Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Sep. 27, 2014 | 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 Public Float | ' | $2,465,914,000 |
Entity Common Stock, Shares Outstanding | 60,316,746 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'FY | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-14 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $92,639 | $107,232 |
Accounts receivable, less allowance for doubtful accounts of $11,122 and $6,786, respectively | 96,915 | 94,854 |
Inventories | 90,965 | 77,623 |
Other current assets | 14,346 | 13,613 |
Total current assets | 294,865 | 293,322 |
Property, plant and equipment, net | 826,826 | 888,232 |
Goodwill | 1,087,429 | 1,087,429 |
Other intangible assets, net | 359,293 | 416,771 |
Other assets | 40,950 | 42,233 |
Total assets | 2,609,363 | 2,727,987 |
Current liabilities: | ' | ' |
Accounts payable | 49,253 | 52,766 |
Accrued employment and benefit costs | 24,033 | 23,559 |
Accrued insurance | 10,040 | 6,650 |
Customer deposits and advances | 107,386 | 107,562 |
Accrued interest | 16,313 | 24,357 |
Other current liabilities | 15,241 | 19,000 |
Total current liabilities | 222,266 | 233,894 |
Long-term borrowings | 1,242,685 | 1,245,237 |
Accrued insurance | 52,410 | 51,502 |
Other liabilities | 70,549 | 68,228 |
Total liabilities | 1,587,910 | 1,598,861 |
Commitments and contingencies | ' | ' |
Partners' capital: | ' | ' |
Common Unitholders 60,317 and 60,231 units issued and outstanding at September 27, 2014 and September 28, 2013, respectively) | 1,067,358 | 1,176,479 |
Accumulated other comprehensive loss | -45,905 | -47,353 |
Total partners' capital | 1,021,453 | 1,129,126 |
Total liabilities and partners' capital | $2,609,363 | $2,727,987 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for doubtful accounts | $11,122 | $6,786 |
Partner's capital: | ' | ' |
Common units issued (in units) | 60,317,000 | 60,231,000 |
Common units outstanding (in units) | 60,316,746 | 60,231,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Revenues | ' | ' | ' |
Propane | $1,606,840 | $1,357,102 | $843,648 |
Fuel oil and refined fuels | 194,684 | 208,957 | 114,288 |
Natural gas and electricity | 87,093 | 79,432 | 67,419 |
All other | 49,640 | 58,115 | 38,103 |
Total revenues | 1,938,257 | 1,703,606 | 1,063,458 |
Costs and expenses | ' | ' | ' |
Cost of products sold | 1,080,750 | 861,905 | 599,059 |
Operating | 466,389 | 469,496 | 298,772 |
General and administrative | 64,593 | 64,845 | 59,020 |
Acquisition-related costs | 0 | 0 | 17,916 |
Depreciation and amortization | 136,399 | 130,384 | 47,034 |
Total expenses | 1,748,131 | 1,526,630 | 1,021,801 |
Operating income | 190,126 | 176,976 | 41,657 |
Loss on debt extinguishment | -11,589 | -2,144 | -2,249 |
Interest expense | -83,261 | -95,427 | -38,633 |
Income before provision for income taxes | 95,276 | 79,405 | 775 |
Provision for income taxes | 767 | 607 | 137 |
Net income | $94,509 | $78,798 | $638 |
Income per Common Unit - basic (in dollars per share) | $1.56 | $1.35 | $0.02 |
Weighted average number of Common Units outstanding - basic (in shares) | 60,481 | 58,378 | 38,848 |
Income per Common Unit - diluted (in dollars per share) | $1.56 | $1.34 | $0.02 |
Weighted average number of Common Units outstanding - diluted (in shares) | 60,751 | 58,600 | 38,990 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ' |
Net income | $94,509 | $78,798 | $638 |
Other comprehensive income: | ' | ' | ' |
Net unrealized (losses) gains on cash flow hedges | -518 | 584 | -3,561 |
Reclassification of realized losses on cash flow hedges into earnings | 1,406 | 2,465 | 2,680 |
Amortization of net actuarial losses and prior service credits into earnings and net change in funded status of benefit plans | 560 | 10,705 | -310 |
Other comprehensive income (loss) | 1,448 | 13,754 | -1,191 |
Total comprehensive income (loss) | $95,957 | $92,552 | ($553) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $94,509 | $78,798 | $638 |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' | ' |
Depreciation and amortization expense | 136,399 | 130,384 | 47,034 |
Loss on debt extinguishment | 11,589 | 2,144 | 2,249 |
Other, net | 5,664 | -2,796 | 6,424 |
Changes in assets and liabilities: | ' | ' | ' |
(Increase) decrease in accounts receivable | -2,061 | -5,910 | 13,762 |
(Increase) decrease in inventories | -13,342 | 10,553 | 8,189 |
Increase (decrease) in accounts payable | -3,513 | -375 | 15,669 |
Increase (decrease) in accrued employment and benefit costs | 474 | 7,045 | -8,586 |
Increase (decrease) in accrued insurance | 4,298 | 3,601 | -4,451 |
Increase (decrease) in customer deposits and advances | -176 | -16,735 | 18,352 |
(Increase) decrease in other current and noncurrent assets | 266 | 5,436 | -754 |
Increase (decrease) in other current and noncurrent liabilities | -8,556 | 2,161 | 12,447 |
Net cash provided by operating activities | 225,551 | 214,306 | 110,973 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -30,052 | -27,823 | -17,476 |
Acquisitions of businesses, net of cash acquired | 0 | 0 | -223,731 |
Proceeds from sale of property, plant and equipment | 13,520 | 7,310 | 1,449 |
Adjustment to purchase price for Inergy Propane | 0 | 5,850 | 0 |
Net cash (used in) investing activities | -16,532 | -14,663 | -239,758 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from long-term borrowings | 525,000 | 0 | 100,000 |
Repayments of long-term borrowings (includes premium and fees) | -528,077 | -168,915 | -100,000 |
Proceeds from borrowings under revolving credit facility | 61,700 | 0 | 0 |
Repayment of borrowings under revolving credit facility | -61,700 | 0 | 0 |
Proceeds from short-term borrowings | 0 | 0 | 225,000 |
Repayments of short-term borrowings | 0 | 0 | -225,000 |
Debt issuance costs | -9,515 | 0 | -25,199 |
Net proceeds from issuance of Common Units | 0 | 143,444 | 259,842 |
Partnership distributions | -211,020 | -201,257 | -121,094 |
Net cash (used in) provided by financing activities | -223,612 | -226,728 | 113,549 |
Net (decrease) in cash and cash equivalents | -14,593 | -27,085 | -15,236 |
Cash and cash equivalents at beginning of year | 107,232 | 134,317 | 149,553 |
Cash and cash equivalents at end of year | 92,639 | 107,232 | 134,317 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest | 91,836 | 86,583 | 38,294 |
Supplemental disclosure of non-cash investing and financing activities for the Inergy Propane Acquisition (see Note 3): | ' | ' | ' |
Issuance of long-term debt | 0 | 0 | 1,075,043 |
Issuance of equity | $0 | $0 | $590,027 |
CONSOLIDATED_STATEMENTS_OF_PAR
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (USD $) | Common Unitholders [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total |
In Thousands, except Share data | |||
Balance at Sep. 24, 2011 | $418,134 | ($59,916) | $358,218 |
Balance (in units) at Sep. 24, 2011 | 35,429,000 | ' | ' |
Net income | 638 | ' | 638 |
Net unrealized gains (losses) on cash flow hedges | ' | -3,561 | -3,561 |
Reclassification of realized losses on cash flow hedges into earnings | ' | 2,680 | 2,680 |
Amortization of net actuarial losses and prior service credits into earnings and net change in funded status of benefit plans | ' | -310 | -310 |
Partnership distributions | -121,094 | ' | -121,094 |
Issuance of Common Units for business acquisition (in units) | 14,200,000 | ' | ' |
Issuance of Common Units for business acquisition | 590,027 | ' | 590,027 |
Sale of Common Units under public offering, net of offering expenses | 259,842 | ' | 259,842 |
Sale of Common Units under public offering, net of offering expenses (in units) | 7,245,000 | ' | ' |
Common Units issued under Restricted Unit Plans (in units) | 139,000 | ' | ' |
Compensation cost recognized under Restricted Unit Plans, net of forfeitures | 4,059 | ' | 4,059 |
Balance at Sep. 29, 2012 | 1,151,606 | -61,107 | 1,090,499 |
Balance (in units) at Sep. 29, 2012 | 57,013,000 | ' | ' |
Net income | 78,798 | ' | 78,798 |
Net unrealized gains (losses) on cash flow hedges | ' | 584 | 584 |
Reclassification of realized losses on cash flow hedges into earnings | ' | 2,465 | 2,465 |
Amortization of net actuarial losses and prior service credits into earnings and net change in funded status of benefit plans | ' | 10,705 | 10,705 |
Partnership distributions | -201,257 | ' | -201,257 |
Sale of Common Units under public offering, net of offering expenses | 143,444 | ' | 143,444 |
Sale of Common Units under public offering, net of offering expenses (in units) | 3,105,000 | ' | ' |
Common Units issued under Restricted Unit Plans (in units) | 113,000 | ' | ' |
Compensation cost recognized under Restricted Unit Plans, net of forfeitures | 3,888 | ' | 3,888 |
Balance at Sep. 28, 2013 | 1,176,479 | -47,353 | 1,129,126 |
Balance (in units) at Sep. 28, 2013 | 60,231,000 | ' | ' |
Net income | 94,509 | ' | 94,509 |
Net unrealized gains (losses) on cash flow hedges | ' | -518 | -518 |
Reclassification of realized losses on cash flow hedges into earnings | ' | 1,406 | 1,406 |
Amortization of net actuarial losses and prior service credits into earnings and net change in funded status of benefit plans | ' | 560 | 560 |
Partnership distributions | -211,020 | ' | -211,020 |
Common Units issued under Restricted Unit Plans (in units) | 86,000 | ' | ' |
Compensation cost recognized under Restricted Unit Plans, net of forfeitures | 7,390 | ' | 7,390 |
Balance at Sep. 27, 2014 | $1,067,358 | ($45,905) | $1,021,453 |
Balance (in units) at Sep. 27, 2014 | 60,317,000 | ' | ' |
Partnership_Organization_and_F
Partnership Organization and Formation | 12 Months Ended |
Sep. 27, 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 60,316,746 Common Units outstanding at September 27, 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 (the “Partnership Agreement”), as amended. Rights and privileges under the Partnership Agreement include, among other things, the election of all members of the Board of Supervisors and voting on the removal of the general partner. | |
Suburban Propane, L.P. (the “Operating Partnership”), a Delaware limited partnership, is the Partnership’s operating subsidiary formed to operate the propane business and assets. In addition, Suburban Sales & Service, Inc. (the “Service Company”), a subsidiary of the Operating Partnership, was formed to operate the service work and appliance and parts businesses of the Partnership. The Operating Partnership, together with its direct and indirect subsidiaries, accounts for substantially all of the Partnership’s assets, revenues and earnings. The Partnership, the Operating Partnership and the Service Company commenced operations in March 1996 in connection with the Partnership’s initial public offering. | |
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 U.S. income tax. | |
Suburban Energy Finance Corp., a direct 100%-owned subsidiary of the Partnership, was formed on November 26, 2003 to serve as co-issuer, jointly and severally with the Partnership, of the Partnership’s senior notes. | |
On August 1, 2012 (the “Acquisition Date”), the Partnership completed the acquisition of the sole membership interest in Inergy Propane, LLC, 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 are included in the Partnership’s results of operations beginning on the Acquisition Date. | |
The Partnership serves approximately 1.2 million residential, commercial, industrial and agricultural customers from approximately 710 locations in 41 states. The Partnership’s operations are principally concentrated in the east and west coast regions, including Alaska. No single customer accounted for 10% or more of the Partnership’s revenues during fiscal 2014, 2013 or 2012. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Sep. 27, 2014 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
2. Summary of Significant Accounting Policies | |||
Principles of Consolidation. The consolidated financial statements include the accounts of the Partnership, the Operating Partnership and all of its direct and indirect subsidiaries. All intercompany transactions and account balances have been eliminated. The Partnership consolidates the results of operations, financial condition and cash flows of the Operating Partnership as a result of the Partnership’s 100% limited partner interest in the Operating Partnership. | |||
Fiscal Period. The Partnership uses a 52/53 week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally 13 weeks in duration. When the Partnership’s fiscal year is 53 weeks long, the corresponding fourth quarter is 14 weeks in duration. Fiscal 2014 and fiscal 2013 included 52 weeks of operations and fiscal 2012 included 53 weeks of operations. | |||
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. | |||
Cash and Cash Equivalents. The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short maturity of these instruments. | |||
Inventories. Inventories are stated at the lower of cost or market. Cost is determined using a weighted average method for propane, fuel oil and refined fuels and natural gas, and a standard cost basis for appliances, which approximates average cost. | |||
Derivative Instruments and Hedging Activities. | |||
Commodity Price Risk. Given the retail nature of its operations, the Partnership maintains a certain level of priced physical inventory to help ensure its field operations have adequate supply commensurate with the time of year. The Partnership’s strategy is to keep its physical inventory priced relatively close to market for its field operations. The Partnership enters into a combination of exchange-traded futures and option contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to hedge price risk associated with propane and fuel oil physical inventories, as well as future purchases of propane or fuel oil used in its operations and to help ensure adequate supply during periods of high demand. In addition, the Partnership sells propane and fuel oil to customers at fixed prices, and enters into derivative instruments to hedge a portion of its exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. Under this risk management strategy, realized gains or losses on derivative instruments will typically offset losses or gains on the physical inventory once the product is sold or delivered as it pertains to fixed price contracts. All of the Partnership’s derivative instruments are reported on the consolidated balance sheet at their fair values. In addition, in the course of normal operations, the Partnership routinely enters into contracts such as forward priced physical contracts for the purchase or sale of propane and fuel oil that qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from the fair value accounting requirements and are accounted for at the time product is purchased or sold under the related contract. The Partnership does not use derivative instruments for speculative trading purposes. Market risks associated with derivative instruments are monitored daily for compliance with the Partnership’s Hedging and Risk Management Policy which includes volume limits for open positions. Priced on-hand inventory is also reviewed and managed daily as to exposures to changing market prices. | |||
On the date that derivative instruments are entered into, other than those designated as normal purchases or normal sales, the Partnership makes a determination as to whether the derivative instrument qualifies for designation as a hedge. Changes in the fair value of derivative instruments are recorded each period in current period earnings or other comprehensive income (“OCI”), depending on whether the derivative instrument is designated as a hedge and, if so, the type of hedge. For derivative instruments designated as cash flow hedges, the Partnership formally assesses, both at the hedge contract’s inception and on an ongoing basis, whether the hedge contract is highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of derivative instruments designated as cash flow hedges are reported in OCI to the extent effective and reclassified into earnings during the same period in which the hedged item affects earnings. The mark-to-market gains or losses on ineffective portions of cash flow hedges are recognized in earnings immediately. Changes in the fair value of derivative instruments that are not designated as cash flow hedges, and that do not meet the normal purchase and normal sale exemption, are recorded within earnings as they occur. Cash flows associated with derivative instruments are reported as operating activities within the consolidated statement of cash flows. | |||
Interest Rate Risk. A portion of the Partnership’s borrowings bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus an applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus 1⁄2 of 1% or the agent bank’s prime rate, or LIBOR plus 1%, plus the applicable margin. The applicable margin is dependent on the level of the Partnership’s total leverage (the ratio of total debt to income before deducting interest expense, income taxes, depreciation and amortization (“EBITDA”)). Therefore, the Partnership is subject to interest rate risk on the variable component of the interest rate. 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 options and futures contracts using quoted market prices found on the New York Mercantile Exchange (the “NYMEX”) (Level 1 inputs); the fair value of its swap contracts using quoted forward prices, and the fair value of its interest rate swaps using model-derived valuations driven by observable projected movements of the 3-month LIBOR (Level 2 inputs); and the fair value of its over-the-counter options contracts using Level 3 inputs. The Partnership’s over-the-counter options contracts are valued based on an internal option model. The inputs utilized in the model are based on publicly available information as well as broker quotes. The significant unobservable inputs used in the fair value measurements of the Partnership’s over-the-counter options contracts are interest rate and market volatility. | |||
Long-Lived Assets. | |||
Property, plant and equipment. Property, plant and equipment are stated at cost. Expenditures for maintenance and routine repairs are expensed as incurred while betterments are capitalized as additions to the related assets and depreciated over the asset’s remaining useful life. The Partnership capitalizes costs incurred in the acquisition and modification of computer software used internally, including consulting fees and costs of employees dedicated solely to a specific project. At the time assets are retired, or otherwise disposed of, the asset and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized within operating expenses. Depreciation is determined under the straight-line method based upon the estimated useful life of the asset as follows: | |||
