Document and Entity Information
Document and Entity Information - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Nov. 22, 2022 | Mar. 25, 2022 | |
Cover [Abstract] | |||
Entity Registrant Name | SUBURBAN PROPANE PARTNERS LP | ||
Entity Central Index Key | 0001005210 | ||
Current Fiscal Year End Date | --09-24 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,024,497,000 | ||
Entity Common Stock, Shares Outstanding | 63,485,760 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity File Number | 1-14222 | ||
Document Type | 10-K | ||
Trading Symbol | SPH | ||
Security Exchange Name | NYSE | ||
Title of 12(g) Security | Common Units | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 24, 2022 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 22-3410353 | ||
Entity Address, Address Line One | 240 Route 10 West | ||
Entity Address, City or Town | Whippany | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07981 | ||
City Area Code | 973 | ||
Local Phone Number | 887-5300 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 238 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Florham Park, New Jersey | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 4,100 | $ 5,808 |
Accounts receivable, less allowance for doubtful accounts of $4,822 and $3,332, respectively | 78,529 | 71,372 |
Inventories | 66,921 | 61,802 |
Other current assets | 25,310 | 41,126 |
Total current assets | 174,860 | 180,108 |
Property, plant and equipment, net | 563,784 | 569,130 |
Operating lease right-of-use assets | 136,578 | 129,999 |
Goodwill | 1,113,423 | 1,107,026 |
Other intangible assets, net | 40,002 | 39,263 |
Other assets | 75,079 | 26,204 |
Total assets | 2,103,726 | 2,051,730 |
Current liabilities: | ||
Accounts payable | 35,173 | 39,169 |
Accrued employment and benefit costs | 43,333 | 40,814 |
Accrued insurance | 10,120 | 16,700 |
Customer deposits and advances | 127,592 | 111,727 |
Operating lease liabilities | 32,126 | 30,878 |
Accrued interest | 12,342 | 13,287 |
Other current liabilities | 45,936 | 34,571 |
Total current liabilities | 306,622 | 287,146 |
Long-term borrowings | 1,077,329 | 1,118,014 |
Accrued insurance | 53,945 | 49,424 |
Operating lease liabilities | 103,670 | 98,532 |
Other liabilities | 64,630 | 73,193 |
Total liabilities | 1,606,196 | 1,626,309 |
Commitments and contingencies | ||
Partners' capital: | ||
Common Unitholders (62,987 and 62,538 units issued and outstanding at September 24, 2022 and September 25, 2021, respectively) | 510,126 | 443,005 |
Accumulated other comprehensive loss | (12,596) | (17,584) |
Total partners' capital | 497,530 | 425,421 |
Total liabilities and partners' capital | $ 2,103,726 | $ 2,051,730 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Current assets: | ||
Allowance for doubtful accounts | $ 4,822 | $ 3,332 |
Partners' capital: | ||
Common units issued (in units) | 62,987,000 | 62,538,000 |
Common units outstanding (in units) | 62,987,195 | 62,538,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Revenues | |||
Total Revenues | $ 1,501,465 | $ 1,288,755 | $ 1,107,897 |
Costs and expenses | |||
Cost of products sold | 712,123 | 485,478 | 382,951 |
Operating | 442,411 | 411,390 | 401,958 |
General and administrative | 81,756 | 74,096 | 65,927 |
Depreciation and amortization | 58,848 | 104,555 | 116,791 |
Total Expenses | 1,295,138 | 1,075,519 | 967,627 |
Operating income | 206,327 | 213,236 | 140,270 |
Loss on debt extinguishment | 0 | 16,029 | 109 |
Interest expense, net | 60,658 | 68,132 | 74,727 |
Other, net | 5,532 | 5,172 | 4,822 |
Income before provision for (benefit from) income taxes | 140,137 | 123,903 | 60,612 |
Provision for (benefit from) income taxes | 429 | 1,110 | (146) |
Net income | $ 139,708 | $ 122,793 | $ 60,758 |
Net income per Common Unit - basic | $ 2.21 | $ 1.96 | $ 0.98 |
Weighted average number of Common Units outstanding - basic | 63,212 | 62,713 | 62,299 |
Net income per Common Unit - diluted | $ 2.18 | $ 1.94 | $ 0.97 |
Weighted average number of Common Units outstanding - diluted | 64,018 | 63,313 | 62,727 |
Propane [Member] | |||
Revenues | |||
Total Revenues | $ 1,313,556 | $ 1,140,457 | $ 955,143 |
Fuel Oil and Refined Fuels [Member] | |||
Revenues | |||
Total Revenues | 95,157 | 67,104 | 75,039 |
Natural Gas and Electricity [Member] | |||
Revenues | |||
Total Revenues | 39,511 | 30,425 | 31,184 |
All Other [Member] | |||
Revenues | |||
Total Revenues | $ 53,241 | $ 50,769 | $ 46,531 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 139,708 | $ 122,793 | $ 60,758 |
Other comprehensive income: | |||
Amortization of net actuarial gains (losses) and prior service credits into earnings and net change in funded status of benefit plans | 4,148 | 7,234 | (641) |
Recognition in earnings of net actuarial loss for pension settlement | 840 | 958 | 1,051 |
Other comprehensive income | 4,988 | 8,192 | 410 |
Total comprehensive income | $ 144,696 | $ 130,985 | $ 61,168 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 139,708 | $ 122,793 | $ 60,758 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation and amortization | 58,848 | 104,555 | 116,791 |
Compensation costs recognized under Restricted Unit Plans | 11,253 | 10,073 | 9,242 |
Loss on debt extinguishment | 0 | 16,029 | 109 |
Settlement charge | 840 | 958 | 1,051 |
Other, net | 2,971 | 3,078 | 923 |
Changes in assets and liabilities: | |||
Accounts receivable | (7,095) | (15,914) | 4,466 |
Inventories | (4,824) | (14,797) | (1,583) |
Other current and noncurrent assets | (5,373) | (39,952) | (9,753) |
Accounts payable | (4,335) | 6,783 | 1,511 |
Accrued employment and benefit costs | 2,277 | 5,600 | 526 |
Accrued insurance | (2,059) | (6,818) | 5,663 |
Customer deposits and advances | 15,865 | 7,300 | 6,573 |
Contributions to defined benefit pension plan | (3,330) | (6,270) | (3,835) |
Other current and noncurrent liabilities | 15,801 | 33,134 | 16,912 |
Net cash provided by operating activities | 220,547 | 226,552 | 209,354 |
Cash flows from investing activities: | |||
Capital expenditures | (44,352) | (29,855) | (32,498) |
Investment in and acquisition of businesses | (56,083) | (8,716) | (25,636) |
Proceeds from sale of property, plant and equipment | 5,150 | 4,496 | 4,891 |
Proceeds from sale of business | 850 | 0 | 0 |
Net cash (used in) investing activities | (94,435) | (34,075) | (53,243) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings | 0 | 650,000 | 0 |
Repayments of long-term borrowings | 0 | (786,333) | 0 |
Proceeds from borrowings under revolving credit facility | 386,600 | 447,001 | 493,000 |
Repayments of borrowings under revolving credit facility | (429,000) | (409,601) | (511,900) |
Issuance costs associated with long-term borrowings | 0 | (10,778) | (2,665) |
Partnership distributions | (81,725) | (76,484) | (130,206) |
Other, net | (3,695) | (3,614) | (3,641) |
Net cash (used in) financing activities | (127,820) | (189,809) | (155,412) |
Net increase (decrease) in cash and cash equivalents | (1,708) | 2,668 | 699 |
Cash and cash equivalents at beginning of period | 5,808 | 3,140 | 2,441 |
Cash and cash equivalents at end of period | 4,100 | 5,808 | 3,140 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | $ 59,198 | $ 64,890 | $ 72,024 |
CONSOLIDATED STATEMENTS OF PART
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL - USD ($) shares in Thousands, $ in Thousands | Total | Common Unitholders [Member] | Accumulated Other Comprehensive (Loss) [Member] |
Balance at Sep. 28, 2019 | $ 423,830 | $ 450,016 | $ (26,186) |
Balance (in units) at Sep. 28, 2019 | 61,735 | ||
Cumulative adjustment for lease accounting standard | 108 | $ 108 | |
Net income | 60,758 | 60,758 | |
Amortization of net actuarial gains (losses) and prior service credits into earnings and net change in funded status of benefit plans | (641) | (641) | |
Partnership distributions | (130,206) | (130,206) | |
Common Units issued under Restricted Unit Plans | (1,761) | $ (1,761) | |
Common Units issued under Restricted Unit Plans (in units) | 411 | ||
Recognition in earnings of net actuarial loss for pension settlement | 1,051 | 1,051 | |
Compensation costs recognized under Restricted Unit Plans | 9,242 | $ 9,242 | |
Balance at Sep. 26, 2020 | 362,381 | $ 388,157 | (25,776) |
Balance (in units) at Sep. 26, 2020 | 62,146 | ||
Net income | 122,793 | $ 122,793 | |
Amortization of net actuarial gains (losses) and prior service credits into earnings and net change in funded status of benefit plans | 7,234 | 7,234 | |
Partnership distributions | (76,484) | (76,484) | |
Common Units issued under Restricted Unit Plans | (1,534) | $ (1,534) | |
Common Units issued under Restricted Unit Plans (in units) | 392 | ||
Recognition in earnings of net actuarial loss for pension settlement | 958 | 958 | |
Compensation costs recognized under Restricted Unit Plans | 10,073 | $ 10,073 | |
Balance at Sep. 25, 2021 | 425,421 | $ 443,005 | (17,584) |
Balance (in units) at Sep. 25, 2021 | 62,538 | ||
Net income | 139,708 | $ 139,708 | |
Amortization of net actuarial gains (losses) and prior service credits into earnings and net change in funded status of benefit plans | 4,148 | 4,148 | |
Partnership distributions | (81,725) | (81,725) | |
Common Units issued under Restricted Unit Plans | (2,115) | $ (2,115) | |
Common Units issued under Restricted Unit Plans (in units) | 449 | ||
Recognition in earnings of net actuarial loss for pension settlement | 840 | 840 | |
Compensation costs recognized under Restricted Unit Plans | 11,253 | $ 11,253 | |
Balance at Sep. 24, 2022 | $ 497,530 | $ 510,126 | $ (12,596) |
Balance (in units) at Sep. 24, 2022 | 62,987 |
Partnership Organization and Fo
Partnership Organization and Formation | 12 Months Ended |
Sep. 24, 2022 | |
Partnership Organization And Formation [Abstract] | |
Partnership Organization and Formation | 1. Partnership Organization and Formation Suburban Propane Partners, L.P. (the “Partnership”) is a publicly traded Delaware limited partnership principally engaged, through its operating partnership and subsidiaries, in the retail marketing and distribution of propane, renewable propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets and investor in low-carbon fuel alternatives. In addition, to complement its core marketing and distribution businesses, the Partnership services a wide variety of home comfort equipment, particularly for heating and ventilation. The publicly traded limited partner interests in the Partnership are evidenced by common units traded on the New York Stock Exchange (“Common Units”), with 62,987,195 Common Units outstanding at September 24, 2022. The holders of Common Units are entitled to participate in distributions and exercise the rights and privileges available to limited partners under the Third Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”), as amended. Rights and privileges under the Partnership Agreement include, among other things, the election of all members of the Board of Supervisors and voting on the removal of the general partner. Suburban Propane, L.P. (the “Operating Partnership”), a Delaware limited partnership, is the Partnership’s operating subsidiary formed to operate the propane business and assets. In addition, Suburban Sales & Service, Inc. (the “Service Company”), a subsidiary of the Operating Partnership, was formed to operate the service work and appliance and parts businesses of the Partnership. The Operating Partnership, together with its direct and indirect subsidiaries, accounts for substantially all of the Partnership’s assets, revenues and earnings. The Partnership, the Operating Partnership and the Service Company commenced operations in March 1996 in connection with the Partnership’s initial public offering. Suburban Renewable Energy, LLC (“Suburban Renewables”) is a wholly owned subsidiary of the Operating Partnership that was formed in January 2022. Suburban Renewables serves as the platform for the Partnership’s investments in innovative, renewable energy technologies and businesses. The general partner of both the Partnership and the Operating Partnership is Suburban Energy Services Group LLC (the “General Partner”), a Delaware limited liability company, the sole member of which is the Partnership’s Chief Executive Officer. Other than as a holder of 784 Common Units that will remain in the General Partner, the General Partner does not have any economic interest in the Partnership or the Operating Partnership. The Partnership’s fuel oil and refined fuels, natural gas and electricity, services, and renewable energy businesses are structured as either limited liability companies that are treated as corporations or corporate entities (collectively referred to as the “Corporate Entities”) and, as such, are subject to corporate level U.S. income tax. Suburban Energy Finance Corp., a direct 100 %-owned subsidiary of the Partnership, was formed on November 26, 2003 to serve as co-issuer, jointly and severally with the Partnership, of the Partnership’s senior notes. The Partnership serves approximately 1.0 million residential, commercial, industrial and agricultural customers through approximately 700 locations in 42 states. The Partnership’s operations are principally concentrated in the east and west coast regions of the United States, as well as portions of the Midwest region of the United States and Alaska. No single customer accounted for 10% or more of the Partnership’s revenues during fiscal 2022, 2021 or 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation. The consolidated financial statements include the accounts of the Partnership, the Operating Partnership and all of its direct and indirect subsidiaries. All significant intercompany transactions and account balances have been eliminated. The Partnership consolidates the results of operations, financial condition and cash flows of the Operating Partnership as a result of the Partnership’s 100 % limited partner interest in the Operating Partnership. Fiscal Period. The Partnership uses a 52 / 53 week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally 13 weeks in duration. When the Partnership’s fiscal year is 53 weeks long, as will be the case for fiscal 2023, the corresponding fourth quarter is 14 weeks in duration. Fiscal 2022, 2021 and 2020 included 52 weeks of operations. Revenue Recognition. The Partnership recognizes revenue pursuant to the requirements of Financial Accounting Standards Board (“FASB”) Topic 606 – Revenue from Contracts with Customers (“Topic 606”) and all related amendments. Topic 606 provides a five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when each performance obligation is satisfied. Revenue is recognized by the Partnership when goods or services promised in a contract with a customer have been transferred, and no further performance obligation on that transfer is required, in an amount that reflects the consideration expected to be received. Performance obligations are determined and evaluated based on the specific terms of the arrangements and the distinct products and services offered. Due to the nature of the retail business of the Partnership, there are no remaining or unsatisfied performance obligations as of the end of the reporting period, except for tank rental agreements, maintenance service contracts, fixed price contracts and budgetary programs, as described below. The performance obligation associated with sales of propane, fuel oil and refined fuels is met at the time product is delivered to the customer. Revenue from the sale of appliances and equipment is recognized at the time of sale or when installation is complete, as defined by the performance obligations included within the related customer contract. Revenue from repairs, maintenance and other service activities is recognized upon completion of the service. Revenue from the sale of natural gas and electricity is recognized based on customer usage as determined by meter readings for amounts delivered, an immaterial amount of which may be unbilled at the end of each accounting period. The Partnership defers the recognition of revenue for annually billed tank rent, maintenance service contracts, fixed price contracts and budgetary programs where customer consideration is received at the start of the contract period, establishing contract liabilities which are disclosed as customer deposits and advances on the consolidated balance sheets. Deliveries to customers enrolled in budgetary programs that exceed billings to those customers establish contract assets which are included in accounts receivable on the consolidated balance sheets. The Partnership ratably recognizes revenue over the applicable term for tank rent and maintenance service agreements, which is generally one year, and at the time of delivery for fixed price contracts and budgetary programs. The Partnership incurs incremental direct costs, such as commissions to its salesforce, to obtain certain contracts. These costs are expensed as incurred, consistent with the practical expedients issued by the FASB, since the expected amortization period is one year or less. The Partnership generally determines selling prices based on, among other things, the current weighted average cost and the current replacement cost of the product at the time of delivery, plus an applicable margin. Except for tank rental agreements, maintenance service contracts, fixed price contracts and budgetary programs, customer payments for the satisfaction of a performance obligation are due upon receipt. Fair Value Measurements. The Partnership measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. Business Combinations. The Partnership accounts for business combinations using the acquisition method and accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the acquisition date. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. The primary drivers that generate goodwill are the value of synergies between the acquired entities and the Partnership, and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Identifiable intangible assets with finite lives are amortized over their useful lives. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. The Partnership expenses all acquisition-related costs as incurred. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates have been made by management in the areas of self-insurance and litigation reserves, pension and other postretirement benefit liabilities and costs, valuation of derivative instruments, depreciation and amortization of long-lived assets, asset impairment assessments, tax valuation allowances, allowances for doubtful accounts, and purchase price allocation for acquired businesses. The Partnership uses Society of Actuaries life expectancy information when developing the annual mortality assumptions for the pension and postretirement benefit plans, which are used to measure net periodic benefit costs and the obligation under these plans. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term. Cash and Cash Equivalents. The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short maturity of these instruments. Inventories. Inventories are stated at the lower of cost or market. Cost is determined using a weighted average method for propane, fuel oil and refined fuels and natural gas, and a standard cost basis for appliances, which approximates average cost. Derivative Instruments and Hedging Activities Commodity Price Risk. Given the retail nature of its operations, the Partnership maintains a certain level of priced physical inventory to help ensure its field operations have adequate supply commensurate with the time of year. The Partnership’s strategy is to keep its physical inventory priced relatively close to market for its field operations. The Partnership enters into a combination of exchange-traded futures and option contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to hedge price risk associated with propane and fuel oil physical inventories, as well as future purchases of propane or fuel oil used in its operations and to help ensure adequate supply during periods of high demand. In addition, the Partnership sells propane and fuel oil to customers at fixed prices, and enters into derivative instruments to hedge a portion of its exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. Under this risk management strategy, realized gains or losses on derivative instruments will typically offset losses or gains on the physical inventory once the product is sold or delivered as it pertains to fixed price contracts. All of the Partnership’s derivative instruments are reported on the consolidated balance sheet at their fair values. In addition, in the course of normal operations, the Partnership routinely enters into contracts such as forward priced physical contracts for the purchase or sale of propane and fuel oil that qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from the fair value accounting requirements and are accounted for at the time product is purchased or sold under the related contract. The Partnership does not use derivative instruments for speculative trading purposes. Market risks associated with derivative instruments are monitored daily for compliance with the Partnership’s Hedging and Risk Management Policy which includes volume limits for open positions. Priced on-hand inventory is also reviewed and managed daily as to exposures to changing market prices. On the date that derivative instruments are entered into, other than those designated as normal purchases or normal sales, the Partnership makes a determination as to whether the derivative instrument qualifies for designation as a hedge. Changes in the fair value of derivative instruments are recorded each period in current period earnings or other comprehensive income (“OCI”), depending on whether the derivative instrument is designated as a hedge and, if so, the type of hedge. For derivative instruments designated as cash flow hedges, the Partnership formally assesses, both at the hedge contract’s inception and on an ongoing basis, whether the hedge contract is highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of derivative instruments designated as cash flow hedges are reported in OCI to the extent effective and reclassified into earnings during the same period in which the hedged item affects earnings. The mark-to-market gains or losses on ineffective portions of cash flow hedges are recognized in earnings immediately. Changes in the fair value of derivative instruments that are not designated as cash flow hedges, and that do not meet the normal purchase and normal sale exemption, are recorded within earnings as they occur. Cash flows associated with derivative instruments are reported as operating activities within the consolidated statement of cash flows. Interest Rate Risk. A portion of the Partnership’s borrowings bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus an applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1% or the agent bank’s prime rate, or LIBOR plus 1 %, plus the applicable margin. The applicable margin is dependent on the level of the Partnership’s total leverage (the ratio of total debt to income before deducting interest expense, income taxes, depreciation and amortization (“EBITDA”)). Therefore, the Partnership is subject to interest rate risk on the variable component of the interest rate. From time to time, the Partnership manages part of its variable interest rate risk by entering into interest rate swap agreements. The Partnership did not enter into any interest rate swap agreements during fiscal 2022, 2021 or 2020. Valuation of Derivative Instruments. The Partnership measures the fair value of its exchange-traded options and futures contracts using quoted market prices found on the New York Mercantile Exchange (the “NYMEX”) (Level 1 inputs); the fair value of its swap contracts using quoted forward prices, and the fair value of its interest rate swaps using model-derived valuations driven by observable projected movements of the 3-month LIBOR (Level 2 inputs); and the fair value of its over-the-counter options contracts using Level 3 inputs. The Partnership’s over-the-counter options contracts are valued based on an internal option model. The inputs utilized in the model are based on publicly available information as well as broker quotes. The significant unobservable inputs used in the fair value measurements of the Partnership’s over-the-counter options contracts are interest rate and market volatility. Long-Lived Assets Property, plant and equipment. Property, plant and equipment are stated at cost. Expenditures for maintenance and routine repairs are expensed as incurred while betterments are capitalized as additions to the related assets and depreciated over the asset’s remaining useful life. The Partnership capitalizes costs incurred in the acquisition and modification of computer software used internally, including consulting fees and costs of employees dedicated solely to a specific project. At the time assets are retired, or otherwise disposed of, the asset and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized within operating expenses. Depreciation is determined under the straight‑line method based upon the estimated useful life of the asset as follows: Buildings 40 Years Building and land improvements 20 Years Transportation equipment 3 - 10 Years Storage facilities 7 - 30 Years Office equipment 5 - 10 Years Tanks and cylinders 10 - 40 Years Computer software 3 - 7 Years The weighted average estimated useful life of the Partnership’s storage facilities and tanks and cylinders is approximately 23 years and 28 years, respectively. The Partnership reviews the recoverability of long-lived assets when circumstances occur that indicate that the carrying value of an asset may not be recoverable. Such circumstances include a significant adverse change in the manner in which an asset is being used, current operating losses combined with a history of operating losses experienced by the asset or a current expectation that an asset will be sold or otherwise disposed of before the end of its previously estimated useful life. Evaluation of possible impairment is based on the Partnership’s ability to recover the value of the asset from the future undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the expected undiscounted cash flows are less than the carrying amount of such asset, an impairment loss is recorded as the amount by which the carrying amount of an asset exceeds its fair value. The fair value of an asset will be measured using the best information available, including prices for similar assets or the result of using a discounted cash flow valuation technique. Goodwill. