Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Mar. 29, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'SUBURBAN PROPANE PARTNERS LP |
Entity Central Index Key | '0001005210 |
Current Fiscal Year End Date | '--09-27 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 60,306,034 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 29-Mar-14 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $68,778 | $107,232 |
Accounts receivable, less allowance for doubtful accounts of $10,350 and $6,786, respectively | 295,330 | 94,854 |
Inventories | 96,521 | 77,623 |
Other current assets | 22,317 | 13,613 |
Total current assets | 482,946 | 293,322 |
Property, plant and equipment, net | 857,687 | 888,232 |
Goodwill | 1,087,429 | 1,087,429 |
Other intangible assets, net | 387,975 | 416,771 |
Other assets | 37,508 | 42,233 |
Total assets | 2,853,545 | 2,727,987 |
Current liabilities: | ' | ' |
Accounts payable | 73,961 | 52,766 |
Accrued employment and benefit costs | 26,835 | 23,559 |
Customer deposits and advances | 46,930 | 107,562 |
Accrued interest | 24,970 | 24,357 |
Other current liabilities | 30,287 | 25,650 |
Total current liabilities | 202,983 | 233,894 |
Long-term borrowings | 1,296,580 | 1,245,237 |
Accrued insurance | 48,524 | 51,502 |
Other liabilities | 67,642 | 68,228 |
Total liabilities | 1,615,729 | 1,598,861 |
Commitments and contingencies | ' | ' |
Partners' capital: | ' | ' |
Common Unitholders (60,306 and 60,231 units issued and outstanding at March 29, 2014 and September 28, 2013, respectively) | 1,282,816 | 1,176,479 |
Accumulated other comprehensive loss | -45,000 | -47,353 |
Total partners' capital | 1,237,816 | 1,129,126 |
Total liabilities and partners' capital | $2,853,545 | $2,727,987 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for doubtful accounts | $10,350 | $6,786 |
Partner's capital: | ' | ' |
Common units issued (in units) | 60,306,000 | 60,231,000 |
Common units outstanding (in units) | 60,306,034 | 60,231,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Revenues | ' | ' | ' | ' |
Propane | $728,504 | $540,537 | $1,167,098 | $933,322 |
Fuel oil and refined fuels | 93,722 | 92,795 | 147,990 | 154,941 |
Natural gas and electricity | 39,083 | 29,732 | 57,399 | 48,121 |
All other | 12,463 | 15,362 | 27,341 | 32,745 |
Total Revenues | 873,772 | 678,426 | 1,399,828 | 1,169,129 |
Costs and expenses | ' | ' | ' | ' |
Cost of products sold | 517,198 | 346,999 | 797,724 | 592,099 |
Operating | 131,731 | 126,371 | 245,044 | 241,307 |
General and administrative | 20,517 | 19,763 | 37,852 | 37,595 |
Depreciation and amortization | 33,282 | 31,316 | 68,109 | 61,843 |
Total Expenses | 702,728 | 524,449 | 1,148,729 | 932,844 |
Operating income | 171,044 | 153,977 | 251,099 | 236,285 |
Interest expense, net | 21,226 | 24,343 | 42,433 | 48,899 |
Income before provision for income taxes | 149,818 | 129,634 | 208,666 | 187,386 |
Provision for income taxes | 271 | 150 | 448 | 282 |
Net income | $149,547 | $129,484 | $208,218 | $187,104 |
Income per Common Unit - basic (in dollars per share) | $2.47 | $2.26 | $3.45 | $3.27 |
Weighted average number of Common Units outstanding - basic (in shares) | 60,425 | 57,185 | 60,409 | 57,169 |
Income per Common Unit - diluted (in dollars per share) | $2.46 | $2.25 | $3.43 | $3.26 |
Weighted average number of Common Units outstanding - diluted (in shares) | 60,692 | 57,441 | 60,668 | 57,392 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) [Abstract] | ' | ' | ' | ' |
Net income | $149,547 | $129,484 | $208,218 | $187,104 |
Other comprehensive income: | ' | ' | ' | ' |
Net unrealized (losses) gains on cash flow hedges | -90 | 331 | -256 | 318 |
Reclassification of realized losses on cash flow hedges into earnings | 346 | 679 | 699 | 1,399 |
Amortization of net actuarial losses and prior service credits into earnings | 955 | 1,199 | 1,910 | 2,398 |
Other comprehensive income | 1,211 | 2,209 | 2,353 | 4,115 |
Total comprehensive income | $150,758 | $131,693 | $210,571 | $191,219 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $208,218 | $187,104 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 68,109 | 61,843 |
Other, net | 1,714 | -1,764 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -200,476 | -102,595 |
Inventories | -18,898 | 12,767 |
Other current and noncurrent assets | -6,280 | -3,922 |
Accounts payable | 21,195 | 23,416 |
Accrued employment and benefit costs | 3,276 | 7,679 |
Customer deposits and advances | -60,632 | -61,506 |
Accrued insurance | -2,978 | 8,061 |
Other current and noncurrent liabilities | 7,139 | 2,880 |
Net cash provided by operating activities | 20,387 | 133,963 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -14,357 | -12,894 |
Proceeds from sale of property, plant and equipment | 5,986 | 3,892 |
Adjustment to purchase price for Inergy Propane | 0 | 5,850 |
Net cash (used in) investing activities | -8,371 | -3,152 |
Cash flows from financing activities: | ' | ' |
Repayments of long-term borrowings | -6,700 | 0 |
Proceeds from long-term borrowings | 61,700 | 0 |
Partnership distributions | -105,470 | -98,570 |
Net cash (used in) financing activities | -50,470 | -98,570 |
Net (decrease) increase in cash and cash equivalents | -38,454 | 32,241 |
Cash and cash equivalents at beginning of period | 107,232 | 134,317 |
Cash and cash equivalents at end of period | $68,778 | $166,558 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL (unaudited) (USD $) | Common Unitholders [Member] | Accumulated Other Comprehensive (Loss) [Member] | Total |
In Thousands | |||
Balance at Sep. 28, 2013 | $1,176,479 | ($47,353) | $1,129,126 |
Balance (in units) at Sep. 28, 2013 | 60,231 | ' | ' |
Net income | 208,218 | ' | 208,218 |
Other comprehensive income | ' | 2,353 | 2,353 |
Partnership distributions | -105,470 | ' | -105,470 |
Common Units issued under Restricted Unit Plans (in units) | 75 | ' | ' |
Compensation cost recognized under Restricted Unit Plans, net of forfeitures | 3,589 | ' | 3,589 |
Balance at Mar. 29, 2014 | $1,282,816 | ($45,000) | $1,237,816 |
Balance (in units) at Mar. 29, 2014 | 60,306 | ' | ' |
Partnership_Organization_and_F
Partnership Organization and Formation | 6 Months Ended | |
Mar. 29, 2014 | ||
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, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets. 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 60,306,034 Common Units outstanding at March 29, 2014. 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 as amended (the “Partnership Agreement”). 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. | ||
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 and services 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 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. | ||
On August 1, 2012 (the “Acquisition Date”), the Partnership completed the acquisition of the sole membership interest in Inergy Propane, LLC (the “Inergy Propane Acquisition”), including certain wholly-owned subsidiaries of Inergy Propane, LLC, and the assets of Inergy Sales and Service, Inc. The acquired interests and assets are collectively referred to as “Inergy Propane.” As of the Acquisition Date, Inergy Propane consisted of the former retail propane assets and operations of Inergy, L.P. (“Inergy”). On the Acquisition Date, Inergy Propane and its remaining wholly-owned subsidiaries acquired became subsidiaries of the Operating Partnership, but were merged into the Operating Partnership on April 30, 2013. The results of operations of Inergy Propane have been included in the Partnership’s results of operations since the Acquisition Date. See Note 3, “Acquisition of Inergy Propane,” included within the Notes to Consolidated Financial Statements section of our Annual Report on Form 10-K for the fiscal year ended September 28, 2013. |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Mar. 29, 2014 | ||
Basis of Presentation [Abstract] | ' | |
Basis of Presentation | ' | |
2 | Basis of Presentation | |
Principles of Consolidation. The condensed 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. | ||
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). They include all adjustments that the Partnership considers necessary for a fair statement of the results for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed. These financial statements should be read in conjunction with the financial statements included in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 28, 2013. Due to the seasonal nature of the Partnership’s operations, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. | ||
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, the corresponding fourth quarter is 14 weeks in duration. | ||
Revenue Recognition. Sales of propane, fuel oil and refined fuels are recognized 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 applicable. Revenue from repairs, maintenance and other service activities is recognized upon completion of the service. Revenue from service contracts is recognized ratably over the service period. Revenue from the natural gas and electricity business is recognized based on customer usage as determined by meter readings for amounts delivered, some of which may be unbilled at the end of each accounting period. Revenue from annually billed tank fees is deferred at the time of billings and recognized on a straight-line basis over one year. | ||
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. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term. | ||
Recently Adopted Accounting Pronouncements. In December 2011, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") regarding disclosures about offsetting assets and liabilities ("ASU 2011-11"). The new guidance requires an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position. The amendment, further clarified with ASU 2013-01, enhances disclosures by requiring improved information about financial instruments and derivative instruments that are either offset in accordance with other US GAAP or subject to an enforceable master netting arrangement or similar agreement, irrespective of whether or not they are offset in the balance sheet. The Partnership adopted ASU 2011-11 and ASU 2013-01 on September 29, 2013 and included further disclosure regarding offsetting assets and liabilities for derivative instruments accounted for under ASC 815. As this guidance affects disclosures only, its adoption had no impact on the Partnership's financial position, results of operations or cash flows. | ||
In February 2013, the FASB issued an ASU to establish the effective date for the requirement to present components of reclassifications out of accumulated other comprehensive income either parenthetically on the face of the financial statements or in the notes to the financial statements ("ASU 2013-02"). The Partnership adopted ASU 2013-02 on September 29, 2013 and its adoption did not change the items that must be reported in other comprehensive income, nor did it have an impact on the Partnership's financial position, results of operations or cash flows. |
Financial_Instruments_and_Risk