Buildings | 40 Years | ||
Building and land improvements | 20 Years | ||
Transportation equipment | 3-20 Years | ||
Storage facilities | 7-40 Years | ||
Office equipment | 5-10 Years | ||
Tanks and cylinders | 10-40 Years | ||
Computer software | 3-7 Years | ||
The weighted average estimated useful life of the Partnership’s storage facilities and tanks and cylinders is approximately 21 years and 28 years, respectively. | |||
The Partnership reviews the recoverability of long-lived assets when circumstances occur that indicate that the carrying value of an asset may not be recoverable. Such circumstances include a significant adverse change in the manner in which an asset is being used, current operating losses combined with a history of operating losses experienced by the asset or a current expectation that an asset will be sold or otherwise disposed of before the end of its previously estimated useful life. Evaluation of possible impairment is based on the Partnership’s ability to recover the value of the asset from the future undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the expected undiscounted cash flows are less than the carrying amount of such asset, an impairment loss is recorded as the amount by which the carrying amount of an asset exceeds its fair value. The fair value of an asset will be measured using the best information available, including prices for similar assets or the result of using a discounted cash flow valuation technique. | |||
Goodwill.Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is subject to an impairment review at a reporting unit level, on an annual basis as of the end of fiscal July of each year, or when an event occurs or circumstances change that would indicate potential impairment. | |||
The Partnership has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. However, if an entity 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. | |||
Other Intangible Assets.Other intangible assets consist of customer relationships, tradenames, non-compete agreements and leasehold interests. Customer relationships and tradenames are amortized under the straight-line method over the estimated period for which the assets are expected to contribute to the future cash flows of the reporting entities to which they relate, ending periodically between fiscal years 2016 and 2021. Non-compete agreements are amortized under the straight-line method over the periods of the related agreements. Leasehold interests are amortized under the straight-line method over the shorter of the lease term or the useful life of the related assets, through fiscal 2025. | |||
Accrued Insurance. Accrued insurance represents the estimated costs of known and anticipated or unasserted claims for self-insured liabilities related to general and product, workers’ compensation and automobile liability. Accrued insurance provisions for unasserted claims arising from unreported incidents are based on an analysis of historical claims data. For each claim, the Partnership records a provision up to the estimated amount of the probable claim utilizing actuarially determined loss development factors applied to actual claims data. The Partnership maintains insurance coverage such that its net exposure for insured claims is limited to the insurance deductible, claims above which are paid by the Partnership’s insurance carriers. For the portion of the estimated liability that exceeds insurance deductibles, the Partnership records an asset related to the amount of the liability expected to be covered by insurance. | |||
Customer Deposits and Advances. The Partnership offers different payment programs to its customers including the ability to prepay for usage and to make equal monthly payments on account under a budget payment plan. The Partnership establishes a liability within customer deposits and advances for amounts collected in advance of deliveries. | |||
Income Taxes. As discussed in Note 1, the Partnership structure consists of two limited partnerships, the Partnership and the Operating Partnership, and the Corporate Entities. For federal income tax purposes, as well as for state income tax purposes in the majority of the states in which the Partnership operates, the earnings attributable to the Partnership and the Operating Partnership are included in the tax returns of the Common Unitholders. As a result, except for certain states that impose an income tax on partnerships, no income tax expense is reflected in the Partnership’s consolidated financial statements relating to the earnings of the Partnership and the Operating Partnership. The earnings attributable to the Corporate Entities are subject to federal and state income tax. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Common Unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under the Partnership Agreement. | |||
Income taxes for the Corporate Entities are provided based on the asset and liability approach to accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets when it is more likely than not that the full amount will not be realized. | |||
Loss Contingencies. In the normal course of business, the Partnership is involved in various claims and legal proceedings. The Partnership records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. The liability includes probable and estimable legal costs to the point in the legal matter where the Partnership believes a conclusion to the matter will be reached. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. | |||
Asset Retirement Obligations. Asset retirement obligations apply to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. The Partnership has recognized asset retirement obligations for certain costs to remove and properly dispose of underground and aboveground fuel oil storage tanks and contractually mandated removal of leasehold improvements. | |||
The Partnership records a liability at fair value for the estimated cost to settle an asset retirement obligation at the time that liability is incurred, which is generally when the asset is purchased, constructed or leased. The Partnership records the liability, which is referred to as the asset retirement obligation, when it has a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Partnership records the liability when sufficient information is available to estimate the liability’s fair value. | |||
Unit-Based Compensation. The Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity or equity-based compensation based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on remeasurement of the award’s fair value at the conclusion of each interim and annual reporting period until the date of settlement, taking into consideration the probability that the performance conditions will be satisfied. | |||
Costs and Expenses. The cost of products sold reported in the consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, as well as the cost of natural gas and electricity sold, including transportation costs to deliver product from the Partnership’s supply points to storage or to the Partnership’s customer service centers. Cost of products sold also includes the cost of appliances, equipment and related parts sold or installed by the Partnership’s customer service centers computed on a basis that approximates the average cost of the products. Unrealized (non-cash) gains or losses from changes in the fair value of commodity derivative instruments that are not designated as cash flow hedges are recorded in each reporting period within cost of products sold. Cost of products sold is reported exclusive of any depreciation and amortization as such amounts are reported separately within the consolidated statements of operations. | |||
All other costs of operating the Partnership’s retail propane, fuel oil and refined fuels distribution and appliance sales and service operations, as well as the natural gas and electricity marketing business, are reported within operating expenses in the consolidated statements of operations. These operating expenses include the compensation and benefits of field and direct operating support personnel, costs of operating and maintaining the vehicle fleet, overhead and other costs of the purchasing, training and safety departments and other direct and indirect costs of operating the Partnership’s customer service centers. | |||
All costs of back office support functions, including compensation and benefits for executives and other support functions, as well as other costs and expenses to maintain finance and accounting, treasury, legal, human resources, corporate development and the information systems functions are reported within general and administrative expenses in the consolidated statements of operations. | |||
Net Income Per Unit. Computations of basic income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units, and vested (and unissued) restricted units granted under the Partnership’s Restricted Unit Plans, as defined below, to retirement-eligible grantees. Computations of diluted income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units and unissued restricted units granted under the Restricted Unit Plans. In computing diluted net income per Common Unit, weighted average units outstanding used to compute basic net income per Common Unit were increased by 269,867, 222,419 and 141,570 units for fiscal 2014, 2013 and 2012, respectively, to reflect the potential dilutive effect of the unvested restricted units outstanding using the treasury stock method. | |||
Comprehensive Income. The Partnership reports comprehensive income (the total of net income and all other non-owner changes in partners’ capital) within the consolidated statement of comprehensive income. Other comprehensive income includes unrealized gains and losses on derivative instruments accounted for as cash flow hedges and reclassifications of realized losses on cash flow hedges into earnings, amortization of net actuarial losses and prior service credits into earnings and changes in the funded status of pension and other postretirement benefit plans. | |||
Recently Issued Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”). This update provides a principles-based approach to revenue recognition, requiring revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU provides a five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when each performance obligation is satisfied. The revenue standard is effective for the first interim period within annual reporting periods beginning after December 15, 2016, which will be the Partnership’s first quarter of fiscal year 2018. ASU 2014-09 can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of the initial application along with additional disclosures. The Partnership is evaluating the impacts, if any, the adoption of ASU 2014-09 will have on the Partnership’s results of operations, financial position or cash flows. | |||
Recently Adopted Accounting Pronouncements. In December 2011, the FASB issued an 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. |
Acquisition_of_Inergy_Propane
Acquisition of Inergy Propane | 12 Months Ended | ||||
Sep. 27, 2014 | |||||
Acquisition of Inergy Propane [Abstract] | ' | ||||
Acquisition of Inergy Propane | ' | ||||
3. Acquisition of Inergy Propane | |||||
As described in Note 1, the Partnership completed the acquisition of Inergy Propane on August 1, 2012. The acquisition of Inergy Propane (the “Inergy Propane Acquisition”) was consummated pursuant to a definitive agreement dated April 25, 2012 with Inergy, Inergy GP, LLC and Inergy Sales, as amended (the “Contribution Agreement”). Prior to the Acquisition Date, Inergy Propane transferred its interest in certain subsidiaries, as well as all of its rights and interests in the assets and properties of its wholesale propane supply, marketing and distribution business, and its rights and interest in the assets and properties of its west coast natural gas liquids business, to Inergy. These assets were not included as part of the Inergy Propane business at the time of the transfer of the membership interests in Inergy Propane to the Partnership and were not part of the Inergy Propane Acquisition. The results of operations of Inergy Propane are included in the Partnership’s results of operations beginning on the Acquisition Date. | |||||
Pursuant to the Contribution Agreement, the Partnership agreed to issue $600,000 in new Common Units in the aggregate to Inergy and Inergy Sales (the “Equity Consideration”). In accordance with the Contribution Agreement, the number of Common Units issued to Inergy and Inergy Sales in the aggregate was determined by dividing $600,000 by the average of the high and low sales prices of the Partnership’s Common Units for the twenty consecutive trading days ending on the day prior to the execution of the Contribution Agreement, which was determined to be $43.1885, resulting in 13,892,587 Common Units. | |||||
Also pursuant to the Contribution Agreement, the Partnership and its wholly-owned subsidiary Suburban Energy Finance Corp. commenced an offer to exchange (the “Exchange Offers”) any and all of the outstanding unsecured 7% senior notes due 2018 and 6.875% senior notes due 2021 issued by Inergy and Inergy Finance Corp., which had an aggregate principal amount outstanding of $1,200,000 (collectively, the “Inergy Notes”), for a combination of $1,000,000 in aggregate principal amount of new unsecured 7.5% senior notes due 2018 and 7.375% senior notes due 2021 (collectively, the “SPH Notes”) issued by the Partnership and Suburban Energy Finance Corp. and up to $200,000 in cash to tendering noteholders (the “Exchange Offer Cash Consideration”). Pursuant to the Contribution Agreement, the Partnership was required to pay Inergy the difference, if any, between $200,000 and the actual Exchange Offer Cash Consideration paid in accordance with the terms of the Exchange Offers (such payment, the “Inergy Cash Consideration”). The Contribution Agreement provided that the Partnership would offer $65,000 in aggregate cash consent payments in connection with the Exchange Offers and that Inergy would pay $36,500 to the Partnership in cash on the Acquisition Date. The Exchange Offers expired and settled on August 1, 2012 (the “Settlement Date”). On the Settlement Date, the Partnership had received tenders and consents from holders representing approximately 98.09% of the total outstanding principal amount of the 2018 Inergy Notes, and tenders and consents from holders representing approximately 99.74% of the total outstanding principal amount of the 2021 Inergy Notes. Based on the results of the Exchange Offers, the Exchange Offer Cash Consideration due to tendering Inergy noteholders was $184,761. The Inergy Cash Consideration was satisfied by the issuance of 307,835 Common Units to Inergy and therefore, when combined with the Equity Consideration, the Partnership issued 14,200,422 Common Units in the aggregate to Inergy and Inergy Sales on August 1, 2012. Inergy distributed 14,058,418 of such Common Units to its unitholders on September 14, 2012. | |||||
On April 25, 2012, the Partnership received consents from the requisite lenders under the Amended Credit Agreement (as defined in Note 8) to enable it to incur additional indebtedness, make amendments to the Amended Credit Agreement to adjust certain covenants, and otherwise perform our obligations as contemplated by the Inergy Propane Acquisition. 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 incremental term loan facility (the “364-Day Facility”) and (ii) an increase in our revolving credit facility under the Amended Credit Agreement from $250,000 to $400,000. On the Acquisition Date, the Operating Partnership drew $225,000 on the 364-Day Facility, which, together with cash received from Inergy (pursuant to the Contribution Agreement) and cash on hand, was used to pay: (i) the consent fees and the Exchange Offer Cash Consideration, (ii) costs and fees related to the Exchange Offers, and (iii) costs and expenses related to the Inergy Propane Acquisition. On August 14, 2012 the Partnership repaid its borrowings of $225,000 under its 364-Day Facility with the proceeds from a public sale of 6,300,000 Common Units that closed on that date. | |||||
The fair value of the purchase price for Inergy Propane as determined on the Acquisition Date was $1,890,915, consisting of: (i) $1,075,043 of newly issued senior notes (with an aggregate par value of $1,000,000) and $184,761 in cash to tendering Inergy noteholders pursuant to the Exchange Offers; (ii) $65,000 in cash paid to the Inergy noteholders for the consent payments pursuant to the consent solicitations; (iii) $590,027 of new Suburban Common Units (consisting of 14,200,422 Common Units), which were issued to Inergy and Inergy Sales, all but $5,942 (consisting of 142,004 Common Units) of which were subsequently distributed by Inergy to its unitholders; reduced by (iv) $23,916 of cash received from Inergy pursuant to the Contribution Agreement (the cash consideration from Inergy includes the $36,500 discussed above and is net of amounts owed to Inergy by the Partnership at the Acquisition Date). The fair value of the newly issued senior notes was determined using Level 2 inputs and the fair value of the equity issued to Inergy and Inergy Sales was determined using Level 1 inputs. | |||||
During the third quarter of fiscal 2013, the Partnership finalized the third party valuations of the Acquisition Date fair value of certain assets acquired in the Inergy Propane Acquisition, principally property, plant and equipment, and intangible assets. The consolidated balance sheets since September 29, 2012 reflect the final allocation of the purchase price to the assets acquired and liabilities assumed in this business combination. | |||||
The table provides the final purchase price allocation: | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 7,964 | |||
Accounts receivable | 36,076 | ||||
Inventories | 30,457 | ||||
Other current assets | 2,067 | ||||
Current assets acquired | 76,564 | ||||
Property, plant & equipment | 617,854 | ||||
Customer relationships (estimated useful life of 9 years) | 445,500 | ||||
Non-compete agreements (estimated useful life of 6 years) | 23,059 | ||||
Other intangible assets (estimated useful life of 4 years) | 1,983 | ||||
Goodwill | 809,778 | ||||
Other assets | 2,151 | ||||
Total assets acquired | $ | 1,976,889 | |||
Liabilities assumed: | |||||
Accounts payable | $ | 16 | |||
