurchases during the three and six months ended June 26, 2022.

On May 4, 2023, we announced that our Board of Directors authorized the Partnership to repurchase additional units for an aggregate amount of not more than $250 million. No unit repurchases were made under the May 2023 repurchase program during the three months ended June 25, 2023. Therefore, there was $250 million of remaining availability under the May 2023 repurchase program as of June 25, 2023.

Subject to applicable rules and regulations, we can repurchase units from time-to-time in the open market or by negotiated transactions. The amount and timing of repurchases are based on a variety of factors, including liquidity, capital needs of the business, market conditions, regulatory requirements, and other business considerations. No limit was placed on the duration of either repurchase program. The Partnership is not obligated to repurchase any minimum dollar amount or specific number of units, and can modify, suspend, or discontinue the program at any time.