Financial Instruments and Risk Management | 6 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
Financial Instruments and Risk Management [Abstract] | ' | ||||||||||||||||||||||||
Financial Instruments and Risk Management | ' | ||||||||||||||||||||||||
3 | Financial Instruments and Risk Management | ||||||||||||||||||||||||
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-term maturity of these instruments. | |||||||||||||||||||||||||
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 condensed 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 futures, options, forward and swap contracts 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 condensed 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 consolidated 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. The Partnership manages part of its variable interest rate risk by entering into interest rate swap agreements. The interest rate swaps have been designated as, and are accounted for as, cash flow hedges. The fair value of the interest rate swaps are determined using an income approach, whereby future settlements under the swaps are converted into a single present value, with fair value being based on the value of current market expectations about those future amounts. Changes in the fair value are recognized in OCI until the hedged item is recognized in earnings. However, due to changes in the underlying interest rate environment, the corresponding value in OCI is subject to change prior to its impact on earnings. | |||||||||||||||||||||||||
Valuation of Derivative Instruments. The Partnership measures the fair value of its exchange-traded commodity-related 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 commodity-related 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. | |||||||||||||||||||||||||
The following summarizes the gross fair value of the Partnership’s derivative instruments and their location in the condensed consolidated balance sheet as of March 29, 2014 and September 28, 2013, respectively: | |||||||||||||||||||||||||
As of March 29, 2014 | As of September 28, 2013 | ||||||||||||||||||||||||
Asset Derivatives | Location | Fair Value | Location | Fair Value | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Commodity-related derivatives | Other current assets | $ | 2,421 | Other current assets | $ | 2,546 | |||||||||||||||||||
Other assets | 90 | Other assets | 716 | ||||||||||||||||||||||
$ | 2,511 | $ | 3,262 | ||||||||||||||||||||||
Liability Derivatives | Location | Fair Value | Location | Fair Value | |||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swap | Other current liabilities | $ | 1,344 | Other current liabilities | $ | 1,307 | |||||||||||||||||||
Other liabilities | 641 | Other liabilities | 1,121 | ||||||||||||||||||||||
$ | 1,985 | $ | 2,428 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Commodity-related derivatives | Other current liabilities | $ | 798 | Other current liabilities | $ | 430 | |||||||||||||||||||
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 Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||
29-Mar-14 | 30-Mar-13 | ||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||
Beginning balance of over-the-counter options | $ | 1,847 | $ | - | $ | 5,002 | $ | 1,209 | |||||||||||||||||
Beginning balance realized during the period | (389 | ) | - | (3,604 | ) | (1,151 | ) | ||||||||||||||||||
Contracts purchased during the period | - | 159 | 1,991 | - | |||||||||||||||||||||
Change in the fair value of outstanding contracts | 42 | - | (962 | ) | (54 | ) | |||||||||||||||||||
Ending balance of over-the-counter options | $ | 1,500 | $ | 159 | $ | 2,427 | $ | 4 | |||||||||||||||||
As of March 29, 2014 and September 28, 2013, the Partnership’s outstanding commodity-related derivatives had a weighted average maturity of approximately four months. | |||||||||||||||||||||||||
The effect of the Partnership’s derivative instruments on the condensed consolidated statement of operations and the condensed consolidated statement of comprehensive income, as applicable, for the three and six months ended March 29, 2014 and March 30, 2013 are as follows: | |||||||||||||||||||||||||
Three months ended March 29, 2014 | Three months ended March 30, 2013 | ||||||||||||||||||||||||
Derivatives in | Gains (Losses) | Gains (Losses) Reclassified | Gains (Losses) | Gains (Losses) Reclassified | |||||||||||||||||||||
Cash Flow | Recognized in OCI | from Accumulated OCI into | Recognized in OCI | from Accumulated OCI into | |||||||||||||||||||||
Hedging | Income | Income | |||||||||||||||||||||||
Relationships | (Effective Portion) | Location | Amount | (Effective Portion) | Location | Amount | |||||||||||||||||||
Interest rate swap | $ | (90 | ) | Interest expense | $ | (346 | ) | $ | 331 | Interest expense | $ | (679 | ) | ||||||||||||
Location of Gains | Amount of | Location of Gains | Amount of | ||||||||||||||||||||||
Derivatives Not | (Losses) Recognized | Unrealized | (Losses) Recognized | Unrealized | |||||||||||||||||||||
Designated as | in Income | Gains (Losses) | in Income | Gains (Losses) | |||||||||||||||||||||
Hedging | Recognized in | Recognized in | |||||||||||||||||||||||
Instruments | Income | Income | |||||||||||||||||||||||
Commodity-related derivatives | Cost of products sold | $ | 291 | Cost of products sold | $ | (2,646 | ) | ||||||||||||||||||
Six months ended March 29, 2014 | Six months ended March 30, 2013 | ||||||||||||||||||||||||
Derivatives in | Gains (Losses) | Gains (Losses) Reclassified | Gains (Losses) | Gains (Losses) Reclassified | |||||||||||||||||||||
Cash Flow | Recognized in OCI | from Accumulated OCI into | Recognized in OCI | from Accumulated OCI into | |||||||||||||||||||||
Hedging | Income | Income | |||||||||||||||||||||||
Relationships | (Effective Portion) | Location | Amount | (Effective Portion) | Location | Amount | |||||||||||||||||||
Interest rate swap | $ | (256 | ) | Interest expense | $ | (699 | ) | $ | 318 | Interest expense | $ | (1,399 | ) | ||||||||||||
Location of Gains | Amount of | Location of Gains | Amount of | ||||||||||||||||||||||
Derivatives Not | (Losses) Recognized | Unrealized | (Losses) Recognized | Unrealized | |||||||||||||||||||||
Designated as | in Income | Gains (Losses) | in Income | Gains (Losses) | |||||||||||||||||||||
Hedging | Recognized in | Recognized in | |||||||||||||||||||||||
Instruments | Income | Income | |||||||||||||||||||||||
Commodity-related derivatives | Cost of products sold | $ | 1 | Cost of products sold | $ | (6,260 | ) | ||||||||||||||||||
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 condensed consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: | |||||||||||||||||||||||||
As of March 29, 2014 | |||||||||||||||||||||||||
Net amounts | |||||||||||||||||||||||||
presented in the | |||||||||||||||||||||||||
Gross amounts | Effects of netting | balance sheet | |||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||
Commodity-related derivatives | $ | 4,013 | $ | (1,502 | ) | $ | 2,511 | ||||||||||||||||||
Interest rate swap | 2,495 | (2,495 | ) | - | |||||||||||||||||||||
$ | 6,508 | $ | (3,997 | ) | $ | 2,511 | |||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||
Commodity-related derivatives | $ | 2,300 | $ | (1,502 | ) | $ | 798 | ||||||||||||||||||
Interest rate swap | 4,480 | (2,495 | ) | 1,985 | |||||||||||||||||||||
$ | 6,780 | $ | (3,997 | ) | $ | 2,783 | |||||||||||||||||||
As of September 28, 2013 | |||||||||||||||||||||||||
Net amounts | |||||||||||||||||||||||||
presented in the | |||||||||||||||||||||||||
Gross amounts | Effects of netting | balance sheet | |||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||
Commodity-related derivatives | $ | 3,634 | $ | (372 | ) | $ | 3,262 | ||||||||||||||||||
Interest rate swap | 2,804 | (2,804 | ) | - | |||||||||||||||||||||
$ | 6,438 | $ | (3,176 | ) | $ | 3,262 | |||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||
Commodity-related derivatives | $ | 802 | $ | (372 | ) | $ | 430 | ||||||||||||||||||
Interest rate swap | 5,232 | (2,804 | ) | 2,428 | |||||||||||||||||||||
$ | 6,034 | $ | (3,176 | ) | $ | 2,858 | |||||||||||||||||||
The Partnership posted cash collateral of $579 and $-0- as of March 29, 2014 and September 28, 2013, respectively, with its brokers for outstanding commodity-related derivatives. | |||||||||||||||||||||||||
Bank Debt and Senior Notes. The fair value of the borrowings under the Revolving Credit Facility (defined below) approximates the carrying value since the interest rates are periodically adjusted to reflect market conditions. Based upon quoted market prices (a Level 1 input), the fair value of the Senior Notes (defined below) of the Partnership are as follows: | |||||||||||||||||||||||||
As of | |||||||||||||||||||||||||
March 29, | September 28, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
7.5% senior notes due October 1, 2018 | $ | 528,213 | $ | 533,799 | |||||||||||||||||||||
7.375% senior notes due March 15, 2020 | 268,125 | 268,125 | |||||||||||||||||||||||
7.375% senior notes due August 1, 2021 | 383,394 | 372,143 | |||||||||||||||||||||||
$ | 1,179,732 | $ | 1,174,067 | ||||||||||||||||||||||
Inventories
Inventories | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
4 | 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. Inventories consist of the following: | |||||||||
As of | |||||||||
March 29, | September 28, | ||||||||
2014 | 2013 | ||||||||
Propane, fuel oil and refined fuels and natural gas | $ | 94,694 | $ | 75,885 | |||||
Appliances | 1,827 | 1,738 | |||||||
$ | 96,521 | $ | 77,623 |
Goodwill
Goodwill | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Goodwill [Abstract] | ' | ||||||||
Goodwill | ' | ||||||||
5 | 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, the Partnership 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 two-step impairment test is unnecessary. However, if the Partnership concludes otherwise, then it is required to perform the first step of the two-step impairment test. | |||||||||
Under the two-step 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. | |||||||||
The carrying values of goodwill assigned to the Partnership’s operating segments are as follows: | |||||||||
As of | |||||||||
March 29, | September 28, | ||||||||
2014 | 2013 | ||||||||
Propane | $ | 1,075,091 | $ | 1,075,091 | |||||
Fuel oil and refined fuels | 4,438 | 4,438 | |||||||
Natural gas and electricity | 7,900 | 7,900 | |||||||
$ | 1,087,429 | $ | 1,087,429 | ||||||
Net_Income_Per_Common_Unit
Net Income Per Common Unit | 6 Months Ended | |
Mar. 29, 2014 | ||
Net Income Per Common Unit [Abstract] | ' | |
Net Income Per Common Unit | ' | |
6 | Net Income Per Common Unit | |
Computations of basic income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units and restricted units granted under the restricted unit plans 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 unvested 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 266,948 and 259,433 units for the three and six months ended March 29, 2014, respectively, and 256,003 and 222,665 units for the three and six months ended March 30, 2013, respectively, to reflect the potential dilutive effect of the unvested restricted units outstanding using the treasury stock method. |