Accrued employment and benefit costs | 2,149 | ||||
Customer deposits and advances | 48,469 | ||||
Other current liabilities | 18,613 | ||||
Other noncurrent liabilities | 16,727 | ||||
Total liabilities assumed | 85,974 | ||||
Total | $ | 1,890,915 | |||
The final purchase price allocation resulted in the following adjustments to the provisional fair value estimates: property, plant and equipment decreased $33,302, intangible assets (principally customer relationships) increased $39,583, other current assets decreased $765 and other noncurrent liabilities increased $646. The net effect of these adjustments resulted in a $4,870 decrease to goodwill as of the Acquisition Date. As a result, results of operations for fiscal 2012 have been revised for a $205 decrease to depreciation expense and a $1,449 increase to amortization expense. | |||||
The following presents unaudited pro forma combined financial information as if the Inergy Propane Acquisition had occurred on September 25, 2011, the first day of the Partnership’s 2012 fiscal year, as adjusted for the final purchase price allocation. The unaudited pro forma combined financial information was prepared under the assumption that the net proceeds from the issuance of the 6,300,000 Common Units on August 14, 2012 were used to fund the portion of the Inergy Propane Acquisition that was originally financed through the 364-Day Facility (which was repaid two weeks after the Acquisition Date). As a result, the Common Units were assumed to have been issued on September 30, 2011, and, in turn, the pro forma results for the fiscal year ended September 29, 2012 do not include any interest costs associated with the 364-Day Facility. | |||||
Year Ended | |||||
September 29, | |||||
2012 | |||||
Revenues | $ | 1,842,698 | |||
Net income | $ | 12,824 | |||
Income per common unit | |||||
Basic | $ | 0.23 | |||
Diluted | $ | 0.23 | |||
The unaudited pro forma combined financial information is not necessarily indicative of the results that would have occurred had the Inergy Propane Acquisition occurred on the date indicated nor is it necessarily indicative of future operating results. |
Distributions_of_Available_Cas
Distributions of Available Cash | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Distributions of Available Cash [Abstract] | ' | ||||||||||||
Distributions of Available Cash | ' | ||||||||||||
4. Distributions of Available Cash | |||||||||||||
The Partnership makes distributions to its partners no later than 45 days after the end of each fiscal quarter in an aggregate amount equal to its Available Cash for such quarter. Available Cash, as defined in the Partnership Agreement, generally means all cash on hand at the end of the respective fiscal quarter less the amount of cash reserves established by the Board of Supervisors in its reasonable discretion for future cash requirements. These reserves are retained for the proper conduct of the Partnership’s business, the payment of debt principal and interest and for distributions during the next four quarters. | |||||||||||||
The following summarizes the quarterly distributions per Common Unit declared and paid in respect of each of the quarters in the three fiscal years in the period ended September 27, 2014: | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2014 | 2013 | 2012 | |||||||||||
First Quarter | $ | 0.875 | $ | 0.875 | $ | 0.8525 | |||||||
Second Quarter | 0.875 | 0.875 | 0.8525 | ||||||||||
Third Quarter | 0.875 | 0.875 | 0.8525 | ||||||||||
Fourth Quarter | 0.875 | 0.875 | 0.8525 |
Selected_Balance_Sheet_Informa
Selected Balance Sheet Information | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Selected Balance Sheet Information [Abstract] | ' | ||||||||
Selected Balance Sheet Information | ' | ||||||||
5. Selected Balance Sheet Information | |||||||||
Inventories consist of the following: | |||||||||
As of | |||||||||
September 27, | September 28, | ||||||||
2014 | 2013 | ||||||||
Propane, fuel oil and refined fuels and natural gas | $ | 89,470 | $ | 75,885 | |||||
Appliances | 1,495 | 1,738 | |||||||
$ | 90,965 | $ | 77,623 | ||||||
The Partnership enters into contracts for the supply of propane, fuel oil and natural gas. Such contracts generally have a term of one year subject to annual renewal, with purchase quantities specified at the time of order and costs based on market prices at the date of delivery. | |||||||||
Property, plant and equipment consist of the following: | |||||||||
As of | |||||||||
September 27, | September 28, | ||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 201,353 | $ | 207,516 | |||||
Buildings and improvements | 103,751 | 104,137 | |||||||
Transportation equipment | 64,254 | 71,815 | |||||||
Storage facilities | 110,586 | 113,571 | |||||||
Equipment, primarily tanks and cylinders | 823,478 | 830,282 | |||||||
Computer systems | 49,904 | 49,049 | |||||||
Construction in progress | 3,420 | 4,472 | |||||||
1,356,746 | 1,380,842 | ||||||||
Less: accumulated depreciation | (529,920 | ) | (492,610 | ) | |||||
$ | 826,826 | $ | 888,232 | ||||||
Depreciation expense for fiscal 2014, 2013 and 2012 amounted to $78,921, $72,353 and $35,032, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
6. Goodwill and Other Intangible Assets | |||||||||||||||||
The Partnership’s fiscal 2014 and fiscal 2013 annual goodwill impairment review resulted in no adjustments to the carrying amount of goodwill. | |||||||||||||||||
The carrying values of goodwill assigned to the Partnership’s operating segments are as follows: | |||||||||||||||||
Propane | Fuel oil | Natural | Total | ||||||||||||||
and | gas and | ||||||||||||||||
refined | electricity | ||||||||||||||||
fuels | |||||||||||||||||
Balance as of September 27, 2014 and September 28, 2013 | |||||||||||||||||
Goodwill | $ | 1,075,091 | $ | 10,900 | $ | 7,900 | $ | 1,093,891 | |||||||||
Accumulated adjustments | — | (6,462 | ) | — | (6,462 | ) | |||||||||||
$ | 1,075,091 | $ | 4,438 | $ | 7,900 | $ | 1,087,429 | ||||||||||
Other intangible assets consist of the following: | |||||||||||||||||
As of | |||||||||||||||||
September 27, | September 28, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Customer relationships | $ | 466,959 | $ | 466,959 | |||||||||||||
Non-compete agreements | 26,815 | 26,815 | |||||||||||||||
Tradenames | 3,482 | 3,482 | |||||||||||||||
Other | 1,967 | 1,967 | |||||||||||||||
499,223 | 499,223 | ||||||||||||||||
Less: accumulated amortization | |||||||||||||||||
Customer relationships | (122,411 | ) | (71,382 | ) | |||||||||||||
Non-compete agreements | (13,962 | ) | (8,138 | ) | |||||||||||||
Tradenames | (2,573 | ) | (2,040 | ) | |||||||||||||
Other | (984 | ) | (892 | ) | |||||||||||||
(139,930 | ) | (82,452 | ) | ||||||||||||||
$ | 359,293 | $ | 416,771 | ||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
7. Income Taxes | |||||||||||||
For federal income tax purposes, as well as for state income tax purposes in the majority of the states in which the Partnership operates, the earnings attributable to the Partnership and the Operating Partnership are not subject to income tax at the partnership level. With the exception of those states that impose an entity-level income tax on partnerships, the taxable income or loss attributable to the Partnership and to the Operating Partnership, which may vary substantially from the income (loss) before income taxes reported by the Partnership in the consolidated statement of operations, are includable in the federal and state income tax returns of the Common Unitholders. The aggregate difference in the basis of the Partnership’s net assets for financial and tax reporting purposes cannot be readily determined as the Partnership does not have access to each Common Unitholder’s basis in the Partnership. | |||||||||||||
As described in Note 1 and Note 2, 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 tax assets will be realized. | |||||||||||||
The income tax provision of all the legal entities included in the Partnership’s consolidated statement of operations, which is composed primarily of state income taxes in the few states that impose taxes on partnerships and minimum state income taxes on the Corporate Entities, consists of the following: | |||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 10 | $ | 26 | $ | 18 | |||||||
State and local | 757 | 581 | 119 | ||||||||||
767 | 607 | 137 | |||||||||||
Deferred | — | — | — | ||||||||||
$ | 767 | $ | 607 | $ | 137 | ||||||||
The provision for income taxes differs from income taxes computed at the United States federal statutory rate as a result of the following: | |||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax provision at federal statutory tax rate | $ | 33,346 | $ | 27,792 | $ | 271 | |||||||
Impact of Partnership income not subject to federal income taxes | (38,919 | ) | (35,187 | ) | (4,564 | ) | |||||||
Permanent differences | 86 | 71 | 244 | ||||||||||
Transfer of assets to Corporate Entities | — | — | 8,181 | ||||||||||
Change in valuation allowance | 5,458 | 9,771 | (3,567 | ) | |||||||||
State income taxes | (60 | ) | (1,135 | ) | 339 | ||||||||
Other | 856 | (705 | ) | (767 | ) | ||||||||
Provision for income taxes—current | $ | 767 | $ | 607 | $ | 137 | |||||||
The components of net deferred taxes and the related valuation allowance using currently enacted tax rates are as follows: | |||||||||||||
As of | |||||||||||||
September 27, | September 28, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 51,321 | $ | 46,356 | |||||||||
Allowance for doubtful accounts | 1,371 | 878 | |||||||||||
Inventory | 433 | 525 | |||||||||||
Intangible assets | 122 | 577 | |||||||||||
Deferred revenue | 1,524 | 2,188 | |||||||||||
Derivative instruments | 71 | 109 | |||||||||||
AMT credit carryforward | 1,086 | 1,086 | |||||||||||
Other accruals | 2,060 | 2,062 | |||||||||||
Total deferred tax assets | 57,988 | 53,781 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | 6,124 | 7,375 | |||||||||||
Total deferred tax liabilities | 6,124 | 7,375 | |||||||||||
Net deferred tax assets | 51,864 | 46,406 | |||||||||||
Valuation allowance | (51,864 | ) | (46,406 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
After the Inergy Propane Acquisition, the Partnership contributed all of the Inergy Propane assets and liabilities to the Operating Partnership which, in turn, contributed the fuel oil and refined fuels and service assets and liabilities to the Corporate Entities. At the time of the transfer, the Corporate Entities recognized a deferred tax liability for the difference between the book basis of the assets received and their tax basis. The recognition of that deferred tax liability was offset by the release of a portion of the valuation allowance that previously existed on the net deferred tax assets. Thus, the transfer of these assets had no impact on net income for fiscal 2012. |
LongTerm_Borrowings
Long-Term Borrowings | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Long-Term Borrowings [Abstract] | ' | ||||||||
Long Term Borrowings | ' | ||||||||
8. Long-Term Borrowings | |||||||||
Long-term borrowings consist of the following: | |||||||||
As of | |||||||||
September 27, | September 28, | ||||||||
2014 | 2013 | ||||||||
7.5% senior notes, due October 1, 2018, including unamortized premium of $-0- and $28,614, respectively | $ | — | $ | 525,171 | |||||
7.375% senior notes, due March 15, 2020, net of unamortized discount of $1,183 and $1,400, respectively | 248,817 | 248,600 | |||||||
7.375% senior notes, due August 1, 2021, including unamortized premium of $22,688 and $25,286, respectively | 368,868 | 371,466 | |||||||
5.5% senior notes, due June 1, 2024 | 525,000 | — | |||||||
Revolving Credit Facility, due January 5, 2017 | 100,000 | 100,000 | |||||||
$ | 1,242,685 | $ | 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 3. 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. | |||||||||
On May 27, 2014, the Partnership repurchased and satisfied and discharged all of its 2018 Senior Notes with net proceeds from the issuance of the 2024 Senior Notes, as defined below, and cash on hand pursuant to a tender offer and redemption during the third quarter of fiscal 2014. In connection with this tender offer and redemption, the Partnership recognized a loss on the extinguishment of debt of $11,589 consisting of $31,633 for the redemption premium and related fees, as well as the write-off of $5,230 and ($25,274) in unamortized debt origination costs and unamortized premium, respectively. The 2018 Senior Notes required semi-annual interest payments in April and October, and the 2021 Senior Notes require semi-annual interest payments in February and August. | |||||||||
The 2021 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after August 1, 2016, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to date of the redemption. | |||||||||
Year | Percentage | ||||||||
2016 | 103.688 | % | |||||||
2017 | 102.459 | % | |||||||
2018 | 101.229 | % | |||||||
2019 and thereafter | 100 | % | |||||||
On December 19, 2012, the Partnership completed an offer to exchange its then-outstanding unregistered 7.5% senior notes due 2018 and 7.375% senior notes due 2021 (collectively, the “Old Notes”) for an equal principal amount of 7.5% senior notes due 2018 and 7.375% senior notes due 2021 (collectively, 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. In connection with these repurchases, which totaled $157,263 in aggregate principal amount, the Partnership recognized a loss on the extinguishment of debt of $2,144 consisting of $11,759 for the repurchase premium and related fees, as well as the write-off of $2,064 and ($11,678) in unamortized debt origination costs and unamortized premium, respectively. | |||||||||
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 and require semi-annual interest payments in March and September. | |||||||||
The 2020 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after March 15, 2015, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. | |||||||||
Year | Percentage | ||||||||
2015 | 103.688 | % | |||||||
2016 | 102.458 | % | |||||||
2017 | 101.229 | % | |||||||
2018 and thereafter | 100 | % | |||||||
2024 Senior Notes | |||||||||
As previously discussed, on May 27, 2014, the Partnership and its 100%-owned subsidiary, Suburban Energy Finance Corp., completed a public offering of $525,000 in aggregate principal amount of 5.5% senior notes due June 1, 2024 (the “2024 Senior Notes”). The 2024 Senior Notes were issued at 100% of the principal amount and require semi-annual interest payments in June and December, beginning in December 2014. The net proceeds from the issuance of the 2024 Senior Notes, along with cash on hand, were used to repurchase and satisfy and discharge all of the 2018 Senior Notes. | |||||||||
The 2024 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after June 1, 2019, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. | |||||||||
Year | Percentage | ||||||||
2019 | 102.75 | % | |||||||
2020 | 101.833 | % | |||||||
2021 | 100.917 | % | |||||||
2022 and thereafter | 100 | % | |||||||
The Partnership’s obligations under the 2020 Senior Notes, 2021 Senior Notes and 2024 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 indenture, occurs and is followed by a rating decline (a decrease in the rating of the notes by either Moody’s Investors Service or Standard and Poor’s Rating Group by one or more gradations) within 90 days of the consummation of the change of control. | |||||||||
Credit Agreement | |||||||||
The Operating Partnership has an amended and restated credit agreement entered into on January 5, 2012, as amended on August 1, 2012 and May 9, 2014 (collectively, the “Amended Credit Agreement”) that provides for a five-year $400,000 revolving credit facility (the “Revolving Credit Facility”), of which $100,000 was outstanding as of September 27, 2014 and September 28, 2013. 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 wholesale propane costs. The increase in working capital resulted in the net borrowing of $55,000 under the Partnership’s Revolving Credit Facility in the second quarter of fiscal 2014. These additional 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 our revolving credit facility under the Amended Credit Agreement from $250,000 to $400,000. On the Acquisition Date, the Operating Partnership drew $225,000 on the 364-Day Facility, which was used to fund a portion of the Inergy Propane Acquisition, including costs and expenses related to the acquisition. The Partnership repaid the $225,000 of borrowings under the 364-Day Facility on August 14, 2012 with the net proceeds from the public issuance of Common Units on August 14, 2012. | |||||||||
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 decreases over time, as well as upon the occurrence of certain events (such as the issuance of Common Units where the net proceeds from the issuance exceed certain thresholds). Commencing with the second quarter of fiscal 2013, such maximum ratio is 4.75 to 1.0 (or 5.0 to 1.0 during an acquisition period as defined in the amendment). | |||||||||
On May 9, 2014, the Operating Partnership executed a second amendment to the Amended Credit Agreement to make certain technical amendments with respect to agreements relating to debt refinancing. | |||||||||
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 1⁄2 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 September 27, 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 an interest rate swap agreement with a notional amount of $100,000, an effective date of June 25, 2013 and a termination 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 notional principal amount outstanding, and the issuing lender will pay 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 September 27, 2014, the Partnership had standby letters of credit issued under the Revolving Credit Facility in the aggregate amount of $44,882 which expire periodically through April 3, 2015. Therefore, as of September 27, 2014 the Partnership had available borrowing capacity of $255,118 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 September 27, 2014. | |||||||||
Debt origination costs representing the costs incurred in connection with the placement of, and the subsequent amendment to, long-term borrowings are capitalized within other assets and amortized on a straight-line basis over the term of the respective debt agreements. During fiscal 2014, the Partnership recognized charges of $5,230 to write-off unamortized debt origination costs associated with the tender offer and redemption of its 2018 Senior Notes. During fiscal 2013, the Partnership recognized charges of $2,064 million to write-off unamortized debt origination costs associated with the repurchase of its 2021 Senior Notes. Other assets at September 27, 2014 and September 28, 2013 include debt origination costs with a net carrying amount of $21,023 and $21,254, respectively. | |||||||||