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is subject to an impairment review at a reporting unit level, on an annual basis as of the end of fiscal July of each year, or when an event occurs or circumstances change that would indicate potential impairment. The Partnership has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform an impairment test. Under the impairment test, the Partnership assesses the carrying value of goodwill at a reporting unit level based on an estimate of the fair value of the respective reporting unit. Fair value of the reporting unit is estimated using discounted cash flow analyses taking into consideration estimated cash flows in a ten-year projection period and a terminal value calculation at the end of the projection period. If the fair value of the reporting unit exceeds its carrying value, the goodwill associated with the reporting unit is not considered to be impaired. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized to the extent that the carrying amount of the associated goodwill, if any, exceeds the implied fair value of the goodwill. Other Intangible Assets. Other intangible assets consist of customer relationships, tradenames, non-compete agreements and leasehold interests. Customer relationships and tradenames are amortized under the straight-line method over the estimated period for which the assets are expected to contribute to the future cash flows of the reporting entities to which they relate, ending periodically between fiscal years 2023 and 2032. Non-compete agreements are amortized under the straight-line method over the periods of the related agreements. Leasehold interests are amortized under the straight-line method over the shorter of the lease term or the useful life of the related assets, through fiscal 2025. Accrued Insurance. Accrued insurance represents the estimated costs of known and anticipated or unasserted claims for incidents related to general and product, workers’ compensation and automobile liability. For each claim, the Partnership records a provision up to the estimated amount of the probable claim utilizing actuarially determined loss development factors applied to actual claims data. The Partnership is self-insured for these liabilities up to predetermined amounts above which third party insurance applies. The Partnership maintains insurance coverage such that its net exposure for insured claims is limited to the insurance deductible, claims above which are paid by the Partnership’s insurance carriers. For the portion of the estimated liability that exceeds insurance deductibles, the Partnership records an asset related to the amount of the liability expected to be covered by insurance. Pension and Other Postretirement Benefits. The Partnership estimates the rate of return on plan assets, the discount rate used to estimate the present value of future benefit obligations and the expected cost of future health care benefits in determining its annual pension and other postretirement benefit costs. The Partnership uses Society of Actuaries mortality tables (Pri-2012), mortality improvement scales (MP-2021) and other actuarial life expectancy information when developing the annual mortality assumptions for the pension and postretirement benefit plans, which are used to measure net periodic benefit costs and the obligation under these plans. Customer Deposits and Advances. The Partnership offers different payment programs to its customers including the ability to prepay for usage and to make equal monthly payments on account under a budget payment plan. The Partnership establishes a liability within customer deposits and advances for amounts collected in advance of deliveries. Income Taxes. As discussed in Note 1, the Partnership structure consists of two limited partnerships, the Partnership and the Operating Partnership, and the Corporate Entities. For federal income tax purposes, as well as for state income tax purposes in the majority of the states in which the Partnership operates, the earnings attributable to the Partnership and the Operating Partnership are included in the tax returns of the Common Unitholders. As a result, except for certain states that impose an income tax on partnerships, no income tax expense is reflected in the Partnership’s consolidated financial statements relating to the earnings of the Partnership and the Operating Partnership. The earnings attributable to the Corporate Entities are subject to federal and state income tax. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Common Unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under the Partnership Agreement. Income taxes for the Corporate Entities are provided based on the asset and liability approach to accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets when it is more likely than not that the full amount will not be realized. Loss Contingencies. In the normal course of business, the Partnership is involved in various claims and legal proceedings. The Partnership records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. The liability includes probable and estimable legal costs to the point in the legal matter where the Partnership believes a conclusion to the matter will be reached. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Asset Retirement Obligations. Asset retirement obligations apply to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. The Partnership has recognized asset retirement obligations for certain costs to remove and properly dispose of underground and aboveground fuel oil storage tanks and contractually mandated removal of leasehold improvements. The Partnership records a liability at fair value for the estimated cost to settle an asset retirement obligation at the time that liability is incurred, which is generally when the asset is purchased, constructed or leased. The Partnership records the liability, which is referred to as the asset retirement obligation, when it has a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Partnership records the liability when sufficient information is available to estimate the liability’s fair value. Unit-Based Compensation. The Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity or equity-based compensation based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on remeasurement of the award’s fair value at the conclusion of each interim and annual reporting period until the date of settlement, taking into consideration the probability that the performance conditions will be satisfied. Costs and Expenses. The cost of products sold reported in the consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, as well as the cost of natural gas and electricity sold, including transportation costs to deliver product from the Partnership’s supply points to storage or to the Partnership’s customer service centers. Cost of products sold also includes the cost of appliances, equipment and related parts sold or installed by the Partnership’s customer service centers computed on a basis that approximates the average cost of the products. Unrealized non-cash gains or losses from changes in the fair value of commodity derivative instruments that are not designated as cash flow hedges are recorded in each reporting period within cost of products sold. Cost of products sold is reported exclusive of any depreciation and amortization as such amounts are reported separately within the consolidated statements of operations. All other costs of operating the Partnership’s retail propane, fuel oil and refined fuels distribution and appliance sales and service operations, as well as the natural gas and electricity marketing business and the renewable energy businesses, are reported within operating expenses in the consolidated statements of operations. These operating expenses include the compensation and benefits of field and direct operating support personnel, costs of operating and maintaining the vehicle fleet, overhead and other costs of the purchasing, training and safety departments and other direct and indirect costs of operating the Partnership’s customer service centers. All costs of back office support functions, including compensation and benefits for executives and other support functions, as well as other costs and expenses to maintain finance and accounting, treasury, legal, human resources, corporate development and the information systems functions are reported within general and administrative expenses in the consolidated statements of operations. Net Income Per Unit. Computations of basic income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units, and vested (and unissued) restricted units granted under the Partnership’s Restricted Unit Plans, as defined below, to retirement-eligible grantees. Computations of diluted income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units and unissued restricted units granted under the Restricted Unit Plans. In computing diluted net income per Common Unit, weighted average units outstanding used to compute basic net income per Common Unit were increased by 805,033 , 599,481 and 427,504 units for fiscal 2022, 2021 and 2020, respectively, to reflect the potential dilutive effect of the unvested restricted units outstanding using the treasury stock method. Comprehensive Income. The Partnership reports comprehensive income (the total of net income and all other non-owner changes in partners’ capital) within the consolidated statement of comprehensive income. Other comprehensive income includes unrealized gains and losses on derivative instruments accounted for as cash flow hedges and reclassifications of realized gains and losses on cash flow hedges into earnings, amortization of net actuarial losses and prior service credits into earnings and changes in the funded status of pension and other postretirement benefit plans, and net actuarial losses recognized in earnings associated with pension settlements. Recently Issued Accounting Pronouncements. In January 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-01 “Reference Rate Reform” (“Topic 848”). This update provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. Topic 848 became effective for all entities as of March 12, 2020, and will continue through December 31, 2024, which will be the Partnership’s first quarter of fiscal 2025. LIBOR rates based on US dollars will have an extended expiration date of June 30, 2023. Borrowings under the Partnership’s revolving credit facility bear interest at prevailing interest rates based partially on LIBOR (refer to Note 10, “Long-Term Borrowings” for more details). The Partnership does not expect that the adoption of Topic 848 will have a material impact on the Partnership’s consolidated financial statements. Recently Adopted Accounting Pronouncements. On the first day of fiscal 2020, the Partnership adopted the new leases accounting guidance under ASU 2016-02 “Leases” (“Topic 842”), including the related amendments thereto. Topic 842 amended the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. The Partnership adopted the guidance under Topic 842 using a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application. The adoption of Topic 842 resulted in the recognition of operating lease right-of-use assets and corresponding lease liabilities on the Partnership’s consolidated balance sheet as of September 29, 2019 of approximately $ 103,100 , but did not have an impact on the Partnership’s other consolidated financial statements or on its financial metrics used for debt covenant compliance. See Note 8, “Leases” for more information. On the first day of fiscal 2021, the Partnership adopted the guidance under ASU 2017-04 “Simplifying the Test for Goodwill Impairment” (“Topic 350”). This update eliminated the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. In testing goodwill for impairment, an entity may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment is more likely than not, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit to its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The adoption of Topic 350 did not have an impact on the Partnership’s consolidated financial statements. On the first day of fiscal 2021, the Partnership adopted the guidance under ASU 2016-13 “Financial Instruments - Measurement of Credit Losses on Financial Instruments” (“Topic 326”), including the related amendments thereto. The new guidance introduced an approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments including, but not limited to, trade and other receivables, held-to-maturity debt securities, loans and net investments in leases. The Partnership adopted the guidance under Topic 326 using a modified retrospective transition approach for all financial instruments existing at, or entered into after, the date of initial application. The adoption of Topic 326 did not have an impact on the Partnership’s consolidated financial statements. |
Disaggregation of Revenue
Disaggregation of Revenue | 12 Months Ended |
Sep. 24, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | 3. Disaggregation of Revenue The following table disaggregates revenue for each customer type. See Note 17, “Segment Information” for more information on segment reporting wherein it is disclosed that the Partnership’s Propane, Fuel Oil and Refined Fuels and Natural Gas and Electricity reportable segments generated approximately 87 %, 6 % and 3 %, respectively, of the Partnership’s revenue from its reportable segments for all periods presented. The propane segment contributes the majority of the Partnership’s revenue and the concentration of revenue by customer type for the propane segment is not materially different from the consolidated revenue. Year Ended September 24, September 25, September 26, 2022 2021 2020 Retail Residential $ 798,784 $ 703,263 $ 654,265 Commercial 435,015 353,365 283,021 Industrial 136,257 111,723 92,969 Agricultural 45,259 37,873 33,718 Government 66,035 51,917 43,441 Wholesale 20,115 30,614 483 Total revenues $ 1,501,465 $ 1,288,755 $ 1,107,897 The Partnership recognized $ 75,149 , $ 72,955 and $ 67,117 of revenue during fiscal 2022, fiscal 2021 and fiscal 2020, respectively, for annually billed tank rent, maintenance service contracts, fixed price contracts and budgetary programs where customer consideration was received at the start of the contract period and which was included in contract liabilities as of the beginning of each respective period. Contract assets of $ 7,953 and $ 6,004 relating to deliveries to customers enrolled in budgetary programs that exceeded billings to those customers were included in accounts receivable as of September 24, 2022 and September 25, 2021, respectively. |
Investments in and Acquisitions
Investments in and Acquisitions and Dispositions of Businesses | 12 Months Ended |
Sep. 24, 2022 | |
Business Combinations [Abstract] | |
Investment in and Acquisitions and Dispositions of Businesses | 4. Investments in and Acquisitions and Dispositions of Businesses On March 9, 2022, Suburban Renewables invested $ 30,000 , plus direct transaction costs, in Independence Hydrogen, Inc. (“IH”), in exchange for a 25 % equity interest. IH is a veteran-owned and operated, privately held company developing a gaseous hydrogen ecosystem to deliver locally sourced hydrogen to local markets, with a primary focus on material handling and backup power applications. The Operating Partnership also owns a 38 % equity stake in Oberon Fuels, Inc. (“Oberon”) based in San Diego, California and has also purchased certain secured convertible notes issued by Oberon. Oberon, a development-stage producer of low-carbon, renewable dimethyl ether (“rDME”) transportation fuel, is focused on the research and development of practical and affordable pathways to zero-emission transportation through its proprietary production process. Oberon's rDME fuel is a cost-effective, low-carbon, zero-soot alternative to petroleum diesel, and when blended with propane can significantly reduce its carbon intensity. Additionally, rDME is a carrier for hydrogen, making it easy to deliver this renewable fuel for the growing hydrogen fuel cell vehicle industry. The IH and Oberon investments were made in line with the Partnership’s Go Green with Suburban Propane corporate pillar, which focuses on innovative solutions to reduce greenhouse gas emissions. These investments are being accounted for under the equity method of accounting and were included in “Other assets” within the consolidated balance sheets, and the Partnership’s equity in Oberon’s and IH’s earnings were included in “Other, net” within the consolidated statements of operations. On February 17, 2022, the Operating Partnership sold certain assets and operations in a non-strategic market of its propane segment for $ 850 , resulting in a gain of $ 363 that was recognized during the second quarter of fiscal 2022. The corresponding net assets and results of operations were not material to the Partnership’s consolidated results of operations, financial position and cash flows. During the third quarter of fiscal 2022, Suburban Renewables announced an agreement to construct, own and operate a new biodigester system with Adirondack Farms in Clinton County, New York for the production of renewable natural gas (“RNG”). Construction is expected to commence in fiscal 2023. Pursuant to the Partnership’s strategic growth initiatives, the Operating Partnership acquired the propane assets and operations of various propane retailers in each of the last three fiscal years as summarized below. The purchase price allocations and results of operations of the acquired businesses were not material to the Partnership’s consolidated financial position and statement of operations. Fiscal Year Total consideration (1) 2022 $ 26,707 (2) 2021 $ 9,813 (3) 2020 $ 27,065 (4) (1) Total consideration includes non-compete consideration, which will be paid over the respective non-compete periods subject to compliance with the terms of the respective agreements, investments in Oberon and excludes working capital adjustments. (2) Includes one acquisition of a propane retailer located in New Mexico. (3) Includes one acquisition of a propane retailer located in North Carolina. (4) Includes two acquisitions of propane retailers located in Georgia and California. |
Distributions of Available Cash
Distributions of Available Cash | 12 Months Ended |
Sep. 24, 2022 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Distributions of Available Cash | 5. Distributions of Available Cash The Partnership makes distributions to its partners no later than 45 days after the end of each fiscal quarter in an aggregate amount equal to its Available Cash for such quarter. Available Cash, as defined in the Partnership Agreement, generally means all cash on hand at the end of the respective fiscal quarter less the amount of cash reserves established by the Board of Supervisors in its reasonable discretion for future cash requirements. These reserves are retained for the proper conduct of the Partnership’s business, the payment of debt principal and interest and for distributions during the next four quarters. The following summarizes the quarterly distributions per Common Unit declared and paid in respect of each of the quarters in the last three fiscal years: Fiscal Fiscal Fiscal 2022 2021 2020 First Quarter $ 0.3250 $ 0.3000 $ 0.6000 Second Quarter 0.3250 0.3000 0.6000 Third Quarter 0.3250 0.3250 0.3000 Fourth Quarter 0.3250 0.3250 0.3000 |
Selected Balance Sheet Informat
Selected Balance Sheet Information | 12 Months Ended |
Sep. 24, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Selected Balance Sheet Information | 6. Selected Balance Sheet Information Inventories consist of the following: As of September 24, September 25, 2022 2021 Propane, fuel oil and refined fuels and natural gas $ 64,240 $ 59,492 Appliances 2,681 2,310 $ 66,921 $ 61,802 The Partnership enters into contracts for the supply of propane, fuel oil and natural gas. Such contracts generally have a term of one year subject to annual renewal, with purchase quantities specified at the time of order and costs based on market prices at the date of delivery. Property, plant and equipment consist of the following: As of September 24, September 25, 2022 2021 Land and improvements $ 189,882 $ 187,106 Buildings and improvements 116,870 114,309 Transportation equipment 23,521 27,848 Storage facilities 115,149 114,328 Equipment, primarily tanks and cylinders 928,802 901,945 Computer software 52,958 52,752 Construction in progress 11,339 8,627 1,438,521 1,406,915 Less: accumulated depreciation ( 874,737 ) ( 837,785 ) $ 563,784 $ 569,130 Depreciation expense for fiscal 2022, 2021 and 2020 amounted to $ 51,276 , $ 56,501 and $ 59,726 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Sep. 24, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 7. Goodwill and Other Intangible Assets The Partnership’s fiscal 2022 and fiscal 2021 annual goodwill impairment review resulted in no adjustments to the carrying amount of goodwill. The carrying values of goodwill assigned to the Partnership’s operating segments are as follows: Propane Fuel oil and Natural gas and Total Balance as of September 25, 2021 Goodwill $ 1,094,688 $ 10,900 $ 7,900 $ 1,113,488 Accumulated adjustments — ( 6,462 ) — ( 6,462 ) $ 1,094,688 $ 4,438 $ 7,900 $ 1,107,026 Fiscal 2022 Activity Goodwill disposed (1) $ ( 399 ) $ — $ — $ ( 399 ) Goodwill acquired (2) $ 6,796 $ — $ — $ 6,796 Balance as of September 24, 2022 Goodwill $ 1,101,085 $ 10,900 $ 7,900 $ 1,119,885 Accumulated adjustments — ( 6,462 ) — ( 6,462 ) $ 1,101,085 $ 4,438 $ 7,900 $ 1,113,423 Other intangible assets consist of the following: As of September 24, September 25, 2022 2021 Customer relationships (2) $ 526,665 $ 519,604 Non-compete agreements (2) 40,190 38,940 Other 1,967 1,967 568,822 560,511 Less: accumulated amortization Customer relationships ( 492,968 ) ( 486,395 ) Non-compete agreements ( 34,137 ) ( 33,229 ) Other ( 1,715 ) ( 1,624 ) ( 528,820 ) ( 521,248 ) $ 40,002 $ 39,263 (1) Reflects the impact from the disposition of certain assets and operations in a non-strategic market of the propane segment (See Note 4). (2) Reflects the impact from acquisitions (See Note 4). Aggregate amortization expense related to other intangible assets for fiscal 2022, 2021 and 2020 was $ 7,572 , $ 48,054 and $ 57,065 , respectively. The reduction in fiscal 2022 was attributable to the conclusion of the amortization period for certain intangible assets from prior business acquisitions. Aggregate amortization expense for each of the five succeeding fiscal years related to other intangible assets held as of September 24, 2022 is estimated as follows: 2023 - $ 7,639 ; 2024 - $ 7,474 ; 2025 - $ 5,389 ; 2026 - $ 4,633 ; and 2027 - $ 4,633 . |
Leases
Leases | 12 Months Ended |
Sep. 24, 2022 | |
Lessee Disclosure [Abstract] | |