LongTerm_Borrowings
Long-Term Borrowings | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Long-Term Borrowings [Abstract] | ' | ||||||||
Long Term Borrowings | ' | ||||||||
7 | Long-Term Borrowings | ||||||||
Long-term borrowings consist of the following: | |||||||||
As of | |||||||||
March 29, | September 28, | ||||||||
2014 | 2013 | ||||||||
7.5% senior notes, due October 1, 2018, including unamortized premium of $26,128 and $28,614, respectively | $ | 522,685 | $ | 525,171 | |||||
7.375% senior notes, due March 15, 2020, net of unamortized discount of $1,291 and $1,400, respectively | 248,709 | 248,600 | |||||||
7.375% senior notes, due August 1, 2021, including unamortized premium of $24,006 and $25,286, respectively | 370,186 | 371,466 | |||||||
Revolving Credit Facility, due January 5, 2017 | 155,000 | 100,000 | |||||||
$ | 1,296,580 | $ | 1,245,237 | ||||||
Senior Notes. | |||||||||
2018 Senior Notes and 2021 Senior Notes | |||||||||
On August 1, 2012, the Partnership and its 100%-owned subsidiary, Suburban Energy Finance Corp., issued $496,557 in aggregate principal amount of unregistered 7.5% senior notes due October 1, 2018 (the “2018 Senior Notes”) and $503,443 in aggregate principal amount of unregistered 7.375% senior notes due August 1, 2021 (the “2021 Senior Notes”) in a private placement in connection with the Inergy Propane acquisition described in Note 1. Based on market rates for similar issues, the 2018 Senior Notes and 2021 Senior Notes were valued at 106.875% and 108.125%, respectively, of the principal amount, on the Acquisition Date as they were issued in exchange for Inergy’s outstanding notes, not for cash. The 2018 Senior Notes require semi-annual interest payments in April and October, and the 2021 Senior Notes require semi-annual interest payments in February and August. | |||||||||
On December 19, 2012, the Partnership completed an offer to exchange its existing unregistered 7.5% senior notes due 2018 and 7.375% senior notes due 2021 (the “Old Notes”) for an equal principal amount of 7.5% senior notes due 2018 and 7.375% senior notes due 2021 (the “Exchange Notes”), respectively, that have been registered under the Securities Act of 1933, as amended. The terms of the Exchange Notes are identical in all material respects (including principal amount, interest rate, maturity and redemption rights) to the Old Notes for which they were exchanged, except that the Exchange Notes generally will not be subject to transfer restrictions. | |||||||||
On August 2, 2013, the Partnership repurchased, pursuant to an optional redemption, $133,400 of its 2021 Senior Notes using net proceeds from the May 2013 public offering and net proceeds from the underwriters’ exercise of their over-allotment option to purchase additional Common Units. In addition, on August 6, 2013, the Partnership repurchased $23,863 of 2021 Senior Notes in a private transaction using cash on hand. | |||||||||
2020 Senior Notes | |||||||||
On March 23, 2010, the Partnership and its 100%-owned subsidiary, Suburban Energy Finance Corp., completed a public offering of $250,000 in aggregate principal amount of 7.375% senior notes due March 15, 2020 (the “2020 Senior Notes”). The 2020 Senior Notes were issued at 99.136% of the principal amount. The 2020 Senior Notes require semi-annual interest payments in March and September. | |||||||||
The Partnership’s obligations under the 2018 Senior Notes, 2020 Senior Notes and 2021 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 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 applicable 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 of 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 entered into on January 5, 2012, as amended on August 1, 2012 (the “Amended Credit Agreement”) that provides for a five-year $400,000 revolving credit facility (the “Revolving Credit Facility”) of which, $155,000 and $100,000 were outstanding as of March 29, 2014 and September 28, 2013, respectively. 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. | |||||||||
During the second quarter of fiscal 2014, the Partnership experienced a significant increase in working capital requirements as a result of the significant increase in propane wholesale product costs. The increase in working capital resulted in the net borrowing of $55.0 million under the Partnership's Revolving Credit Facility in the second quarter of fiscal 2014. The borrowings were repaid in full in April 2014 with internally generated cash. | |||||||||
The amendment and restatement of the credit agreement on January 5, 2012 amended the previous credit agreement to, among other things, extend the maturity date from June 25, 2013 to January 5, 2017, reduce the borrowing rate and commitment fees, and amend certain affirmative and negative covenants. | |||||||||
On August 1, 2012, the Operating Partnership executed an amendment to the Amended Credit Agreement to, among other things, provide for (i) a $250,000 senior secured 364-Day Facility and (ii) an increase in its revolving credit facility under the Amended Credit Agreement from $250,000 to $400,000. The amendment to the Amended Credit Agreement on August 1, 2012 also amended certain restrictive and affirmative covenants applicable to the Operating Partnership and the Partnership, as well as certain financial covenants, including (a) requiring the Partnership’s consolidated interest coverage ratio, as defined in the amendment, to be not less than 2.0 to 1.0 as of the end of any fiscal quarter; (b) prohibiting the total consolidated leverage ratio, as defined in the amendment, of the Partnership from being greater than 7.0 to 1.0 as of the end of any fiscal quarter. The minimum consolidated interest coverage ratio increases over time, and commencing with the second quarter of fiscal 2014, such minimum ratio is 2.5 to 1.0. The maximum consolidated leverage ratio decreased over time, as well as upon the occurrence of certain events, and commencing with the second quarter of fiscal 2013, such maximum ratio will be 4.75 to 1.0 (or 5.0 to 1.0 during an acquisition period, as defined in the amendment). As of March 29, 2014, the requirements for minimum consolidated interest coverage ratio and maximum consolidated leverage ratio were 2.5 to 1.0 and 4.75 to 1.0, respectively. | |||||||||
The Partnership acts as a guarantor with respect to the obligations of the Operating Partnership under the Amended Credit Agreement pursuant to the terms and conditions set forth therein. The obligations under the Amended 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 of the Amended Credit Agreement bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus the applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1%, the agent bank’s prime rate, or LIBOR plus 1%, plus in each case the applicable margin. The applicable margin is dependent upon the Partnership’s ratio of total debt to EBITDA on a consolidated basis, as defined in the Revolving Credit Facility. As of March 29, 2014, the interest rate for the Revolving Credit Facility was approximately 2.5%. The interest rate and the applicable margin will be reset at the end of each calendar quarter. | |||||||||
In connection with the Amended Credit Agreement, the Operating Partnership entered into a forward starting interest rate swap agreement with a June 25, 2013 effective date and a maturity date of January 5, 2017. Under this interest rate swap agreement, the Operating Partnership will pay a fixed interest rate of 1.63% to the issuing lender on the $100,000 notional principal amount outstanding, and the issuing lender will pay to the Operating Partnership a floating rate, namely LIBOR, on the same notional principal amount. The interest rate swap has been designated as a cash flow hedge. | |||||||||
As of March 29, 2014, the Partnership had standby letters of credit issued under the Revolving Credit Facility of the Amended Credit Agreement in the aggregate amount of $49,242 which expire periodically through March 15, 2015. Therefore, as of March 29, 2014, the Partnership had available borrowing capacity of $195,758 under the Revolving Credit Facility. | |||||||||
The Amended Credit Agreement and the Senior Notes both contain various restrictive and affirmative covenants applicable to the Operating Partnership 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 Amended 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 Amended Credit Agreement as of March 29, 2014. | |||||||||
The aggregate amounts of long-term debt maturities subsequent to March 29, 2014 are as follows: fiscal 2014 through fiscal 2016: $-0-; fiscal 2017: $155,000; fiscal 2018: $496,557; and thereafter: $596,180. |
Distributions_of_Available_Cas
Distributions of Available Cash | 6 Months Ended | |
Mar. 29, 2014 | ||
Distributions of Available Cash [Abstract] | ' | |
Distributions of Available Cash | ' | |
8 | 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. | ||
On April 24, 2014, the Partnership announced a quarterly distribution of $0.8750 per Common Unit, or $3.50 per Common Unit on an annualized basis, in respect of the second quarter of fiscal 2014, payable on May 13, 2014 to holders of record on May 6, 2014. |
UnitBased_Compensation_Arrange
Unit-Based Compensation Arrangements | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Unit-Based Compensation Arrangements [Abstract] | ' | ||||||||
Unit-Based Compensation Arrangements | ' | ||||||||
9 | Unit-Based Compensation Arrangements | ||||||||
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. In fiscal 2000 and fiscal 2009, the Partnership adopted the Suburban Propane Partners, L.P. 2000 Restricted Unit Plan and 2009 Restricted Unit Plan (collectively, the “Restricted Unit Plans”), respectively, 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 Restricted Unit Plans was 1,902,122 as of March 29, 2014. In accordance with an August 6, 2013 amendment to the Restricted Unit Plans, unless otherwise stipulated by the Compensation Committee of the Partnership’s Board of Supervisors on or before the grant date, all restricted unit awards granted after the date of the amendment will vest 33.33% on each of the first three anniversaries of the award grant date. Prior to the August 6, 2013 amendment, unless otherwise stipulated by the Compensation Committee of the Partnership’s Board of Supervisors on or before the grant date, restricted units issued under the Restricted Unit Plans vest over time with 25% of the Common Units vesting at the end of each of the third and fourth anniversaries of the grant date and the remaining 50% of the Common Units vesting at the end of the fifth anniversary of the grant date. The Restricted Unit Plans participants 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 the 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. | |||||||||