The aggregate amounts of long-term debt maturities subsequent to September 27, 2014 are as follows: fiscal 2015 through fiscal 2016: $-0-; fiscal 2017: $100,000; fiscal 2018: $-0-; fiscal 2019: $-0-; and thereafter: $1,121,180. |
UnitBased_Compensation_Arrange
Unit-Based Compensation Arrangements | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Unit-Based Compensation Arrangements [Abstract] | ' | ||||||||
Unit-Based Compensation Arrangements | ' | ||||||||
9. Unit-Based Compensation Arrangements | |||||||||
As described in Note 2, the Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity, or equity-based compensation, based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on re-measurement 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 September 27, 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. | |||||||||
The following is a summary of activity in the Restricted Unit Plans: | |||||||||
Units | Weighted | ||||||||
Average | |||||||||
Grant | |||||||||
Date Fair | |||||||||
Value | |||||||||
Per Unit | |||||||||
Outstanding September 24, 2011 | 485,423 | $ | 32.71 | ||||||
Granted | 108,674 | 32.6 | |||||||
Forfeited | (12,225 | ) | (30.78 | ) | |||||
Issued | (139,021 | ) | (33.14 | ) | |||||
Outstanding September 29, 2012 | 442,851 | 32.68 | |||||||
Granted | 200,933 | 23.42 | |||||||
Forfeited | (3,497 | ) | (32.15 | ) | |||||
Issued | (112,660 | ) | (32.01 | ) | |||||
Outstanding September 28, 2013 | 527,627 | 29.3 | |||||||
Granted | 256,273 | 37.43 | |||||||
Forfeited | (3,119 | ) | (28.39 | ) | |||||
Issued | (85,854 | ) | (31.23 | ) | |||||
Outstanding September 27, 2014 | 694,927 | $ | 32.07 | ||||||
As of September 27, 2014, unrecognized compensation cost related to unvested restricted units awarded under the Restricted Unit Plans amounted to $8,255. Compensation cost associated with the unvested awards is expected to be recognized over a weighted-average period of 1.4 years. Compensation expense for the Restricted Unit Plans for fiscal 2014, 2013 and 2012 was $7,390, $3,888 and $4,059, respectively. | |||||||||
Long-Term Incentive Plans. 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. Compensation expense, which includes adjustments to previously recognized compensation expense for current period changes in the fair value of unvested awards, for fiscal 2014, 2013 and 2012 was $120, $1,439 and ($340), respectively. The cash payouts in fiscal 2014, 2013 and 2012, which related to the fiscal 2011, 2010 and 2009 awards, were $-0-, $-0- and $3,336, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
10. Employee Benefit Plans | |||||||||||||||||||||||||
Defined Contribution Plan. The Partnership has an employee Retirement Savings and Investment Plan (the “401(k) Plan”) covering most employees. Employer matching contributions relating to the 401(k) Plan are a percentage of the participating employees’ elective contributions. The percentage of the Partnership’s contributions are based on a sliding scale depending on the Partnership’s achievement of annual performance targets. These contributions totaled $1,848, $1,915 and $1,359 for fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Defined Pension and Retiree Health and Life Benefits Arrangements | |||||||||||||||||||||||||
Pension Benefits. The Partnership has a noncontributory defined benefit pension plan which was originally designed to cover all eligible employees of the Partnership who met certain requirements as to age and length of service. Effective January 1, 1998, the Partnership amended its defined benefit pension plan to provide benefits under a cash balance formula as compared to a final average pay formula which was in effect prior to January 1, 1998. Effective January 1, 2000, participation in the defined benefit pension plan was limited to eligible existing participants on that date with no new participants eligible to participate in the plan. On September 20, 2002, the Board of Supervisors approved an amendment to the defined benefit pension plan whereby, effective January 1, 2003, future service credits ceased and eligible employees receive interest credits only toward their ultimate retirement benefit. | |||||||||||||||||||||||||
Contributions, as needed, are made to a trust maintained by the Partnership. Contributions to the defined benefit pension plan are made by the Partnership in accordance with the Employee Retirement Income Security Act of 1974 minimum funding standards plus additional amounts made at the discretion of the Partnership, which may be determined from time to time. There were no minimum funding requirements for the defined benefit pension plan for fiscal 2014, 2013 or 2012. During the last decade, cash balance plans came under increased scrutiny which resulted in litigation pertaining to the cash balance feature and the Internal Revenue Service (“IRS”) issued additional regulations governing these types of plans. In fiscal 2010, the IRS completed its review of the Partnership’s defined benefit pension plan and issued a favorable determination letter pertaining to the cash balance formula. However, there can be no assurances that future legislative developments will not have an adverse effect on the Partnership’s results of operations or cash flows. | |||||||||||||||||||||||||
Retiree Health and Life Benefits. The Partnership provides postretirement health care and life insurance benefits for certain retired employees. Partnership employees hired prior to July 1993 are eligible for postretirement life insurance benefits if they reach a specified retirement age while working for the Partnership. Partnership employees hired prior to July 1993 and who retired prior to March 1998 are eligible for postretirement health care benefits if they reached a specified retirement age while working for the Partnership. Effective January 1, 2000, the Partnership terminated its postretirement health care benefit plan for all eligible employees retiring after March 1, 1998. All active employees who were eligible to receive health care benefits under the postretirement plan subsequent to March 1, 1998, were provided an increase to their accumulated benefits under the cash balance pension plan. The Partnership’s postretirement health care and life insurance benefit plans are unfunded. Effective January 1, 2006, the Partnership changed its postretirement health care plan from a self-insured program to one that is fully insured under which the Partnership pays a portion of the insurance premium on behalf of the eligible participants. | |||||||||||||||||||||||||
The Partnership recognizes the funded status of pension and other postretirement benefit plans as an asset or liability on the balance sheet and recognizes changes in the funded status in other comprehensive income (loss) in the year the changes occur. The Partnership uses the date of its consolidated financial statements as the measurement date of plan assets and obligations. | |||||||||||||||||||||||||
Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status. The following tables provide a reconciliation of the changes in the benefit obligations and the fair value of the plan assets for fiscal 2014 and 2013 and a statement of the funded status for both years. Under the Partnership’s cash balance defined benefit pension plan, the accumulated benefit obligation and the projected benefit obligation are the same. | |||||||||||||||||||||||||
Pension Benefits | Retiree Health and Life | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Reconciliation of benefit obligations: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 148,631 | $ | 165,906 | $ | 17,754 | $ | 20,232 | |||||||||||||||||
Service cost | — | — | 5 | 8 | |||||||||||||||||||||
Interest cost | 5,774 | 5,229 | 640 | 586 | |||||||||||||||||||||
Actuarial loss (gain) | 8,459 | (11,446 | ) | (278 | ) | (1,784 | ) | ||||||||||||||||||
Lump sum benefits paid | (5,401 | ) | (3,155 | ) | — | — | |||||||||||||||||||
Ordinary benefits paid | (7,627 | ) | (7,903 | ) | (1,167 | ) | (1,288 | ) | |||||||||||||||||
Benefit obligation at end of year | $ | 149,836 | $ | 148,631 | $ | 16,954 | $ | 17,754 | |||||||||||||||||
Reconciliation of fair value of plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 120,776 | $ | 133,873 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 10,023 | (2,039 | ) | — | — | ||||||||||||||||||||
Employer contributions | — | — | 1,167 | 1,288 | |||||||||||||||||||||
Lump sum benefits paid | (5,401 | ) | (3,155 | ) | — | — | |||||||||||||||||||
Ordinary benefits paid | (7,627 | ) | (7,903 | ) | (1,167 | ) | (1,288 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 117,771 | $ | 120,776 | $ | — | $ | — | |||||||||||||||||
Funded status: | |||||||||||||||||||||||||
Funded status at end of year | $ | (32,065 | ) | $ | (27,855 | ) | $ | (16,954 | ) | $ | (17,754 | ) | |||||||||||||
Amounts recognized in consolidated balance sheets consist of: | |||||||||||||||||||||||||
Net amount recognized at end of year | $ | (32,065 | ) | $ | (27,855 | ) | $ | (16,954 | ) | $ | (17,754 | ) | |||||||||||||
Less: Current portion | — | — | 1,276 | 1,427 | |||||||||||||||||||||
Non-current benefit liability | $ | (32,065 | ) | $ | (27,855 | ) | $ | (15,678 | ) | $ | (16,327 | ) | |||||||||||||
Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (loss): | |||||||||||||||||||||||||
Actuarial net (loss) gain | $ | (49,034 | ) | $ | (49,986 | ) | $ | 3,780 | $ | 3,683 | |||||||||||||||
Prior service credits | — | — | 889 | 1,379 | |||||||||||||||||||||
Net amount recognized in accumulated other comprehensive | |||||||||||||||||||||||||
(loss) income | $ | (49,034 | ) | $ | (49,986 | ) | $ | 4,669 | $ | 5,062 | |||||||||||||||
Amounts recognized in other comprehensive income included net actuarial losses (gains) arising during the period of $3,538 and ($4,126) for pension benefits for fiscal 2014 and 2013, respectively, and net actuarial (gains) arising during the period of ($278) and ($1,784) for other postretirement benefits for fiscal 2014 and 2013, respectively. The amounts in accumulated other comprehensive loss as of September 27, 2014 that are expected to be recognized as components of net periodic benefit costs during fiscal 2015 are expenses of $4,522 and credits of $(686) for pension and other postretirement benefits, respectively. | |||||||||||||||||||||||||
Plan Assets. The Partnership’s investment policies and strategies, as set forth in the Investment Management Policy and Guidelines, are monitored by a Benefits Committee comprised of six members of management. The Partnership employs a liability driven investment strategy, which seeks to increase the correlation of the plan’s assets and liabilities to reduce the volatility of the plan’s funded status. This strategy has resulted in an asset allocation that is largely comprised of investments in funds of fixed income securities. The target asset mix is as follows: (i) fixed income securities portion of the portfolio should range between 80% and 90%; and (ii) equity securities portion of the portfolio should range between 10% and 20%. | |||||||||||||||||||||||||
The following table presents the actual allocation of assets held in trust as of: | |||||||||||||||||||||||||
September 27, | September 28, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Fixed income securities | 85 | % | 85 | % | |||||||||||||||||||||
Equity securities | 15 | % | 15 | % | |||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||
The Partnership’s valuations include the use of the funds’ reported net asset values for commingled fund investments. Commingled funds are valued at the net asset value for their underlying securities. The Partnership further corroborates the valuations with observable market data using level 2 inputs within the fair value framework. The assets of the defined benefit pension plan have no significant concentration of risk and there are no restrictions on these investments. | |||||||||||||||||||||||||
The following table describes the measurement of the Partnership’s pension plan assets by asset category as of: | |||||||||||||||||||||||||
September 27, | September 28, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Short term investments (1) | $ | 1,500 | $ | 1,516 | |||||||||||||||||||||
Equity securities: (1) (2) | |||||||||||||||||||||||||
Domestic | 6,370 | 11,780 | |||||||||||||||||||||||
International | 10,916 | 5,959 | |||||||||||||||||||||||
Fixed income securities (1) (3) | 98,985 | 101,521 | |||||||||||||||||||||||
$ | 117,771 | $ | 120,776 | ||||||||||||||||||||||
-1 | Includes funds which are not publicly traded and are valued at the net asset value of the units provided by the fund issuer. | ||||||||||||||||||||||||
-2 | Includes funds which invest primarily in a diversified portfolio of publicly traded U.S. and Non-U.S. common stock. | ||||||||||||||||||||||||
-3 | Includes funds which invest primarily in publicly traded and non-publicly traded, investment grade corporate bonds, U.S. government bonds and asset-backed securities. | ||||||||||||||||||||||||
Projected Contributions and Benefit Payments. There are no projected minimum funding requirements under the Partnership’s defined benefit pension plan for fiscal 2015. Estimated future benefit payments for both pension and retiree health and life benefits are as follows: | |||||||||||||||||||||||||
Fiscal Year | Pension | Retiree | |||||||||||||||||||||||
Benefits | Health | ||||||||||||||||||||||||
and | |||||||||||||||||||||||||
Life | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2015 | $ | 32,316 | $ | 1,276 | |||||||||||||||||||||
2016 | 12,632 | 1,202 | |||||||||||||||||||||||
2017 | 11,194 | 1,122 | |||||||||||||||||||||||
2018 | 11,317 | 1,048 | |||||||||||||||||||||||
2019 | 10,244 | 972 | |||||||||||||||||||||||
2020 through 2024 | 45,032 | 3,599 | |||||||||||||||||||||||
Estimated future pension benefit payments assumes that age 65 or older active and non-active eligible participants in the pension plan that had not received a benefit payment prior to fiscal 2015 will elect to receive a benefit payment in fiscal 2015. In addition, for all periods presented, estimated future pension benefit payments assumes that participants will elect a lump sum payment in the fiscal year that the participant becomes eligible to receive benefits. | |||||||||||||||||||||||||
Effect on Operations. The following table provides the components of net periodic benefit costs included in operating expenses for fiscal 2014, 2013 and 2012: | |||||||||||||||||||||||||
Pension Benefits | Retiree Health and Life | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 5 | $ | 8 | $ | 7 | |||||||||||||
Interest cost | 5,774 | 5,229 | 6,311 | 640 | 586 | 802 | |||||||||||||||||||
Expected return on plan assets | (5,102 | ) | (5,281 | ) | (5,665 | ) | — | — | — | ||||||||||||||||
Amortization of prior service credit | — | — | — | (490 | ) | (490 | ) | (490 | ) | ||||||||||||||||
Recognized net actuarial loss | 4,492 | 5,285 | 5,271 | (181 | ) | — | — | ||||||||||||||||||
Net periodic benefit costs | $ | 5,164 | $ | 5,233 | $ | 5,917 | $ | (26 | ) | $ | 104 | $ | 319 | ||||||||||||
Actuarial Assumptions. The assumptions used in the measurement of the Partnership’s benefit obligations as of September 27, 2014 and September 28, 2013 are shown in the following table: | |||||||||||||||||||||||||
Pension Benefits | Retiree Health | ||||||||||||||||||||||||
and Life Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Weighted-average discount rate | 3.875 | % | 4.375 | % | 3.5 | % | 3.75 | % | |||||||||||||||||
Average rate of compensation increase | n/a | n/a | n/a | n/a | |||||||||||||||||||||
Health care cost trend | n/a | n/a | 7.12 | % | 7.33 | % | |||||||||||||||||||
The assumptions used in the measurement of net periodic pension benefit and postretirement benefit costs for fiscal 2014, 2013 and 2012 are shown in the following table: | |||||||||||||||||||||||||
Pension Benefits | Retiree Health and Life | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-average discount rate | 4.375 | % | 3.5 | % | 4.375 | % | 3.75 | % | 3 | % | 4 | % | |||||||||||||
Average rate of compensation increase | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||
Weighted-average expected long- term rate of return on plan assets | 4.9 | % | 4.5 | % | 4.8 | % | n/a | n/a | n/a | ||||||||||||||||
Health care cost trend | n/a | n/a | n/a | 7.33 | % | 7.53 | % | 7.74 | % | ||||||||||||||||
The discount rate assumption takes into consideration current market expectations related to long-term interest rates and the projected duration of the Partnership’s pension obligations based on a benchmark index with similar characteristics as the expected cash flow requirements of the Partnership’s defined benefit pension plan over the long-term. The expected long-term rate of return on plan assets assumption reflects estimated future performance in the Partnership’s pension asset portfolio considering the investment mix of the pension asset portfolio and historical asset performance. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. The market-related value of pension plan assets is the fair value of the assets. Unrecognized actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation and the market-related value of plan assets are amortized over the expected average remaining service period of active employees expected to receive benefits under the plan. | |||||||||||||||||||||||||
The 7.12% increase in health care costs assumed at September 27, 2014 is assumed to decrease gradually to 4.48% in fiscal 2028 and to remain at that level thereafter. An increase or decrease of the assumed health care cost trend rates by 1.0% in each year would have no material impact to the Partnership’s benefit obligation as of September 27, 2014 nor the aggregate of service and interest components of net periodic postretirement benefit expense for fiscal 2014. The Partnership has concluded that the prescription drug benefits within the retiree medical plan do not entitle the Partnership to an available Medicare subsidy. | |||||||||||||||||||||||||