Leases | 8. Leases The Partnership leases certain property, plant and equipment, including portions of its vehicle fleet, for various periods under noncancelable leases all of which were determined to be operating leases. The Partnership determines if an agreement contains a lease at inception based on the Partnership’s right to the economic benefits of the leased assets and its right to direct the use of the leased asset. Right-of-use assets represent the Partnership’s right to use an underlying asset, and right-of-use liabilities represent the Partnership’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. As most of the Partnership’s leases do not provide an implicit rate, the Partnership uses its estimated incremental borrowing rate based on the information available at the commencement date, adjusted for the lease term, to determine the present value of the lease payments. This rate is calculated based on a collateralized rate for the specific leasing activities of the Partnership. Some leases include one or more options to renew at the Partnership’s discretion, with renewal terms that can extend the lease from one to fifteen additional years. The renewal options are included in the measurement of the right-of-use assets and lease liabilities if the Partnership is reasonably certain to exercise the renewal options. Short-term leases are leases having an initial term of twelve months or less. The Partnership recognizes expenses for short-term leases on a straight-line basis and does not record a lease asset or lease liability for such leases. When implementing Topic 842, the Partnership elected the following practical expedients: (1) a package of practical expedients that allows the Partnership to not reassess: (a) whether expired or existing contracts contained leases; (b) the lease classification for expired or existing leases; and (c) the initial direct costs for existing leases; (2) for all underlying asset classes, an expedient that allows the Partnership to not apply the recognition requirements to short-term leases and account for lease and associated non-lease components as a single lease component; (3) an expedient that allows the use of hindsight to determine lease term; and (4) an expedient that allows the Partnership to not evaluate under Topic 842 land easements that existed or expired before the Partnership’s adoption of Topic 842, and that were not previously accounted for as leases. The Partnership has residual value guarantees associated with certain of its operating leases, related primarily to transportation equipment. See Note 15, “Guarantees” for more information. The Partnership does not have any material lease obligations that were signed, but not yet commenced as of September 24, 2022. Quantitative information on the Partnership’s lease population for fiscal 2022 is as follows: Year Ended Year Ended September 24, 2022 September 25, 2021 Lease expense $ 41,042 $ 37,782 Other information: Cash payments for operating leases 41,320 37,919 Right-of-use assets obtained in exchange for new operating 38,745 40,043 Weighted-average remaining lease term 6.1 years 6.2 years Weighted-average discount rate 5.0 % 5.1 % The following table summarizes future minimum lease payments under non-cancelable operating leases as of September 24, 2022: Fiscal Year Operating Leases 2023 $ 38,025 2024 32,229 2025 27,831 2026 22,863 2027 12,990 2028 and thereafter 24,553 Total future minimum lease payments $ 158,491 Less: interest ( 22,695 ) Total lease obligations $ 135,796 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 24, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes For federal income tax purposes, as well as for state income tax purposes in the majority of the states in which the Partnership operates, the earnings attributable to the Partnership and the Operating Partnership are not subject to income tax at the partnership level. With the exception of those states that impose an entity-level income tax on partnerships, the taxable income or loss attributable to the Partnership and to the Operating Partnership, which may vary substantially from the income (loss) before income taxes reported by the Partnership in the consolidated statement of operations, are includable in the federal and state income tax returns of the Common Unitholders. The aggregate difference in the basis of the Partnership’s net assets for financial and tax reporting purposes cannot be readily determined as the Partnership does not have access to each Common Unitholder’s basis in the Partnership. As described in Note 1, “Partnership Organization and Formation,” the earnings of the Corporate Entities are subject to U.S. corporate level income tax. However, based upon past performance, the Corporate Entities are currently reporting an income tax provision composed primarily of minimum state income taxes. A full valuation allowance has been provided against the deferred tax assets (with the exception of certain net operating loss carryforwards (“NOLs”) that arose after 2017) based upon an analysis of all available evidence, both negative and positive at the balance sheet date, which, taken as a whole, indicates that it is more likely than not that sufficient future taxable income will not be available to utilize the assets. Management’s periodic reviews include, among other things, the nature and amount of the taxable income and expense items, the expected timing of when assets will be used or liabilities will be required to be reported and the reliability of historical profitability of businesses expected to provide future earnings. Furthermore, management considered tax-planning strategies it could use to increase the likelihood that the deferred tax assets will be realized. As a result of the Tax Cuts and Jobs Act of 2017, NOLs generated by the Corporate Entities beginning in 2018 may be carried forward indefinitely. As a result, the Partnership reversed the valuation allowance on certain of these NOLs generated after the 2017 Act, which resulted in a $ 496 discrete deferred tax benefit recorded during the first quarter of fiscal 2020. The Corporate Entities generated a taxable loss during the 2021 tax year, which resulted in a $ 638 discrete deferred tax benefit recorded during the first quarter of fiscal 2022. The income tax provision of all the legal entities included in the Partnership’s consolidated statement of operations, which is composed primarily of state income taxes in the few states that impose taxes on partnerships and minimum state income taxes on the Corporate Entities, consists of the following: Year Ended September 24, September 25, September 26, 2022 2021 2020 Current Federal $ 10 $ 7 $ 4 State and local 1,057 1,001 346 1,067 1,008 350 Deferred ( 638 ) 102 ( 496 ) $ 429 $ 1,110 $ ( 146 ) The provision for income taxes differs from income taxes computed at the U.S. federal statutory rate as a result of the following: Year Ended September 24, September 25, September 26, 2022 2021 2020 Income tax provision at federal statutory tax rate $ 29,429 $ 26,020 $ 12,728 Impact of Partnership income not subject to ( 30,851 ) ( 26,444 ) ( 13,045 ) Permanent differences 131 174 127 Change in valuation allowance 1,174 570 ( 298 ) State income taxes 717 929 403 Other ( 171 ) ( 139 ) ( 61 ) Provision for income taxes - current and deferred $ 429 $ 1,110 $ ( 146 ) The components of net deferred taxes and the related valuation allowance using currently enacted tax rates are as follows: Year Ended September 24, September 25, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 39,355 $ 37,806 Allowance for doubtful accounts 368 208 Inventory 418 264 Deferred revenue 526 557 Other accruals 2,391 2,671 Total deferred tax assets 43,058 41,506 Deferred tax liabilities: Intangible assets 1,191 1,189 Property, plant and equipment 1,393 1,655 Total deferred tax liabilities 2,584 2,844 Net deferred tax assets 40,474 38,662 Valuation allowance ( 39,442 ) ( 38,268 ) Net deferred tax assets $ 1,032 $ 394 |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Sep. 24, 2022 | |
Debt Disclosure [Abstract] | |
Long Term Borrowings | 10. Long-Term Borrowings Long-term borrowings consist of the following: As of September 24, September 25, 2022 2021 5.875 % senior notes, due March 1, 2027 350,000 350,000 5.0 % senior notes, due June 1, 2031 650,000 650,000 Revolving Credit Facility, due March 5, 2025 89,600 132,000 Subtotal 1,089,600 1,132,000 Less: unamortized debt issuance costs ( 12,271 ) ( 13,986 ) $ 1,077,329 $ 1,118,014 Senior Notes 2027 Senior Notes On February 14, 2017 , the Partnership and its 100 %-owned subsidiary, Suburban Energy Finance Corp., completed a public offering of $ 350,000 in aggregate principal amount of 5.875 % senior notes due March 1, 2027 (the “2027 Senior Notes”). The 2027 Senior Notes were issued at 100 % of the principal amount and require semi-annual interest payments in March and September. The net proceeds from the issuance of the 2027 Senior Notes, along with borrowings under the Revolving Credit Facility, were used to repurchase, satisfy and discharge all of the Partnership’s then outstanding 7.375 % senior notes due in 2021. The 2027 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after March 1, 2022 , in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. Year Percentage 2022 102.938 % 2023 101.958 % 2024 100.979 % 2025 and thereafter 100.000 % 2031 Senior Notes On May 24, 2021 , the Partnership and its 100%-owned subsidiary, Suburban Energy Finance Corp., completed a private offering of $ 650,000 in aggregate principal amount of 5.0 % senior notes due June 1, 2031 (the “2031 Senior Notes”) to “qualified institutional buyers,” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and non-U.S. persons outside the United States under Regulation S under the Securities Act. The 2031 Senior Notes were issued at 100 % of the principal amount and require semi-annual interest payments in June and December. The net proceeds from the issuance of the 2031 Senior Notes, along with borrowings under the Revolving Credit Facility, were used to repurchase, satisfy and discharge all of the then outstanding senior notes due in 2024 and 2025. At any time prior to June 1, 2024, the Partnership may on any one or more occasions redeem up to 35 % of the aggregate principal amount of 2031 Senior Notes at a redemption price of 105.000 % of the principal amount thereof, plus accrued and unpaid interest, if any, with the net cash proceeds of one or more equity offerings, subject to the conditions described more fully in the indenture for the 2031 Senior Notes. The 2031 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after June 1, 2026, in each case at the redemption prices described below, together with any accrued and unpaid interest to the date of the redemption. Year Percentage 2026 102.500 % 2027 101.667 % 2028 100.833 % 2029 and thereafter 100.000 % The Partnership’s obligations under the 2027 Senior Notes and 2031 Senior Notes (collectively, the “Senior Notes”) are unsecured and rank senior in right of payment to any future subordinated indebtedness and equally in right of payment with any future senior indebtedness. The Senior Notes are structurally subordinated to, which means they rank effectively behind, any debt and other liabilities of the Operating Partnership. The Partnership is permitted to redeem some or all of the Senior Notes at redemption prices and times as specified in the indentures governing the Senior Notes. The Senior Notes each have a change of control provision that would require the Partnership to offer to repurchase the notes at 101 % of the principal amount repurchased, if a change of control, as defined in the indenture, occurs and is followed by a rating decline (a decrease in the rating of the notes by either Moody’s Investors Service or Standard and Poor’s Rating Group by one or more gradations) within 90 days of the consummation of the change of control. Credit Agreement The Operating Partnership has an amended and restated credit agreement dated March 5, 2020 (the “Credit Agreement”) that provides for a $ 500,000 revolving credit facility (the “Revolving Credit Facility”), of which $ 89,600 and $ 132,000 was outstanding as of September 24, 2022 and September 25, 2021, respectively. The Revolving Credit Facility matures on March 5, 2025 . Borrowings under the Revolving Credit Facility may be used for general corporate purposes, including working capital, capital expenditures and acquisitions. The Operating Partnership has the right to prepay any borrowings under the Revolving Credit Facility, in whole or in part, without penalty at any time prior to maturity. The Credit Agreement contains certain restrictive and affirmative covenants applicable to the Operating Partnership, its subsidiaries and the Partnership, as well as certain financial covenants, including (a) requiring the Partnership’s Consolidated Interest Coverage Ratio, as defined in the Credit Agreement, to be not less than 2.5 to 1.0 as of the end of any fiscal quarter, (b) prohibiting the Total Consolidated Leverage Ratio, as defined in the Credit Agreement, of the Partnership from being greater than 5.75 to 1.0, and (c) prohibiting the Senior Secured Consolidated Leverage Ratio, as defined in the Credit Agreement, of the Operating Partnership from being greater than 3.25 to 1.0 as of the end of any fiscal quarter. The Partnership and certain subsidiaries of the Operating Partnership act as guarantors with respect to the obligations of the Operating Partnership under the Credit Agreement pursuant to the terms and conditions set forth therein. The obligations under the Credit Agreement are secured by liens on substantially all of the personal property of the Partnership, the Operating Partnership and their subsidiaries, as well as mortgages on certain real property. Borrowings under the Revolving Credit Facility bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus the Applicable Rate, or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1% , the administrative agent bank’s prime rate, or LIBOR plus 1 %, plus in each case the Applicable Rate. The Applicable Rate is dependent upon the Partnership’s Total Consolidated Leverage Ratio. As of September 24, 2022, the interest rate for borrowings under the Revolving Credit Facility was approximatel y 5.7 %. T he interest rate and the Applicable Rate will be reset following the end of each calendar quarter. As of September 24, 2022, the Partnership had standby letters of credit issued under the Revolving Credit Facility of $ 48,862 which expire periodically through April 30, 2023 . The Credit Agreement and the Senior Notes both contain various restrictive and affirmative covenants applicable to the Operating Partnership, its subsidiaries and the Partnership, respectively, including (i) restrictions on the incurrence of additional indebtedness, and (ii) restrictions on certain liens, investments, guarantees, loans, advances, payments, mergers, consolidations, distributions, sales of assets and other transactions. Under the Credit Agreement and the indentures governing the Senior Notes, the Operating Partnership and the Partnership are generally permitted to make cash distributions equal to available cash, as defined, as of the end of the immediately preceding quarter, if no event of default exists or would exist upon making such distributions, and with respect to the indentures governing the Senior Notes, the Partnership’s Consolidated Fixed Charge Coverage Ratio, as defined, is greater than 1.75 to 1. The Partnership and the Operating Partnership were in compliance with all covenants and terms of the Senior Notes and the Credit Agreement as of September 24, 2022. Debt origination costs representing the costs incurred in connection with the placement of, and the subsequent amendment to, the Credit Agreement are capitalized within other assets and amortized on a straight-line basis over the term of the Credit Agreement. During fiscal 2020, the Partnership recognized a charge of $ 109 to write-off unamortized debt origination costs and capitalized $ 2,717 in costs incurred in connection with the amendment to the Credit Agreement. Debt origination costs associated with the Partnership’s Senior Notes are reflected as a direct deduction from the carrying amount of such debt and amortized on a straight-line basis over the terms of the respective Senior Notes. Other assets at September 24, 2022 and September 25, 2021 include debt origination costs associated with the Credit Agreement with a net carrying amount of $ 1,312 and $ 2,238 , respectively. The aggregate amounts of long-term debt maturities subsequent to September 24, 2022 are as follows: fiscal 2023: $- 0 -; fiscal 2024: $- 0 -; fiscal 2025: $ 89,600 ; fiscal 2026: $- 0 -; fiscal 2027: $ 350,000 ; and thereafter: $ 650,000 . |
Unit-Based Compensation Arrange
Unit-Based Compensation Arrangements | 12 Months Ended |
Sep. 24, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Unit-Based Compensation Arrangements | 11. Unit-Based Compensation Arrangements As described in Note 2, the Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity, or equity-based compensation, based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on remeasurement of the award’s fair value at the conclusion of each interim and annual reporting period until the date of settlement, taking into consideration the probability that the performance conditions will be satisfied. Restricted Unit Plans. On July 22, 2009, the Partnership adopted the Suburban Propane Partners, L.P. 2009 Restricted Unit Plan, as amended (the “2009 Restricted Unit Plan”), which authorizes the issuance of Common Units to executives, managers and other employees and members of the Board of Supervisors of the Partnership. The total number of Common Units authorized for issuance under the 2009 Restricted Unit Plan was 2,400,000 as of July 31, 2019, the date on which this plan expired. At the Partnership’s Tri-Annual Meeting held on May 15, 2018, the Unitholders approved the Partnership’s 2018 Restricted Unit Plan authorizing the issuance of up to 1,800,000 Common Units, which was amended and restated to authorize the issuance of an additional 1,725,000 Common Units for a total of 3,525,000 Common Units by approval of the Unitholders at the Partnership’s Tri-Annual Meeting held on May 18, 2021 (the “2018 Restricted Unit Plan” and together with the 2009 Restricted Unit Plan, from which there are still unvested awards outstanding, the “Restricted Unit Plans”). Unless otherwise stipulated by the Compensation Committee of the Partnership’s Board of Supervisors on or before the grant date, 33.33 % of all outstanding awards under the Restricted Unit Plans will vest on each of the first three anniversaries of the award grant date. Participants in the Restricted Unit Plans are not eligible to receive quarterly distributions on, or vote, their respective restricted units until vested. Restricted units cannot be sold or transferred prior to vesting. The value of each restricted unit is established by the market price of the Common Unit on the date of grant, net of estimated future distributions during the vesting period. Restricted units are subject to forfeiture in certain circumstances as defined in the Restricted Unit Plans. Compensation expense for the unvested awards is recognized ratably over the vesting periods and is net of estimated forfeitures. The following is a summary of activity in the Restricted Unit Plans: Weighted Average Grant Date Fair Units Value Per Unit Outstanding September 28, 2019 988,339 $ 18.12 Awarded 471,111 18.19 Forfeited ( 9,975 ) ( 18.01 ) Vested (1) ( 487,659 ) ( 19.22 ) Outstanding September 26, 2020 961,816 17.60 Awarded 779,837 14.43 Forfeited ( 26,070 ) ( 15.29 ) Vested (1) ( 483,720 ) ( 18.58 ) Outstanding September 25, 2021 1,231,863 15.26 Awarded 884,658 12.97 Forfeited ( 12,845 ) ( 13.88 ) Vested (1) ( 587,447 ) ( 16.32 ) Outstanding September 24, 2022 1,516,229 $ 13.52 (1) During fiscal 2022, 2021 and 2020, the Partnership withheld 138,039 , 92,336 and 76,453 Common Units, respectively, from participants for income tax withholding purposes for those executive officers of the Partnership whose shares of restricted units vested during the period. As of September 24, 2022, unrecognized compensation cost related to unvested restricted units awarded under the Restricted Unit Plans amounted to $ 3,560 . Compensation cost associated with the unvested awards is expected to be recognized over a weighted-average period of 1.2 years. Compensation expense for the Restricted Unit Plans for fiscal 2022, 2021 and 2020 was $ 11,253 , $ 10,073 and $ 9,242 , respectively. Distribution Equivalent Rights Plan. On January 17, 2017, the Partnership adopted the Distribution Equivalent Rights Plan (the “DER Plan”), which gives the Compensation Committee of the Partnership’s Board of Supervisors discretion to award distribution equivalent rights (“DERs”) to executive officers of the Partnership. Once awarded, DERs entitle the grantee to a cash payment each time the Board of Supervisors declares a cash distribution on the Partnership’s Common Units, which cash payment will be equal to an amount calculated by multiplying the number of unvested restricted units which are held by the grantee on the record date of the distribution, by the amount of the declared distribution per Common Unit. Compensation expense recognized under the DER Plan was $ 1,189 , $ 874 and $ 842 for fiscal 2022, 2021 and 2020, respectively. Long-Term Incentive Plan. On August 6, 2013, the Partnership adopted the 2014 Long-Term Incentive Plan (“2014 LTIP”) and on November 10, 2020, the Partnership adopted the 2021 Long-Term Incentive Plan (“2021 LTIP” and together with the 2014 LTIP, “the LTIPs”). The LTIPs are non-qualified, unfunded, long-term incentive plans for executive officers and key employees that provide for payment, in the form of cash, of an award of equity-based compensation at the end of a three-year performance period. The 2014 LTIP document governs the terms and conditions of the outstanding fiscal 2020 award and the 2021 LTIP document governs the terms and conditions of the outstanding fiscal 2021 and fiscal 2022 awards and any awards granted in fiscal years thereafter. The level of compensation earned under the 2014 LTIP is based on the Partnership’s average distribution coverage ratio over the three-year measurement period. The Partnership’s average distribution coverage ratio is calculated as the Partnership’s average distributable cash flow, as defined by the 2014 LTIP document, for the three years in the measurement period, subject to certain adjustments as set forth in the 2014 LTIP document, divided by the amount of annualized cash distributions to be paid by the Partnership . The level of compensation earned under the fiscal 2021 award is evaluated using two separate measurement components: (i) 75% weight based on the level of average distributable cash flow of the Partnership over the three-year measurement period; and (ii) 25% weight based on the achievement of certain operating and strategic objectives, set by the Compensation Committee of the Board of Supervisors, over that award’s three-year measurement period. The level of compensation earned under the fiscal 2022 award, and measurement periods thereafter, is also evaluated using two separate measurement components: (i) 50% weight based on the level of average distributable cash flow of the Partnership over the three-year measurement period; and (ii) 50% weight based on the achievement of certain operating and strategic objectives, set by the Compensation Committee of the Board of Supervisors for that award’s three-year measurement period . Compensation expense, which includes adjustments to previously recognized compensation expense for current period changes in the fair value of unvested awards, for fiscal 2022, 2021 and 2020 was $ 6,112 , $ 4,819 and $ 480 , respectively. The cash payout in fiscal 2022, which related to the fiscal 2019 award, was $ 3,985 ; the cash payout in fiscal 2021, which related to the fiscal 2018 award, was $ 3,354 ; and the cash payout in fiscal 2020, which related to the fiscal 2017 award, was $ 2,963 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 24, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 12. Employee Benefit Plans Defined Contribution Plan. The Partnership has an employee Retirement Savings and Investment Plan (the “401(k) Plan”) covering most employees. Employer matching contributions relating to the 401(k) Plan represent a match of $ 0.50 on up to 6 % of eligible compensation contributed with the opportunity to earn an additional performance-based matching contribution if certain annual fiscal performance targets are achieved. These contribution costs were $ 4,059 , $ 3,880 and $ 3,934 for fiscal 2022, 2021 and 2020, respectively. Defined Pension and Retiree Health and Life Benefits Arrangements Pension Benefits. The Partnership has a noncontributory defined benefit pension plan which was originally designed to cover all eligible employees of the Partnership who met certain requirements as to age and length of service. Effective January 1, 1998, the Partnership amended its defined benefit pension plan to provide benefits under a cash balance formula as compared to a final average pay formula which was in effect prior to January 1, 1998. Effective January 1, 2000, participation in the defined benefit pension plan was limited to eligible existing participants on that date with no new participants eligible to participate in the plan. On September 20, 2002, the Board of Supervisors approved an amendment to the defined benefit pension plan whereby, effective January 1, 2003, future service credits ceased and eligible employees receive interest credits only toward their ultimate retirement benefit. Contributions, as needed, are made to a trust maintained by the Partnership. Contributions to the defined benefit pension plan are made by the Partnership in accordance with the Employee Retirement Income Security Act of 1974 minimum funding standards plus additional amounts made at the discretion of the Partnership, which may be determined from time to time. Contributions of $ 3,330 , $ 6,270 and $ 3,835 were made by the Partnership in fiscal 2022, 2021 and 2020, respectively. In fiscal 2010, the Internal Revenue Service completed its review of the Partnership’s defined benefit pension plan and issued a favorable determination letter pertaining to the cash balance formula. However, there can be no assurances that future legislative developments will not have an adverse effect on the Partnership’s results of operations or cash flows. Retiree Health and Life Benefits. The Partnership provides postretirement health care and life insurance benefits for certain retired employees. Partnership employees hired prior to July 1993 and who retired prior to March 1998 are eligible for postretirement health care benefits if they reached a specified retirement age while working for the Partnership. Partnership employees hired prior to July 1993 and who retired prior to January 1998 are eligible for life insurance benefits if they reached a specified retirement age while working for the Partnership. Effective January 1, 2017, the Partnership terminated postretirement life insurance benefits to all retirees that retired after December 31, 1997. Effective March 31, 1998, the Partnership froze participation in its postretirement health care benefit plan, with no new retirees eligible to participate in the plan. All active employees who were eligible to receive health care benefits under the postretirement plan subsequent to March 1, 1998, were provided an increase to their accumulated benefits under the cash balance pension plan. The Partnership’s postretirement health care and life insurance benefit plans are unfunded. Effective January 1, 2006, the Partnership changed its postretirement health care plan from a self-insured program to one that is fully insured under which the Partnership pays a portion of the insurance premium on behalf of the eligible participants. The Partnership recognizes the funded status of pension and other postretirement benefit plans as an asset or liability on the balance sheet and recognizes changes in the funded status in other comprehensive income (loss) in the year the changes occur. The Partnership uses the date of its consolidated financial statements as the measurement date of plan assets and obligations. Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status. The following tables provide a reconciliation of the changes in the benefit obligations and the fair value of the plan assets for fiscal 2022 and 2021 and a statement of the funded status for both years. Under the Partnership’s cash balance defined benefit pension plan, the accumulated benefit obligation and the projected benefit obligation are the same. Pension Benefits Retiree Health and Life Benefits 2022 2021 2022 2021 Reconciliation of benefit obligations: Benefit obligation at beginning of year $ 103,115 $ 115,232 $ 4,962 $ 5,999 Interest cost 2,459 2,263 81 77 Actuarial (gain) loss ( 20,763 ) ( 4,461 ) ( 705 ) ( 431 ) Lump sum benefits paid ( 3,332 ) ( 3,859 ) — — Ordinary benefits paid ( 5,628 ) ( 6,060 ) ( 626 ) ( 683 ) Benefit obligation at end of year $ 75,851 $ 103,115 $ 3,712 $ 4,962 Reconciliation of fair value of plan assets: Fair value of plan assets at beginning of year $ 77,892 $ 80,001 $ — $ — Actual return on plan assets ( 17,171 ) 1,540 — — Employer contributions 3,330 6,270 626 683 Lump sum benefits paid ( 3,332 ) ( 3,859 ) — — Ordinary benefits paid ( 5,628 ) ( 6,060 ) ( 626 ) ( 683 ) Fair value of plan assets at end of year $ 55,091 $ 77,892 $ — $ — Funded status: Funded status at end of year $ ( 20,760 ) $ ( 25,223 ) $ ( 3,712 ) $ ( 4,962 ) Amounts recognized in consolidated balance sheets Net amount recognized at end of year $ ( 20,760 ) $ ( 25,223 ) $ ( 3,712 ) $ ( 4,962 ) Less: current portion — — 627 710 Noncurrent benefit liability $ ( 20,760 ) $ ( 25,223 ) $ ( 3,085 ) $ ( 4,252 ) Amounts not yet recognized in net periodic benefit cost Actuarial net (loss) gain $ ( 17,797 ) $ ( 23,303 ) $ 4,445 $ 4,465 Prior service credits — — 756 1,255 Net amount recognized in accumulated other $ ( 17,797 ) $ ( 23,303 ) $ 5,201 $ 5,720 Plan Assets. The Partnership’s investment policies and strategies, as set forth in the Investment Management Policy and Guidelines, are monitored by a Benefits Committee comprised of five members of management. The Partnership employs a liability driven investment strategy, which seeks to increase the correlation of the plan’s assets and liabilities to reduce the volatility of the plan’s funded status. This strategy has resulted in an asset allocation that is largely comprised of investments in funds of fixed income securities. The target asset mix is as follows: (i) fixed income securities portion of the portfolio should range between 80 % and 90 %; and (ii) equity securities portion of the portfolio should range between 10 % and 20 %. The following table presents the actual allocation of assets held in trust as of: September 24, September 25, 2022 2021 Fixed income securities 86 % 86 % Equity securities 14 % 14 % 100 % 100 % The Partnership’s valuations include the use of the funds’ reported net asset values for commingled fund investments. Commingled funds are valued at the net asset value of its underlying securities. The assets of the defined benefit pension plan have no significant concentration of risk and there are no restrictions on these investments. The following table describes the measurement of the Partnership’s pension plan assets by asset category as of: September 24, September 25, 2022 2021 Short term investments (1) $ 1,410 $ 1,467 Equity securities: (1) (2) Domestic 2,803 4,129 International 4,941 7,167 Fixed income securities (1) (3) 45,937 65,129 $ 55,091 $ 77,892 (1) Includes funds which are not publicly traded and are valued at the net asset value of the units provided by the fund issuer. (2) Includes funds which invest primarily in a diversified portfolio of publicly traded U.S. and Non-U.S. common stock. (3) Includes funds which invest primarily in publicly traded and non-publicly traded, investment grade corporate bonds, U.S. government bonds and asset-backed securities. Projected Contributions and Benefit Payments. The Partnership does not have any required contributions to the defined benefit pension plan during fiscal 2023. Estimated futu re benefit payments for both pension and retiree health and life benefits are as follows: Pension Retiree Health and Fiscal Year Benefits Life Benefits 2023 $ 22,832 $ 627 2024 7,361 559 2025 6,931 494 2026 6,832 432 2027 6,134 375 2028 through 2032 23,897 1,171 Estimated future pension benefit payments assumes that age 65 or older active and non-active eligible participants in the pension plan that had not received a benefit payment prior to fiscal 2023 will elect to receive a benefit payment in fiscal 2023. In addition, for all periods presented, estimated future pension benefit payments assumes that participants will elect a lump sum payment in the fiscal year that the participant becomes eligible to receive benefits. Effect on Operations. The following table provides the components of net periodic benefit costs included in operating expenses for fiscal 2022, 2021 and 2020: Pension Benefits Retiree Health and Life Benefits 2022 2021 2020 2022 2021 2020 Interest cost $ 2,459 $ 2,263 $ 2,726 $ 81 $ 77 $ 151 Expected return on plan assets ( 1,392 ) ( 1,266 ) ( 1,270 ) — — — Amortization of prior service credit — — — ( 498 ) ( 498 ) ( 498 ) Settlement charge 840 958 1,051 — — — Recognized net actuarial loss (gain) 2,467 3,289 3,448 ( 725 ) ( 723 ) ( 786 ) Net periodic benefit costs $ 4,374 $ 5,244 $ 5,955 $ ( 1,142 ) $ ( 1,144 ) $ ( 1,133 ) During fiscal 2022, fiscal 2021 and fiscal 2020, lump sum pension settlement payments to either terminated or retired individuals amounted to $ 3,332 , $ 3,859 and $ 3,623 , respectively. The settlement threshold (combined service and interest costs of net periodic pension cost) for these three years were $ 2,459 , $ 2,263 and $ 2,726 , respectively. In fiscal 2022, fiscal 2021 and fiscal 2020, lump sum pension settlement payments exceeded the respective settlement thresholds, which required the Partnership to recognize non-cash settlement charges of $ 840 , $ 958 and $ 1,051 respectively. The non-cash charges were required to accelerate recognition of a portion of cumulative unamortized losses in the defined benefit pension plan. Actuarial Assumptions. The assumptions used in the measurement of the Partnership’s benefit obligations as of September 24, 2022 and September 25, 2021 are shown in the following table: Pension Benefits Retiree Health and Life Benefits 2022 2021 2022 2021 Weighted-average discount rate 5.125 % 2.500 % 4.875 % 1.750 % Average rate of compensation increase n/a n/a n/a n/a Health care cost trend n/a n/a 5.330 % 5.400 % The assumptions used in the measurement of net periodic pension benefit and postretirement benefit costs for fiscal 2022, 2021 and 2020 are shown in the following table: Pension Benefits Retiree Health and Life Benefits 2022 2021 2020 2022 2021 2020 Weighted-average discount rate 2.500 % 2.125 % 2.875 % 1.750 % 1.375 % 2.375 % Average rate of compensation increase n/a n/a n/a n/a n/a n/a Weighted-average expected long-term 2.150 % 1.850 % 1.800 % n/a n/a n/a Health care cost trend n/a n/a n/a 5.400 % 5.720 % 6.010 % The discount rate assumption takes into consideration current market expectations related to long-term interest rates and the projected duration of the Partnership’s pension obligations based on a benchmark index with similar characteristics as the expected cash flow requirements of the Partnership’s defined benefit pension plan over the long-term. The expected long-term rate of return on plan assets assumption reflects estimated future performance in the Partnership’s pension asset portfolio considering the investment mix of the pension asset portfolio and historical asset performance. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. The market-related value of pension plan assets is the fair value of the assets. Unrecognized actuarial gains and losses in excess of 10 % of the greater of the projected benefit obligation and the market-related value of plan assets are amortized over the expected average remaining service period of active employees expected to receive benefits under the plan. The 5.33 % increase in health care costs assumed at September 24, 2022 is assumed to decrease gradually to 4.00 % in fiscal 2046 and to remain at that level thereafter. An increase or decrease of the assumed health care cost trend rates by 1.0 % in each year would have no material impact to the Partnership’s benefit obligation as of September 24, 2022 nor the aggregate of service and interest components of net periodic postretirement benefit expense for fiscal 2022. The Partnership has concluded that the prescription drug benefits within the retiree medical plan do not entitle the Partnership to an available Medicare subsidy. Multi-Employer Pension Plans. As a result of the acquisition of the retail propane assets of Inergy, the Partnership contributes to multi-employer pension plans (“MEPPs”) in accordance with various collective bargaining agreements covering union employees. As one of the many participating employers in these MEPPs, the Partnership is responsible with the other participating employers for any plan underfunding. During the fourth quarter of fiscal 2021, the Partnership accrued approximately $ 4,300 for its voluntary full withdrawal from one MEPP. As of September 24, 2022 and September 25, 2021, the Partnership’s estimated obligation for MEPP established withdrawals was $ 22,496 and $ 23,567 , respectively. Due to the uncertainty regarding future factors that could impact the withdrawal liability, the Partnership is unable to determine the timing of the payment of the future withdrawal liability, or additional future withdrawal liability, if any. The Partnership’s contributions to a particular MEPP are established by the applicable collective bargaining agreements (“CBAs”); however, the required contributions may increase based on the funded status of a MEPP and legal requirements of the Pension Protection Act of 2006 (the “PPA”), which requires substantially underfunded MEPPs to implement a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) to improve their funded status. Factors that could impact funded status of a MEPP include, without limitation, investment performance, changes in the participant demographics, decline in the number of contributing employers, changes in actuarial assumptions and the utilization of extended amortization provisions. While no multi-employer pension plan that the Partnership contributed to is individually significant to the Partnership, the table below discloses the MEPPs to which the Partnership contributes. The financial health of a MEPP is indicated by the zone status, as defined by the PPA, which represents the funded status of the plan as certified by the plan's actuary. Plans in the red zone are less than 65% funded, the yellow zone are between 65% and 80% funded, and green zone are at least 80% funded. Total contributions made by the Partnership to multi-employer pension plans for the fiscal years ended September 24, 2022, September 25, 2021 and September 26, 2020 are shown below. PPA Zone Status Contributions Contributions greater than Expiration Pension Fund EIN/Pension Plan Number 2022 2021 FIP/RP Status 2022 2021 2020 Total Plan Contributions date of Local 282 Pension Trust (1) 11-6245313 Green Green n/a $ 295 $ 277 $ 272 No August 2024 Western Conference of Teamsters (2) 91-6145047 Green Green n/a 19 17 24 No February 2024 $ 314 $ 294 $ 296 (1) Based on most recent available valuation information for plan year ended February 2022. (2) Based on most recent available valuation information for plan year ended December 2021. Additionally, the Partnership contributes to certain multi-employer plans that provide health and welfare benefits and defined annuity plans. Contributions to those plans were $ 1,045 , $ 1,241 and $ 1,151 for fiscal 2022, 2021 and 2020, respectively. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Sep. 24, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Risk Management | 13. Financial Instruments and Risk Management Cash and Cash Equivalents. The fair value of cash and cash equivalents is not materially different from their carrying amount because of the short-term maturity of these instruments. Derivative Instruments and Hedging Activities. The Partnership measures the fair value of its exchange-traded commodity-related options and futures contracts using Level 1 inputs, the fair value of its commodity-related swap contracts and interest rate swaps using Level 2 inputs and the fair value of its over-the-counter commodity-related options contracts using Level 3 inputs. The Partnership’s over-the-counter options contracts are valued based on an internal option model. The inputs utilized in the model are based on publicly available information, as well as broker quotes. The following summarizes the fair value of the Partnership’s derivative instruments and their location in the consolidated balance sheets as of September 24, 2022 and September 25, 2021, respectively: As of September 24, 2022 As of September 25, 2021 Asset Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging Commodity-related derivatives Other current assets $ 18,263 Other current assets $ 53,019 Other assets 16,430 Other assets 1,813 $ 34,693 $ 54,832 Liability Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging Commodity-related derivatives Other current liabilities $ 16,957 Other current liabilities $ 8,715 Other liabilities 1,895 Other liabilities 1,632 $ 18,852 $ 10,347 The following summarizes the reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Fair Value Measurement Using Significant Fiscal 2022 Fiscal 2021 Assets Liabilities Assets Liabilities Beginning balance of over-the-counter options $ 4,626 $ 451 $ — $ — Beginning balance realized during the period ( 4,626 ) ( 219 ) — — Contracts purchased during the period 222 3,295 4,626 451 Change in the fair value of outstanding contracts — ( 119 ) — — Ending balance of over-the-counter options $ 222 $ 3,408 $ 4,626 $ 451 As of September 24, 2022 and September 25, 2021, the Partnership’s outstanding commodity-related derivatives had a weighted average maturity of approximately seven and four months , respectively. The effect of the Partnership’s derivative instruments on the consolidated statements of operations for fiscal 2022, 2021 and 2020 are as follows: Unrealized Gains (Losses) Recognized in Income Derivatives Not Designated as Hedging Instruments Location Amount Commodity-related derivatives: Fiscal 2022 Cost of products sold $ ( 27,929 ) Fiscal 2021 Cost of products sold $ 43,121 Fiscal 2020 Cost of products sold $ ( 382 ) The following table presents the fair value of the Partnership’s recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: As of September 24, 2022 Net amounts presented in the Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 117,260 $ ( 82,567 ) $ 34,693 $ 117,260 $ ( 82,567 ) $ 34,693 Liability Derivatives Commodity-related derivatives $ 101,419 $ ( 82,567 ) $ 18,852 $ 101,419 $ ( 82,567 ) $ 18,852 As of September 25, 2021 Net amounts presented in the Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 76,508 $ ( 21,676 ) $ 54,832 $ 76,508 $ ( 21,676 ) $ 54,832 Liability Derivatives Commodity-related derivatives $ 32,023 $ ( 21,676 ) $ 10,347 $ 32,023 $ ( 21,676 ) $ 10,347 The Partnership had $- 0 - posted cash collateral as of September 24, 2022 and September 25, 2021, respectively, with its brokers for outstanding commodity-related derivatives. Concentrations. The Partnership’s principal customers are residential and commercial end users of propane and fuel oil and refined fuels served by approximately 700 locations in 42 states. No single customer accounted for more than 10% of revenues during fiscal 2022, 2021 or 2020 and no concentration of receivables exists as of September 24, 2022 or September 25, 2021. During fiscal 2022 , Crestwood Equity Partners L.P. and Targa Liquids Marketing, provided approximately 31 % and 16 % of the Partnership’s total propane purchases, respectively. No other single supplier accounted for more than 10 % of the Partnership’s propane purchases in fiscal 2022. The Partnership believes that, if supplies from any of these suppliers were interrupted, it would be able to secure adequate propane supplies from other sources without a material disruption of its operations. Credit Risk. Exchange-traded futures and options contracts are traded on and guaranteed by the NYMEX and as a result, have minimal credit risk. Futures contracts traded with brokers of the NYMEX require daily cash settlements in margin accounts. The Partnership is subject to credit risk with over-the-counter swaps and options contracts entered into with various third parties to the extent the counterparties do not perform. The Partnership evaluates the financial condition of each counterparty with which it conducts business and establishes credit limits to reduce exposure to credit risk based on non-performance. The Partnership does not require collateral to support the contracts. Bank Debt and Senior Notes. The fair value of the Revolving Credit Facility approximates the carrying value since the interest rates are adjusted quarterly to reflect market conditions. Based upon quoted market prices, the fair value of the Partnership’s 2027 Senior Notes and 2031 Senior Notes was $ 336,375 and $ 547,625 , respectively, as of September 24, 2022 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 24, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies Commitments. The Partnership leases certain property, plant and equipment, including portions of the Partnership’s vehicle fleet, for various periods under noncancelable leases. Contingencies Accrued Insurance. The Partnership is self-insured for general and product, workers’ compensation and automobile liabilities up to predetermined amounts above which third party insurance applies. As of September 24, 2022 and September 25, 2021, the Partnership had accrued liabilities of $ 64,065 and $ 66,124 , respectively, representing the total estimated losses for known and anticipated or unasserted general and product, workers’ compensation and automobile claims. For the portion of the estimated liability that exceeds insurance deductibles, the Partnership records an asset within other assets (or prepaid expenses and other current assets, as applicable) related to the amount of the liability expected to be covered by insurance which amounted to $ 15,710 and $ 16,101 as of September 24, 2022 and September 25, 2021, respectively. Legal Matters. The Partnership’s operations are subject to operating hazards and risks normally incidental to handling, storing and delivering combustible liquids such as propane. The Partnership has been, and will continue to be, a defendant in various legal proceedings and litigation as a result of these operating hazards and risks, and as a result of other aspects of its business. In this regard, the Partnership’s natural gas and electricity business was sued in a putative class action suit in the Northern District of New York. The complaint alleged a number of claims under various consumer statutes and common law in New York and Pennsylvania regarding pricing offered to electricity customers in those states. The case was dismissed in part by the district court, but causes of action based on the New York consumer statute and breach of contract were allowed to proceed. On April 12, 2022, the court granted summary judgment in favor of the Partnership on the remaining counts and the complaint was dismissed in full. The plaintiff has filed an appeal to the Second Circuit Court of Appeals. The Partnership believes that the appeal is without merit. Accordingly, it was determined that no reserve for a loss contingency is required. Although any litigation is inherently uncertain, based on past experience, the information currently available to the Partnership, and the amount of its accrued insurance liabilities, the Partnership does not believe that currently pending or threatened litigation matters, or known claims or known contingent claims, will have a material adverse effect on its results of operations, financial condition or cash flow. During the first quarter of fiscal 2020, the Partnership recorded a charge of $ 5,000 for the settlement of certain product liability and other legal matters. The settled claims were paid in the second quarter of fiscal 2020. |
Guarantees
Guarantees | 12 Months Ended |
Sep. 24, 2022 | |
Guarantees [Abstract] | |
Guarantees | 15. Guarantees The Partnership has residual value guarantees associated with certain of its operating leases, related primarily to transportation equipment, with remaining lease periods scheduled to expire periodically through fiscal 2032 . Upon completion of the lease period, the Partnership guarantees that the fair value of the equipment will equal or exceed the guaranteed amount, or the Partnership will pay the lessor the difference. Although the fair value of equipment at the end of its lease term has historically exceeded the guaranteed amounts, the maximum potential amount of aggregate future payments the Partnership could be required to make under these leasing arrangements, assuming the equipment is deemed worthless at the end of the lease term, was $ 33,972 as of September 24, 2022. The fair value of residual value guarantees for outstanding operating leases was de minimis as of September 24, 2022 and September 25, 2021 . |
Amounts Reclassified Out of Acc
Amounts Reclassified Out of Accumulated Other Comprehensive Income | 12 Months Ended |
Sep. 24, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Amounts Reclassified Out of Accumulated Other Comprehensive Income | 16. Amounts Reclassified Out of Accumulated Other Comprehensive Income The following table summarizes amounts reclassified out of accumulated other comprehensive (loss) income for the years ended September 24, 2022, September 25, 2021 and September 26, 2020: Year Ended September 24, September 25, September 26, 2022 2021 2020 Pension Benefits Balance, beginning of period $ ( 23,303 ) $ ( 32,286 ) $ ( 33,733 ) Other comprehensive income before reclassifications: Net change in funded status of benefit plan 2,199 4,736 ( 3,052 ) Reclassifications to earnings: Recognition of net actuarial loss for pension (1) 840 958 1,051 Amortization of net loss (1) 2,467 3,289 3,448 Other comprehensive income (loss) 5,506 8,983 1,447 Balance, end of period $ ( 17,797 ) $ ( 23,303 ) $ ( 32,286 ) Postretirement Benefits Balance, beginning of period $ 5,719 $ 6,510 $ 7,547 Other comprehensive income before reclassifications: Net change in plan obligation 705 430 247 Reclassifications to earnings: Amortization of prior service credits (1) ( 498 ) ( 498 ) ( 498 ) Amortization of net gain (1) ( 725 ) ( 723 ) ( 786 ) Other comprehensive (loss) income ( 518 ) ( 791 ) ( 1,037 ) Balance, end of period $ 5,201 $ 5,719 $ 6,510 Accumulated Other Comprehensive Income (Loss) Balance, beginning of period $ ( 17,584 ) $ ( 25,776 ) $ ( 26,186 ) Other comprehensive income before reclassifications 2,904 5,166 ( 2,805 ) Recognition of net actuarial loss for pension settlement 840 958 1,051 Reclassifications to earnings 1,244 2,068 2,164 Other comprehensive (loss) income 4,988 8,192 410 Balance, end of period $ ( 12,596 ) $ ( 17,584 ) $ ( 25,776 ) (1) These amounts are included in the computation of net periodic benefit cost. See Note 12, “Employee Benefit Plans”. |
Segment Information
Segment Information | 12 Months Ended |