During the six months ended March 29, 2014, the Partnership awarded 157,207 restricted units under the Restricted Unit Plans at an aggregate grant date fair value of $6,149. The following is a summary of activity for the Restricted Unit Plans for the six months ended March 29, 2014: | |||||||||
Units | Grant Date Fair | ||||||||
Value Per Unit | |||||||||
Outstanding September 28, 2013 | 527,627 | $ | 29.3 | ||||||
Awarded | 157,207 | 39.12 | |||||||
Forfeited | (3,119 | ) | (28.39 | ) | |||||
Issued | (75,142 | ) | (30.59 | ) | |||||
Outstanding March 29, 2014 | 606,573 | $ | 31.69 | ||||||
As of March 29, 2014, unrecognized compensation cost related to unvested restricted units awarded under the Restricted Unit Plans amounted to $8,612. Compensation cost associated with unvested awards is expected to be recognized over a weighted-average period of 1.3 years. Compensation expense recognized under the Restricted Unit Plans, net of forfeitures, for the three and six months ended March 29, 2014, was $1,951 and $3,589, respectively, and $1,173 and $2,413 for the three and six months ended March 30, 2013, respectively. | |||||||||
Long-Term Incentive Plan. The Partnership has a non-qualified, unfunded long-term incentive plan for officers and key employees (the “LTIP”) which provides for payment, in the form of cash, of an award of equity-based compensation at the end of a three-year performance period. For the fiscal 2013 and 2012 awards, the level of compensation earned under the LTIP is based on the market performance of the Partnership’s Common Units on the basis of total return to Unitholders (“TRU”) compared to the TRU of a predetermined peer group consisting solely of other master limited partnerships, approved by the Compensation Committee of the Board of Supervisors, over the same three-year performance period. On August 6, 2013, the Compensation Committee of the Partnership’s Board of Supervisors adopted the 2014 Long-Term Incentive Plan of the Partnership (“2014 LTIP”) as a replacement for the existing LTIP. As a result, for the fiscal 2014 award, the level of compensation earned under the 2014 LTIP is based on the average distribution coverage ratio over the three-year measurement period. The average distribution coverage ratio is calculated as the Partnership’s average distributable cash flow, as defined in the 2014 LTIP, for each of the three years in the measurement period, subject to certain adjustments as set forth in the 2014 LTIP, divided by the amount of annualized cash distributions to be paid by the Partnership, based on the annualized cash distribution rate at the beginning of the measurement period. | |||||||||
As a result of the quarterly remeasurement of the liability for awards under the LTIP and 2014 LTIP, compensation expense for the three and six months ended March 29, 2014 was $153 and $1,505, respectively, and $436 and $1,719 for the three and six months ended March 30, 2013, respectively. As of March 29, 2014 and September 28, 2013, the Partnership had a liability included within accrued employment and benefit costs (or other liabilities, as applicable) of $4,432 and $2,927, respectively, related to estimated future payments under the LTIP and 2014 LTIP. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |
Mar. 29, 2014 | ||
Commitments and Contingencies [Abstract] | ' | |
Commitments and Contingencies | ' | |
10 | Commitments and Contingencies | |
Self-Insurance. The Partnership is self-insured for general and product, workers’ compensation and automobile liabilities up to predetermined thresholds above which third party insurance applies. As of March 29, 2014 and September 28, 2013, the Partnership had accrued insurance liabilities of $58,214 and $58,152, respectively, representing the total estimated losses under these self-insurance programs. For the portion of the estimated self-insurance liability that exceeds insurance deductibles, the Partnership records an asset within other assets (or other current assets, as applicable) related to the amount of the liability expected to be covered by insurance which amounted to $16,315 and $18,330 as of March 29, 2014 and September 28, 2013, 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. 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. On February 4, 2014, the plaintiffs in a previously reported putative class action (in which no class was ever certified) filed a voluntary dismissal with prejudice of all remaining claims, terminating such action. |
Guarantees
Guarantees | 6 Months Ended | |
Mar. 29, 2014 | ||
Guarantees [Abstract] | ' | |
Guarantees | ' | |
11 | 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 2021. 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 $16,079 as of March 29, 2014. The fair value of residual value guarantees for outstanding operating leases was de minimis as of March 29, 2014 and September 28, 2013. |
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefits | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Pension Plans and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||
Pension Plans and Other Postretirement Benefits | ' | ||||||||||||||||
12 | Pension Plans and Other Postretirement Benefits | ||||||||||||||||
The following table provides the components of net periodic benefit costs: | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 1,443 | $ | 1,307 | $ | 2,887 | $ | 2,614 | |||||||||
Expected return on plan assets | (1,275 | ) | (1,320 | ) | (2,551 | ) | (2,641 | ) | |||||||||
Amortization of net loss (gain) | 1,123 | 1,321 | 2,246 | 2,643 | |||||||||||||
Net periodic benefit cost | $ | 1,291 | $ | 1,308 | $ | 2,582 | $ | 2,616 | |||||||||
Postretirement Benefits | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1 | $ | 2 | $ | 3 | $ | 4 | |||||||||
Interest cost | 160 | 146 | 320 | 293 | |||||||||||||
Amortization of prior service costs | (122 | ) | (122 | ) | (245 | ) | (245 | ) | |||||||||
Amortization of net loss (gain) | (46 | ) | - | (91 | ) | - | |||||||||||
Net periodic benefit cost | $ | (7 | ) | $ | 26 | $ | (13 | ) | $ | 52 | |||||||
There are no projected minimum employer cash contribution requirements under ERISA laws for fiscal 2014 under the Partnership’s defined benefit pension plan. The projected annual contribution requirements related to the Partnership’s postretirement health care and life insurance benefit plan for fiscal 2014 is $1,337, of which $608 has been contributed during the six months ended March 29, 2014. | |||||||||||||||||
As a result of the Inergy Propane Acquisition, the Partnership contributes to multi-employer pension plans (“MEPP”) 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. As of March 29, 2014, the Partnership had accrued $6,932 for its estimated obligation to certain MEPPs due to the Partnership’s voluntary partial withdrawal from one such MEPP and full withdrawal from four MEPPs. Due to the uncertainty regarding future factors that could trigger withdrawal liability, including the integration of Inergy Propane, the Partnership is unable to determine the amount and timing of any future withdrawal liability, if any. |
Amounts_Reclassified_Out_of_Ac
Amounts Reclassified Out of Accumulated Other Comprehensive Income | 6 Months Ended | |||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
13 | Amounts Reclassified Out of Accumulated Other Comprehensive Income | |||||||||||||||||||
The following table summarizes amounts reclassified out of accumulated other comprehensive (loss) income for the three and six months ended March 29, 2014: | ||||||||||||||||||||
For the three months ended March 29, 2014 | ||||||||||||||||||||
Gains and Losses on Cash Flow Hedges | Pension Benefits | Postretirement Benefits | Total | |||||||||||||||||
Balance, beginning of period | $ | (2,241 | ) | $ | (48,864 | ) | $ | 4,894 | $ | (46,211 | ) | |||||||||
Other comprehensive income before reclassifications | (90 | ) | - | - | (90 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 346 | (a) | 1,123 | (b) | (168 | ) | (b) | 1,301 | ||||||||||||
Net current period other comprehensive income | 256 | 1,123 | (168 | ) | 1,211 | |||||||||||||||
Balance, end of period | $ | (1,985 | ) | $ | (47,741 | ) | $ | 4,726 | $ | (45,000 | ) | |||||||||
For the six months ended March 29, 2014 | ||||||||||||||||||||
Gains and Losses on Cash Flow Hedges | Pension Benefits | Postretirement Benefits | Total | |||||||||||||||||
Balance, beginning of period | $ | (2,428 | ) | $ | (49,987 | ) | $ | 5,062 | $ | (47,353 | ) | |||||||||
Other comprehensive income before reclassifications | (256 | ) | - | - | (256 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 699 | (a) | 2,246 | (b) | (336 | ) | (b) | 2,609 | ||||||||||||
Net current period other comprehensive income | 443 | 2,246 | (336 | ) | 2,353 | |||||||||||||||
Balance, end of period | $ | (1,985 | ) | $ | (47,741 | ) | $ | 4,726 | $ | (45,000 | ) | |||||||||
(a) | Reclassification of realized losses on cash flow hedges are recognized in interest expense. | |||||||||||||||||||
(b) These amounts are included in the computation of net periodic benefit cost. See Note 12, "Pension Plan and Other Postretirement Benefits". |
Income_Taxes
Income Taxes | 6 Months Ended | |
Mar. 29, 2014 | ||
Income Taxes [Abstract] | ' | |
Income Taxes | ' | |
14 | 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 before income taxes reported by the Partnership in the condensed 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, the earnings of the Corporate Entities are subject to corporate level federal and state 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 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 assets will be realized. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
15 | Segment Information | ||||||||||||||||
The Partnership manages and evaluates its operations in five 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 revenues 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 Note 2, “Summary of Significant Accounting Policies,” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 28, 2013. | |||||||||||||||||
The propane segment is primarily engaged in the retail distribution of propane to residential, commercial, industrial and agricultural customers and, to a lesser extent, wholesale distribution to large industrial end users. In the residential and commercial 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. | |||||||||||||||||
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, and activities from the Partnership’s Suburban Franchising subsidiaries. | |||||||||||||||||
The following table presents certain relevant financial information by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Propane | $ | 728,504 | $ | 540,537 | $ | 1,167,098 | $ | 933,322 | |||||||||
Fuel oil and refined fuels | 93,722 | 92,795 | 147,990 | 154,941 | |||||||||||||
Natural gas and electricity | 39,083 | 29,732 | 57,399 | 48,121 | |||||||||||||
All other | 12,463 | 15,362 | 27,341 | 32,745 | |||||||||||||
Total revenues | $ | 873,772 | $ | 678,426 | $ | 1,399,828 | $ | 1,169,129 | |||||||||
Operating income: | |||||||||||||||||
Propane | $ | 189,517 | $ | 178,285 | $ | 295,899 | $ | 282,445 | |||||||||
Fuel oil and refined fuels | 9,271 | 5,759 | 9,750 | 6,449 | |||||||||||||