Multiemployer Pension Plans. As a result of the Inergy Propane Acquisition, the Partnership contributes to multiemployer pension plans (“MEPPs”) in accordance with various collective bargaining agreements covering union employees. As one of the many participating employers in these MEPPs, the Partnership is responsible with the other participating employers for any plan underfunding. During fiscal 2013, the Partnership established an accrual of $7,000 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. As of September 27, 2014, the accrual was $6,880 for its estimated obligation to these 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. | |||||||||||||||||||||||||
The Partnership’s contributions to a particular MEPP are established by the applicable collective bargaining agreements (“CBAs”); however, the required contributions may increase based on the funded status of an MEPP and legal requirements of the Pension Protection Act of 2006 (the “PPA”), which requires substantially underfunded MEPPs to implement a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) to improve their funded status. Factors that could impact funded status of an MEPP include, without limitation, investment performance, changes in the participant demographics, decline in the number of contributing employers, changes in actuarial assumptions and the utilization of extended amortization provisions. | |||||||||||||||||||||||||
While no multiemployer pension plan that the Partnership contributed to is individually significant to the Partnership, the table below discloses the three largest MEPPs to which the Partnership contributes. The financial health of a MEPP is indicated by the zone status, as defined by the PPA, which represents the funded status of the plan as certified by the plan’s actuary. Plans in the red zone are less than 65% funded, the yellow zone are between 65% and 80% funded, and green zone are at least 80% funded. Total contributions made by the Partnership to multiemployer pension plans for the fiscal year ended September 27, 2014 are shown below and reflect contributions made from the Inergy Propane Acquisition Date. | |||||||||||||||||||||||||
EIN/Pension | PPA Zone Status | FIP/RP | Contributions | Contributions greater | Expiration | ||||||||||||||||||||
Plan Number | Status | than 5% of Total | date of | ||||||||||||||||||||||
Pension Fund | 2014 | 2013 | 2014 | 2013 | 2012 | Plan Contributions | CBA | ||||||||||||||||||
New England Teamsters & Trucking Industry Pension Fund | 04-6372430 | Red (a) | Red (a) | Implemented | $ | 616 | $ | 562 | $ | 30 | No | April 2016 - March 2017 | |||||||||||||
Local 282 Pension Trust Fund | 11-6245313 | Green (b) | Green (b) | n/a | 336 | 284 | 66 | No | Jul-19 | ||||||||||||||||
Teamsters Industrial Employees Pension Fund | 22-6099363 | Red (c) | Red (c) | Implemented | 185 | 179 | 15 | No | Jun-17 | ||||||||||||||||
Other (d) | 31 | 137 | 48 | No | n/a | ||||||||||||||||||||
$ | 1,168 | $ | 1,162 | $ | 159 | ||||||||||||||||||||
(a) | Based on most recent available valuation information for plan years ended September 2013. | ||||||||||||||||||||||||
(b) | Based on most recent available valuation information for plan years ended February 2014. | ||||||||||||||||||||||||
(c) | Based on most recent available valuation information for plan years ended December 2013. | ||||||||||||||||||||||||
(d) | Includes the MEPPs from which the Partnership withdrew in fiscal 2013. | ||||||||||||||||||||||||
Additionally, the Partnership contributes to certain multi-employer plans that provide health and welfare benefits and defined annuity plans. Contributions to those plans were $1,897, $2,040 and $309 for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. |
Financial_Instruments_and_Risk
Financial Instruments and Risk Management | 12 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Financial Instruments and Risk Management [Abstract] | ' | ||||||||||||||||
Financial Instruments and Risk Management | ' | ||||||||||||||||
11. Financial Instruments and Risk Management | |||||||||||||||||
Cash and Cash Equivalents. The fair value of cash and cash equivalents is not materially different from their carrying amount because of the short-term maturity of these instruments. | |||||||||||||||||
Derivative Instruments and Hedging Activities. The Partnership measures the fair value of its exchange-traded commodity-related options and futures contracts using Level 1 inputs, the fair value of its commodity-related swap contracts and interest rate swaps using Level 2 inputs and the fair value of its over-the-counter commodity-related options contracts using Level 3 inputs. The Partnership’s over-the-counter options contracts are valued based on an internal option model. The inputs utilized in the model are based on publicly available information, as well as broker quotes. | |||||||||||||||||
The following summarizes the fair value of the Partnership’s derivative instruments and their location in the consolidated balance sheets as of September 27, 2014 and September 28, 2013, respectively: | |||||||||||||||||
As of September 27, 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 | $ | 3,924 | Other current assets | $ | 2,546 | |||||||||||
Other assets | 62 | Other assets | 716 | ||||||||||||||
$ | 3,986 | $ | 3,262 | ||||||||||||||
Liability Derivatives | Location | Fair Value | Location | Fair Value | |||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate swaps | Other current liabilities | $ | 1,257 | Other current liabilities | $ | 1,307 | |||||||||||
Other liabilities | 283 | Other liabilities | 1,121 | ||||||||||||||
$ | 1,540 | $ | 2,428 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Commodity-related derivatives | Other current liabilities | $ | 1,527 | Other current liabilities | $ | 430 | |||||||||||
Other liabilities | 53 | Other liabilities | — | ||||||||||||||
$ | 1,580 | $ | 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) | |||||||||||||||||
Fiscal 2014 | Fiscal 2013 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Beginning balance of over-the-counter options | $ | 1,847 | $ | — | $ | 5,002 | $ | 1,209 | |||||||||
Beginning balance realized during the period | (1,166 | ) | — | (4,400 | ) | (1,182 | ) | ||||||||||
Contracts purchased during the period | 1,145 | — | 1,825 | — | |||||||||||||
Change in the fair value of outstanding contracts | (314 | ) | — | (580 | ) | (27 | ) | ||||||||||
Ending balance of over-the-counter options | $ | 1,512 | $ | — | $ | 1,847 | $ | — | |||||||||
As of September 27, 2014 and September 28, 2013, the Partnership’s outstanding commodity-related derivatives had a weighted average maturity of approximately four and five months, respectively. | |||||||||||||||||
The effect of the Partnership’s derivative instruments on the consolidated statements of operations for fiscal 2014, 2013 and 2012 are as follows: | |||||||||||||||||
Amount of | Gains (Losses) Reclassified from | ||||||||||||||||
(Losses) Gains | Accumulated OCI into Income | ||||||||||||||||
Recognized in OCI | (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | (Effective Portion) | Location | Amount | ||||||||||||||
Interest rate swaps: | |||||||||||||||||
Fiscal 2014 | $ | (518 | ) | Interest expense | $ | (1,406 | ) | ||||||||||
Fiscal 2013 | $ | 584 | Interest expense | $ | (2,465 | ) | |||||||||||
Fiscal 2012 | $ | (3,561 | ) | Interest expense | $ | (2,680 | ) | ||||||||||
Derivatives Not Designated as Hedging Instruments: | Location of Gains | Amount of | |||||||||||||||
(Losses) Recognized in | Unrealized | ||||||||||||||||
Income | Gains | ||||||||||||||||
(Losses) | |||||||||||||||||
Recognized | |||||||||||||||||
in Income | |||||||||||||||||
Commodity-related derivatives: | |||||||||||||||||
Fiscal 2014 | Cost of products sold | $ | 306 | ||||||||||||||
Fiscal 2013 | Cost of products sold | $ | (4,318 | ) | |||||||||||||
Fiscal 2012 | Cost of products sold | $ | 4,649 | ||||||||||||||
The following table presents the fair value of the Partnership’s recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: | |||||||||||||||||
As of September 27, 2014 | |||||||||||||||||
Gross | Effects | Net | |||||||||||||||
amounts | of | amounts | |||||||||||||||
netting | presented | ||||||||||||||||
in the | |||||||||||||||||
balance | |||||||||||||||||
sheet | |||||||||||||||||
Asset Derivatives | |||||||||||||||||
Commodity-related derivatives | $ | 9,533 | $ | (5,547 | ) | $ | 3,986 | ||||||||||
Interest rate swap | 2,139 | (2,139 | ) | — | |||||||||||||
$ | 11,672 | $ | (7,686 | ) | $ | 3,986 | |||||||||||
Liability Derivatives | |||||||||||||||||
Commodity-related derivatives | $ | 7,127 | $ | (5,547 | ) | $ | 1,580 | ||||||||||
Interest rate swap | 3,679 | (2,139 | ) | 1,540 | |||||||||||||
$ | 10,806 | $ | (7,686 | ) | $ | 3,120 | |||||||||||
As of September 28, 2013 | |||||||||||||||||
Gross | Effects | Net | |||||||||||||||
amounts | of | amounts | |||||||||||||||
netting | presented | ||||||||||||||||
in the | |||||||||||||||||
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 had no posted cash collateral as of September 27, 2014 and September 28, 2013 with its brokers for outstanding commodity-related derivatives. | |||||||||||||||||
Concentrations. The Partnership’s principal customers are residential and commercial end users of propane and fuel oil and refined fuels served by approximately 710 locations in 41 states. No single customer accounted for more than 10% of revenues during fiscal 2014, 2013 or 2012 and no concentration of receivables exists as of September 27, 2014 or September 28, 2013. | |||||||||||||||||
During fiscal 2014, Crestwood Midstream Partners L.P., Targa Liquids Marketing and Trade and Enterprise Products Partners L.P. provided approximately 19%, 13% and 13% of our total propane purchases, respectively. No other single supplier accounted for more than 10% of the Partnership’s propane purchases in fiscal 2014. The Partnership believes that, if supplies from any of these suppliers were interrupted, it would be able to secure adequate propane supplies from other sources without a material disruption of its operations. | |||||||||||||||||
Credit Risk. Exchange-traded futures and options contracts are traded on and guaranteed by the NYMEX and as a result, have minimal credit risk. Futures contracts traded with brokers of the NYMEX require daily cash settlements in margin accounts. The Partnership is subject to credit risk with over-the-counter swaps and options contracts entered into with various third parties to the extent the counterparties do not perform. The Partnership evaluates the financial condition of each counterparty with which it conducts business and establishes credit limits to reduce exposure to credit risk based on non-performance. The Partnership does not require collateral to support the contracts. | |||||||||||||||||
Bank Debt and Senior Notes. The fair value of the Revolving Credit Facility approximates the carrying value since the interest rates are adjusted quarterly to reflect market conditions. Based upon quoted market prices, the fair value of the Partnership’s 2020 Senior Notes, 2021 Senior Notes and 2024 Senior Notes was $263,250, $363,489 and $508,594, respectively, as of September 27, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Sep. 27, 2014 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
12. Commitments and Contingencies | |||||
Commitments. The Partnership leases certain property, plant and equipment, including portions of the Partnership’s vehicle fleet, for various periods under noncancelable leases. Rental expense under operating leases was $31,849, $33,036 and $23,593 for fiscal 2014, 2013 and 2012, respectively. | |||||
Future minimum rental commitments under noncancelable operating lease agreements as of September 27, 2014 are as follows: | |||||
Fiscal Year | Minimum | ||||
Lease | |||||
Payments | |||||
2015 | $ | 25,266 | |||
2016 | 17,781 | ||||
2017 | 12,199 | ||||
2018 | 9,224 | ||||
2019 | 6,131 | ||||
2020 and thereafter | 7,469 | ||||
Contingencies. | |||||
Self Insurance. As described in Note 2, the Partnership is self-insured for general and product, workers’ compensation and automobile liabilities up to predetermined amounts above which third party insurance applies. At September 27, 2014 and September 28, 2013, the Partnership had accrued liabilities of $62,450 and $58,152, respectively, representing the total estimated losses under these self-insurance programs. For the portion of the estimated liability that exceeds insurance deductibles, the Partnership records an asset within other assets (or prepaid expenses and other current assets, as applicable) related to the amount of the liability expected to be covered by insurance which amounted to $18,410 and $18,330 as of September 27, 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. |
Guarantees
Guarantees | 12 Months Ended |
Sep. 27, 2014 | |
Guarantees [Abstract] | ' |
Guarantees | ' |
13. 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 $14,122 as of September 27, 2014. The fair value of residual value guarantees for outstanding operating leases was de minimis as of September 27, 2014 and September 28, 2013. |
Amounts_Reclassified_Out_of_Ac
Amounts Reclassified Out of Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
14. Amounts Reclassified Out of Accumulated Other Comprehensive Income | |||||||||||||||||
The following table summarizes amounts reclassified out of accumulated other comprehensive (loss) income for the years ended September 27, 2014, September 28, 2013 and September 29, 2012: | |||||||||||||||||
For the year ended September 27, 2014 | |||||||||||||||||
Gains | Pension | Postretirement | Total | ||||||||||||||
and | Benefits | Benefits | |||||||||||||||
Losses | |||||||||||||||||
on Cash | |||||||||||||||||
Flow | |||||||||||||||||
Hedges | |||||||||||||||||
Balance, beginning of period | $ | (2,428 | ) | $ | (49,987 | ) | $ | 5,062 | $ | (47,353 | ) | ||||||
Other comprehensive income before reclassifications | (518 | ) | — | — | (518 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 1,406 | (a) | 953 | (b) | (393 | )(b) | 1,966 | ||||||||||
Net current period other comprehensive income | 888 | 953 | (393 | ) | 1,448 | ||||||||||||
Balance, end of period | $ | (1,540 | ) | $ | (49,034 | ) | $ | 4,669 | $ | (45,905 | ) | ||||||
For the year ended September 28, 2013 | |||||||||||||||||
Gains | Pension | Postretirement | Total | ||||||||||||||
and | Benefits | Benefits | |||||||||||||||
Losses | |||||||||||||||||
on Cash | |||||||||||||||||
Flow | |||||||||||||||||
Hedges | |||||||||||||||||
Balance, beginning of period | $ | (5,477 | ) | $ | (59,398 | ) | $ | 3,768 | $ | (61,107 | ) | ||||||
Other comprehensive income before reclassifications | 584 | — | — | 584 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 2,465 | (a) | 9,411 | (b) | 1,294 | (b) | 13,170 | ||||||||||
Net current period other comprehensive income | 3,049 | 9,411 | 1,294 | 13,754 | |||||||||||||
Balance, end of period | $ | (2,428 | ) | $ | (49,987 | ) | $ | 5,062 | $ | (47,353 | ) | ||||||
For the year ended September 29, 2012 | |||||||||||||||||
Gains | Pension | Postretirement | Total | ||||||||||||||
and | Benefits | Benefits | |||||||||||||||
Losses | |||||||||||||||||
on Cash | |||||||||||||||||
Flow | |||||||||||||||||
Hedges | |||||||||||||||||
Balance, beginning of period | $ | (4,596 | ) | $ | (59,503 | ) | $ | 4,183 | $ | (59,916 | ) | ||||||
Other comprehensive income before reclassifications | (3,561 | ) | — | — | (3,561 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 2,680 | (a) | 105 | (b) | (415 | )(b) | 2,370 | ||||||||||
Net current period other comprehensive income | (881 | ) | 105 | (415 | ) | (1,191 | ) | ||||||||||
Balance, end of period | $ | (5,477 | ) | $ | (59,398 | ) | $ | 3,768 | $ | (61,107 | ) | ||||||
(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 10, “Employee Benefit Plans”. |
Public_Offerings
Public Offerings | 12 Months Ended |
Sep. 27, 2014 | |
Public Offerings [Abstract] | ' |
Public Offerings | ' |
15. Public Offerings | |
On May 17, 2013, the Partnership sold 2,700,000 Common Units in a public offering at a price of $48.16 per Common Unit, realizing proceeds of $124,684, net of underwriting commissions and other offering expenses. On May 22, 2013, following the underwriters’ exercise of their over-allotment option, the Partnership sold an additional 405,000 Common Units at $48.16 per Common Unit, generating additional proceeds of $18,760, net of underwriting commissions. The net proceeds from the offering, including the net proceeds from the underwriters’ exercise of their over-allotment option, were used to redeem $133,400 of the Partnership’s 2021 Senior Notes in August 2013. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
16. 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 gross margins and income before interest expense and provision for income taxes (operating profit). Costs excluded from these profit measures are captured in Corporate and include corporate overhead expenses not allocated to the operating segments. Unallocated corporate overhead expenses include all costs of back office support functions that are reported as general and administrative expenses within the consolidated statements of operations. In addition, certain costs associated with field operations support that are reported in operating expenses within the consolidated statements of operations, including purchasing, training and safety, are not allocated to the individual operating segments. Thus, operating profit for each operating segment includes only the costs that are directly attributable to the operations of the individual segment. The accounting policies of the operating segments are otherwise the same as those described in the summary of significant accounting policies in Note 2. | |||||||||||||
The propane segment is primarily engaged in the retail distribution of propane to residential, commercial, industrial 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 data by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented: | |||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues: | |||||||||||||
Propane | $ | 1,606,840 | $ | 1,357,102 | $ | 843,648 | |||||||
Fuel oil and refined fuels | 194,684 | 208,957 | 114,288 | ||||||||||
Natural gas and electricity | 87,093 | 79,432 | 67,419 | ||||||||||
All other | 49,640 | 58,115 | 38,103 | ||||||||||
Total revenues | $ | 1,938,257 | $ | 1,703,606 | $ | 1,063,458 | |||||||
Operating income: | |||||||||||||
Propane | $ | 295,916 | $ | 287,473 | $ | 142,548 | |||||||
Fuel oil and refined fuels | 2,473 | (2,799 | ) | 890 | |||||||||
Natural gas and electricity | 10,818 | 11,565 | 6,991 | ||||||||||
All other | (25,644 | ) | (26,483 | ) | (17,239 | ) | |||||||
Corporate | (93,437 | ) | (92,780 | ) | (91,533 | ) | |||||||
Total operating income | 190,126 | 176,976 | 41,657 | ||||||||||