Sep. 24, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 17. Segment Information The Partnership manages and evaluates its operations in four operating segments, three of which are reportable segments: Propane, Fuel Oil and Refined Fuels and Natural Gas and Electricity. The chief operating decision maker evaluates performance of the operating segments using a number of performance measures, including gross margins and income before interest expense and provision for income taxes (operating profit). Costs excluded from these profit measures are captured in Corporate and include corporate overhead expenses not allocated to the operating segments. Unallocated corporate overhead expenses include all costs of back office support functions that are reported as general and administrative expenses within the consolidated statements of operations. In addition, certain costs associated with field operations support that are reported in operating expenses within the consolidated statements of operations, including purchasing, training and safety, are not allocated to the individual operating segments. Thus, operating profit for each operating segment includes only the costs that are directly attributable to the operations of the individual segment. The accounting policies of the operating segments are otherwise the same as those described in the summary of significant accounting policies in Note 2. The propane segment is primarily engaged in the retail distribution of propane to residential, commercial, industrial, agricultural and government customers and, to a lesser extent, wholesale distribution to large industrial end users. In the residential, commercial and government markets, propane is used primarily for space heating, water heating, cooking and clothes drying. Industrial customers use propane generally as a motor fuel burned in internal combustion engines that power over-the-road vehicles, forklifts and stationary engines, to fire furnaces and as a cutting gas. In the agricultural markets, propane is primarily used for tobacco curing, crop drying, poultry brooding and weed control. In addition, the Partnership's equity investment in Oberon is included within the propane segment. The fuel oil and refined fuels segment is primarily engaged in the retail distribution of fuel oil, diesel, kerosene and gasoline to residential and commercial customers for use primarily as a source of heat in homes and buildings. The natural gas and electricity segment is engaged in the marketing of natural gas and electricity to residential and commercial customers in the deregulated energy markets of New York and Pennsylvania. Under this operating segment, the Partnership owns the relationship with the end consumer and has agreements with the local distribution companies to deliver the natural gas or electricity from the Partnership’s suppliers to the customer. Activities in the “all other” category include the Partnership’s service business, which is primarily engaged in the sale, installation and servicing of a wide variety of home comfort equipment, particularly in the areas of heating and ventilation. In addition, the Partnership's equity investment in IH and investments in biodigester systems for the production of RNG are included within "all other". The following table presents certain data by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented: Year Ended September 24, September 25, September 26, 2022 2021 2020 Revenues: Propane $ 1,313,556 $ 1,140,457 $ 955,143 Fuel oil and refined fuels 95,157 67,104 75,039 Natural gas and electricity 39,511 30,425 31,184 All other 53,241 50,769 46,531 Total revenues $ 1,501,465 $ 1,288,755 $ 1,107,897 Operating income (loss): Propane $ 337,377 $ 330,443 $ 239,771 Fuel oil and refined fuels 6,711 7,716 9,338 Natural gas and electricity 6,598 7,409 7,459 All other ( 21,982 ) ( 20,119 ) ( 20,377 ) Corporate ( 122,377 ) ( 112,213 ) ( 95,921 ) Total operating income 206,327 213,236 140,270 Reconciliation to net income: Loss on debt extinguishment — 16,029 109 Interest expense, net 60,658 68,132 74,727 Other, net 5,532 5,172 4,822 Provision for (benefit from) income taxes 429 1,110 ( 146 ) Net income $ 139,708 $ 122,793 $ 60,758 Depreciation and amortization: Propane $ 50,053 $ 95,616 $ 106,725 Fuel oil and refined fuels 1,693 1,654 1,843 Natural gas and electricity 21 24 18 All other 179 188 189 Corporate 6,902 7,073 8,016 Total depreciation and amortization $ 58,848 $ 104,555 $ 116,791 As of September 24, September 25, 2022 2021 Assets: Propane $ 1,957,257 $ 1,935,399 Fuel oil and refined fuels 49,683 47,039 Natural gas and electricity 12,504 11,275 All other 47,853 17,767 Corporate 36,429 40,250 Total assets $ 2,103,726 $ 2,051,730 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Sep. 24, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES VALUATION AND QUA LIFYING ACCOUNTS (in thousands) Balance at Period Charged (credited) to Other Additions Deductions (a) Balance at Year Ended September 26, 2020 Allowance for doubtful accounts $ 2,573 $ 3,855 $ — $ ( 1,955 ) $ 4,473 Valuation allowance for deferred tax assets 37,996 ( 298 ) — — 37,698 Year Ended September 25, 2021 Allowance for doubtful accounts $ 4,473 $ 770 $ — $ ( 1,911 ) $ 3,332 Valuation allowance for deferred tax assets 37,698 570 — — 38,268 Year Ended September 24, 2022 Allowance for doubtful accounts $ 3,332 $ 4,433 $ — $ ( 2,943 ) $ 4,822 Valuation allowance for deferred tax assets 38,268 1,174 — — 39,442 (a) Represents amounts that did not impact earnings. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of the Partnership, the Operating Partnership and all of its direct and indirect subsidiaries. All significant intercompany transactions and account balances have been eliminated. The Partnership consolidates the results of operations, financial condition and cash flows of the Operating Partnership as a result of the Partnership’s 100 % limited partner interest in the Operating Partnership. |
Fiscal Period | Fiscal Period. The Partnership uses a 52 / 53 week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally 13 weeks in duration. When the Partnership’s fiscal year is 53 weeks long, as will be the case for fiscal 2023, the corresponding fourth quarter is 14 weeks in duration. Fiscal 2022, 2021 and 2020 included 52 weeks of operations. |
Revenue Recognition | Revenue Recognition. The Partnership recognizes revenue pursuant to the requirements of Financial Accounting Standards Board (“FASB”) Topic 606 – Revenue from Contracts with Customers (“Topic 606”) and all related amendments. Topic 606 provides a five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when each performance obligation is satisfied. Revenue is recognized by the Partnership when goods or services promised in a contract with a customer have been transferred, and no further performance obligation on that transfer is required, in an amount that reflects the consideration expected to be received. Performance obligations are determined and evaluated based on the specific terms of the arrangements and the distinct products and services offered. Due to the nature of the retail business of the Partnership, there are no remaining or unsatisfied performance obligations as of the end of the reporting period, except for tank rental agreements, maintenance service contracts, fixed price contracts and budgetary programs, as described below. The performance obligation associated with sales of propane, fuel oil and refined fuels is met at the time product is delivered to the customer. Revenue from the sale of appliances and equipment is recognized at the time of sale or when installation is complete, as defined by the performance obligations included within the related customer contract. Revenue from repairs, maintenance and other service activities is recognized upon completion of the service. Revenue from the sale of natural gas and electricity is recognized based on customer usage as determined by meter readings for amounts delivered, an immaterial amount of which may be unbilled at the end of each accounting period. The Partnership defers the recognition of revenue for annually billed tank rent, maintenance service contracts, fixed price contracts and budgetary programs where customer consideration is received at the start of the contract period, establishing contract liabilities which are disclosed as customer deposits and advances on the consolidated balance sheets. Deliveries to customers enrolled in budgetary programs that exceed billings to those customers establish contract assets which are included in accounts receivable on the consolidated balance sheets. The Partnership ratably recognizes revenue over the applicable term for tank rent and maintenance service agreements, which is generally one year, and at the time of delivery for fixed price contracts and budgetary programs. The Partnership incurs incremental direct costs, such as commissions to its salesforce, to obtain certain contracts. These costs are expensed as incurred, consistent with the practical expedients issued by the FASB, since the expected amortization period is one year or less. The Partnership generally determines selling prices based on, among other things, the current weighted average cost and the current replacement cost of the product at the time of delivery, plus an applicable margin. Except for tank rental agreements, maintenance service contracts, fixed price contracts and budgetary programs, customer payments for the satisfaction of a performance obligation are due upon receipt. |
Fair Value Measurements | Fair Value Measurements. The Partnership measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |
Business Combinations | Business Combinations. The Partnership accounts for business combinations using the acquisition method and accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the acquisition date. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. The primary drivers that generate goodwill are the value of synergies between the acquired entities and the Partnership, and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Identifiable intangible assets with finite lives are amortized over their useful lives. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. The Partnership expenses all acquisition-related costs as incurred. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates have been made by management in the areas of self-insurance and litigation reserves, pension and other postretirement benefit liabilities and costs, valuation of derivative instruments, depreciation and amortization of long-lived assets, asset impairment assessments, tax valuation allowances, allowances for doubtful accounts, and purchase price allocation for acquired businesses. The Partnership uses Society of Actuaries life expectancy information when developing the annual mortality assumptions for the pension and postretirement benefit plans, which are used to measure net periodic benefit costs and the obligation under these plans. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term. |
Cash and Cash Equivalents | Cash and Cash Equivalents. The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short maturity of these instruments. |
Inventories | Inventories. Inventories are stated at the lower of cost or market. Cost is determined using a weighted average method for propane, fuel oil and refined fuels and natural gas, and a standard cost basis for appliances, which approximates average cost. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Commodity Price Risk. Given the retail nature of its operations, the Partnership maintains a certain level of priced physical inventory to help ensure its field operations have adequate supply commensurate with the time of year. The Partnership’s strategy is to keep its physical inventory priced relatively close to market for its field operations. The Partnership enters into a combination of exchange-traded futures and option contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to hedge price risk associated with propane and fuel oil physical inventories, as well as future purchases of propane or fuel oil used in its operations and to help ensure adequate supply during periods of high demand. In addition, the Partnership sells propane and fuel oil to customers at fixed prices, and enters into derivative instruments to hedge a portion of its exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. Under this risk management strategy, realized gains or losses on derivative instruments will typically offset losses or gains on the physical inventory once the product is sold or delivered as it pertains to fixed price contracts. All of the Partnership’s derivative instruments are reported on the consolidated balance sheet at their fair values. In addition, in the course of normal operations, the Partnership routinely enters into contracts such as forward priced physical contracts for the purchase or sale of propane and fuel oil that qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from the fair value accounting requirements and are accounted for at the time product is purchased or sold under the related contract. The Partnership does not use derivative instruments for speculative trading purposes. Market risks associated with derivative instruments are monitored daily for compliance with the Partnership’s Hedging and Risk Management Policy which includes volume limits for open positions. Priced on-hand inventory is also reviewed and managed daily as to exposures to changing market prices. On the date that derivative instruments are entered into, other than those designated as normal purchases or normal sales, the Partnership makes a determination as to whether the derivative instrument qualifies for designation as a hedge. Changes in the fair value of derivative instruments are recorded each period in current period earnings or other comprehensive income (“OCI”), depending on whether the derivative instrument is designated as a hedge and, if so, the type of hedge. For derivative instruments designated as cash flow hedges, the Partnership formally assesses, both at the hedge contract’s inception and on an ongoing basis, whether the hedge contract is highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of derivative instruments designated as cash flow hedges are reported in OCI to the extent effective and reclassified into earnings during the same period in which the hedged item affects earnings. The mark-to-market gains or losses on ineffective portions of cash flow hedges are recognized in earnings immediately. Changes in the fair value of derivative instruments that are not designated as cash flow hedges, and that do not meet the normal purchase and normal sale exemption, are recorded within earnings as they occur. Cash flows associated with derivative instruments are reported as operating activities within the consolidated statement of cash flows. Interest Rate Risk. A portion of the Partnership’s borrowings bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus an applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1% or the agent bank’s prime rate, or LIBOR plus 1 %, plus the applicable margin. The applicable margin is dependent on the level of the Partnership’s total leverage (the ratio of total debt to income before deducting interest expense, income taxes, depreciation and amortization (“EBITDA”)). Therefore, the Partnership is subject to interest rate risk on the variable component of the interest rate. From time to time, the Partnership manages part of its variable interest rate risk by entering into interest rate swap agreements. The Partnership did not enter into any interest rate swap agreements during fiscal 2022, 2021 or 2020. Valuation of Derivative Instruments. The Partnership measures the fair value of its exchange-traded options and futures contracts using quoted market prices found on the New York Mercantile Exchange (the “NYMEX”) (Level 1 inputs); the fair value of its swap contracts using quoted forward prices, and the fair value of its interest rate swaps using model-derived valuations driven by observable projected movements of the 3-month LIBOR (Level 2 inputs); and the fair value of its over-the-counter options contracts using Level 3 inputs. The Partnership’s over-the-counter options contracts are valued based on an internal option model. The inputs utilized in the model are based on publicly available information as well as broker quotes. The significant unobservable inputs used in the fair value measurements of the Partnership’s over-the-counter options contracts are interest rate and market volatility. |
Long-Lived Assets | Long-Lived Assets Property, plant and equipment. Property, plant and equipment are stated at cost. Expenditures for maintenance and routine repairs are expensed as incurred while betterments are capitalized as additions to the related assets and depreciated over the asset’s remaining useful life. The Partnership capitalizes costs incurred in the acquisition and modification of computer software used internally, including consulting fees and costs of employees dedicated solely to a specific project. At the time assets are retired, or otherwise disposed of, the asset and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized within operating expenses. Depreciation is determined under the straight‑line method based upon the estimated useful life of the asset as follows: Buildings 40 Years Building and land improvements 20 Years Transportation equipment 3 - 10 Years Storage facilities 7 - 30 Years Office equipment 5 - 10 Years Tanks and cylinders 10 - 40 Years Computer software 3 - 7 Years The weighted average estimated useful life of the Partnership’s storage facilities and tanks and cylinders is approximately 23 years and 28 years, respectively. The Partnership reviews the recoverability of long-lived assets when circumstances occur that indicate that the carrying value of an asset may not be recoverable. Such circumstances include a significant adverse change in the manner in which an asset is being used, current operating losses combined with a history of operating losses experienced by the asset or a current expectation that an asset will be sold or otherwise disposed of before the end of its previously estimated useful life. Evaluation of possible impairment is based on the Partnership’s ability to recover the value of the asset from the future undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the expected undiscounted cash flows are less than the carrying amount of such asset, an impairment loss is recorded as the amount by which the carrying amount of an asset exceeds its fair value. The fair value of an asset will be measured using the best information available, including prices for similar assets or the result of using a discounted cash flow valuation technique. |
Goodwill | Goodwill. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is subject to an impairment review at a reporting unit level, on an annual basis as of the end of fiscal July of each year, or when an event occurs or circumstances change that would indicate potential impairment. The Partnership has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform an impairment test. Under the impairment test, the Partnership assesses the carrying value of goodwill at a reporting unit level based on an estimate of the fair value of the respective reporting unit. Fair value of the reporting unit is estimated using discounted cash flow analyses taking into consideration estimated cash flows in a ten-year projection period and a terminal value calculation at the end of the projection period. If the fair value of the reporting unit exceeds its carrying value, the goodwill associated with the reporting unit is not considered to be impaired. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized to the extent that the carrying amount of the associated goodwill, if any, exceeds the implied fair value of the goodwill. |
Other Intangible Assets | Other Intangible Assets. Other intangible assets consist of customer relationships, tradenames, non-compete agreements and leasehold interests. Customer relationships and tradenames are amortized under the straight-line method over the estimated period for which the assets are expected to contribute to the future cash flows of the reporting entities to which they relate, ending periodically between fiscal years 2023 and 2032. Non-compete agreements are amortized under the straight-line method over the periods of the related agreements. Leasehold interests are amortized under the straight-line method over the shorter of the lease term or the useful life of the related assets, through fiscal 2025. |
Accrued Insurance | Accrued Insurance. Accrued insurance represents the estimated costs of known and anticipated or unasserted claims for incidents related to general and product, workers’ compensation and automobile liability. For each claim, the Partnership records a provision up to the estimated amount of the probable claim utilizing actuarially determined loss development factors applied to actual claims data. The Partnership is self-insured for these liabilities up to predetermined amounts above which third party insurance applies. The Partnership maintains insurance coverage such that its net exposure for insured claims is limited to the insurance deductible, claims above which are paid by the Partnership’s insurance carriers. For the portion of the estimated liability that exceeds insurance deductibles, the Partnership records an asset related to the amount of the liability expected to be covered by insurance. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits. The Partnership estimates the rate of return on plan assets, the discount rate used to estimate the present value of future benefit obligations and the expected cost of future health care benefits in determining its annual pension and other postretirement benefit costs. The Partnership uses Society of Actuaries mortality tables (Pri-2012), mortality improvement scales (MP-2021) and other actuarial life expectancy information when developing the annual mortality assumptions for the pension and postretirement benefit plans, which are used to measure net periodic benefit costs and the obligation under these plans. |
Customer Deposits and Advances | Customer Deposits and Advances. The Partnership offers different payment programs to its customers including the ability to prepay for usage and to make equal monthly payments on account under a budget payment plan. The Partnership establishes a liability within customer deposits and advances for amounts collected in advance of deliveries. |
Income Taxes | Income Taxes. As discussed in Note 1, the Partnership structure consists of two limited partnerships, the Partnership and the Operating Partnership, and the Corporate Entities. For federal income tax purposes, as well as for state income tax purposes in the majority of the states in which the Partnership operates, the earnings attributable to the Partnership and the Operating Partnership are included in the tax returns of the Common Unitholders. As a result, except for certain states that impose an income tax on partnerships, no income tax expense is reflected in the Partnership’s consolidated financial statements relating to the earnings of the Partnership and the Operating Partnership. The earnings attributable to the Corporate Entities are subject to federal and state income tax. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Common Unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under the Partnership Agreement. Income taxes for the Corporate Entities are provided based on the asset and liability approach to accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets when it is more likely than not that the full amount will not be realized. |
Loss Contingencies | Loss Contingencies. In the normal course of business, the Partnership is involved in various claims and legal proceedings. The Partnership records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. The liability includes probable and estimable legal costs to the point in the legal matter where the Partnership believes a conclusion to the matter will be reached. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. |
Asset Retirement Obligations | Asset Retirement Obligations. Asset retirement obligations apply to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. The Partnership has recognized asset retirement obligations for certain costs to remove and properly dispose of underground and aboveground fuel oil storage tanks and contractually mandated removal of leasehold improvements. The Partnership records a liability at fair value for the estimated cost to settle an asset retirement obligation at the time that liability is incurred, which is generally when the asset is purchased, constructed or leased. The Partnership records the liability, which is referred to as the asset retirement obligation, when it has a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Partnership records the liability when sufficient information is available to estimate the liability’s fair value. |
Unit-Based Compensation | Unit-Based Compensation. The Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity or equity-based compensation based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on remeasurement of the award’s fair value at the conclusion of each interim and annual reporting period until the date of settlement, taking into consideration the probability that the performance conditions will be satisfied. |
Costs and Expenses | Costs and Expenses. The cost of products sold reported in the consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, as well as the cost of natural gas and electricity sold, including transportation costs to deliver product from the Partnership’s supply points to storage or to the Partnership’s customer service centers. Cost of products sold also includes the cost of appliances, equipment and related parts sold or installed by the Partnership’s customer service centers computed on a basis that approximates the average cost of the products. Unrealized non-cash gains or losses from changes in the fair value of commodity derivative instruments that are not designated as cash flow hedges are recorded in each reporting period within cost of products sold. Cost of products sold is reported exclusive of any depreciation and amortization as such amounts are reported separately within the consolidated statements of operations. All other costs of operating the Partnership’s retail propane, fuel oil and refined fuels distribution and appliance sales and service operations, as well as the natural gas and electricity marketing business and the renewable energy businesses, are reported within operating expenses in the consolidated statements of operations. These operating expenses include the compensation and benefits of field and direct operating support personnel, costs of operating and maintaining the vehicle fleet, overhead and other costs of the purchasing, training and safety departments and other direct and indirect costs of operating the Partnership’s customer service centers. All costs of back office support functions, including compensation and benefits for executives and other support functions, as well as other costs and expenses to maintain finance and accounting, treasury, legal, human resources, corporate development and the information systems functions are reported within general and administrative expenses in the consolidated statements of operations. |
Net Income Per Unit | Net Income Per Unit. Computations of basic income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units, and vested (and unissued) restricted units granted under the Partnership’s Restricted Unit Plans, as defined below, to retirement-eligible grantees. Computations of diluted income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units and unissued restricted units granted under the Restricted Unit Plans. In computing diluted net income per Common Unit, weighted average units outstanding used to compute basic net income per Common Unit were increased by 805,033 , 599,481 and 427,504 units for fiscal 2022, 2021 and 2020, respectively, to reflect the potential dilutive effect of the unvested restricted units outstanding using the treasury stock method. |