Natural gas and electricity | 5,022 | 5,711 | 7,674 | 8,277 | |||||||||||||
All other | (6,538 | ) | (6,534 | ) | (12,388 | ) | (11,394 | ) | |||||||||
Corporate | (26,228 | ) | (29,244 | ) | (49,836 | ) | (49,492 | ) | |||||||||
Total operating income | 171,044 | 153,977 | 251,099 | 236,285 | |||||||||||||
Reconciliation to net income: | |||||||||||||||||
Interest expense, net | 21,226 | 24,343 | 42,433 | 48,899 | |||||||||||||
Provision for income taxes | 271 | 150 | 448 | 282 | |||||||||||||
Net income | $ | 149,547 | $ | 129,484 | $ | 208,218 | $ | 187,104 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Propane | $ | 26,808 | $ | 24,718 | $ | 52,541 | $ | 49,388 | |||||||||
Fuel oil and refined fuels | 899 | 1,328 | 3,195 | 2,928 | |||||||||||||
Natural gas and electricity | 2 | 40 | 42 | 118 | |||||||||||||
All other | 192 | 217 | 397 | 291 | |||||||||||||
Corporate | 5,381 | 5,013 | 11,934 | 9,118 | |||||||||||||
Total depreciation and amortization | $ | 33,282 | $ | 31,316 | $ | 68,109 | $ | 61,843 | |||||||||
As of | |||||||||||||||||
March 29, | September 28, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets: | |||||||||||||||||
Propane | $ | 2,589,935 | $ | 2,452,909 | |||||||||||||
Fuel oil and refined fuels | 95,864 | 77,473 | |||||||||||||||
Natural gas and electricity | 23,586 | 16,789 | |||||||||||||||
All other | 3,711 | 3,860 | |||||||||||||||
Corporate | 140,449 | 176,956 | |||||||||||||||
Total assets | $ | 2,853,545 | $ | 2,727,987 |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended | |
Mar. 29, 2014 | ||
Basis of Presentation [Abstract] | ' | |
Principles of Consolidation | ' | |
Principles of Consolidation. The condensed 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. | ||
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). They include all adjustments that the Partnership considers necessary for a fair statement of the results for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed. These financial statements should be read in conjunction with the financial statements included in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 28, 2013. Due to the seasonal nature of the Partnership’s operations, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. | ||
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, the corresponding fourth quarter is 14 weeks in duration. | ||
Revenue Recognition | ' | |
Revenue Recognition. Sales of propane, fuel oil and refined fuels are recognized 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 applicable. Revenue from repairs, maintenance and other service activities is recognized upon completion of the service. Revenue from service contracts is recognized ratably over the service period. Revenue from the natural gas and electricity business is recognized based on customer usage as determined by meter readings for amounts delivered, some of which may be unbilled at the end of each accounting period. Revenue from annually billed tank fees is deferred at the time of billings and recognized on a straight-line basis over one year. | ||
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. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term. | ||
Recently Adopted Accounting Pronouncements | ' | |
Recently Adopted Accounting Pronouncements. In December 2011, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") regarding disclosures about offsetting assets and liabilities ("ASU 2011-11"). The new guidance requires an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position. The amendment, further clarified with ASU 2013-01, enhances disclosures by requiring improved information about financial instruments and derivative instruments that are either offset in accordance with other US GAAP or subject to an enforceable master netting arrangement or similar agreement, irrespective of whether or not they are offset in the balance sheet. The Partnership adopted ASU 2011-11 and ASU 2013-01 on September 29, 2013 and included further disclosure regarding offsetting assets and liabilities for derivative instruments accounted for under ASC 815. As this guidance affects disclosures only, its adoption had no impact on the Partnership's financial position, results of operations or cash flows. | ||
In February 2013, the FASB issued an ASU to establish the effective date for the requirement to present components of reclassifications out of accumulated other comprehensive income either parenthetically on the face of the financial statements or in the notes to the financial statements ("ASU 2013-02"). The Partnership adopted ASU 2013-02 on September 29, 2013 and its adoption did not change the items that must be reported in other comprehensive income, nor did it have an impact on the Partnership's financial position, results of operations or cash flows. |
Financial_Instruments_and_Risk1
Financial Instruments and Risk Management (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
Financial Instruments and Risk Management [Abstract] | ' | ||||||||||||||||||||||||
Fair value of the Partnership's derivative instruments and their location in the condensed consolidated balance sheet | ' | ||||||||||||||||||||||||
The following summarizes the gross fair value of the Partnership’s derivative instruments and their location in the condensed consolidated balance sheet as of March 29, 2014 and September 28, 2013, respectively: | |||||||||||||||||||||||||
As of March 29, 2014 | As of September 28, 2013 | ||||||||||||||||||||||||
Asset Derivatives | Location | Fair Value | Location | Fair Value | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Commodity-related derivatives | Other current assets | $ | 2,421 | Other current assets | $ | 2,546 | |||||||||||||||||||
Other assets | 90 | Other assets | 716 | ||||||||||||||||||||||
$ | 2,511 | $ | 3,262 | ||||||||||||||||||||||
Liability Derivatives | Location | Fair Value | Location | Fair Value | |||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Interest rate swap | Other current liabilities | $ | 1,344 | Other current liabilities | $ | 1,307 | |||||||||||||||||||
Other liabilities | 641 | Other liabilities | 1,121 | ||||||||||||||||||||||
$ | 1,985 | $ | 2,428 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Commodity-related derivatives | Other current liabilities | $ | 798 | Other current liabilities | $ | 430 | |||||||||||||||||||
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 Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||
29-Mar-14 | 30-Mar-13 | ||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||
Beginning balance of over-the-counter options | $ | 1,847 | $ | - | $ | 5,002 | $ | 1,209 | |||||||||||||||||
Beginning balance realized during the period | (389 | ) | - | (3,604 | ) | (1,151 | ) | ||||||||||||||||||
Contracts purchased during the period | - | 159 | 1,991 | - | |||||||||||||||||||||
Change in the fair value of outstanding contracts | 42 | - | (962 | ) | (54 | ) | |||||||||||||||||||
Ending balance of over-the-counter options | $ | 1,500 | $ | 159 | $ | 2,427 | $ | 4 | |||||||||||||||||
Effect of the Partnership's derivative instruments on the condensed consolidated statements of operations | ' | ||||||||||||||||||||||||
The effect of the Partnership’s derivative instruments on the condensed consolidated statement of operations and the condensed consolidated statement of comprehensive income, as applicable, for the three and six months ended March 29, 2014 and March 30, 2013 are as follows: | |||||||||||||||||||||||||
Three months ended March 29, 2014 | Three months ended March 30, 2013 | ||||||||||||||||||||||||
Derivatives in | Gains (Losses) | Gains (Losses) Reclassified | Gains (Losses) | Gains (Losses) Reclassified | |||||||||||||||||||||
Cash Flow | Recognized in OCI | from Accumulated OCI into | Recognized in OCI | from Accumulated OCI into | |||||||||||||||||||||
Hedging | Income | Income | |||||||||||||||||||||||
Relationships | (Effective Portion) | Location | Amount | (Effective Portion) | Location | Amount | |||||||||||||||||||
Interest rate swap | $ | (90 | ) | Interest expense | $ | (346 | ) | $ | 331 | Interest expense | $ | (679 | ) | ||||||||||||
Location of Gains | Amount of | Location of Gains | Amount of | ||||||||||||||||||||||
Derivatives Not | (Losses) Recognized | Unrealized | (Losses) Recognized | Unrealized | |||||||||||||||||||||
Designated as | in Income | Gains (Losses) | in Income | Gains (Losses) | |||||||||||||||||||||
Hedging | Recognized in | Recognized in | |||||||||||||||||||||||
Instruments | Income | Income | |||||||||||||||||||||||
Commodity-related derivatives | Cost of products sold | $ | 291 | Cost of products sold | $ | (2,646 | ) | ||||||||||||||||||
Six months ended March 29, 2014 | Six months ended March 30, 2013 | ||||||||||||||||||||||||
Derivatives in | Gains (Losses) | Gains (Losses) Reclassified | Gains (Losses) | Gains (Losses) Reclassified | |||||||||||||||||||||
Cash Flow | Recognized in OCI | from Accumulated OCI into | Recognized in OCI | from Accumulated OCI into | |||||||||||||||||||||
Hedging | Income | Income | |||||||||||||||||||||||
Relationships | (Effective Portion) | Location | Amount | (Effective Portion) | Location | Amount | |||||||||||||||||||
Interest rate swap | $ | (256 | ) | Interest expense | $ | (699 | ) | $ | 318 | Interest expense | $ | (1,399 | ) | ||||||||||||
Location of Gains | Amount of | Location of Gains | Amount of | ||||||||||||||||||||||
Derivatives Not | (Losses) Recognized | Unrealized | (Losses) Recognized | Unrealized | |||||||||||||||||||||
Designated as | in Income | Gains (Losses) | in Income | Gains (Losses) | |||||||||||||||||||||
Hedging | Recognized in | Recognized in | |||||||||||||||||||||||
Instruments | Income | Income | |||||||||||||||||||||||
Commodity-related derivatives | Cost of products sold | $ | 1 | Cost of products sold | $ | (6,260 | ) | ||||||||||||||||||
Fair value of Partnership's recognized derivative assets and liabilities on a gross basis and amounts offset on 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 condensed consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: | |||||||||||||||||||||||||
As of March 29, 2014 | |||||||||||||||||||||||||
Net amounts | |||||||||||||||||||||||||
presented in the | |||||||||||||||||||||||||
Gross amounts | Effects of netting | balance sheet | |||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||
Commodity-related derivatives | $ | 4,013 | $ | (1,502 | ) | $ | 2,511 | ||||||||||||||||||
Interest rate swap | 2,495 | (2,495 | ) | - | |||||||||||||||||||||
$ | 6,508 | $ | (3,997 | ) | $ | 2,511 | |||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||
Commodity-related derivatives | $ | 2,300 | $ | (1,502 | ) | $ | 798 | ||||||||||||||||||
Interest rate swap | 4,480 | (2,495 | ) | 1,985 | |||||||||||||||||||||
$ | 6,780 | $ | (3,997 | ) | $ | 2,783 | |||||||||||||||||||
As of September 28, 2013 | |||||||||||||||||||||||||
Net amounts | |||||||||||||||||||||||||
presented in the | |||||||||||||||||||||||||
Gross amounts | Effects of netting | balance sheet | |||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||