Reconciliation to net income: | |||||||||||||
Loss on debt extinguishment | 11,589 | 2,144 | 2,249 | ||||||||||
Interest expense, net | 83,261 | 95,427 | 38,633 | ||||||||||
Provision for income taxes | 767 | 607 | 137 | ||||||||||
Net income | $ | 94,509 | $ | 78,798 | $ | 638 | |||||||
Depreciation and amortization: | |||||||||||||
Propane | $ | 106,491 | $ | 104,533 | $ | 34,826 | |||||||
Fuel oil and refined fuels | 5,429 | 4,634 | 3,652 | ||||||||||
Natural gas and electricity | 46 | 198 | 464 | ||||||||||
All other | 699 | 638 | 345 | ||||||||||
Corporate | 23,734 | 20,381 | 7,747 | ||||||||||
Total depreciation and amortization | $ | 136,399 | $ | 130,384 | $ | 47,034 | |||||||
As of | |||||||||||||
September 27, | September 28, | ||||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Propane | $ | 2,365,320 | $ | 2,452,909 | |||||||||
Fuel oil and refined fuels | 69,360 | 77,473 | |||||||||||
Natural gas and electricity | 13,992 | 16,789 | |||||||||||
All other | 3,342 | 3,860 | |||||||||||
Corporate | 157,349 | 176,956 | |||||||||||
Total assets | $ | 2,609,363 | $ | 2,727,987 | |||||||||
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS [Abstract] | ' | ||||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance at | Charged | Other | Deductions (a) | Balance | |||||||||||||||||
Beginning | (credited) to Costs | Additions | at End | ||||||||||||||||||
of Period | and Expenses | of Period | |||||||||||||||||||
Year Ended September 29, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 6,960 | $ | 838 | $ | — | $ | (3,451 | ) | $ | 4,347 | ||||||||||
Valuation allowance for deferred tax assets | 40,202 | (3,567 | ) | — | — | 36,635 | |||||||||||||||
Year Ended September 28, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,347 | $ | 6,717 | $ | — | $ | (4,278 | ) | $ | 6,786 | ||||||||||
Valuation allowance for deferred tax assets | 36,635 | 9,771 | — | — | 46,406 | ||||||||||||||||
Year Ended September 27, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 6,786 | $ | 11,933 | $ | — | $ | (7,597 | ) | $ | 11,122 | ||||||||||
Valuation allowance for deferred tax assets | 46,406 | 5,458 | — | — | $ | 51,864 | |||||||||||||||
(a) | Represents amounts that did not impact earnings. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Sep. 27, 2014 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Principles of Consolidation | ' | ||
Principles of Consolidation. The consolidated financial statements include the accounts of the Partnership, the Operating Partnership and all of its direct and indirect subsidiaries. All intercompany transactions and account balances have been eliminated. The Partnership consolidates the results of operations, financial condition and cash flows of the Operating Partnership as a result of the Partnership’s 100% limited partner interest in the Operating Partnership. | |||
Fiscal Period | ' | ||
Fiscal Period. The Partnership uses a 52/53 week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally 13 weeks in duration. When the Partnership’s fiscal year is 53 weeks long, the corresponding fourth quarter is 14 weeks in duration. Fiscal 2014 and fiscal 2013 included 52 weeks of operations and fiscal 2012 included 53 weeks of operations. | |||
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. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents. The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short maturity of these instruments. | |||
Inventories | ' | ||
Inventories. Inventories are stated at the lower of cost or market. Cost is determined using a weighted average method for propane, fuel oil and refined fuels and natural gas, and a standard cost basis for appliances, which approximates average cost. | |||
Derivative Instruments and Hedging Activities | ' | ||
Derivative Instruments and Hedging Activities. | |||
Commodity Price Risk. Given the retail nature of its operations, the Partnership maintains a certain level of priced physical inventory to help ensure its field operations have adequate supply commensurate with the time of year. The Partnership’s strategy is to keep its physical inventory priced relatively close to market for its field operations. The Partnership enters into a combination of exchange-traded futures and option contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to hedge price risk associated with propane and fuel oil physical inventories, as well as future purchases of propane or fuel oil used in its operations and to help ensure adequate supply during periods of high demand. In addition, the Partnership sells propane and fuel oil to customers at fixed prices, and enters into derivative instruments to hedge a portion of its exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. Under this risk management strategy, realized gains or losses on derivative instruments will typically offset losses or gains on the physical inventory once the product is sold or delivered as it pertains to fixed price contracts. All of the Partnership’s derivative instruments are reported on the consolidated balance sheet at their fair values. In addition, in the course of normal operations, the Partnership routinely enters into contracts such as forward priced physical contracts for the purchase or sale of propane and fuel oil that qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from the fair value accounting requirements and are accounted for at the time product is purchased or sold under the related contract. The Partnership does not use derivative instruments for speculative trading purposes. Market risks associated with derivative instruments are monitored daily for compliance with the Partnership’s Hedging and Risk Management Policy which includes volume limits for open positions. Priced on-hand inventory is also reviewed and managed daily as to exposures to changing market prices. | |||
On the date that derivative instruments are entered into, other than those designated as normal purchases or normal sales, the Partnership makes a determination as to whether the derivative instrument qualifies for designation as a hedge. Changes in the fair value of derivative instruments are recorded each period in current period earnings or other comprehensive income (“OCI”), depending on whether the derivative instrument is designated as a hedge and, if so, the type of hedge. For derivative instruments designated as cash flow hedges, the Partnership formally assesses, both at the hedge contract’s inception and on an ongoing basis, whether the hedge contract is highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of derivative instruments designated as cash flow hedges are reported in OCI to the extent effective and reclassified into earnings during the same period in which the hedged item affects earnings. The mark-to-market gains or losses on ineffective portions of cash flow hedges are recognized in earnings immediately. Changes in the fair value of derivative instruments that are not designated as cash flow hedges, and that do not meet the normal purchase and normal sale exemption, are recorded within earnings as they occur. Cash flows associated with derivative instruments are reported as operating activities within the consolidated statement of cash flows. | |||
Interest Rate Risk. A portion of the Partnership’s borrowings bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus an applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus 1⁄2 of 1% or the agent bank’s prime rate, or LIBOR plus 1%, plus the applicable margin. The applicable margin is dependent on the level of the Partnership’s total leverage (the ratio of total debt to income before deducting interest expense, income taxes, depreciation and amortization (“EBITDA”)). Therefore, the Partnership is subject to interest rate risk on the variable component of the interest rate. 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 options and futures contracts using quoted market prices found on the New York Mercantile Exchange (the “NYMEX”) (Level 1 inputs); the fair value of its swap contracts using quoted forward prices, and the fair value of its interest rate swaps using model-derived valuations driven by observable projected movements of the 3-month LIBOR (Level 2 inputs); and the fair value of its over-the-counter options contracts using Level 3 inputs. The Partnership’s over-the-counter options contracts are valued based on an internal option model. The inputs utilized in the model are based on publicly available information as well as broker quotes. The significant unobservable inputs used in the fair value measurements of the Partnership’s over-the-counter options contracts are interest rate and market volatility. | |||
Long-Lived Assets | ' | ||
Long-Lived Assets. | |||
Property, plant and equipment. Property, plant and equipment are stated at cost. Expenditures for maintenance and routine repairs are expensed as incurred while betterments are capitalized as additions to the related assets and depreciated over the asset’s remaining useful life. The Partnership capitalizes costs incurred in the acquisition and modification of computer software used internally, including consulting fees and costs of employees dedicated solely to a specific project. At the time assets are retired, or otherwise disposed of, the asset and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized within operating expenses. Depreciation is determined under the straight-line method based upon the estimated useful life of the asset as follows: | |||
Buildings | 40 Years | ||
Building and land improvements | 20 Years | ||
Transportation equipment | 3-20 Years | ||
Storage facilities | 7-40 Years | ||
Office equipment | 5-10 Years | ||
Tanks and cylinders | 10-40 Years | ||
Computer software | 3-7 Years | ||
The weighted average estimated useful life of the Partnership’s storage facilities and tanks and cylinders is approximately 21 years and 28 years, respectively. | |||
Goodwill | ' | ||
Goodwill.Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is subject to an impairment review at a reporting unit level, on an annual basis as of the end of fiscal July of each year, or when an event occurs or circumstances change that would indicate potential impairment. | |||
The Partnership has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. However, if an entity 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. | |||
Other Intangible Assets | ' | ||
Other Intangible Assets.Other intangible assets consist of customer relationships, tradenames, non-compete agreements and leasehold interests. Customer relationships and tradenames are amortized under the straight-line method over the estimated period for which the assets are expected to contribute to the future cash flows of the reporting entities to which they relate, ending periodically between fiscal years 2016 and 2021. Non-compete agreements are amortized under the straight-line method over the periods of the related agreements. Leasehold interests are amortized under the straight-line method over the shorter of the lease term or the useful life of the related assets, through fiscal 2025. | |||
Accrued Insurance | ' | ||
Accrued Insurance. Accrued insurance represents the estimated costs of known and anticipated or unasserted claims for self-insured liabilities related to general and product, workers’ compensation and automobile liability. Accrued insurance provisions for unasserted claims arising from unreported incidents are based on an analysis of historical claims data. For each claim, the Partnership records a provision up to the estimated amount of the probable claim utilizing actuarially determined loss development factors applied to actual claims data. The Partnership maintains insurance coverage such that its net exposure for insured claims is limited to the insurance deductible, claims above which are paid by the Partnership’s insurance carriers. For the portion of the estimated liability that exceeds insurance deductibles, the Partnership records an asset related to the amount of the liability expected to be covered by insurance. | |||
Customer Deposits and Advances | ' | ||
Customer Deposits and Advances. The Partnership offers different payment programs to its customers including the ability to prepay for usage and to make equal monthly payments on account under a budget payment plan. The Partnership establishes a liability within customer deposits and advances for amounts collected in advance of deliveries. | |||
Income Taxes | ' | ||
Income Taxes. As discussed in Note 1, the Partnership structure consists of two limited partnerships, the Partnership and the Operating Partnership, and the Corporate Entities. For federal income tax purposes, as well as for state income tax purposes in the majority of the states in which the Partnership operates, the earnings attributable to the Partnership and the Operating Partnership are included in the tax returns of the Common Unitholders. As a result, except for certain states that impose an income tax on partnerships, no income tax expense is reflected in the Partnership’s consolidated financial statements relating to the earnings of the Partnership and the Operating Partnership. The earnings attributable to the Corporate Entities are subject to federal and state income tax. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Common Unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under the Partnership Agreement. | |||
Income taxes for the Corporate Entities are provided based on the asset and liability approach to accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets when it is more likely than not that the full amount will not be realized. | |||
Loss Contingencies | ' | ||
Loss Contingencies. In the normal course of business, the Partnership is involved in various claims and legal proceedings. The Partnership records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. The liability includes probable and estimable legal costs to the point in the legal matter where the Partnership believes a conclusion to the matter will be reached. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. | |||
Asset Retirement Obligations | ' | ||
Asset Retirement Obligations. Asset retirement obligations apply to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. The Partnership has recognized asset retirement obligations for certain costs to remove and properly dispose of underground and aboveground fuel oil storage tanks and contractually mandated removal of leasehold improvements. | |||
The Partnership records a liability at fair value for the estimated cost to settle an asset retirement obligation at the time that liability is incurred, which is generally when the asset is purchased, constructed or leased. The Partnership records the liability, which is referred to as the asset retirement obligation, when it has a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Partnership records the liability when sufficient information is available to estimate the liability’s fair value. | |||
Unit-Based Compensation | ' | ||
Unit-Based Compensation. The Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity or equity-based compensation based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on remeasurement of the award’s fair value at the conclusion of each interim and annual reporting period until the date of settlement, taking into consideration the probability that the performance conditions will be satisfied. | |||
Costs and Expenses | ' | ||
Costs and Expenses. The cost of products sold reported in the consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, as well as the cost of natural gas and electricity sold, including transportation costs to deliver product from the Partnership’s supply points to storage or to the Partnership’s customer service centers. Cost of products sold also includes the cost of appliances, equipment and related parts sold or installed by the Partnership’s customer service centers computed on a basis that approximates the average cost of the products. Unrealized (non-cash) gains or losses from changes in the fair value of commodity derivative instruments that are not designated as cash flow hedges are recorded in each reporting period within cost of products sold. Cost of products sold is reported exclusive of any depreciation and amortization as such amounts are reported separately within the consolidated statements of operations. | |||
All other costs of operating the Partnership’s retail propane, fuel oil and refined fuels distribution and appliance sales and service operations, as well as the natural gas and electricity marketing business, are reported within operating expenses in the consolidated statements of operations. These operating expenses include the compensation and benefits of field and direct operating support personnel, costs of operating and maintaining the vehicle fleet, overhead and other costs of the purchasing, training and safety departments and other direct and indirect costs of operating the Partnership’s customer service centers. | |||
All costs of back office support functions, including compensation and benefits for executives and other support functions, as well as other costs and expenses to maintain finance and accounting, treasury, legal, human resources, corporate development and the information systems functions are reported within general and administrative expenses in the consolidated statements of operations. | |||
Net Income Per Unit | ' | ||
Net Income Per Unit. Computations of basic income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units, and vested (and unissued) restricted units granted under the Partnership’s Restricted Unit Plans, as defined below, to retirement-eligible grantees. Computations of diluted income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units and unissued restricted units granted under the Restricted Unit Plans. In computing diluted net income per Common Unit, weighted average units outstanding used to compute basic net income per Common Unit were increased by 269,867, 222,419 and 141,570 units for fiscal 2014, 2013 and 2012, respectively, to reflect the potential dilutive effect of the unvested restricted units outstanding using the treasury stock method. | |||
Comprehensive Income | ' | ||
Comprehensive Income. The Partnership reports comprehensive income (the total of net income and all other non-owner changes in partners’ capital) within the consolidated statement of comprehensive income. Other comprehensive income includes unrealized gains and losses on derivative instruments accounted for as cash flow hedges and reclassifications of realized losses on cash flow hedges into earnings, amortization of net actuarial losses and prior service credits into earnings and changes in the funded status of pension and other postretirement benefit plans. | |||