Comprehensive Income | Comprehensive Income. The Partnership reports comprehensive income (the total of net income and all other non-owner changes in partners’ capital) within the consolidated statement of comprehensive income. Other comprehensive income includes unrealized gains and losses on derivative instruments accounted for as cash flow hedges and reclassifications of realized gains and losses on cash flow hedges into earnings, amortization of net actuarial losses and prior service credits into earnings and changes in the funded status of pension and other postretirement benefit plans, and net actuarial losses recognized in earnings associated with pension settlements. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements. In January 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-01 “Reference Rate Reform” (“Topic 848”). This update provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. Topic 848 became effective for all entities as of March 12, 2020, and will continue through December 31, 2024, which will be the Partnership’s first quarter of fiscal 2025. LIBOR rates based on US dollars will have an extended expiration date of June 30, 2023. Borrowings under the Partnership’s revolving credit facility bear interest at prevailing interest rates based partially on LIBOR (refer to Note 10, “Long-Term Borrowings” for more details). The Partnership does not expect that the adoption of Topic 848 will have a material impact on the Partnership’s consolidated financial statements. Recently Adopted Accounting Pronouncements. On the first day of fiscal 2020, the Partnership adopted the new leases accounting guidance under ASU 2016-02 “Leases” (“Topic 842”), including the related amendments thereto. Topic 842 amended the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. The Partnership adopted the guidance under Topic 842 using a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application. The adoption of Topic 842 resulted in the recognition of operating lease right-of-use assets and corresponding lease liabilities on the Partnership’s consolidated balance sheet as of September 29, 2019 of approximately $ 103,100 , but did not have an impact on the Partnership’s other consolidated financial statements or on its financial metrics used for debt covenant compliance. See Note 8, “Leases” for more information. On the first day of fiscal 2021, the Partnership adopted the guidance under ASU 2017-04 “Simplifying the Test for Goodwill Impairment” (“Topic 350”). This update eliminated the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. In testing goodwill for impairment, an entity may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment is more likely than not, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit to its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The adoption of Topic 350 did not have an impact on the Partnership’s consolidated financial statements. On the first day of fiscal 2021, the Partnership adopted the guidance under ASU 2016-13 “Financial Instruments - Measurement of Credit Losses on Financial Instruments” (“Topic 326”), including the related amendments thereto. The new guidance introduced an approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments including, but not limited to, trade and other receivables, held-to-maturity debt securities, loans and net investments in leases. The Partnership adopted the guidance under Topic 326 using a modified retrospective transition approach for all financial instruments existing at, or entered into after, the date of initial application. The adoption of Topic 326 did not have an impact on the Partnership’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Estimated useful life of property, plant and equipment by category | Depreciation is determined under the straight‑line method based upon the estimated useful life of the asset as follows: Buildings 40 Years Building and land improvements 20 Years Transportation equipment 3 - 10 Years Storage facilities 7 - 30 Years Office equipment 5 - 10 Years Tanks and cylinders 10 - 40 Years Computer software 3 - 7 Years The weighted average estimated useful life of the Partnership’s storage facilities and tanks and cylinders is approximately 23 years and 28 years, respectively. |
Disaggregation of Revenue (Tabl
Disaggregation of Revenue (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregation for Customer Type | The following table disaggregates revenue for each customer type. Year Ended September 24, September 25, September 26, 2022 2021 2020 Retail Residential $ 798,784 $ 703,263 $ 654,265 Commercial 435,015 353,365 283,021 Industrial 136,257 111,723 92,969 Agricultural 45,259 37,873 33,718 Government 66,035 51,917 43,441 Wholesale 20,115 30,614 483 Total revenues $ 1,501,465 $ 1,288,755 $ 1,107,897 |
Investments in and Acquisitio_2
Investments in and Acquisitions and Dispositions of Businesses (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Business Combinations [Abstract] | |
Summary of Acquisition and Purchase Price Allocation | Pursuant to the Partnership’s strategic growth initiatives, the Operating Partnership acquired the propane assets and operations of various propane retailers in each of the last three fiscal years as summarized below. The purchase price allocations and results of operations of the acquired businesses were not material to the Partnership’s consolidated financial position and statement of operations. Fiscal Year Total consideration (1) 2022 $ 26,707 (2) 2021 $ 9,813 (3) 2020 $ 27,065 (4) (1) Total consideration includes non-compete consideration, which will be paid over the respective non-compete periods subject to compliance with the terms of the respective agreements, investments in Oberon and excludes working capital adjustments. (2) Includes one acquisition of a propane retailer located in New Mexico. (3) Includes one acquisition of a propane retailer located in North Carolina. (4) Includes two acquisitions of propane retailers located in Georgia and California. |
Distributions of Available Ca_2
Distributions of Available Cash (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Quarterly distributions per Common Unit declared and paid | The following summarizes the quarterly distributions per Common Unit declared and paid in respect of each of the quarters in the last three fiscal years: Fiscal Fiscal Fiscal 2022 2021 2020 First Quarter $ 0.3250 $ 0.3000 $ 0.6000 Second Quarter 0.3250 0.3000 0.6000 Third Quarter 0.3250 0.3250 0.3000 Fourth Quarter 0.3250 0.3250 0.3000 |
Selected Balance Sheet Inform_2
Selected Balance Sheet Information (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Inventories | Inventories consist of the following: As of September 24, September 25, 2022 2021 Propane, fuel oil and refined fuels and natural gas $ 64,240 $ 59,492 Appliances 2,681 2,310 $ 66,921 $ 61,802 |
Property, plant and equipment | Property, plant and equipment consist of the following: As of September 24, September 25, 2022 2021 Land and improvements $ 189,882 $ 187,106 Buildings and improvements 116,870 114,309 Transportation equipment 23,521 27,848 Storage facilities 115,149 114,328 Equipment, primarily tanks and cylinders 928,802 901,945 Computer software 52,958 52,752 Construction in progress 11,339 8,627 1,438,521 1,406,915 Less: accumulated depreciation ( 874,737 ) ( 837,785 ) $ 563,784 $ 569,130 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying values of goodwill assigned to the partnership's operating segments | The carrying values of goodwill assigned to the Partnership’s operating segments are as follows: Propane Fuel oil and Natural gas and Total Balance as of September 25, 2021 Goodwill $ 1,094,688 $ 10,900 $ 7,900 $ 1,113,488 Accumulated adjustments — ( 6,462 ) — ( 6,462 ) $ 1,094,688 $ 4,438 $ 7,900 $ 1,107,026 Fiscal 2022 Activity Goodwill disposed (1) $ ( 399 ) $ — $ — $ ( 399 ) Goodwill acquired (2) $ 6,796 $ — $ — $ 6,796 Balance as of September 24, 2022 Goodwill $ 1,101,085 $ 10,900 $ 7,900 $ 1,119,885 Accumulated adjustments — ( 6,462 ) — ( 6,462 ) $ 1,101,085 $ 4,438 $ 7,900 $ 1,113,423 |
Other intangible assets | Other intangible assets consist of the following: As of September 24, September 25, 2022 2021 Customer relationships (2) $ 526,665 $ 519,604 Non-compete agreements (2) 40,190 38,940 Other 1,967 1,967 568,822 560,511 Less: accumulated amortization Customer relationships ( 492,968 ) ( 486,395 ) Non-compete agreements ( 34,137 ) ( 33,229 ) Other ( 1,715 ) ( 1,624 ) ( 528,820 ) ( 521,248 ) $ 40,002 $ 39,263 (1) Reflects the impact from the disposition of certain assets and operations in a non-strategic market of the propane segment (See Note 4). (2) Reflects the impact from acquisitions (See Note 4). |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Lessee Disclosure [Abstract] | |
Schedule of Quantitative Information on the Partnership's Lease Population | Quantitative information on the Partnership’s lease population for fiscal 2022 is as follows: Year Ended Year Ended September 24, 2022 September 25, 2021 Lease expense $ 41,042 $ 37,782 Other information: Cash payments for operating leases 41,320 37,919 Right-of-use assets obtained in exchange for new operating 38,745 40,043 Weighted-average remaining lease term 6.1 years 6.2 years Weighted-average discount rate 5.0 % 5.1 % |
Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Lease | The following table summarizes future minimum lease payments under non-cancelable operating leases as of September 24, 2022: Fiscal Year Operating Leases 2023 $ 38,025 2024 32,229 2025 27,831 2026 22,863 2027 12,990 2028 and thereafter 24,553 Total future minimum lease payments $ 158,491 Less: interest ( 22,695 ) Total lease obligations $ 135,796 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Income Tax Disclosure [Abstract] | |
Provision for income taxes | The income tax provision of all the legal entities included in the Partnership’s consolidated statement of operations, which is composed primarily of state income taxes in the few states that impose taxes on partnerships and minimum state income taxes on the Corporate Entities, consists of the following: Year Ended September 24, September 25, September 26, 2022 2021 2020 Current Federal $ 10 $ 7 $ 4 State and local 1,057 1,001 346 1,067 1,008 350 Deferred ( 638 ) 102 ( 496 ) $ 429 $ 1,110 $ ( 146 ) |
Income tax reconciliation | The provision for income taxes differs from income taxes computed at the U.S. federal statutory rate as a result of the following: Year Ended September 24, September 25, September 26, 2022 2021 2020 Income tax provision at federal statutory tax rate $ 29,429 $ 26,020 $ 12,728 Impact of Partnership income not subject to ( 30,851 ) ( 26,444 ) ( 13,045 ) Permanent differences 131 174 127 Change in valuation allowance 1,174 570 ( 298 ) State income taxes 717 929 403 Other ( 171 ) ( 139 ) ( 61 ) Provision for income taxes - current and deferred $ 429 $ 1,110 $ ( 146 ) |
Deferred tax assets and liabilities | The components of net deferred taxes and the related valuation allowance using currently enacted tax rates are as follows: Year Ended September 24, September 25, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 39,355 $ 37,806 Allowance for doubtful accounts 368 208 Inventory 418 264 Deferred revenue 526 557 Other accruals 2,391 2,671 Total deferred tax assets 43,058 41,506 Deferred tax liabilities: Intangible assets 1,191 1,189 Property, plant and equipment 1,393 1,655 Total deferred tax liabilities 2,584 2,844 Net deferred tax assets 40,474 38,662 Valuation allowance ( 39,442 ) ( 38,268 ) Net deferred tax assets $ 1,032 $ 394 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Debt Instrument [Line Items] | |
Long-term borrowings | Long-term borrowings consist of the following: As of September 24, September 25, 2022 2021 5.875 % senior notes, due March 1, 2027 350,000 350,000 5.0 % senior notes, due June 1, 2031 650,000 650,000 Revolving Credit Facility, due March 5, 2025 89,600 132,000 Subtotal 1,089,600 1,132,000 Less: unamortized debt issuance costs ( 12,271 ) ( 13,986 ) $ 1,077,329 $ 1,118,014 |
Senior Notes [Member] | 5.875% Senior Notes due March 1, 2027 [Member] | |
Debt Instrument [Line Items] | |
Schedule of percentage of redemption price borrowings | The 2027 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after March 1, 2022 , in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. Year Percentage 2022 102.938 % 2023 101.958 % 2024 100.979 % 2025 and thereafter 100.000 % |
Senior Notes [Member] | 5.0% Senior Notes due June 1, 2031 [Member] | |
Debt Instrument [Line Items] | |
Schedule of percentage of redemption price borrowings | The 2031 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after June 1, 2026, in each case at the redemption prices described below, together with any accrued and unpaid interest to the date of the redemption. Year Percentage 2026 102.500 % 2027 101.667 % 2028 100.833 % 2029 and thereafter 100.000 % |
Unit-Based Compensation Arran_2
Unit-Based Compensation Arrangements (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of activity In the Restricted Unit Plans | The following is a summary of activity in the Restricted Unit Plans: Weighted Average Grant Date Fair Units Value Per Unit Outstanding September 28, 2019 988,339 $ 18.12 Awarded 471,111 18.19 Forfeited ( 9,975 ) ( 18.01 ) Vested (1) ( 487,659 ) ( 19.22 ) Outstanding September 26, 2020 961,816 17.60 Awarded 779,837 14.43 Forfeited ( 26,070 ) ( 15.29 ) Vested (1) ( 483,720 ) ( 18.58 ) Outstanding September 25, 2021 1,231,863 15.26 Awarded 884,658 12.97 Forfeited ( 12,845 ) ( 13.88 ) Vested (1) ( 587,447 ) ( 16.32 ) Outstanding September 24, 2022 1,516,229 $ 13.52 (1) During fiscal 2022, 2021 and 2020, the Partnership withheld 138,039 , 92,336 and 76,453 Common Units, respectively, from participants for income tax withholding purposes for those executive officers of the Partnership whose shares of restricted units vested during the period. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of defined benefit plans disclosure | The following tables provide a reconciliation of the changes in the benefit obligations and the fair value of the plan assets for fiscal 2022 and 2021 and a statement of the funded status for both years. Under the Partnership’s cash balance defined benefit pension plan, the accumulated benefit obligation and the projected benefit obligation are the same. Pension Benefits Retiree Health and Life Benefits 2022 2021 2022 2021 Reconciliation of benefit obligations: Benefit obligation at beginning of year $ 103,115 $ 115,232 $ 4,962 $ 5,999 Interest cost 2,459 2,263 81 77 Actuarial (gain) loss ( 20,763 ) ( 4,461 ) ( 705 ) ( 431 ) Lump sum benefits paid ( 3,332 ) ( 3,859 ) — — Ordinary benefits paid ( 5,628 ) ( 6,060 ) ( 626 ) ( 683 ) Benefit obligation at end of year $ 75,851 $ 103,115 $ 3,712 $ 4,962 Reconciliation of fair value of plan assets: Fair value of plan assets at beginning of year $ 77,892 $ 80,001 $ — $ — Actual return on plan assets ( 17,171 ) 1,540 — — Employer contributions 3,330 6,270 626 683 Lump sum benefits paid ( 3,332 ) ( 3,859 ) — — Ordinary benefits paid ( 5,628 ) ( 6,060 ) ( 626 ) ( 683 ) Fair value of plan assets at end of year $ 55,091 $ 77,892 $ — $ — Funded status: Funded status at end of year $ ( 20,760 ) $ ( 25,223 ) $ ( 3,712 ) $ ( 4,962 ) Amounts recognized in consolidated balance sheets Net amount recognized at end of year $ ( 20,760 ) $ ( 25,223 ) $ ( 3,712 ) $ ( 4,962 ) Less: current portion — — 627 710 Noncurrent benefit liability $ ( 20,760 ) $ ( 25,223 ) $ ( 3,085 ) $ ( 4,252 ) Amounts not yet recognized in net periodic benefit cost Actuarial net (loss) gain $ ( 17,797 ) $ ( 23,303 ) $ 4,445 $ 4,465 Prior service credits — — 756 1,255 Net amount recognized in accumulated other $ ( 17,797 ) $ ( 23,303 ) $ 5,201 $ 5,720 |
Percentage allocation of plan assets | The following table presents the actual allocation of assets held in trust as of: September 24, September 25, 2022 2021 Fixed income securities 86 % 86 % Equity securities 14 % 14 % 100 % 100 % |
Schedule of measurement of partnership's pension plan assets by category | The following table describes the measurement of the Partnership’s pension plan assets by asset category as of: September 24, September 25, 2022 2021 Short term investments (1) $ 1,410 $ 1,467 Equity securities: (1) (2) Domestic 2,803 4,129 International 4,941 7,167 Fixed income securities (1) (3) 45,937 65,129 $ 55,091 $ 77,892 (1) Includes funds which are not publicly traded and are valued at the net asset value of the units provided by the fund issuer. (2) Includes funds which invest primarily in a diversified portfolio of publicly traded U.S. and Non-U.S. common stock. (3) Includes funds which invest primarily in publicly traded and non-publicly traded, investment grade corporate bonds, U.S. government bonds and asset-backed securities. |
Schedule of expected benefit payments | The Partnership does not have any required contributions to the defined benefit pension plan during fiscal 2023. Estimated futu re benefit payments for both pension and retiree health and life benefits are as follows: Pension Retiree Health and Fiscal Year Benefits Life Benefits 2023 $ 22,832 $ 627 2024 7,361 559 2025 6,931 494 2026 6,832 432 2027 6,134 375 2028 through 2032 23,897 1,171 |
Components of Net Periodic Benefit Costs | The following table provides the components of net periodic benefit costs included in operating expenses for fiscal 2022, 2021 and 2020: Pension Benefits Retiree Health and Life Benefits 2022 2021 2020 2022 2021 2020 Interest cost $ 2,459 $ 2,263 $ 2,726 $ 81 $ 77 $ 151 Expected return on plan assets ( 1,392 ) ( 1,266 ) ( 1,270 ) — — — Amortization of prior service credit — — — ( 498 ) ( 498 ) ( 498 ) Settlement charge 840 958 1,051 — — — Recognized net actuarial loss (gain) 2,467 3,289 3,448 ( 725 ) ( 723 ) ( 786 ) Net periodic benefit costs $ 4,374 $ 5,244 $ 5,955 $ ( 1,142 ) $ ( 1,144 ) $ ( 1,133 ) |
Schedule of assumptions used | The assumptions used in the measurement of the Partnership’s benefit obligations as of September 24, 2022 and September 25, 2021 are shown in the following table: Pension Benefits Retiree Health and Life Benefits 2022 2021 2022 2021 Weighted-average discount rate 5.125 % 2.500 % 4.875 % 1.750 % Average rate of compensation increase n/a n/a n/a n/a Health care cost trend n/a n/a 5.330 % 5.400 % The assumptions used in the measurement of net periodic pension benefit and postretirement benefit costs for fiscal 2022, 2021 and 2020 are shown in the following table: Pension Benefits Retiree Health and Life Benefits 2022 2021 2020 2022 2021 2020 Weighted-average discount rate 2.500 % 2.125 % 2.875 % 1.750 % 1.375 % 2.375 % Average rate of compensation increase n/a n/a n/a n/a n/a n/a Weighted-average expected long-term 2.150 % 1.850 % 1.800 % n/a n/a n/a Health care cost trend n/a n/a n/a 5.400 % 5.720 % 6.010 % |
Total contributions made to multiemployer pension plans | While no multi-employer pension plan that the Partnership contributed to is individually significant to the Partnership, the table below discloses the MEPPs to which the Partnership contributes. The financial health of a MEPP is indicated by the zone status, as defined by the PPA, which represents the funded status of the plan as certified by the plan's actuary. Plans in the red zone are less than 65% funded, the yellow zone are between 65% and 80% funded, and green zone are at least 80% funded. Total contributions made by the Partnership to multi-employer pension plans for the fiscal years ended September 24, 2022, September 25, 2021 and September 26, 2020 are shown below. PPA Zone Status Contributions Contributions greater than Expiration Pension Fund EIN/Pension Plan Number 2022 2021 FIP/RP Status 2022 2021 2020 Total Plan Contributions date of Local 282 Pension Trust (1) 11-6245313 Green Green n/a $ 295 $ 277 $ 272 No August 2024 Western Conference of Teamsters (2) 91-6145047 Green Green n/a 19 17 24 No February 2024 $ 314 $ 294 $ 296 (1) Based on most recent available valuation information for plan year ended February 2022. (2) Based on most recent available valuation information for plan year ended December 2021. |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value of the Partnership's derivative instruments and their location in the condensed consolidated balance sheets | The following summarizes the fair value of the Partnership’s derivative instruments and their location in the consolidated balance sheets as of September 24, 2022 and September 25, 2021, respectively: As of September 24, 2022 As of September 25, 2021 Asset Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging Commodity-related derivatives Other current assets $ 18,263 Other current assets $ 53,019 Other assets 16,430 Other assets 1,813 $ 34,693 $ 54,832 Liability Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging Commodity-related derivatives Other current liabilities $ 16,957 Other current liabilities $ 8,715 Other liabilities 1,895 Other liabilities 1,632 $ 18,852 $ 10,347 |
Reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs | The following summarizes the reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Fair Value Measurement Using Significant Fiscal 2022 Fiscal 2021 Assets Liabilities Assets Liabilities Beginning balance of over-the-counter options $ 4,626 $ 451 $ — $ — Beginning balance realized during the period ( 4,626 ) ( 219 ) — — Contracts purchased during the period 222 3,295 4,626 451 Change in the fair value of outstanding contracts — ( 119 ) — — Ending balance of over-the-counter options $ 222 $ 3,408 $ 4,626 $ 451 |
Effect of the Partnership's derivative instruments on the condensed consolidated statements of operations | The effect of the Partnership’s derivative instruments on the consolidated statements of operations for fiscal 2022, 2021 and 2020 are as follows: Unrealized Gains (Losses) Recognized in Income Derivatives Not Designated as Hedging Instruments Location Amount Commodity-related derivatives: Fiscal 2022 Cost of products sold $ ( 27,929 ) Fiscal 2021 Cost of products sold $ 43,121 Fiscal 2020 Cost of products sold $ ( 382 ) |
Fair value of the Partnership's recognized derivative assets and liabilities on a gross basis and amounts offset on the condensed consolidated balance sheets | The following table presents the fair value of the Partnership’s recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: As of September 24, 2022 Net amounts presented in the Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 117,260 $ ( 82,567 ) $ 34,693 $ 117,260 $ ( 82,567 ) $ 34,693 Liability Derivatives Commodity-related derivatives $ 101,419 $ ( 82,567 ) $ 18,852 $ 101,419 $ ( 82,567 ) $ 18,852 As of September 25, 2021 Net amounts presented in the Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 76,508 $ ( 21,676 ) $ 54,832 $ 76,508 $ ( 21,676 ) $ 54,832 Liability Derivatives Commodity-related derivatives $ 32,023 $ ( 21,676 ) $ 10,347 $ 32,023 $ ( 21,676 ) $ 10,347 |
Amounts Reclassified Out of A_2
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Reclassification out of accumulated other comprehensive (loss) income | The following table summarizes amounts reclassified out of accumulated other comprehensive (loss) income for the years ended September 24, 2022, September 25, 2021 and September 26, 2020: Year Ended September 24, September 25, September 26, 2022 2021 2020 Pension Benefits Balance, beginning of period $ ( 23,303 ) $ ( 32,286 ) $ ( 33,733 ) Other comprehensive income before reclassifications: Net change in funded status of benefit plan 2,199 4,736 ( 3,052 ) Reclassifications to earnings: Recognition of net actuarial loss for pension (1) 840 958 1,051 Amortization of net loss (1) 2,467 3,289 3,448 Other comprehensive income (loss) 5,506 8,983 1,447 Balance, end of period $ ( 17,797 ) $ ( 23,303 ) $ ( 32,286 ) Postretirement Benefits Balance, beginning of period $ 5,719 $ 6,510 $ 7,547 Other comprehensive income before reclassifications: Net change in plan obligation 705 430 247 Reclassifications to earnings: Amortization of prior service credits (1) ( 498 ) ( 498 ) ( 498 ) Amortization of net gain (1) ( 725 ) ( 723 ) ( 786 ) Other comprehensive (loss) income ( 518 ) ( 791 ) ( 1,037 ) Balance, end of period $ 5,201 $ 5,719 $ 6,510 Accumulated Other Comprehensive Income (Loss) Balance, beginning of period $ ( 17,584 ) $ ( 25,776 ) $ ( 26,186 ) Other comprehensive income before reclassifications 2,904 5,166 ( 2,805 ) Recognition of net actuarial loss for pension settlement 840 958 1,051 Reclassifications to earnings 1,244 2,068 2,164 Other comprehensive (loss) income 4,988 8,192 410 Balance, end of period $ ( 12,596 ) $ ( 17,584 ) $ ( 25,776 ) (1) These amounts are included in the computation of net periodic benefit cost. See Note 12, “Employee Benefit Plans”. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Segment Reporting [Abstract] | |
Disclosure by reportable segment and reconciliation of total operating segment information | The following table presents certain data by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented: Year Ended September 24, September 25, September 26, 2022 2021 2020 Revenues: Propane $ 1,313,556 $ 1,140,457 $ 955,143 Fuel oil and refined fuels 95,157 67,104 75,039 Natural gas and electricity 39,511 30,425 31,184 All other 53,241 50,769 46,531 Total revenues $ 1,501,465 $ 1,288,755 $ 1,107,897 Operating income (loss): Propane $ 337,377 $ 330,443 $ 239,771 Fuel oil and refined fuels 6,711 7,716 9,338 Natural gas and electricity 6,598 7,409 7,459 All other ( 21,982 ) ( 20,119 ) ( 20,377 ) Corporate ( 122,377 ) ( 112,213 ) ( 95,921 ) Total operating income 206,327 213,236 140,270 Reconciliation to net income: Loss on debt extinguishment — 16,029 109 Interest expense, net 60,658 68,132 74,727 Other, net 5,532 5,172 4,822 Provision for (benefit from) income taxes 429 1,110 ( 146 ) Net income $ 139,708 $ 122,793 $ 60,758 Depreciation and amortization: Propane $ 50,053 $ 95,616 $ 106,725 Fuel oil and refined fuels 1,693 1,654 1,843 Natural gas and electricity 21 24 18 All other 179 188 189 Corporate 6,902 7,073 8,016 Total depreciation and amortization $ 58,848 $ 104,555 $ 116,791 As of September 24, September 25, 2022 2021 Assets: Propane $ 1,957,257 $ 1,935,399 Fuel oil and refined fuels 49,683 47,039 Natural gas and electricity 12,504 11,275 All other 47,853 17,767 Corporate 36,429 40,250 Total assets $ 2,103,726 $ 2,051,730 |
Partnership Organization and _2
Partnership Organization and Formation - Additional Information (Details) Customer in Millions | Sep. 24, 2022 Customer State Location shares | Sep. 25, 2021 shares |