Commodity-related derivatives | $ | 3,634 | $ | (372 | ) | $ | 3,262 | ||||||||||||||||||
Interest rate swap | 2,804 | (2,804 | ) | - | |||||||||||||||||||||
$ | 6,438 | $ | (3,176 | ) | $ | 3,262 | |||||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||
Commodity-related derivatives | $ | 802 | $ | (372 | ) | $ | 430 | ||||||||||||||||||
Interest rate swap | 5,232 | (2,804 | ) | 2,428 | |||||||||||||||||||||
$ | 6,034 | $ | (3,176 | ) | $ | 2,858 | |||||||||||||||||||
Fair value of the Partnership's Senior Notes | ' | ||||||||||||||||||||||||
The fair value of the borrowings under the Revolving Credit Facility (defined below) approximates the carrying value since the interest rates are periodically adjusted to reflect market conditions. Based upon quoted market prices (a Level 1 input), the fair value of the Senior Notes (defined below) of the Partnership are as follows: | |||||||||||||||||||||||||
As of | |||||||||||||||||||||||||
March 29, | September 28, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
7.5% senior notes due October 1, 2018 | $ | 528,213 | $ | 533,799 | |||||||||||||||||||||
7.375% senior notes due March 15, 2020 | 268,125 | 268,125 | |||||||||||||||||||||||
7.375% senior notes due August 1, 2021 | 383,394 | 372,143 | |||||||||||||||||||||||
$ | 1,179,732 | $ | 1,174,067 | ||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
4 | 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. Inventories consist of the following: | |||||||||
As of | |||||||||
March 29, | September 28, | ||||||||
2014 | 2013 | ||||||||
Propane, fuel oil and refined fuels and natural gas | $ | 94,694 | $ | 75,885 | |||||
Appliances | 1,827 | 1,738 | |||||||
$ | 96,521 | $ | 77,623 |
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Goodwill [Abstract] | ' | ||||||||
Carrying values of goodwill assigned to the operating segments | ' | ||||||||
The carrying values of goodwill assigned to the Partnership’s operating segments are as follows: | |||||||||
As of | |||||||||
March 29, | September 28, | ||||||||
2014 | 2013 | ||||||||
Propane | $ | 1,075,091 | $ | 1,075,091 | |||||
Fuel oil and refined fuels | 4,438 | 4,438 | |||||||
Natural gas and electricity | 7,900 | 7,900 | |||||||
$ | 1,087,429 | $ | 1,087,429 | ||||||
LongTerm_Borrowings_Tables
Long-Term Borrowings (Tables) | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Long-Term Borrowings [Abstract] | ' | ||||||||
Long-term borrowings | ' | ||||||||
Long-term borrowings consist of the following: | |||||||||
As of | |||||||||
March 29, | September 28, | ||||||||
2014 | 2013 | ||||||||
7.5% senior notes, due October 1, 2018, including unamortized premium of $26,128 and $28,614, respectively | $ | 522,685 | $ | 525,171 | |||||
7.375% senior notes, due March 15, 2020, net of unamortized discount of $1,291 and $1,400, respectively | 248,709 | 248,600 | |||||||
7.375% senior notes, due August 1, 2021, including unamortized premium of $24,006 and $25,286, respectively | 370,186 | 371,466 | |||||||
Revolving Credit Facility, due January 5, 2017 | 155,000 | 100,000 | |||||||
$ | 1,296,580 | $ | 1,245,237 |
UnitBased_Compensation_Arrange1
Unit-Based Compensation Arrangements (Tables) | 6 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Unit-Based Compensation Arrangements [Abstract] | ' | ||||||||
Summary of activity for the Restricted Unit Plans | ' | ||||||||
During the six months ended March 29, 2014, the Partnership awarded 157,207 restricted units under the Restricted Unit Plans at an aggregate grant date fair value of $6,149. The following is a summary of activity for the Restricted Unit Plans for the six months ended March 29, 2014: | |||||||||
Units | Grant Date Fair | ||||||||
Value Per Unit | |||||||||
Outstanding September 28, 2013 | 527,627 | $ | 29.3 | ||||||
Awarded | 157,207 | 39.12 | |||||||
Forfeited | (3,119 | ) | (28.39 | ) | |||||
Issued | (75,142 | ) | (30.59 | ) | |||||
Outstanding March 29, 2014 | 606,573 | $ | 31.69 |
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefits (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Pension Plans and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||
Components of net periodic benefit costs | ' | ||||||||||||||||
The following table provides the components of net periodic benefit costs: | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 1,443 | $ | 1,307 | $ | 2,887 | $ | 2,614 | |||||||||
Expected return on plan assets | (1,275 | ) | (1,320 | ) | (2,551 | ) | (2,641 | ) | |||||||||
Amortization of net loss (gain) | 1,123 | 1,321 | 2,246 | 2,643 | |||||||||||||
Net periodic benefit cost | $ | 1,291 | $ | 1,308 | $ | 2,582 | $ | 2,616 | |||||||||
Postretirement Benefits | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1 | $ | 2 | $ | 3 | $ | 4 | |||||||||
Interest cost | 160 | 146 | 320 | 293 | |||||||||||||
Amortization of prior service costs | (122 | ) | (122 | ) | (245 | ) | (245 | ) | |||||||||
Amortization of net loss (gain) | (46 | ) | - | (91 | ) | - | |||||||||||
Net periodic benefit cost | $ | (7 | ) | $ | 26 | $ | (13 | ) | $ | 52 |
Amounts_Reclassified_Out_of_Ac1
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Reclassification out of accumulated other comprehensive income | ' | |||||||||||||||||||
The following table summarizes amounts reclassified out of accumulated other comprehensive (loss) income for the three and six months ended March 29, 2014: | ||||||||||||||||||||
For the three months ended March 29, 2014 | ||||||||||||||||||||
Gains and Losses on Cash Flow Hedges | Pension Benefits | Postretirement Benefits | Total | |||||||||||||||||
Balance, beginning of period | $ | (2,241 | ) | $ | (48,864 | ) | $ | 4,894 | $ | (46,211 | ) | |||||||||
Other comprehensive income before reclassifications | (90 | ) | - | - | (90 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 346 | (a) | 1,123 | (b) | (168 | ) | (b) | 1,301 | ||||||||||||
Net current period other comprehensive income | 256 | 1,123 | (168 | ) | 1,211 | |||||||||||||||
Balance, end of period | $ | (1,985 | ) | $ | (47,741 | ) | $ | 4,726 | $ | (45,000 | ) | |||||||||
For the six months ended March 29, 2014 | ||||||||||||||||||||
Gains and Losses on Cash Flow Hedges | Pension Benefits | Postretirement Benefits | Total | |||||||||||||||||
Balance, beginning of period | $ | (2,428 | ) | $ | (49,987 | ) | $ | 5,062 | $ | (47,353 | ) | |||||||||
Other comprehensive income before reclassifications | (256 | ) | - | - | (256 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 699 | (a) | 2,246 | (b) | (336 | ) | (b) | 2,609 | ||||||||||||
Net current period other comprehensive income | 443 | 2,246 | (336 | ) | 2,353 | |||||||||||||||
Balance, end of period | $ | (1,985 | ) | $ | (47,741 | ) | $ | 4,726 | $ | (45,000 | ) | |||||||||
(a) | Reclassification of realized losses on cash flow hedges are recognized in interest expense. | |||||||||||||||||||
(b) These amounts are included in the computation of net periodic benefit cost. See Note 12, "Pension Plan and Other Postretirement Benefits". |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||
Disclosure by reportable segment and reconciliation of total operating segment information | ' | ||||||||||||||||
The following table presents certain relevant financial information by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 29, | March 30, | March 29, | March 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Propane | $ | 728,504 | $ | 540,537 | $ | 1,167,098 | $ | 933,322 | |||||||||
Fuel oil and refined fuels | 93,722 | 92,795 | 147,990 | 154,941 | |||||||||||||
Natural gas and electricity | 39,083 | 29,732 | 57,399 | 48,121 | |||||||||||||
All other | 12,463 | 15,362 | 27,341 | 32,745 | |||||||||||||
Total revenues | $ | 873,772 | $ | 678,426 | $ | 1,399,828 | $ | 1,169,129 | |||||||||
Operating income: | |||||||||||||||||
Propane | $ | 189,517 | $ | 178,285 | $ | 295,899 | $ | 282,445 | |||||||||
Fuel oil and refined fuels | 9,271 | 5,759 | 9,750 | 6,449 | |||||||||||||
Natural gas and electricity | 5,022 | 5,711 | 7,674 | 8,277 | |||||||||||||
All other | (6,538 | ) | (6,534 | ) | (12,388 | ) | (11,394 | ) | |||||||||
Corporate | (26,228 | ) | (29,244 | ) | (49,836 | ) | (49,492 | ) | |||||||||
Total operating income | 171,044 | 153,977 | 251,099 | 236,285 | |||||||||||||
Reconciliation to net income: | |||||||||||||||||
Interest expense, net | 21,226 | 24,343 | 42,433 | 48,899 | |||||||||||||
Provision for income taxes | 271 | 150 | 448 | 282 | |||||||||||||
Net income | $ | 149,547 | $ | 129,484 | $ | 208,218 | $ | 187,104 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Propane | $ | 26,808 | $ | 24,718 | $ | 52,541 | $ | 49,388 | |||||||||
Fuel oil and refined fuels | 899 | 1,328 | 3,195 | 2,928 | |||||||||||||
Natural gas and electricity | 2 | 40 | 42 | 118 | |||||||||||||
All other | 192 | 217 | 397 | 291 | |||||||||||||
Corporate | 5,381 | 5,013 | 11,934 | 9,118 | |||||||||||||
Total depreciation and amortization | $ | 33,282 | $ | 31,316 | $ | 68,109 | $ | 61,843 | |||||||||
As of | |||||||||||||||||
March 29, | September 28, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets: | |||||||||||||||||
Propane | $ | 2,589,935 | $ | 2,452,909 | |||||||||||||
Fuel oil and refined fuels | 95,864 | 77,473 | |||||||||||||||
Natural gas and electricity | 23,586 | 16,789 | |||||||||||||||
All other | 3,711 | 3,860 | |||||||||||||||
Corporate | 140,449 | 176,956 | |||||||||||||||
Total assets | $ | 2,853,545 | $ | 2,727,987 |
Partnership_Organization_and_F1
Partnership Organization and Formation (Details) | Mar. 29, 2014 | Sep. 28, 2013 |
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ' | ' |
Common Units outstanding (in units) | 60,306,034 | 60,231,000 |
Percentage of wholly-owned subsidiary (in hundredths) | 100.00% | ' |
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 | ' |
Basis_of_Presentation_Details
Basis of Presentation (Details) | 6 Months Ended |
Mar. 29, 2014 | |
Week | |
Basis of Presentation [Abstract] | ' |
Limited partner interest in the Operating Partnership (in hundredths) | 100.00% |
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 |
Financial_Instruments_and_Risk2
Financial Instruments and Risk Management (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Sep. 28, 2013 |
Derivative Instruments and Hedging Activities [Abstract] | ' | ' | ' |
Maximum maturity period of highly liquid investment considered as cash equivalents | '3 months | ' | ' |
Margin over basis rate (in hundredths) | 1.00% | ' | ' |
Weighted average maturity of outstanding commodity-related derivatives | '4 months | ' | '4 months |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value - assets | $6,508 | ' | $6,438 |
Fair value - liabilities | 6,780 | ' | 6,034 |
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 | 1,847 | 5,002 | 5,002 |
Beginning balance realized during the period | -389 | -3,604 | ' |
Contracts purchased during the period | 0 | 1,991 | ' |
Change in the fair value of outstanding contracts | 42 | -962 | ' |
Ending balance of over-the-counter options | 1,500 | 2,427 | 1,847 |
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 | 0 | 1,209 | 1,209 |