Recently Issued Accounting Pronouncements | ' | ||
Recently Issued Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”). This update provides a principles-based approach to revenue recognition, requiring revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU provides a five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when each performance obligation is satisfied. The revenue standard is effective for the first interim period within annual reporting periods beginning after December 15, 2016, which will be the Partnership’s first quarter of fiscal year 2018. ASU 2014-09 can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of the initial application along with additional disclosures. The Partnership is evaluating the impacts, if any, the adoption of ASU 2014-09 will have on the Partnership’s results of operations, financial position or cash flows. | |||
Recently Adopted Accounting Pronouncements | ' | ||
Recently Adopted Accounting Pronouncements. In December 2011, the FASB issued an 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Sep. 27, 2014 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Estimated useful life of property, plant and equipment by category | ' | ||
Depreciation is determined under the straight-line method based upon the estimated useful life of the asset as follows: | |||
Buildings | 40 Years | ||
Building and land improvements | 20 Years | ||
Transportation equipment | 3-20 Years | ||
Storage facilities | 7-40 Years | ||
Office equipment | 5-10 Years | ||
Tanks and cylinders | 10-40 Years | ||
Computer software | 3-7 Years | ||
The weighted average estimated useful life of the Partnership’s storage facilities and tanks and cylinders is approximately 21 years and 28 years, respectively. |
Acquisition_of_Inergy_Propane_
Acquisition of Inergy Propane (Tables) | 12 Months Ended | ||||
Sep. 27, 2014 | |||||
Acquisition of Inergy Propane [Abstract] | ' | ||||
Purchase price allocation | ' | ||||
The table provides the final purchase price allocation: | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 7,964 | |||
Accounts receivable | 36,076 | ||||
Inventories | 30,457 | ||||
Other current assets | 2,067 | ||||
Current assets acquired | 76,564 | ||||
Property, plant & equipment | 617,854 | ||||
Customer relationships (estimated useful life of 9 years) | 445,500 | ||||
Non-compete agreements (estimated useful life of 6 years) | 23,059 | ||||
Other intangible assets (estimated useful life of 4 years) | 1,983 | ||||
Goodwill | 809,778 | ||||
Other assets | 2,151 | ||||
Total assets acquired | $ | 1,976,889 | |||
Liabilities assumed: | |||||
Accounts payable | $ | 16 | |||
Accrued employment and benefit costs | 2,149 | ||||
Customer deposits and advances | 48,469 | ||||
Other current liabilities | 18,613 | ||||
Other noncurrent liabilities | 16,727 | ||||
Total liabilities assumed | 85,974 | ||||
Total | $ | 1,890,915 | |||
Unaudited pro forma combined financial information | ' | ||||
The unaudited pro forma combined financial information was prepared under the assumption that the net proceeds from the issuance of the 6,300,000 Common Units on August 14, 2012 were used to fund the portion of the Inergy Propane Acquisition that was originally financed through the 364-Day Facility (which was repaid two weeks after the Acquisition Date). As a result, the Common Units were assumed to have been issued on September 30, 2011, and, in turn, the pro forma results for the fiscal year ended September 29, 2012 do not include any interest costs associated with the 364-Day Facility. | |||||
Year Ended | |||||
September 29, | |||||
2012 | |||||
Revenues | $ | 1,842,698 | |||
Net income | $ | 12,824 | |||
Income per common unit | |||||
Basic | $ | 0.23 | |||
Diluted | $ | 0.23 |
Distributions_of_Available_Cas1
Distributions of Available Cash (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Distributions of Available Cash [Abstract] | ' | ||||||||||||
Quarterly distributions per Common Unit declared and paid | ' | ||||||||||||
The following summarizes the quarterly distributions per Common Unit declared and paid in respect of each of the quarters in the three fiscal years in the period ended September 27, 2014: | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2014 | 2013 | 2012 | |||||||||||
First Quarter | $ | 0.875 | $ | 0.875 | $ | 0.8525 | |||||||
Second Quarter | 0.875 | 0.875 | 0.8525 | ||||||||||
Third Quarter | 0.875 | 0.875 | 0.8525 | ||||||||||
Fourth Quarter | 0.875 | 0.875 | 0.8525 |
Selected_Balance_Sheet_Informa1
Selected Balance Sheet Information (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Selected Balance Sheet Information [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
As of | |||||||||
September 27, | September 28, | ||||||||
2014 | 2013 | ||||||||
Propane, fuel oil and refined fuels and natural gas | $ | 89,470 | $ | 75,885 | |||||
Appliances | 1,495 | 1,738 | |||||||
$ | 90,965 | $ | 77,623 | ||||||
Property, plant and equipment | ' | ||||||||
Property, plant and equipment consist of the following: | |||||||||
As of | |||||||||
September 27, | September 28, | ||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 201,353 | $ | 207,516 | |||||
Buildings and improvements | 103,751 | 104,137 | |||||||
Transportation equipment | 64,254 | 71,815 | |||||||
Storage facilities | 110,586 | 113,571 | |||||||
Equipment, primarily tanks and cylinders | 823,478 | 830,282 | |||||||
Computer systems | 49,904 | 49,049 | |||||||
Construction in progress | 3,420 | 4,472 | |||||||
1,356,746 | 1,380,842 | ||||||||
Less: accumulated depreciation | (529,920 | ) | (492,610 | ) | |||||
$ | 826,826 | $ | 888,232 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Goodwill and Other Intangible Assets [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: | |||||||||||||||||
Propane | Fuel oil | Natural | Total | ||||||||||||||
and | gas and | ||||||||||||||||
refined | electricity | ||||||||||||||||
fuels | |||||||||||||||||
Balance as of September 27, 2014 and September 28, 2013 | |||||||||||||||||
Goodwill | $ | 1,075,091 | $ | 10,900 | $ | 7,900 | $ | 1,093,891 | |||||||||
Accumulated adjustments | — | (6,462 | ) | — | (6,462 | ) | |||||||||||
$ | 1,075,091 | $ | 4,438 | $ | 7,900 | $ | 1,087,429 | ||||||||||
Other intangible assets | ' | ||||||||||||||||
Other intangible assets consist of the following: | |||||||||||||||||
As of | |||||||||||||||||
September 27, | September 28, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Customer relationships | $ | 466,959 | $ | 466,959 | |||||||||||||
Non-compete agreements | 26,815 | 26,815 | |||||||||||||||
Tradenames | 3,482 | 3,482 | |||||||||||||||
Other | 1,967 | 1,967 | |||||||||||||||
499,223 | 499,223 | ||||||||||||||||
Less: accumulated amortization | |||||||||||||||||
Customer relationships | (122,411 | ) | (71,382 | ) | |||||||||||||
Non-compete agreements | (13,962 | ) | (8,138 | ) | |||||||||||||
Tradenames | (2,573 | ) | (2,040 | ) | |||||||||||||
Other | (984 | ) | (892 | ) | |||||||||||||
(139,930 | ) | (82,452 | ) | ||||||||||||||
$ | 359,293 | $ | 416,771 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Provision for income taxes | ' | ||||||||||||
The income tax provision of all the legal entities included in the Partnership’s consolidated statement of operations, which is composed primarily of state income taxes in the few states that impose taxes on partnerships and minimum state income taxes on the Corporate Entities, consists of the following: | |||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 10 | $ | 26 | $ | 18 | |||||||
State and local | 757 | 581 | 119 | ||||||||||
767 | 607 | 137 | |||||||||||
Deferred | — | — | — | ||||||||||
$ | 767 | $ | 607 | $ | 137 | ||||||||
Income tax reconciliation | ' | ||||||||||||
The provision for income taxes differs from income taxes computed at the United States federal statutory rate as a result of the following: | |||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax provision at federal statutory tax rate | $ | 33,346 | $ | 27,792 | $ | 271 | |||||||
Impact of Partnership income not subject to federal income taxes | (38,919 | ) | (35,187 | ) | (4,564 | ) | |||||||
Permanent differences | 86 | 71 | 244 | ||||||||||
Transfer of assets to Corporate Entities | — | — | 8,181 | ||||||||||
Change in valuation allowance | 5,458 | 9,771 | (3,567 | ) | |||||||||
State income taxes | (60 | ) | (1,135 | ) | 339 | ||||||||
Other | 856 | (705 | ) | (767 | ) | ||||||||
Provision for income taxes—current | $ | 767 | $ | 607 | $ | 137 | |||||||
Deferred tax assets and liabilities | ' | ||||||||||||
The components of net deferred taxes and the related valuation allowance using currently enacted tax rates are as follows: | |||||||||||||
As of | |||||||||||||
September 27, | September 28, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 51,321 | $ | 46,356 | |||||||||
Allowance for doubtful accounts | 1,371 | 878 | |||||||||||
Inventory | 433 | 525 | |||||||||||
Intangible assets | 122 | 577 | |||||||||||
Deferred revenue | 1,524 | 2,188 | |||||||||||
Derivative instruments | 71 | 109 | |||||||||||
AMT credit carryforward | 1,086 | 1,086 | |||||||||||
Other accruals | 2,060 | 2,062 | |||||||||||
Total deferred tax assets | 57,988 | 53,781 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | 6,124 | 7,375 | |||||||||||
Total deferred tax liabilities | 6,124 | 7,375 | |||||||||||
Net deferred tax assets | 51,864 | 46,406 | |||||||||||
Valuation allowance | (51,864 | ) | (46,406 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
LongTerm_Borrowings_Tables
Long-Term Borrowings (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Long-Term Borrowings [Abstract] | ' | ||||||||
Long-term borrowings | ' | ||||||||
Long-term borrowings consist of the following: | |||||||||
As of | |||||||||
September 27, | September 28, | ||||||||
2014 | 2013 | ||||||||
7.5% senior notes, due October 1, 2018, including unamortized premium of $-0- and $28,614, respectively | $ | — | $ | 525,171 | |||||
7.375% senior notes, due March 15, 2020, net of unamortized discount of $1,183 and $1,400, respectively | 248,817 | 248,600 | |||||||
7.375% senior notes, due August 1, 2021, including unamortized premium of $22,688 and $25,286, respectively | 368,868 | 371,466 | |||||||
5.5% senior notes, due June 1, 2024 | 525,000 | — | |||||||
Revolving Credit Facility, due January 5, 2017 | 100,000 | 100,000 | |||||||
$ | 1,242,685 | $ | 1,245,237 | ||||||
7.375% Senior Notes due August 1, 2021 [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Schedule of percentage of redemption price borrowings | ' | ||||||||
The 2021 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after August 1, 2016, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to date of the redemption. | |||||||||
Year | Percentage | ||||||||
2016 | 103.688 | % | |||||||
2017 | 102.459 | % | |||||||
2018 | 101.229 | % | |||||||
2019 and thereafter | 100 | % | |||||||
7.375% Senior Notes due March 15, 2020 [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Schedule of percentage of redemption price borrowings | ' | ||||||||
The 2020 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after March 15, 2015, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. | |||||||||
Year | Percentage | ||||||||
2015 | 103.688 | % | |||||||
2016 | 102.458 | % | |||||||
2017 | 101.229 | % | |||||||
2018 and thereafter | 100 | % | |||||||
5.5% Senior Notes due June 1, 2024 [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Schedule of percentage of redemption price borrowings | ' | ||||||||
The 2024 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after June 1, 2019, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. | |||||||||
Year | Percentage | ||||||||
2019 | 102.75 | % | |||||||
2020 | 101.833 | % | |||||||
2021 | 100.917 | % | |||||||
2022 and thereafter | 100 | % |
UnitBased_Compensation_Arrange1
Unit-Based Compensation Arrangements (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Unit-Based Compensation Arrangements [Abstract] | ' | ||||||||
Summary of activity for the Restricted Unit Plans | ' | ||||||||
The following is a summary of activity in the Restricted Unit Plans: | |||||||||
Units | Weighted | ||||||||
Average | |||||||||
Grant | |||||||||
Date Fair | |||||||||
Value | |||||||||
Per Unit | |||||||||
Outstanding September 24, 2011 | 485,423 | $ | 32.71 | ||||||
Granted | 108,674 | 32.6 | |||||||
Forfeited | (12,225 | ) | (30.78 | ) | |||||
Issued | (139,021 | ) | (33.14 | ) | |||||
Outstanding September 29, 2012 | 442,851 | 32.68 | |||||||
Granted | 200,933 | 23.42 | |||||||
Forfeited | (3,497 | ) | (32.15 | ) | |||||
Issued | (112,660 | ) | (32.01 | ) | |||||
Outstanding September 28, 2013 | 527,627 | 29.3 | |||||||
Granted | 256,273 | 37.43 | |||||||
Forfeited | (3,119 | ) | (28.39 | ) | |||||
Issued | (85,854 | ) | (31.23 | ) | |||||
Outstanding September 27, 2014 | 694,927 | $ | 32.07 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||||||||||
Schedule of defined benefit plans disclosure | ' | ||||||||||||||||||||||||
The following tables provide a reconciliation of the changes in the benefit obligations and the fair value of the plan assets for fiscal 2014 and 2013 and a statement of the funded status for both years. Under the Partnership’s cash balance defined benefit pension plan, the accumulated benefit obligation and the projected benefit obligation are the same. | |||||||||||||||||||||||||
Pension Benefits | Retiree Health and Life | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Reconciliation of benefit obligations: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 148,631 | $ | 165,906 | $ | 17,754 | $ | 20,232 | |||||||||||||||||
Service cost | — | — | 5 | 8 | |||||||||||||||||||||
Interest cost | 5,774 | 5,229 | 640 | 586 | |||||||||||||||||||||
Actuarial loss (gain) | 8,459 | (11,446 | ) | (278 | ) | (1,784 | ) | ||||||||||||||||||
Lump sum benefits paid | (5,401 | ) | (3,155 | ) | — | — | |||||||||||||||||||
Ordinary benefits paid | (7,627 | ) | (7,903 | ) | (1,167 | ) | (1,288 | ) | |||||||||||||||||
Benefit obligation at end of year | $ | 149,836 | $ | 148,631 | $ | 16,954 | $ | 17,754 | |||||||||||||||||
Reconciliation of fair value of plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 120,776 | $ | 133,873 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 10,023 | (2,039 | ) | — | — | ||||||||||||||||||||
Employer contributions | — | — | 1,167 | 1,288 | |||||||||||||||||||||
Lump sum benefits paid | (5,401 | ) | (3,155 | ) | — | — | |||||||||||||||||||
Ordinary benefits paid | (7,627 | ) | (7,903 | ) | (1,167 | ) | (1,288 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 117,771 | $ | 120,776 | $ | — | $ | — | |||||||||||||||||
Funded status: | |||||||||||||||||||||||||
Funded status at end of year | $ | (32,065 | ) | $ | (27,855 | ) | $ | (16,954 | ) | $ | (17,754 | ) | |||||||||||||
Amounts recognized in consolidated balance sheets consist of: | |||||||||||||||||||||||||
Net amount recognized at end of year | $ | (32,065 | ) | $ | (27,855 | ) | $ | (16,954 | ) | $ | (17,754 | ) | |||||||||||||
Less: Current portion | — | — | 1,276 | 1,427 | |||||||||||||||||||||
Non-current benefit liability | $ | (32,065 | ) | $ | (27,855 | ) | $ | (15,678 | ) | $ | (16,327 | ) | |||||||||||||
Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (loss): | |||||||||||||||||||||||||
Actuarial net (loss) gain | $ | (49,034 | ) | $ | (49,986 | ) | $ | 3,780 | $ | 3,683 | |||||||||||||||
Prior service credits | — | — | 889 | 1,379 | |||||||||||||||||||||
Net amount recognized in accumulated other comprehensive | |||||||||||||||||||||||||
(loss) income | $ | (49,034 | ) | $ | (49,986 | ) | $ | 4,669 | $ | 5,062 | |||||||||||||||
Percentage allocation of plan assets | ' | ||||||||||||||||||||||||
The following table presents the actual allocation of assets held in trust as of: | |||||||||||||||||||||||||
September 27, | September 28, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Fixed income securities | 85 | % | 85 | % | |||||||||||||||||||||
Equity securities | 15 | % | 15 | % | |||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||
Schedule of measurement of partnership's pension plan assets by category | ' | ||||||||||||||||||||||||
The following table describes the measurement of the Partnership’s pension plan assets by asset category as of: | |||||||||||||||||||||||||
September 27, | September 28, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Short term investments (1) | $ | 1,500 | $ | 1,516 | |||||||||||||||||||||
Equity securities: (1) (2) | |||||||||||||||||||||||||
Domestic | 6,370 | 11,780 | |||||||||||||||||||||||
International | 10,916 | 5,959 | |||||||||||||||||||||||
Fixed income securities (1) (3) | 98,985 | 101,521 | |||||||||||||||||||||||
$ | 117,771 | $ | 120,776 | ||||||||||||||||||||||
-1 | Includes funds which are not publicly traded and are valued at the net asset value of the units provided by the fund issuer. | ||||||||||||||||||||||||
-2 | Includes funds which invest primarily in a diversified portfolio of publicly traded U.S. and Non-U.S. common stock. | ||||||||||||||||||||||||
-3 | Includes funds which invest primarily in publicly traded and non-publicly traded, investment grade corporate bonds, U.S. government bonds and asset-backed securities. | ||||||||||||||||||||||||
Schedule of expected benefit payments | ' | ||||||||||||||||||||||||
There are no projected minimum funding requirements under the Partnership’s defined benefit pension plan for fiscal 2015. Estimated future benefit payments for both pension and retiree health and life benefits are as follows: | |||||||||||||||||||||||||
Fiscal Year | Pension | Retiree | |||||||||||||||||||||||
Benefits | Health | ||||||||||||||||||||||||
and | |||||||||||||||||||||||||
Life | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2015 | $ | 32,316 | $ | 1,276 | |||||||||||||||||||||
2016 | 12,632 | 1,202 | |||||||||||||||||||||||
2017 | 11,194 | 1,122 | |||||||||||||||||||||||
2018 | 11,317 | 1,048 | |||||||||||||||||||||||
2019 | 10,244 | 972 | |||||||||||||||||||||||
2020 through 2024 | 45,032 | 3,599 | |||||||||||||||||||||||
Schedule of net benefit costs | ' | ||||||||||||||||||||||||
The following table provides the components of net periodic benefit costs included in operating expenses for fiscal 2014, 2013 and 2012: | |||||||||||||||||||||||||
Pension Benefits | Retiree Health and Life | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 5 | $ | 8 | $ | 7 | |||||||||||||