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Common units outstanding (in units) | 62,987,195 | 62,538,000 |
Ownership interest in Suburban Energy Finance Corp (in hundredths) | 100% | |
Number of residential, commercial, industrial and agricultural customers | Customer | 1 | |
Number of locations served by the partnership | Location | 700 | |
Number of states in which the partnership operates | State | 42 | |
General Partner [Member] | Common Unitholders [Member] | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Common units outstanding (in units) | 784 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |||
Sep. 24, 2022 USD ($) wk Partnership shares | Sep. 25, 2021 USD ($) shares | Sep. 26, 2020 shares | Sep. 29, 2019 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Minimum number of weeks in the fiscal year reporting calendar | 52 | |||
Maximum number of weeks in the fiscal year reporting calendar | 53 | |||
Minimum number of weeks in a fiscal quarter | 13 | |||
Maximum number of weeks in a fiscal quarter | 14 | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Projection period for discounted cash flow analyses to estimate reporting unit fair value | 10 years | |||
Income Taxes [Abstract] | ||||
Number of limited partnerships included in the partnership structure | Partnership | 2 | |||
Net Income Per Unit [Abstract] | ||||
Increase in weighted average units outstanding used to compute basic net income per Common Unit to reflect the potential dilutive effect of the unvested restricted units outstanding (in units) | shares | 805,033 | 599,481 | 427,504 | |
Assets and Liabilities, Lessee [Abstract] | ||||
Operating Lease, Right-of-Use Asset | $ | $ 136,578 | $ 129,999 | $ 103,100 | |
Operating Lease, Liability | $ | $ 135,796 | $ 103,100 | ||
Storage facilities [Member] | Weighted Average [Member] | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful life of the asset (in years) | 23 years | |||
Storage facilities [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful life of the asset (in years) | 7 years | |||
Storage facilities [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful life of the asset (in years) | 30 years | |||
Tanks and cylinders [Member} | Weighted Average [Member] | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful life of the asset (in years) | 28 years | |||
Tanks and cylinders [Member} | Minimum [Member] | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful life of the asset (in years) | 10 years | |||
Tanks and cylinders [Member} | Maximum [Member] | ||||
Property, Plant and Equipment [Abstract] | ||||
Estimated useful life of the asset (in years) | 40 years | |||
Federal Funds Rate [Member] | ||||
Interest Rate Risk [Abstract] | ||||
Description of applicable interest rate on borrowings | Federal Funds Rate | |||
Basis spread (in hundredths) | 0.50% | |||
LIBOR [Member] | ||||
Interest Rate Risk [Abstract] | ||||
Description of applicable interest rate on borrowings | LIBOR | |||
Basis spread (in hundredths) | 1% | |||
Suburban Propane Partners, L.P. [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Limited partner interest in the Operating Partnership (in hundredths) | 100% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Life of Property Plant and Equipment by Category (Details) | 12 Months Ended |
Sep. 24, 2022 | |
Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 40 years |
Building and land improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 20 years |
Transportation equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 3 years |
Transportation equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 10 years |
Storage facilities [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 7 years |
Storage facilities [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 30 years |
Office equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 5 years |
Office equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 10 years |
Tanks and cylinders [Member} | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 10 years |
Tanks and cylinders [Member} | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 40 years |
Computer software [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 3 years |
Computer software [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 7 years |
Disaggregation of Revenue - Add
Disaggregation of Revenue - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Contract with customer, liability revenue recognized | $ 75,149 | $ 72,955 | $ 67,117 |
Contract assets | $ 7,953 | $ 6,004 | |
Propane [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Segment reporting, percentage of revenue | 87% | ||
Fuel Oil and Refined Fuels [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Segment reporting, percentage of revenue | 6% | ||
Natural Gas and Electricity [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Segment reporting, percentage of revenue | 3% |
Disaggregation of Revenue - Sch
Disaggregation of Revenue - Schedule of Revenue Disaggregation for Customer Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Total revenues | $ 1,501,465 | $ 1,288,755 | $ 1,107,897 |
Retail [Member] | Residential [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 798,784 | 703,263 | 654,265 |
Retail [Member] | Commercial [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 435,015 | 353,365 | 283,021 |
Retail [Member] | Industrial [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 136,257 | 111,723 | 92,969 |
Retail [Member] | Agricultural [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 45,259 | 37,873 | 33,718 |
Retail [Member] | Government [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 66,035 | 51,917 | 43,441 |
Wholesale [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | $ 20,115 | $ 30,614 | $ 483 |
Investments in and Acquisitio_3
Investments in and Acquisitions and Dispositions of Businesses Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 09, 2022 | Feb. 17, 2022 | Mar. 26, 2022 | Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Business Acquisition [Line Items] | ||||||
Investment plus direct transaction costs | $ 56,083 | $ 8,716 | $ 25,636 | |||
Proceeds from sale of business | $ 850 | $ 0 | $ 0 | |||
Propane and Propane Retailer [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from sale of business | $ 850 | |||||
Gain on sale of assets | $ 363 | |||||
Oberon | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of equity interest | 38% | |||||
Independence Hydrogen, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Investment plus direct transaction costs | $ 30,000 | |||||
Percentage of equity interest | 25% |
Investments in and Acquisitio_4
Investments in and Acquisitions and Dispositions of Businesses - Summary of Acquisition and Purchase Price Allocation (Details) $ in Thousands | 12 Months Ended | |
Sep. 24, 2022 USD ($) | ||
North Carolina [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, cost of acquired, cash paid | $ 9,813 | [1] |
Georgia and California [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, cost of acquired, cash paid | 27,065 | [2] |
New Mexico [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, cost of acquired, cash paid | $ 26,707 | [3] |
[1] Includes one acquisition of a propane retailer located in North Carolina. Includes two acquisitions of propane retailers located in Georgia and California. Includes one acquisition of a propane retailer located in New Mexico. |
Investments in and Acquisitio_5
Investments in and Acquisitions and Dispositions of Businesses - Summary of Acquisition and Purchase Price Allocation (Parenthetical) (Details) | 12 Months Ended |
Sep. 24, 2022 Business | |
Georgia and California [Member] | |
Business Acquisition [Line Items] | |
Number of propane assets and operations acquired | 2 |
North Carolina [Member] | |
Business Acquisition [Line Items] | |
Number of propane assets and operations acquired | 1 |
New Mexico [Member] | |
Business Acquisition [Line Items] | |
Number of propane assets and operations acquired | 1 |
Distributions of Available Ca_3
Distributions of Available Cash - Additional Information (Details) | 12 Months Ended |
Sep. 24, 2022 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Distributions to its partners | 45 days |
Distributions of Available Ca_4
Distributions of Available Cash - Quarterly Distributions Per Common Unit Declared and Paid (Details) - $ / shares | 3 Months Ended | |||||||||||
Sep. 24, 2022 | Jun. 25, 2022 | Mar. 26, 2022 | Dec. 25, 2021 | Sep. 25, 2021 | Jun. 26, 2021 | Mar. 27, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | |
Distributions Made to Members or Limited Partners [Abstract] | ||||||||||||
Distributions paid (in dollars per unit) | $ 0.3250 | $ 0.3250 | $ 0.3250 | $ 0.3250 | $ 0.3250 | $ 0.3250 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.6000 | $ 0.6000 |
Distributions declared (in dollars per unit) | $ 0.3250 | $ 0.3250 | $ 0.3250 | $ 0.3250 | $ 0.3250 | $ 0.3250 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.6000 | $ 0.6000 |
Selected Balance Sheet Inform_3
Selected Balance Sheet Information - Inventories (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Inventory, Net [Abstract] | ||
Propane, fuel oil and refined fuels and natural gas | $ 64,240 | $ 59,492 |
Appliances | 2,681 | 2,310 |
Total inventory | $ 66,921 | $ 61,802 |
Selected Balance Sheet Inform_4
Selected Balance Sheet Information - Property Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,438,521 | $ 1,406,915 |
Less: accumulated depreciation | (874,737) | (837,785) |
Property, plant and equipment, net | 563,784 | 569,130 |
Land and improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 189,882 | 187,106 |
Buildings and improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 116,870 | 114,309 |
Transportation equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 23,521 | 27,848 |
Storage facilities [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 115,149 | 114,328 |
Equipment, primarily tanks and cylinders [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 928,802 | 901,945 |
Computer software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 52,958 | 52,752 |
Construction in progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 11,339 | $ 8,627 |
Selected Balance Sheet Inform_5
Selected Balance Sheet Information - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 51,276 | $ 56,501 | $ 59,726 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Carrying Values of Goodwill Assigned to Partnership's Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | ||
Goodwill [Line Items] | |||
Goodwill | $ 1,119,885 | $ 1,113,488 | |
Accumulated adjustments | (6,462) | (6,462) | |
Goodwill disposed | [1] | (399) | |
Goodwill, net | 1,113,423 | 1,107,026 | |
Goodwill acquired | [2] | 6,796 | |
Propane [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 1,101,085 | 1,094,688 | |
Accumulated adjustments | 0 | 0 | |
Goodwill disposed | [1] | (399) | |
Goodwill, net | 1,101,085 | 1,094,688 | |
Goodwill acquired | [2] | 6,796 | |
Fuel Oil and Refined Fuels [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 10,900 | 10,900 | |
Accumulated adjustments | (6,462) | (6,462) | |
Goodwill disposed | [1] | 0 | |
Goodwill, net | 4,438 | 4,438 | |
Goodwill acquired | [2] | 0 | |
Natural Gas and Electricity [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 7,900 | 7,900 | |
Accumulated adjustments | 0 | 0 | |
Goodwill disposed | [1] | 0 | |
Goodwill, net | 7,900 | $ 7,900 | |
Goodwill acquired | [2] | $ 0 | |
[1] Reflects the impact from the disposition of certain assets and operations in a non-strategic market of the propane segment (See Note 4). Reflects the impact from acquisitions (See Note 4). |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 | |
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | $ 568,822 | $ 560,511 | |
Accumulated amortization | (528,820) | (521,248) | |
Other intangible assets, net | 40,002 | 39,263 | |
Customer Relationships [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | [1] | 526,665 | 519,604 |
Accumulated amortization | (492,968) | (486,395) | |
Non-compete Agreements [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | [1] | 40,190 | 38,940 |
Accumulated amortization | (34,137) | (33,229) | |
Other [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | 1,967 | 1,967 | |
Accumulated amortization | $ (1,715) | $ (1,624) | |
[1] Reflects the impact from acquisitions (See Note 4). |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Aggregate amortization expense | $ 7,572 | $ 48,054 | $ 57,065 |
Aggregate amortization expense for the five succeeding fiscal years [Abstract] | |||
2023 | 7,639 | ||
2024 | 7,474 | ||
2025 | 5,389 | ||
2026 | 4,633 | ||
2027 | $ 4,633 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Sep. 24, 2022 | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, assumptions and judgments, discount rate, description | As most of the Partnership’s leases do not provide an implicit rate, the Partnership uses its estimated incremental borrowing rate based on the information available at the commencement date, adjusted for the lease term, to determine the present value of the lease payments. This rate is calculated based on a collateralized rate for the specific leasing activities of the Partnership. |
Operating lease renewal term description | Some leases include one or more options to renew at the Partnership’s discretion, with renewal terms that can extend the lease from one to fifteen additional years. The renewal options are included in the measurement of the right-of-use assets and lease liabilities if the Partnership is reasonably certain to exercise the renewal options. |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating short term leases term | 12 months |
Leases - Schedule of Quantitati
Leases - Schedule of Quantitative Information on the Partnership's Lease Population (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Lessee Disclosure [Abstract] | ||
Lease expense | $ 41,042 | $ 37,782 |
Other information: | ||
Cash payments for operating leases | 41,320 | 37,919 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 38,745 | $ 40,043 |
Weighted-average remaining lease term | 6 years 1 month 6 days | 6 years 2 months 12 days |
Weighted-average discount rate | 5% | 5.10% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Lease (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 29, 2019 |
Lessee Disclosure [Abstract] | ||
2023 | $ 38,025 | |
2024 | 32,229 | |
2025 | 27,831 | |
2026 | 22,863 | |
2027 | 12,990 | |
2028 and thereafter | 24,553 | |
Total future minimum lease payments | 158,491 | |
Less: interest | (22,695) | |
Total lease obligations | $ 135,796 | $ 103,100 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 28, 2019 | Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Discrete deferred tax benefit | $ 638 | $ 496 | $ 638 | $ (102) | $ 496 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 28, 2019 | Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Current [Abstract] | |||||
Federal | $ 10 | $ 7 | $ 4 | ||
State and local | 1,057 | 1,001 | 346 | ||
Total current taxes | 1,067 | 1,008 | 350 | ||
Deferred [Abstract] | |||||
Deferred | $ (638) | $ (496) | (638) | 102 | (496) |
Provision for income taxes - current and deferred | $ 429 | $ 1,110 | $ (146) |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Income Tax Reconciliation [Abstract] | |||
Income tax provision at federal statutory tax rate | $ 29,429 | $ 26,020 | $ 12,728 |
Impact of Partnership income not subject to federal income taxes | (30,851) | (26,444) | (13,045) |
Permanent differences | 131 | 174 | 127 |
Change in valuation allowance | 1,174 | 570 | (298) |
State income taxes | 717 | 929 | 403 |
Other | (171) | (139) | (61) |
Provision for income taxes - current and deferred | $ 429 | $ 1,110 | $ (146) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Deferred tax assets [Abstract] | ||
Net operating loss carryforwards | $ 39,355 | $ 37,806 |
Allowance for doubtful accounts | 368 | 208 |
Inventory | 418 | 264 |
Deferred revenue | 526 | 557 |
Other accruals | 2,391 | 2,671 |
Total deferred tax assets | 43,058 | 41,506 |
Deferred tax liabilities [Abstract] | ||
Intangible assets | 1,191 | 1,189 |
Property, plant and equipment | 1,393 | 1,655 |
Total deferred tax liabilities | 2,584 | 2,844 |
Net deferred tax assets | 40,474 | 38,662 |
Valuation allowance | (39,442) | (38,268) |
Net deferred tax assets | $ 1,032 | $ 394 |
Long-Term Borrowings - Summary
Long-Term Borrowings - Summary of Long-Term Borrowings (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Debt Instrument [Line Items] | ||
Long-term borrowings, Subtotal | $ 1,089,600 | $ 1,132,000 |
Less: unamortized debt issuance costs | (12,271) | (13,986) |
Long-term borrowings | 1,077,329 | 1,118,014 |
Senior Notes [Member] | 5.875% Senior Notes due March 1, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings, Subtotal | 350,000 | 350,000 |
Senior Notes [Member] | 5.0% Senior Notes due June 1, 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings, Subtotal | 650,000 | 650,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings, Subtotal | $ 89,600 | $ 132,000 |
Long-Term Borrowings - Summar_2
Long-Term Borrowings - Summary of Long-Term Borrowings (Parenthetical) (Details) | 12 Months Ended | ||
Mar. 05, 2020 | Sep. 24, 2022 | Sep. 25, 2021 | |
5.875% Senior Notes due March 1, 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate (in hundredths) | 5.875% | 5.875% | |
Maturity date | Mar. 01, 2027 | ||
5.0% Senior Notes due June 1, 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate (in hundredths) | 5% | 5% | |
Maturity date | Jun. 01, 2031 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Mar. 05, 2025 | Mar. 05, 2025 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Mar. 05, 2020 | Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Debt Instrument [Line Items] | ||||
Ownership interest in Suburban Energy Finance Corp (in hundredths) | 100% | |||
Long-term borrowings | $ 1,089,600,000 | $ 1,132,000,000 | ||
Loss on debt extinguishment | $ 0 | 16,029,000 | $ 109,000 | |
Consolidated fixed charge coverage ratio, minimum | 1.75 | |||
Capitalized costs | $ 2,717,000 | |||
Long-term debt maturities, 2023 | $ 0 | |||
Long-term debt maturities, 2024 | 0 | |||
Long-term debt maturities, 2025 | 89,600,000 | |||
Long-term debt maturities, 2026 | 0 | |||
Long-term debt maturities, 2027 | 350,000,000 | |||
Long-term debt maturities, thereafter | $ 650,000,000 | |||
Federal Funds Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Description of applicable interest rate on borrowings | Federal Funds Rate | |||
Margin over basis rate (in hundredths) | 0.50% | |||
LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Description of applicable interest rate on borrowings | LIBOR | |||
Margin over basis rate (in hundredths) | 1% | |||
Amended Credit Agreement Due 2021 [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Description of applicable interest rate on borrowings | Federal Funds Rate | |||
Margin over basis rate (in hundredths) | 0.50% | |||
Amended Credit Agreement Due 2021 [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Description of applicable interest rate on borrowings | LIBOR | |||
Margin over basis rate (in hundredths) | 1% | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term borrowings | $ 89,600,000 | 132,000,000 | ||
Maturity date | Mar. 05, 2025 | Mar. 05, 2025 | ||
Write-off unamortized debt origination costs | $ 109,000 | |||
Consolidated interest coverage ratio, minimum | 2.5 | |||
Total consolidated leverage ratio | 5.75 | |||
Senior secured unconsolidated leverage ratio maximum | 3.25 | |||
Weighted average interest rate (in hundredths) | 5.70% | |||
Standby letters of credit issued under the Revolving Credit Facility | $ 48,862,000 | |||
Standby letters of credit issued under the Revolving Credit Facility, expiration date | Apr. 30, 2023 | |||
Revolving Credit Facility [Member] | Third Amended and Restated Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term borrowings | $ 89,600,000 | 132,000,000 | ||
Credit Facility, maximum amount | $ 500,000,000 | |||
Capitalized debt origination costs | $ 1,312,000 | $ 2,238,000 | ||
5.875% Senior Notes due March 1, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (in hundredths) | 5.875% | 5.875% | ||
Maturity date | Mar. 01, 2027 | |||
5.0% Senior Notes due June 1, 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (in hundredths) | 5% | 5% | ||
Date public offering completed | May 24, 2021 | |||
Percentage of principal amount at which debt was issued (in hundredths) | 100% | |||
Maturity date | Jun. 01, 2031 | |||
Aggregate principal amount | $ 650,000,000 | |||
Debt instrument interest redemption percentage | 35% | |||
Redemption prices percentage | 105% | |||
Senior Notes [Member] | 5.875% Senior Notes due March 1, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Ownership interest in Suburban Energy Finance Corp (in hundredths) | 100% | |||
Stated interest rate (in hundredths) | 5.875% | |||
Date public offering completed | Feb. 14, 2017 | |||
Long-term borrowings | $ 350,000,000 | $ 350,000,000 | ||
Percentage of principal amount at which debt was issued (in hundredths) | 100% | |||
Maturity date | Mar. 01, 2027 | |||
Aggregate principal amount | $ 350,000,000 | |||
Redemption start date | Mar. 01, 2022 | |||
Redemption description | The 2027 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after March 1, 2022, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. | |||
Repurchase of debt due to decline in rating after consummation of change of control, period | 90 days | |||
Senior Notes [Member] | 7.375% Senior Notes due August 1, 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (in hundredths) | 7.375% | |||
Percentage of the principal amount repurchase offer under change of control provision (in hundredths) | 101% | |||
Senior Notes [Member] | 5.0% Senior Notes due June 1, 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term borrowings | $ 650,000,000 | $ 650,000,000 | ||
Percentage of the principal amount repurchase offer under change of control provision (in hundredths) | 101% | |||
Repurchase of debt due to decline in rating after consummation of change of control, period | 90 days |
Long-Term Borrowings - Schedule
Long-Term Borrowings - Schedule of percentage of redemption price borrowings (Details) | 12 Months Ended |
Sep. 24, 2022 | |
5.875% Senior Notes due March 1, 2027 [Member] | Senior Notes [Member] | 2022 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 102.938% |
5.875% Senior Notes due March 1, 2027 [Member] | Senior Notes [Member] | 2023 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 101.958% |
5.875% Senior Notes due March 1, 2027 [Member] | Senior Notes [Member] | 2024 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 100.979% |
5.875% Senior Notes due March 1, 2027 [Member] | Senior Notes [Member] | 2025 and thereafter | |
Senior Notes [Abstract] | |
Redemption prices percentage | 100% |
5.0% Senior Notes due June 1, 2031 [Member] | |
Senior Notes [Abstract] | |
Redemption prices percentage | 105% |
5.0% Senior Notes due June 1, 2031 [Member] | Senior Notes [Member] | 2026 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 102.50% |
5.0% Senior Notes due June 1, 2031 [Member] | Senior Notes [Member] | 2027 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 101.667% |
5.0% Senior Notes due June 1, 2031 [Member] | Senior Notes [Member] | 2028 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 100.833% |
5.0% Senior Notes due June 1, 2031 [Member] | Senior Notes [Member] | 2029 and thereafter | |
Senior Notes [Abstract] | |
Redemption prices percentage | 100% |
Unit-Based Compensation Arran_3
Unit-Based Compensation Arrangements - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | Jul. 31, 2019 | |
Distribution Equivalent Rights Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 1,189 | $ 874 | $ 842 | |
Distribution Equivalent Rights Plan, terms | On January 17, 2017, the Partnership adopted the Distribution Equivalent Rights Plan (the “DER Plan”), which gives the Compensation Committee of the Partnership’s Board of Supervisors discretion to award distribution equivalent rights (“DERs”) to executive officers of the Partnership. Once awarded, DERs entitle the grantee to a cash payment each time the Board of Supervisors declares a cash distribution on the Partnership’s Common Units, which cash payment will be equal to an amount calculated by multiplying the number of unvested restricted units which are held by the grantee on the record date of the distribution, by the amount of the declared distribution per Common Unit. | |||
2009 Restricted Unit Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total number of Common Units authorized for issuance (in units) | 2,400,000 | |||
Awards Granted | 884,658 | 779,837 | 471,111 | |
Restricted Unit Plans, terms of award | Unless otherwise stipulated by the Compensation Committee of the Partnership’s Board of Supervisors on or before the grant date, 33.33% of all outstanding awards under the Restricted Unit Plans will vest on each of the first three anniversaries of the award grant date. Participants in the Restricted Unit Plans are not eligible to receive quarterly distributions on, or vote, their respective restricted units until vested. Restricted units cannot be sold or transferred prior to vesting. The value of each restricted unit is established by the market price of the Common Unit on the date of grant, net of estimated future distributions during the vesting period. Restricted units are subject to forfeiture in certain circumstances as defined in the Restricted Unit Plans. Compensation expense for the unvested awards is recognized ratably over the vesting periods and is net of estimated forfeitures. | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 3,560 | |||
Weighted-average recognition period of compensation cost | 1 year 2 months 12 days | |||