Beginning balance realized during the period | 0 | -1,151 | ' |
Contracts purchased during the period | 159 | 0 | ' |
Change in the fair value of outstanding contracts | 0 | -54 | ' |
Ending balance of over-the-counter options | 159 | 4 | 0 |
Commodity-Related Derivatives [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value - assets | 4,013 | ' | 3,634 |
Fair value - liabilities | 2,300 | ' | 802 |
Interest Rate Swaps [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value - assets | 2,495 | ' | 2,804 |
Fair value - liabilities | 4,480 | ' | 5,232 |
Derivatives Not Designated as Hedging Instruments [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value - assets | 2,511 | ' | 3,262 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Current Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value - assets | 2,421 | ' | 2,546 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value - assets | 90 | ' | 716 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Current Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value - liabilities | 798 | ' | 430 |
Derivatives Designated as Hedging Instruments [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value - liabilities | 1,985 | ' | 2,428 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Current Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value - liabilities | 1,344 | ' | 1,307 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair value - liabilities | $641 | ' | $1,121 |
Financial_Instruments_and_Risk3
Financial Instruments and Risk Management, Offsetting Derivative Assets (Details) (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Asset Derivatives [Abstracts] | ' | ' |
Gross amounts | $6,508 | $6,438 |
Effects of netting | -3,997 | -3,176 |
Net amounts presented in the balance sheet | 2,511 | 3,262 |
Commodity-Related Derivatives [Member] | ' | ' |
Asset Derivatives [Abstracts] | ' | ' |
Gross amounts | 4,013 | 3,634 |
Effects of netting | -1,502 | -372 |
Net amounts presented in the balance sheet | 2,511 | 3,262 |
Interest Rate Swaps [Member] | ' | ' |
Asset Derivatives [Abstracts] | ' | ' |
Gross amounts | 2,495 | 2,804 |
Effects of netting | -2,495 | -2,804 |
Net amounts presented in the balance sheet | $0 | $0 |
Financial_Instruments_and_Risk4
Financial Instruments and Risk Management, Offsetting Derivative Liabilities (Details) (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Liability Derivatives [Abstracts] | ' | ' |
Gross amounts | $6,780 | $6,034 |
Effects of netting | -3,997 | -3,176 |
Net amounts presented in the balance sheet | 2,783 | 2,858 |
Cash collateral | 579 | 0 |
Commodity-Related Derivatives [Member] | ' | ' |
Liability Derivatives [Abstracts] | ' | ' |
Gross amounts | 2,300 | 802 |
Effects of netting | -1,502 | -372 |
Net amounts presented in the balance sheet | 798 | 430 |
Interest Rate Swaps [Member] | ' | ' |
Liability Derivatives [Abstracts] | ' | ' |
Gross amounts | 4,480 | 5,232 |
Effects of netting | -2,495 | -2,804 |
Net amounts presented in the balance sheet | $1,985 | $2,428 |
Financial_Instruments_and_Risk5
Financial Instruments and Risk Management, Bank Debt and Senior Notes (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Sep. 28, 2013 |
Bank Debt and Senior Notes [Abstract] | ' | ' |
Fair Value of Senior Notes | $1,179,732 | $1,174,067 |
7.5% Senior Notes due October 1, 2018 [Member] | ' | ' |
Bank Debt and Senior Notes [Abstract] | ' | ' |
Fair Value of Senior Notes | 528,213 | 533,799 |
Stated interest rate (in hundredths) | 7.50% | ' |
Maturity date | 1-Oct-18 | ' |
7.375% Senior Notes due March 15, 2020 [Member] | ' | ' |
Bank Debt and Senior Notes [Abstract] | ' | ' |
Fair Value of Senior Notes | 268,125 | 268,125 |
Stated interest rate (in hundredths) | 7.38% | ' |
Maturity date | 15-Mar-20 | ' |
7.375% Senior Notes due August 1, 2021 [Member] | ' | ' |
Bank Debt and Senior Notes [Abstract] | ' | ' |
Fair Value of Senior Notes | $383,394 | $372,143 |
Stated interest rate (in hundredths) | 7.38% | ' |
Maturity date | 1-Aug-21 | ' |
Financial_Instruments_and_Risk6
Financial Instruments and Risk Management, By Income Statement Location (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Commodity-Related Derivatives [Member] | Cost of Products Sold [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Unrealized Gains (Losses) Recognized in Income | $291 | ($2,646) | $1 | ($6,260) |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gains (Losses) Recognized in OCI (Effective Portion) | -90 | 331 | -256 | 318 |
Interest Rate Swaps [Member] | Interest Expense [Member] | Derivatives Designated as Hedging Instruments [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | ($346) | ($679) | ($699) | ($1,399) |
Inventories_Details
Inventories (Details) (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Summary of inventory [Abstract] | ' | ' |
Propane, fuel oil and refined fuels and natural gas | $94,694 | $75,885 |
Appliances | 1,827 | 1,738 |
Total inventory | $96,521 | $77,623 |
Goodwill_Details
Goodwill (Details) (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill [Abstract] | ' | ' |
Projection period for discounted cash flow analyses to estimate reporting unit fair value | '10 years | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $1,087,429 | $1,087,429 |
Propane [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 1,075,091 | 1,075,091 |
Fuel oil and refined fuels [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 4,438 | 4,438 |
Natural gas and electricity [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $7,900 | $7,900 |
Net_Income_Per_Common_Unit_Det
Net Income Per Common Unit (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | |
Net Income Per Common 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) | 266,948 | 256,003 | 259,433 | 222,665 |
LongTerm_Borrowings_Details
Long-Term Borrowings (Details) (USD $) | 0 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Aug. 01, 2012 | Mar. 29, 2014 | Mar. 30, 2013 | Sep. 28, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Aug. 01, 2012 | Mar. 29, 2014 | Sep. 28, 2013 | Aug. 01, 2012 | Apr. 26, 2014 | Mar. 29, 2014 | Sep. 28, 2013 | Aug. 01, 2012 | Mar. 29, 2014 | Sep. 28, 2013 | Mar. 29, 2014 | Sep. 28, 2013 | Aug. 06, 2013 | Aug. 02, 2013 | Aug. 01, 2012 |
Amended Credit Agreement Due 2017 [Member] | Amended Credit Agreement Due 2017 [Member] | Amended Credit Agreement Due 2017 [Member] | 364-Day Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | 7.5% Senior Notes due October 1, 2018 [Member] | 7.5% Senior Notes due October 1, 2018 [Member] | 7.5% Senior Notes due October 1, 2018 [Member] | 7.375% Senior Notes due March 15, 2020 [Member] | 7.375% Senior Notes due March 15, 2020 [Member] | 7.375% Senior Notes due August 1, 2021 [Member] | 7.375% Senior Notes due August 1, 2021 [Member] | 7.375% Senior Notes due August 1, 2021 [Member] | 7.375% Senior Notes due August 1, 2021 [Member] | 7.375% Senior Notes due August 1, 2021 [Member] | |||||
LIBOR [Member] | Federal Funds Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term borrowings | ' | $1,296,580 | ' | $1,245,237 | ' | ' | ' | ' | $155,000 | $100,000 | ' | ' | $522,685 | $525,171 | ' | $248,709 | $248,600 | $370,186 | $371,466 | ' | ' | ' |
Stated interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | 7.38% | ' | 7.38% | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 5-Jan-17 | ' | ' | ' | 1-Oct-18 | ' | ' | 15-Mar-20 | ' | 1-Aug-21 | ' | ' | ' | ' |
Ownership interest in Suburban Energy Finance Corp (in hundredths) | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unamortized premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,128 | 28,614 | ' | ' | ' | 24,006 | 25,286 | ' | ' | ' |
Net unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,291 | 1,400 | ' | ' | ' | ' | ' |
Date public offering completed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Aug-12 | ' | ' | 23-Mar-10 | ' | 1-Aug-12 | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 496,557 | ' | ' | 250,000 | ' | 503,443 | ' | ' | ' | ' |
Fair value of debt at acquisition date (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.88% | ' | ' | ' | ' | ' | ' | 108.13% |
Debt instrument repurchase amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,863 | 133,400 | ' |
Percentage of principal amount at which debt was issued (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.14% | ' | ' | ' | ' | ' | ' |
Percentage of the principal amount repurchase offer under change of control provision (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | 101.00% | ' | 101.00% | ' | ' | ' | ' |
Number of days after the consummation of the change of control that a rating decline may occur to trigger offer to repurchase debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | '90 days | ' | '90 days | ' | ' | ' | ' |
Revolving credit facility, term | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility borrowings | ' | 61,700 | 0 | ' | ' | ' | ' | ' | 55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, maximum amount | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | 400,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Standby letters of credit issued under the Revolving Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | 49,242 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity under Revolving Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | 195,758 | ' | ' | 250,758 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Credit Facility and Senior Notes covenants [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated interest coverage ratio, minimum | '2.0 to 1.0 | '2.5 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consolidated leverage ratio, maximum | ' | '7.0 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated interest coverage ratio commencing with second quarter of fiscal 2014, minimum | ' | '2.5 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated fixed charge coverage ratio, minimum | ' | '1.75 to 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated leverage ratio commencing with second quarter of fiscal 2013, minimum | ' | '4.75 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated leverage ratio commencing with second quarter of fiscal 2013, during acquisition period, minimum | ' | '5.0 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | 'LIBOR | 'Federal Funds Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin over basis rate (in hundredths) | ' | 1.00% | ' | ' | ' | 1.00% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate (in hundredths) | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap agreement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective date | ' | ' | ' | ' | 25-Jun-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination date | ' | ' | ' | ' | 5-Jan-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate (in hundredths) | ' | ' | ' | ' | 1.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2014 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2015 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2016 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2017 | ' | 155,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2018 | ' | 496,557 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2019 and thereafter | ' | $596,180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions_of_Available_Cas1