Compensation expense | $ 11,253 | $ 10,073 | $ 9,242 | |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total number of Common Units authorized for issuance (in units) | 1,800,000 | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | Vesting each of the first three anniversaries of the award grant date [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted unit awards vesting percentage | 33.33% | |||
2009 and 2018 Restricted Unit Plan [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total number of Common Units authorized for issuance (in units) | 3,525,000 | |||
2018 Restricted Unit Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Additional number of Common Units authorized for issuance (in units) | 1,725,000 | |||
Long-Term Incentive Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Long-Term Incentive Plan, terms of award | The LTIPs are non-qualified, unfunded, long-term incentive plans for executive officers and key employees that provide for payment, in the form of cash, of an award of equity-based compensation at the end of a three-year performance period. | |||
Measurement period of average distribution coverage ratio | 3 years | |||
Long-Term Incentive Plan, compensation earned, description | The level of compensation earned under the fiscal 2021 award is evaluated using two separate measurement components: (i) 75% weight based on the level of average distributable cash flow of the Partnership over the three-year measurement period; and (ii) 25% weight based on the achievement of certain operating and strategic objectives, set by the Compensation Committee of the Board of Supervisors, over that award’s three-year measurement period. The level of compensation earned under the fiscal 2022 award, and measurement periods thereafter, is also evaluated using two separate measurement components: (i) 50% weight based on the level of average distributable cash flow of the Partnership over the three-year measurement period; and (ii) 50% weight based on the achievement of certain operating and strategic objectives, set by the Compensation Committee of the Board of Supervisors for that award’s three-year measurement period. | |||
Compensation expense (income) | $ 6,112 | $ 4,819 | 480 | |
Cash payouts | $ 3,985 | $ 3,354 | $ 2,963 |
Unit-Based Compensation Arran_4
Unit-Based Compensation Arrangements - Summary of Activity In the Restricted Units Plans (Details) - 2009 Restricted Unit Plan [Member] - $ / shares | 12 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | ||
Units [Rollforward] | ||||
Outstanding, beginning of period (in units) | 1,231,863 | 961,816 | 988,339 | |
Awarded (in units) | 884,658 | 779,837 | 471,111 | |
Forfeited (in units) | (12,845) | (26,070) | (9,975) | |
Vested (in units) | [1] | (587,447) | (483,720) | (487,659) |
Outstanding, end of period (in units) | 1,516,229 | 1,231,863 | 961,816 | |
Weighted Average Grant Date Fair Value Per Unit [Abstract] | ||||
Outstanding, beginning of period (in dollars per unit) | $ 15.26 | $ 17.60 | $ 18.12 | |
Awarded (in dollars per unit) | 12.97 | 14.43 | 18.19 | |
Forfeited (in dollars per unit) | (13.88) | (15.29) | (18.01) | |
Vested (in dollars per unit) | [1] | (16.32) | (18.58) | (19.22) |
Outstanding, end of period (in dollars per unit) | $ 13.52 | $ 15.26 | $ 17.60 | |
[1] During fiscal 2022, 2021 and 2020, the Partnership withheld 138,039 , 92,336 and 76,453 Common Units, respectively, from participants for income tax withholding purposes for those executive officers of the Partnership whose shares of restricted units vested during the period. |
Unit-Based Compensation Arran_5
Unit-Based Compensation Arrangements - Summary of Activity In the Restricted Units Plans (Parenthetical) (Details) - shares | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
2009 Restricted Unit Plan [Member] | Executive Officer [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common units withheld for income tax withholding purposes | 138,039 | 92,336 | 76,453 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 24, 2022 USD ($) Member Multiemployerpensionplan | Sep. 24, 2022 USD ($) Member | Sep. 25, 2021 USD ($) | Sep. 26, 2020 USD ($) | |
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Settlement charge | $ 840,000 | $ 958,000 | $ 1,051,000 | |
Estimated obligation due to withdrawal multi employer pension plans | $ 22,496,000 | 22,496,000 | 23,567,000 | |
Number of voluntary partial withdrawal from multi employer pension plans | Multiemployerpensionplan | 1 | |||
Increase in estimated obligation due to withdrawal multi employer pension plans | $ 4,300,000 | |||
Health and Welfare Benefits and Defined Annuity Plans [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Contributions | $ 1,045,000 | 1,241,000 | 1,151,000 | |
United States [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Percentage threshold of the greater of projected benefit obligation and market-related value plan assets as unrecognized actuarial gains and losses (in hundredths) | 10% | 10% | ||
Pension Benefits [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Contributions for defined benefit pension plan | $ 3,330,000 | 6,270,000 | 3,835,000 | |
Number of members on the Benefits Committee | Member | 5 | 5 | ||
Pension settlement payments to either terminated or retired individuals | $ 3,332,000 | 3,859,000 | 3,623,000 | |
Settlement threshold amount | 2,459,000 | 2,263,000 | 2,726,000 | |
Settlement charge | $ 840,000 | $ 958,000 | 1,051,000 | |
Health care cost trend rate (in hundredths) | 0% | 0% | 0% | |
Retiree Health and Life Benefits [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Contributions for defined benefit pension plan | $ 626,000 | $ 683,000 | ||
Pension settlement payments to either terminated or retired individuals | 0 | 0 | ||
Settlement charge | $ 0 | $ 0 | 0 | |
Health care cost trend (in hundredths), twenty forty | 4% | 4% | ||
Health care cost trend rate (in hundredths) | 5.33% | 5.33% | 5.40% | |
Percentage of sensitivity increase or decrease of assumed health care cost trend rates (in hundredths) | 1% | 1% | ||
Maximum [Member] | Pension Benefits [Member] | Fixed income securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Allocation percentage of plan assets (in hundredths) | 90% | 90% | ||
Maximum [Member] | Pension Benefits [Member] | Equity securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Allocation percentage of plan assets (in hundredths) | 20% | 20% | ||
Minimum [Member] | Pension Benefits [Member] | Fixed income securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Allocation percentage of plan assets (in hundredths) | 80% | 80% | ||
Minimum [Member] | Pension Benefits [Member] | Equity securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Allocation percentage of plan assets (in hundredths) | 10% | 10% | ||
Retiree Health and Life Benefits [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Employer contribution match amount | $ 0.50 | |||
Contribution costs to the 401(k) Plan | $ 4,059,000 | $ 3,880,000 | $ 3,934,000 | |
Retiree Health and Life Benefits [Member] | Maximum [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Eligible compensation match percentage | 6% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Defined Benefit Plans Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Pension Benefits [Member] | |||
Reconciliation of benefit obligations: | |||
Benefit obligation at beginning of year | $ 103,115 | $ 115,232 | |
Interest cost | 2,459 | 2,263 | $ 2,726 |
Actuarial (gain) loss | (20,763) | (4,461) | |
Lump sum benefits paid | (3,332) | (3,859) | (3,623) |
Ordinary benefits paid | (5,628) | (6,060) | |
Benefit obligation at end of year | 75,851 | 103,115 | 115,232 |
Reconciliation of fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 77,892 | 80,001 | |
Actual gain return on plan assets | (17,171) | 1,540 | |
Employer contributions | 3,330 | 6,270 | 3,835 |
Lump sum benefits paid | (3,332) | (3,859) | |
Ordinary benefits paid | (5,628) | (6,060) | |
Fair value of plan assets at end of year | 55,091 | 77,892 | 80,001 |
Funded status: | |||
Funded status at end of year | (20,760) | (25,223) | |
Amounts recognized in consolidated balance sheets consist of: | |||
Net amount recognized at end of year | (20,760) | (25,223) | |
Less: current portion | 0 | 0 | |
Noncurrent benefit liability | (20,760) | (25,223) | |
Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (loss): | |||
Actuarial net (loss) gain | (17,797) | (23,303) | |
Prior service credits | 0 | 0 | |
Net amount recognized in accumulated other comprehensive (loss) income | (17,797) | (23,303) | |
Retiree Health and Life Benefits [Member] | |||
Reconciliation of benefit obligations: | |||
Benefit obligation at beginning of year | 4,962 | 5,999 | |
Interest cost | 81 | 77 | 151 |
Actuarial (gain) loss | (705) | (431) | |
Lump sum benefits paid | 0 | 0 | |
Ordinary benefits paid | (626) | (683) | |
Benefit obligation at end of year | 3,712 | 4,962 | 5,999 |
Reconciliation of fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual gain return on plan assets | 0 | 0 | |
Employer contributions | 626 | 683 | |
Lump sum benefits paid | 0 | 0 | |
Ordinary benefits paid | (626) | (683) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status: | |||
Funded status at end of year | (3,712) | (4,962) | |
Amounts recognized in consolidated balance sheets consist of: | |||
Net amount recognized at end of year | (3,712) | (4,962) | |
Less: current portion | 627 | 710 | |
Noncurrent benefit liability | (3,085) | (4,252) | |
Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (loss): | |||
Actuarial net (loss) gain | 4,445 | 4,465 | |
Prior service credits | 756 | 1,255 | |
Net amount recognized in accumulated other comprehensive (loss) income | $ 5,201 | $ 5,720 |
Employee Benefit Plans - Percen
Employee Benefit Plans - Percentage Allocation of Plan Assets (Details) - United States [Member] | Sep. 24, 2022 | Sep. 25, 2021 |
Actual allocation of assets held in trust [Abstract] | ||
Percentage allocation of plan assets | 100% | 100% |
Fixed income securities [Member] | ||
Actual allocation of assets held in trust [Abstract] | ||
Percentage allocation of plan assets | 86% | 86% |
Equity securities [Member] | ||
Actual allocation of assets held in trust [Abstract] | ||
Percentage allocation of plan assets | 14% | 14% |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Measurement of Partnership's Pension Plan Assets by Category (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | $ 55,091 | $ 77,892 | $ 80,001 | |
Short-term investments [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | 1,410 | 1,467 | [1] | |
Domestic equity securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | 2,803 | 4,129 | [1],[2] | |
International equity securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | 4,941 | 7,167 | ||
Fixed income securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | $ 45,937 | $ 65,129 | [1],[3] | |
[1] Includes funds which are not publicly traded and are valued at the net asset value of the units provided by the fund issuer. Includes funds which invest primarily in a diversified portfolio of publicly traded U.S. and Non-U.S. common stock. Includes funds which invest primarily in publicly traded and non-publicly traded, investment grade corporate bonds, U.S. government bonds and asset-backed securities. |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Expected Benefit Payments (Details) $ in Thousands | Sep. 24, 2022 USD ($) |
Pension Benefits [Member] | |
Projected Contributions and Benefit Payments by Fiscal Year [Abstract] | |
2023 | $ 22,832 |
2024 | 7,361 |
2025 | 6,931 |
2026 | 6,832 |
2027 | 6,134 |
2028 through 2032 | 23,897 |
Retiree Health and Life Benefits [Member] | |
Projected Contributions and Benefit Payments by Fiscal Year [Abstract] | |
2023 | 627 |
2024 | 559 |
2025 | 494 |
2026 | 432 |
2027 | 375 |
2028 through 2032 | $ 1,171 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Components of net periodic benefit costs included in operating expenses [Abstract] | |||
Settlement charge | $ 840 | $ 958 | $ 1,051 |
Pension Benefits [Member] | |||
Components of net periodic benefit costs included in operating expenses [Abstract] | |||
Interest cost | 2,459 | 2,263 | 2,726 |
Expected return on plan assets | (1,392) | (1,266) | 1,270 |
Amortization of prior service credit | 0 | 0 | 0 |
Settlement charge | 840 | 958 | 1,051 |
Recognized net actuarial loss (gain) | 2,467 | (3,289) | 3,448 |
Net periodic benefit costs | 4,374 | 5,244 | 5,955 |
Retiree Health and Life Benefits [Member] | |||
Components of net periodic benefit costs included in operating expenses [Abstract] | |||
Interest cost | 81 | 77 | 151 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | (498) | (498) | (498) |
Settlement charge | 0 | 0 | 0 |
Recognized net actuarial loss (gain) | (725) | (723) | (786) |
Net periodic benefit costs | $ (1,142) | $ (1,144) | $ (1,133) |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Assumptions Used (Details) | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Pension Benefits [Member] | |||
Actuarial assumptions [Abstract] | |||
Weighted-average discount rate used in calculating benefit obligations | 5.125% | 2.50% | |
Average rate of compensation increase | 0% | 0% | |
Health care cost trend | 0% | 0% | |
Assumptions used in calculating benefit cost [Abstract] | |||
Weighted-average discount rate | 2.50% | 2.125% | 2.875% |
Average rate of compensation increase | 0% | 0% | 0% |
Weighted-average expected long-term rate of return on plan assets | 2.15% | 1.85% | 1.80% |
Health care cost trend | 0% | 0% | 0% |
Retiree Health and Life Benefits [Member] | |||
Actuarial assumptions [Abstract] | |||
Weighted-average discount rate used in calculating benefit obligations | 4.875% | 1.75% | |
Average rate of compensation increase | 0% | 0% | |
Health care cost trend | 5.33% | 5.40% | |
Assumptions used in calculating benefit cost [Abstract] | |||
Weighted-average discount rate | 1.75% | 1.375% | 2.375% |
Average rate of compensation increase | 0% | 0% | 0% |
Weighted-average expected long-term rate of return on plan assets | 0% | 0% | 0% |
Health care cost trend | 5.40% | 5.72% | 6.01% |
Employee Benefit Plans - Total
Employee Benefit Plans - Total Contributions Made to Multiemployer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | ||
Multiemployer Plans [Line Items] | ||||
EIN/Pension Plan Number | 22-3410353 | |||
Pension Benefits [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Contributions | $ 314 | $ 294 | $ 296 | |
Pension Benefits [Member] | Local 282 Pension Trust [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Pension Fund | [1] | Local 282 Pension Trust (1) | ||
EIN/Pension Plan Number | [1] | 11-6245313 | ||
PPA Zone Status | [1] | Green | Green | |
Contributions | [1] | $ 295 | $ 277 | 272 |
Contributions greater than 5% of Total Plan Contributions | [1] | false | ||
Expiration date of CBA | Aug. 31, 2024 | |||
Pension Benefits [Member] | Western Conference of Teamsters Pension Plan [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Pension Fund | [2] | Western Conference of Teamsters Pension Plan (2) | ||
EIN/Pension Plan Number | [2] | 91-6145047 | ||
PPA Zone Status | [2] | Green | Green | |
FIP/RP Status | NA | |||
Contributions | [2] | $ 19 | $ 17 | $ 24 |
Contributions greater than 5% of Total Plan Contributions | [2] | false | ||
Expiration date of CBA | Feb. 29, 2024 | |||
[1] Based on most recent available valuation information for plan year ended February 2022. Based on most recent available valuation information for plan year ended December 2021. |
Financial Instruments and Ris_3
Financial Instruments and Risk Management - Fair Value of the Partnership's Derivative Instruments and their Location in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | $ 117,260 | $ 76,508 |
Fair value - liabilities | 101,419 | 32,023 |
Commodity-Related Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 117,260 | 76,508 |
Fair value - liabilities | 101,419 | 32,023 |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 34,693 | 54,832 |
Fair value - liabilities | 18,852 | 10,347 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 18,263 | 53,019 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 16,430 | 1,813 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | 16,957 | 8,715 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | $ 1,895 | $ 1,632 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management - Reconciliation of the Beginning and Ending Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Fair value input Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Reconciliation of beginning and ending balances of assets measured at fair value on recurring basis using significant unobservable inputs [Rollforward] | ||
Beginning balance of over-the-counter options | $ 4,626 | $ 0 |
Beginning balance realized during the period | (4,626) | 0 |
Contracts purchased during the period | 222 | 4,626 |
Change in the fair value of outstanding contracts | 0 | 0 |
Ending balance of over-the-counter options | 222 | 4,626 |
Reconciliation of beginning and ending balances of liabilities measured at fair value on recurring basis using significant unobservable inputs [Rollforward] | ||
Beginning balance of over-the-counter options | 451 | 0 |
Beginning balance realized during the period | 219 | 0 |
Contracts purchased during the period | 3,295 | 451 |
Change in the fair value of outstanding contracts | (119) | 0 |
Ending balance of over-the-counter options | $ 3,408 | $ 451 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Sep. 24, 2022 USD ($) State Location | Sep. 25, 2021 USD ($) | |
Derivatives, Fair Value [Line Items] | ||
Cash collateral | $ 0 | $ 0 |
Number of locations served by the partnership | Location | 700 | |
Number of states in which the partnership operates | State | 42 | |
5.875% Senior Notes due March 1, 2027 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Senior Notes | $ 336,375 | |
Senior Notes [Member] | 5.0% Senior Notes due June 1, 2031 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Senior Notes | $ 547,625 | |
Supplier Concentration Risk [Member] | Propane Purchases [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Minimum concentration risk threshold accounted for by a single customer or supplier (in hundredths) | 10% | |
Supplier Concentration Risk [Member] | Propane Purchases [Member] | Crestwood Equity Partners L.P [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Concentration percentage of propane supply provided by suppliers (in hundredths) | 31% | |
Supplier Concentration Risk [Member] | Propane Purchases [Member] | Targa Liquids Marketing [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Concentration percentage of propane supply provided by suppliers (in hundredths) | 16% | |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Weighted average maturity of outstanding commodity-related derivatives | 7 months | 4 months |
Financial Instruments and Ris_6
Financial Instruments and Risk Management - Effect of the Partnership's Derivative Instruments on the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Commodity-Related Derivatives [Member] | Cost of Products Sold [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Unrealized Gains (Losses) Recognized in Income | $ (27,929) | $ 43,121 | $ (382) |
Financial Instruments and Ris_7
Financial Instruments and Risk Management - Fair Value of Partnership's Recognized Derivative Assets and Liabilities on a Gross Basis and Amounts Offset on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Asset Derivatives [Abstracts] | ||
Gross amounts | $ 117,260 | $ 76,508 |
Effects of netting | (82,567) | (21,676) |
Net amounts presented in the balance sheet | 34,693 | 54,832 |
Liability Derivatives [Abstracts] | ||
Gross amounts | 101,419 | 32,023 |
Effects of netting | (82,567) | (21,676) |
Net amounts presented in the balance sheet | 18,852 | 10,347 |
Commodity-Related Derivatives [Member] | ||
Asset Derivatives [Abstracts] | ||
Gross amounts | 117,260 | 76,508 |
Effects of netting | (82,567) | (21,676) |
Net amounts presented in the balance sheet | 34,693 | 54,832 |
Liability Derivatives [Abstracts] | ||
Gross amounts | 101,419 | 32,023 |
Effects of netting | (82,567) | (21,676) |
Net amounts presented in the balance sheet | $ 18,852 | $ 10,347 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 28, 2019 | Sep. 24, 2022 | Sep. 25, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Accrued insurance liabilities | $ 64,065 | $ 66,124 | |
Portion of the estimated liability that exceeds insurance deductibles | $ 15,710 | $ 16,101 | |
Product liability and other legal matters settlement charge | $ 5,000 |
Guarantees - Additional Informa
Guarantees - Additional Information (Details) | 12 Months Ended |
Sep. 24, 2022 USD ($) | |
Guarantees [Abstract] | |
Transportation equipment remaining lease periods | 2032 |
Maximum potential amount of aggregate future payments Partnership could be required to make | $ 33,972,000 |
Amounts Reclassified Out of A_3
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Reclassification out of accumulated other comprehensive (loss) income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance beginning | $ (17,584) | $ (25,776) | $ (26,186) | |
Other comprehensive income before reclassifications | 2,904 | 5,166 | (2,805) | |
Recognition in earnings of net actuarial loss for pension settlement | 840 | 958 | 1,051 | |
Reclassifications to earnings | 1,244 | 2,068 | 2,164 | |
Other comprehensive income | 4,988 | 8,192 | 410 | |
Balance ending | (12,596) | (17,584) | (25,776) | |
Pension Benefits [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance beginning | (23,303) | (32,286) | (33,733) | |
Funded status benefit plan obligation | 2,199 | 4,736 | (3,052) | |
Recognition in earnings of net actuarial loss for pension settlement | [1] | 840 | 958 | 1,051 |
Reclassifications to earnings | [1] | 2,467 | 3,289 | 3,448 |
Other comprehensive income | 5,506 | 8,983 | 1,447 | |
Balance ending | (17,797) | (23,303) | (32,286) | |
Post-Retirement Benefits [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance beginning | 5,719 | 6,510 | 7,547 | |
Funded status benefit plan obligation | (705) | 430 | 247 | |
Other comprehensive income | (518) | (791) | (1,037) | |
Balance ending | 5,201 | 5,719 | 6,510 | |
Amortization of Prior Service Credits [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Reclassifications to earnings | [1] | 498 | (498) | (498) |
Amortization of Net (Gain) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Reclassifications to earnings | [1] | $ 725 | $ (723) | $ (786) |
[1] These amounts are included in the computation of net periodic benefit cost. See Note 12, “Employee Benefit Plans”. |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Sep. 24, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Number of reportable segments | 3 |
Segment Information - Disclosur
Segment Information - Disclosure by Reportable Segment and Reconciliation of Total Operating Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Revenues [Abstract] | |||
Total revenues | $ 1,501,465 | $ 1,288,755 | $ 1,107,897 |
Operating income (loss): | |||
Total operating income | 206,327 | 213,236 | 140,270 |
Reconciliation to net income: | |||
Loss on debt extinguishment | 0 | 16,029 | 109 |
Interest expense, net | 60,658 | 68,132 | 74,727 |
Other, net | 5,532 | 5,172 | 4,822 |
Provision for (benefit from) income taxes | 429 | 1,110 | (146) |
Net income | 139,708 | 122,793 | 60,758 |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 58,848 | 104,555 | 116,791 |
Assets [Abstract] | |||
Total assets | 2,103,726 | 2,051,730 | |
Operating/Reportable Segments [Member] | Propane [Member] | |||
Revenues [Abstract] | |||
Total revenues | 1,313,556 | 1,140,457 | 955,143 |
Operating income (loss): | |||
Total operating income | 337,377 | 330,443 | 239,771 |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 50,053 | 95,616 | 106,725 |
Assets [Abstract] | |||
Total assets | 1,957,257 | 1,935,399 | |
Operating/Reportable Segments [Member] | Fuel Oil and Refined Fuels [Member] | |||
Revenues [Abstract] | |||
Total revenues | 95,157 | 67,104 | 75,039 |
Operating income (loss): | |||
Total operating income | 6,711 | 7,716 | 9,338 |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 1,693 | 1,654 | 1,843 |
Assets [Abstract] | |||
Total assets | 49,683 | 47,039 | |
Operating/Reportable Segments [Member] | Natural Gas and Electricity [Member] | |||
Revenues [Abstract] | |||
Total revenues | 39,511 | 30,425 | 31,184 |
Operating income (loss): | |||
Total operating income | 6,598 | 7,409 | 7,459 |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 21 | 24 | 18 |
Assets [Abstract] | |||
Total assets | 12,504 | 11,275 | |
Operating/Reportable Segments [Member] | All Other [Member] | |||
Revenues [Abstract] | |||
Total revenues | 53,241 | 50,769 | 46,531 |
Operating income (loss): | |||
Total operating income | (21,982) | (20,119) | (20,377) |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 179 | 188 | 189 |
Assets [Abstract] | |||
Total assets | 47,853 | 17,767 | |
Operating/Reportable Segments [Member] | Corporate [Member] | |||
Operating income (loss): | |||
Total operating income | (122,377) | (112,213) | (95,921) |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 6,902 | 7,073 | $ 8,016 |
Assets [Abstract] | |||
Total assets | $ 36,429 | $ 40,250 |
SCHEDULE II VALUATION AND QUA_2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 3,332 | $ 4,473 | $ 2,573 | |
Charged (credited) to Costs and Expenses | 4,433 | 770 | 3,855 | |
Other Additions | 0 | 0 | 0 | |
Deductions | [1] | 2,943 | (1,911) | (1,955) |
Balance at End of Period | 4,822 | 3,332 | 4,473 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 38,268 | 37,698 | 37,996 | |
Charged (credited) to Costs and Expenses | 1,174 | 570 | (298) | |
Other Additions | 0 | 0 | 0 | |
Deductions | [1] | 0 | 0 | 0 |
Balance at End of Period | $ 39,442 | $ 38,268 | $ 37,698 | |
[1] Represents amounts that did not impact earnings. |