Distributions of Available Cash (Details) (USD $) | 6 Months Ended |
Mar. 29, 2014 | |
Quarter | |
Distributions of Available Cash [Abstract] | ' |
Distributions to its partners | '45 days |
Number of quarters | 4 |
Declaration date of quarterly distribution | 24-Apr-14 |
Distributions paid (in dollars per unit) | $0.88 |
Common Unit distribution on an annualized basis (in dollars per unit) | $3.50 |
Distribution date of quarterly distribution | 13-May-14 |
Date of record of quarterly distribution | 6-May-14 |
UnitBased_Compensation_Arrange2
Unit-Based Compensation Arrangements (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Sep. 28, 2013 | Aug. 06, 2013 |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | 2014 Long Term Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Unit Plans, terms of award | ' | ' | 'Partnershipbs Board of Supervisors on or before the grant date, all restricted unit awards granted after the date of the amendment will vest 33.33% on each of the first three anniversaries of the award grant date. Prior to the August 6, 2013 amendment, unless otherwise stipulated by the Compensation Committee of the Partnershipbs Board of Supervisors on or before the grant date, restricted units issued under the Restricted Unit Plans vest over time with 25% of the Common Units vesting at the end of each of the third and fourth anniversaries of the grant date and the remaining 50% of the Common Units vesting at the end of the fifth anniversary of the grant date. The Restricted Unit Plans participants 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 the 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. | ' | ' | ' | ' | ' | ' | ' |
Total number of Common Units authorized for issuance (in units) | 1,902,122 | ' | 1,902,122 | ' | ' | ' | ' | ' | ' | ' |
Aggregate grant date fair value of restricted units awarded | ' | ' | $6,149 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | 8,612 | ' | 8,612 | ' | ' | ' | ' | ' | ' | ' |
Weighted-average recognition period of compensation cost | ' | ' | '1 year 3 months 18 days | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | 1,951 | 1,173 | 3,589 | 2,413 | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan, terms of award | ' | ' | ' | ' | ' | ' | 'The Partnership has a non-qualified, unfunded long-term incentive plan for officers and key employees (the bLTIPb) which provides for payment, in the form of cash, for an award of equity-based compensation at the end of a three-year performance period. | ' | ' | ' |
Compensation expense | ' | ' | ' | ' | 153 | 436 | 1,505 | 1,719 | ' | ' |
Liability included within accrued employment and benefit costs (or other liabilities, as applicable) related to estimated future payments under the LTIP | ' | ' | ' | ' | $4,432 | ' | $4,432 | ' | $2,927 | ' |
Units [Rollforward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in units) | ' | ' | 527,627 | ' | ' | ' | ' | ' | ' | ' |
Awarded (in units) | ' | ' | 157,207 | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in units) | ' | ' | -3,119 | ' | ' | ' | ' | ' | ' | ' |
Issued (in units) | ' | ' | -75,142 | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in units) | 606,573 | ' | 606,573 | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value Per Unit [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in dollars per unit) | ' | ' | $29.30 | ' | ' | ' | ' | ' | ' | ' |
Awarded (in dollars per unit) | ' | ' | $39.12 | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per unit) | ' | ' | ($28.39) | ' | ' | ' | ' | ' | ' | ' |
Issued (in dollars per unit) | ' | ' | ($30.59) | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in dollars per unit) | $31.69 | ' | $31.69 | ' | ' | ' | ' | ' | ' | ' |
Measurement period of average distribution coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Self-Insurance [Abstract] | ' | ' |
Accrued insurance liabilities | $58,214 | $58,152 |
Portion of the estimated self-insurance liability that exceeds insurance deductibles | $16,315 | $18,330 |
Guarantees_Details
Guarantees (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
Guarantees [Abstract] | ' |
Transportation equipment remaining lease periods | '2021 |
Maximum potential amount of aggregate future payments Partnership could be required to make | $16,079 |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Components of net periodic benefit costs included in operating expenses [Abstract] | ' | ' | ' | ' |
Projected annual contribution requirements related to the Partnership's postretirement health care and life insurance benefit plan for fiscal year | ' | ' | $1,337 | ' |
Employer contribution for postretirement health care and life insurance | ' | ' | 608 | ' |
Partnership established accrual for estimated obligation to certain MEPPs | 6,932 | ' | 6,932 | ' |
Number of voluntary partial withdrawal from multi employer pension plans | ' | ' | 1 | ' |
Number of full withdrawal from multi employer pension plans | ' | ' | 4 | ' |
Pension Benefits [Member] | ' | ' | ' | ' |
Components of net periodic benefit costs included in operating expenses [Abstract] | ' | ' | ' | ' |
Interest cost | 1,443 | 1,307 | 2,887 | 2,614 |
Expected return on plan assets | -1,275 | -1,320 | -2,551 | -2,641 |
Amortization of net loss (gain) | 1,123 | 1,321 | 2,246 | 2,643 |
Net periodic benefit cost | 1,291 | 1,308 | 2,582 | 2,616 |
Postretirement Benefits [Member] | ' | ' | ' | ' |
Components of net periodic benefit costs included in operating expenses [Abstract] | ' | ' | ' | ' |
Service cost | 1 | 2 | 3 | 4 |
Interest cost | 160 | 146 | 320 | 293 |
Amortization of prior service costs | -122 | -122 | -245 | -245 |
Amortization of net loss (gain) | -46 | 0 | -91 | 0 |
Net periodic benefit cost | ($7) | $26 | ($13) | $52 |
Amounts_Reclassified_Out_of_Ac2
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Balance beginning | ($46,211) | ' | ($47,353) | ' | ||
Other comprehensive income before reclassifications | -90 | ' | -256 | ' | ||
Amounts reclassified from accumulated other comprehensive income | 1,301 | ' | 2,609 | ' | ||
Other comprehensive income | 1,211 | 2,209 | 2,353 | 4,115 | ||
Balance ending | -45,000 | ' | -45,000 | ' | ||
Gains and Losses on Cash Flow Hedges [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Balance beginning | -2,241 | ' | -2,428 | ' | ||
Other comprehensive income before reclassifications | -90 | ' | -256 | ' | ||
Amounts reclassified from accumulated other comprehensive income | 346 | [1] | ' | 699 | [1] | ' |
Other comprehensive income | 256 | ' | 443 | ' | ||
Balance ending | -1,985 | ' | -1,985 | ' | ||
Pension Benefits [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Balance beginning | -48,864 | ' | -49,987 | ' | ||
Other comprehensive income before reclassifications | 0 | ' | 0 | ' | ||
Amounts reclassified from accumulated other comprehensive income | 1,123 | [2] | ' | 2,246 | [2] | ' |
Other comprehensive income | 1,123 | ' | 2,246 | ' | ||
Balance ending | -47,741 | ' | -47,741 | ' | ||
Post-Retirement Benefits [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Balance beginning | 4,894 | ' | 5,062 | ' | ||
Other comprehensive income before reclassifications | 0 | ' | 0 | ' | ||
Amounts reclassified from accumulated other comprehensive income | -168 | [2] | ' | -336 | [2] | ' |
Other comprehensive income | -168 | ' | -336 | ' | ||
Balance ending | $4,726 | ' | $4,726 | ' | ||
[1] | Reclassification of realized losses on cash flow hedges are recognized in interest expense. | |||||
[2] | These amounts are included in the computation of net periodic benefit cost. See Note 12, bPension Plan and Other Postretirement Benefitsb. |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Sep. 28, 2013 |
Segment | |||||
Segment Information [Abstract] | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | 5 | ' | ' |
Number of reportable segments | ' | ' | 3 | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Total revenues | $873,772 | $678,426 | $1,399,828 | $1,169,129 | ' |
Operating income [Abstract] | ' | ' | ' | ' | ' |
Total operating income | 171,044 | 153,977 | 251,099 | 236,285 | ' |
Reconciliation to net income [Abstract] | ' | ' | ' | ' | ' |
Interest expense, net | 21,226 | 24,343 | 42,433 | 48,899 | ' |
Provision for income taxes | 271 | 150 | 448 | 282 | ' |
Net income | 149,547 | 129,484 | 208,218 | 187,104 | ' |
Depreciation and amortization [Abstract] | ' | ' | ' | ' | ' |
Total depreciation and amortization | 33,282 | 31,316 | 68,109 | 61,843 | ' |
Assets [Abstract] | ' | ' | ' | ' | ' |
Total assets | 2,853,545 | ' | 2,853,545 | ' | 2,727,987 |
Propane [Member] | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Total revenues | 728,504 | 540,537 | 1,167,098 | 933,322 | ' |
Operating income [Abstract] | ' | ' | ' | ' | ' |
Total operating income | 189,517 | 178,285 | 295,899 | 282,445 | ' |
Depreciation and amortization [Abstract] | ' | ' | ' | ' | ' |
Total depreciation and amortization | 26,808 | 24,718 | 52,541 | 49,388 | ' |
Assets [Abstract] | ' | ' | ' | ' | ' |
Total assets | 2,589,935 | ' | 2,589,935 | ' | 2,452,909 |
Fuel Oil and Refined Fuels [Member] | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Total revenues | 93,722 | 92,795 | 147,990 | 154,941 | ' |
Operating income [Abstract] | ' | ' | ' | ' | ' |
Total operating income | 9,271 | 5,759 | 9,750 | 6,449 | ' |
Depreciation and amortization [Abstract] | ' | ' | ' | ' | ' |
Total depreciation and amortization | 899 | 1,328 | 3,195 | 2,928 | ' |
Assets [Abstract] | ' | ' | ' | ' | ' |
Total assets | 95,864 | ' | 95,864 | ' | 77,473 |
Natural Gas and Electricity [Member] | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Total revenues | 39,083 | 29,732 | 57,399 | 48,121 | ' |
Operating income [Abstract] | ' | ' | ' | ' | ' |
Total operating income | 5,022 | 5,711 | 7,674 | 8,277 | ' |
Depreciation and amortization [Abstract] | ' | ' | ' | ' | ' |
Total depreciation and amortization | 2 | 40 | 42 | 118 | ' |
Assets [Abstract] | ' | ' | ' | ' | ' |
Total assets | 23,586 | ' | 23,586 | ' | 16,789 |
All Other [Member] | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Total revenues | 12,463 | 15,362 | 27,341 | 32,745 | ' |
Operating income [Abstract] | ' | ' | ' | ' | ' |
Total operating income | -6,538 | -6,534 | -12,388 | -11,394 | ' |
Depreciation and amortization [Abstract] | ' | ' | ' | ' | ' |
Total depreciation and amortization | 192 | 217 | 397 | 291 | ' |
Assets [Abstract] | ' | ' | ' | ' | ' |
Total assets | 3,711 | ' | 3,711 | ' | 3,860 |
Corporate [Member] | ' | ' | ' | ' | ' |
Operating income [Abstract] | ' | ' | ' | ' | ' |
Total operating income | -26,228 | -29,244 | -49,836 | -49,492 | ' |
Depreciation and amortization [Abstract] | ' | ' | ' | ' | ' |
Total depreciation and amortization | 5,381 | 5,013 | 11,934 | 9,118 | ' |
Assets [Abstract] | ' | ' | ' | ' | ' |
Total assets | $140,449 | ' | $140,449 | ' | $176,956 |