Interest cost | 5,774 | 5,229 | 6,311 | 640 | 586 | 802 | |||||||||||||||||||
Expected return on plan assets | (5,102 | ) | (5,281 | ) | (5,665 | ) | — | — | — | ||||||||||||||||
Amortization of prior service credit | — | — | — | (490 | ) | (490 | ) | (490 | ) | ||||||||||||||||
Recognized net actuarial loss | 4,492 | 5,285 | 5,271 | (181 | ) | — | — | ||||||||||||||||||
Net periodic benefit costs | $ | 5,164 | $ | 5,233 | $ | 5,917 | $ | (26 | ) | $ | 104 | $ | 319 | ||||||||||||
Schedule of assumptions used | ' | ||||||||||||||||||||||||
The assumptions used in the measurement of the Partnership’s benefit obligations as of September 27, 2014 and September 28, 2013 are shown in the following table: | |||||||||||||||||||||||||
Pension Benefits | Retiree Health | ||||||||||||||||||||||||
and Life Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Weighted-average discount rate | 3.875 | % | 4.375 | % | 3.5 | % | 3.75 | % | |||||||||||||||||
Average rate of compensation increase | n/a | n/a | n/a | n/a | |||||||||||||||||||||
Health care cost trend | n/a | n/a | 7.12 | % | 7.33 | % | |||||||||||||||||||
The assumptions used in the measurement of net periodic pension benefit and postretirement benefit costs for fiscal 2014, 2013 and 2012 are shown in the following table: | |||||||||||||||||||||||||
Pension Benefits | Retiree Health and Life | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-average discount rate | 4.375 | % | 3.5 | % | 4.375 | % | 3.75 | % | 3 | % | 4 | % | |||||||||||||
Average rate of compensation increase | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||
Weighted-average expected long- term rate of return on plan assets | 4.9 | % | 4.5 | % | 4.8 | % | n/a | n/a | n/a | ||||||||||||||||
Health care cost trend | n/a | n/a | n/a | 7.33 | % | 7.53 | % | 7.74 | % | ||||||||||||||||
Total contributions made to multiemployer pension plans | ' | ||||||||||||||||||||||||
While no multiemployer pension plan that the Partnership contributed to is individually significant to the Partnership, the table below discloses the three largest MEPPs to which the Partnership contributes. The financial health of a MEPP is indicated by the zone status, as defined by the PPA, which represents the funded status of the plan as certified by the plan’s actuary. Plans in the red zone are less than 65% funded, the yellow zone are between 65% and 80% funded, and green zone are at least 80% funded. Total contributions made by the Partnership to multiemployer pension plans for the fiscal year ended September 27, 2014 are shown below and reflect contributions made from the Inergy Propane Acquisition Date. | |||||||||||||||||||||||||
EIN/Pension | PPA Zone Status | FIP/RP | Contributions | Contributions greater | Expiration | ||||||||||||||||||||
Plan Number | Status | than 5% of Total | date of | ||||||||||||||||||||||
Pension Fund | 2014 | 2013 | 2014 | 2013 | 2012 | Plan Contributions | CBA | ||||||||||||||||||
New England Teamsters & Trucking Industry Pension Fund | 04-6372430 | Red (a) | Red (a) | Implemented | $ | 616 | $ | 562 | $ | 30 | No | April 2016 - March 2017 | |||||||||||||
Local 282 Pension Trust Fund | 11-6245313 | Green (b) | Green (b) | n/a | 336 | 284 | 66 | No | Jul-19 | ||||||||||||||||
Teamsters Industrial Employees Pension Fund | 22-6099363 | Red (c) | Red (c) | Implemented | 185 | 179 | 15 | No | Jun-17 | ||||||||||||||||
Other (d) | 31 | 137 | 48 | No | n/a | ||||||||||||||||||||
$ | 1,168 | $ | 1,162 | $ | 159 | ||||||||||||||||||||
(a) | Based on most recent available valuation information for plan years ended September 2013. | ||||||||||||||||||||||||
(b) | Based on most recent available valuation information for plan years ended February 2014. | ||||||||||||||||||||||||
(c) | Based on most recent available valuation information for plan years ended December 2013. | ||||||||||||||||||||||||
(d) | Includes the MEPPs from which the Partnership withdrew in fiscal 2013. |
Financial_Instruments_and_Risk1
Financial Instruments and Risk Management (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 27, 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 fair value of the Partnership’s derivative instruments and their location in the consolidated balance sheets as of September 27, 2014 and September 28, 2013, respectively: | |||||||||||||||||
As of September 27, 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 | $ | 3,924 | Other current assets | $ | 2,546 | |||||||||||
Other assets | 62 | Other assets | 716 | ||||||||||||||
$ | 3,986 | $ | 3,262 | ||||||||||||||
Liability Derivatives | Location | Fair Value | Location | Fair Value | |||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate swaps | Other current liabilities | $ | 1,257 | Other current liabilities | $ | 1,307 | |||||||||||
Other liabilities | 283 | Other liabilities | 1,121 | ||||||||||||||
$ | 1,540 | $ | 2,428 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Commodity-related derivatives | Other current liabilities | $ | 1,527 | Other current liabilities | $ | 430 | |||||||||||
Other liabilities | 53 | Other liabilities | — | ||||||||||||||
$ | 1,580 | $ | 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) | |||||||||||||||||
Fiscal 2014 | Fiscal 2013 | ||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Beginning balance of over-the-counter options | $ | 1,847 | $ | — | $ | 5,002 | $ | 1,209 | |||||||||
Beginning balance realized during the period | (1,166 | ) | — | (4,400 | ) | (1,182 | ) | ||||||||||
Contracts purchased during the period | 1,145 | — | 1,825 | — | |||||||||||||
Change in the fair value of outstanding contracts | (314 | ) | — | (580 | ) | (27 | ) | ||||||||||
Ending balance of over-the-counter options | $ | 1,512 | $ | — | $ | 1,847 | $ | — | |||||||||
Effect of the Partnership's derivative instruments on the condensed consolidated statements of operations | ' | ||||||||||||||||
The effect of the Partnership’s derivative instruments on the consolidated statements of operations for fiscal 2014, 2013 and 2012 are as follows: | |||||||||||||||||
Amount of | Gains (Losses) Reclassified from | ||||||||||||||||
(Losses) Gains | Accumulated OCI into Income | ||||||||||||||||
Recognized in OCI | (Effective Portion) | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | (Effective Portion) | Location | Amount | ||||||||||||||
Interest rate swaps: | |||||||||||||||||
Fiscal 2014 | $ | (518 | ) | Interest expense | $ | (1,406 | ) | ||||||||||
Fiscal 2013 | $ | 584 | Interest expense | $ | (2,465 | ) | |||||||||||
Fiscal 2012 | $ | (3,561 | ) | Interest expense | $ | (2,680 | ) | ||||||||||
Derivatives Not Designated as Hedging Instruments: | Location of Gains | Amount of | |||||||||||||||
(Losses) Recognized in | Unrealized | ||||||||||||||||
Income | Gains | ||||||||||||||||
(Losses) | |||||||||||||||||
Recognized | |||||||||||||||||
in Income | |||||||||||||||||
Commodity-related derivatives: | |||||||||||||||||
Fiscal 2014 | Cost of products sold | $ | 306 | ||||||||||||||
Fiscal 2013 | Cost of products sold | $ | (4,318 | ) | |||||||||||||
Fiscal 2012 | Cost of products sold | $ | 4,649 | ||||||||||||||
Fair value of the Partnership's recognized derivative assets and liabilities on a gross basis and amounts offset on the condensed consolidated balance sheets | ' | ||||||||||||||||
The following table presents the fair value of the Partnership’s recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: | |||||||||||||||||
As of September 27, 2014 | |||||||||||||||||
Gross | Effects | Net | |||||||||||||||
amounts | of | amounts | |||||||||||||||
netting | presented | ||||||||||||||||
in the | |||||||||||||||||
balance | |||||||||||||||||
sheet | |||||||||||||||||
Asset Derivatives | |||||||||||||||||
Commodity-related derivatives | $ | 9,533 | $ | (5,547 | ) | $ | 3,986 | ||||||||||
Interest rate swap | 2,139 | (2,139 | ) | — | |||||||||||||
$ | 11,672 | $ | (7,686 | ) | $ | 3,986 | |||||||||||
Liability Derivatives | |||||||||||||||||
Commodity-related derivatives | $ | 7,127 | $ | (5,547 | ) | $ | 1,580 | ||||||||||
Interest rate swap | 3,679 | (2,139 | ) | 1,540 | |||||||||||||
$ | 10,806 | $ | (7,686 | ) | $ | 3,120 | |||||||||||
As of September 28, 2013 | |||||||||||||||||
Gross | Effects | Net | |||||||||||||||
amounts | of | amounts | |||||||||||||||
netting | presented | ||||||||||||||||
in the | |||||||||||||||||
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 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Sep. 27, 2014 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Future minimum rental commitments | ' | ||||
Future minimum rental commitments under noncancelable operating lease agreements as of September 27, 2014 are as follows: | |||||
Fiscal Year | Minimum | ||||
Lease | |||||
Payments | |||||
2015 | $ | 25,266 | |||
2016 | 17,781 | ||||
2017 | 12,199 | ||||
2018 | 9,224 | ||||
2019 | 6,131 | ||||
2020 and thereafter | 7,469 |
Amounts_Reclassified_Out_of_Ac1
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||
Reclassification out of accumulated other comprehensive (loss) income | ' | ||||||||||||||||
The following table summarizes amounts reclassified out of accumulated other comprehensive (loss) income for the years ended September 27, 2014, September 28, 2013 and September 29, 2012: | |||||||||||||||||
For the year ended September 27, 2014 | |||||||||||||||||
Gains | Pension | Postretirement | Total | ||||||||||||||
and | Benefits | Benefits | |||||||||||||||
Losses | |||||||||||||||||
on Cash | |||||||||||||||||
Flow | |||||||||||||||||
Hedges | |||||||||||||||||
Balance, beginning of period | $ | (2,428 | ) | $ | (49,987 | ) | $ | 5,062 | $ | (47,353 | ) | ||||||
Other comprehensive income before reclassifications | (518 | ) | — | — | (518 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 1,406 | (a) | 953 | (b) | (393 | )(b) | 1,966 | ||||||||||
Net current period other comprehensive income | 888 | 953 | (393 | ) | 1,448 | ||||||||||||
Balance, end of period | $ | (1,540 | ) | $ | (49,034 | ) | $ | 4,669 | $ | (45,905 | ) | ||||||
For the year ended September 28, 2013 | |||||||||||||||||
Gains | Pension | Postretirement | Total | ||||||||||||||
and | Benefits | Benefits | |||||||||||||||
Losses | |||||||||||||||||
on Cash | |||||||||||||||||
Flow | |||||||||||||||||
Hedges | |||||||||||||||||
Balance, beginning of period | $ | (5,477 | ) | $ | (59,398 | ) | $ | 3,768 | $ | (61,107 | ) | ||||||
Other comprehensive income before reclassifications | 584 | — | — | 584 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 2,465 | (a) | 9,411 | (b) | 1,294 | (b) | 13,170 | ||||||||||
Net current period other comprehensive income | 3,049 | 9,411 | 1,294 | 13,754 | |||||||||||||
Balance, end of period | $ | (2,428 | ) | $ | (49,987 | ) | $ | 5,062 | $ | (47,353 | ) | ||||||
For the year ended September 29, 2012 | |||||||||||||||||
Gains | Pension | Postretirement | Total | ||||||||||||||
and | Benefits | Benefits | |||||||||||||||
Losses | |||||||||||||||||
on Cash | |||||||||||||||||
Flow | |||||||||||||||||
Hedges | |||||||||||||||||
Balance, beginning of period | $ | (4,596 | ) | $ | (59,503 | ) | $ | 4,183 | $ | (59,916 | ) | ||||||
Other comprehensive income before reclassifications | (3,561 | ) | — | — | (3,561 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 2,680 | (a) | 105 | (b) | (415 | )(b) | 2,370 | ||||||||||
Net current period other comprehensive income | (881 | ) | 105 | (415 | ) | (1,191 | ) | ||||||||||
Balance, end of period | $ | (5,477 | ) | $ | (59,398 | ) | $ | 3,768 | $ | (61,107 | ) | ||||||
(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 10, “Employee Benefit Plans”. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Disclosure by reportable segment and reconciliation of total operating segment information | ' | ||||||||||||
The following table presents certain data by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented: | |||||||||||||
Year Ended | |||||||||||||
September 27, | September 28, | September 29, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues: | |||||||||||||
Propane | $ | 1,606,840 | $ | 1,357,102 | $ | 843,648 | |||||||
Fuel oil and refined fuels | 194,684 | 208,957 | 114,288 | ||||||||||
Natural gas and electricity | 87,093 | 79,432 | 67,419 | ||||||||||
All other | 49,640 | 58,115 | 38,103 | ||||||||||
Total revenues | $ | 1,938,257 | $ | 1,703,606 | $ | 1,063,458 | |||||||
Operating income: | |||||||||||||
Propane | $ | 295,916 | $ | 287,473 | $ | 142,548 | |||||||
Fuel oil and refined fuels | 2,473 | (2,799 | ) | 890 | |||||||||
Natural gas and electricity | 10,818 | 11,565 | 6,991 | ||||||||||
All other | (25,644 | ) | (26,483 | ) | (17,239 | ) | |||||||
Corporate | (93,437 | ) | (92,780 | ) | (91,533 | ) | |||||||
Total operating income | 190,126 | 176,976 | 41,657 | ||||||||||
Reconciliation to net income: | |||||||||||||
Loss on debt extinguishment | 11,589 | 2,144 | 2,249 | ||||||||||
Interest expense, net | 83,261 | 95,427 | 38,633 | ||||||||||
Provision for income taxes | 767 | 607 | 137 | ||||||||||
Net income | $ | 94,509 | $ | 78,798 | $ | 638 | |||||||
Depreciation and amortization: | |||||||||||||
Propane | $ | 106,491 | $ | 104,533 | $ | 34,826 | |||||||
Fuel oil and refined fuels | 5,429 | 4,634 | 3,652 | ||||||||||
Natural gas and electricity | 46 | 198 | 464 | ||||||||||
All other | 699 | 638 | 345 | ||||||||||
Corporate | 23,734 | 20,381 | 7,747 | ||||||||||
Total depreciation and amortization | $ | 136,399 | $ | 130,384 | $ | 47,034 | |||||||
As of | |||||||||||||
September 27, | September 28, | ||||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Propane | $ | 2,365,320 | $ | 2,452,909 | |||||||||
Fuel oil and refined fuels | 69,360 | 77,473 | |||||||||||
Natural gas and electricity | 13,992 | 16,789 | |||||||||||
All other | 3,342 | 3,860 | |||||||||||
Corporate | 157,349 | 176,956 | |||||||||||
Total assets | $ | 2,609,363 | $ | 2,727,987 | |||||||||
Partnership_Organization_and_F1
Partnership Organization and Formation (Details) | Sep. 27, 2014 | Sep. 28, 2013 |
State | ||
Customer | ||
Location | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ' | ' |
Common Units outstanding (in units) | 60,316,746 | 60,231,000 |
Percentage of wholly-owned subsidiary (in hundredths) | 100.00% | ' |
Number of residential, commercial, industrial and agricultural customers | 1,200,000 | ' |
Number of locations served by the partnership | 710 | ' |
Number of states in which the partnership operates | 41 | ' |
Minimum disclosure threshold percentage of revenues by customer (in hundredths) | 10.00% | ' |
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 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
WK | |||
Partnership | |||
Summary of Significant Accounting Policies [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 | ' | ' |
Goodwill [Abstract] | ' | ' | ' |
Projection period of estimated cash flows | '10 years | ' | ' |
Interest Rate Risk [Abstract] | ' | ' | ' |
Basis spread (in hundredths) | 1.00% | ' | ' |
Income Taxes [Abstract] | ' | ' | ' |
Number of limited partnerships included in the partnership structure | 2 | ' | ' |
Net Income Per Unit [Abstract] | ' | ' | ' |
Additional dilutive common units included in computation of diluted income per Common Unit (in units) | 269,867 | 222,419 | 141,570 |
Federal Funds Rate [Member] | ' | ' | ' |
Interest Rate Risk [Abstract] | ' | ' | ' |
Description of applicable interest rate on borrowings | 'Federal Funds Rate | ' | ' |
Basis spread (in hundredths) | 0.50% | ' | ' |
LIBOR [Member] | ' | ' | ' |
Interest Rate Risk [Abstract] | ' | ' | ' |
Description of applicable interest rate on borrowings | 'LIBOR | ' | ' |
Basis spread (in hundredths) | 1.00% | ' | ' |
Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '40 years | ' | ' |
Building and land improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '20 years | ' | ' |
Transportation equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '3 years | ' | ' |
Transportation equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '20 years | ' | ' |
Storage facilities [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '7 years | ' | ' |
Storage facilities [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '40 years | ' | ' |
Storage facilities [Member] | Weighted Average [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '21 years | ' | ' |
Office equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '5 years | ' | ' |
Office equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '10 years | ' | ' |
Tanks and cylinders [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '10 years | ' | ' |
Tanks and cylinders [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '40 years | ' | ' |
Tanks and cylinders [Member] | Weighted Average [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '28 years | ' | ' |
Computer software [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '3 years | ' | ' |
Computer software [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of the asset (in years) | '7 years | ' | ' |
Acquisition_of_Inergy_Propane_1
Acquisition of Inergy Propane (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Aug. 14, 2012 | Aug. 01, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 14, 2012 |
Assets acquired [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | $7,964 | ' | ' | ' | ' |
Accounts receivable | ' | 36,076 | ' | ' | ' | ' |
Inventories | ' | 30,457 | ' | ' | ' | ' |
Other current assets | ' | 2,067 | ' | ' | ' | ' |
Current assets acquired | ' | 76,564 | ' | ' | ' | ' |
Property, plant & equipment | ' | 617,854 | ' | ' | ' | ' |
Customer relationships (estimated useful life of 9 years) | ' | 445,500 | ' | ' | ' | ' |
Non-compete agreements (estimated useful life of 6 years) | ' | 23,059 | ' | ' | ' | ' |
Other intangible assets (estimated useful life of 4 years) | ' | 1,983 | ' | ' | ' | ' |
Goodwill | ' | 809,778 | ' | ' | ' | ' |
Other assets | ' | 2,151 | ' | ' | ' | ' |
Total assets acquired | ' | 1,976,889 | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 16 | ' | ' | ' | ' |
Accrued employment and benefit costs | ' | 2,149 | ' | ' | ' | ' |
Customer deposits and advances | ' | 48,469 | ' | ' | ' | ' |
Other current liabilities | ' | 18,613 | ' | ' | ' | ' |
Other noncurrent liabilities | ' | 16,727 | ' | ' | ' | ' |
Total liabilities assumed | ' | 85,974 | ' | ' | ' | ' |
Total | ' | 1,890,915 | ' | ' | ' | ' |
New common units issued as part of acquisition | ' | 600,000 | ' | ' | ' | ' |
Number of trading days | ' | '20 days | ' | ' | ' | ' |
Average sales price of common units (in dollars per unit) | ' | $43.19 | ' | ' | ' | ' |
New common units issued as part of acquisition (in units) | ' | 13,892,587 | ' | ' | ' | ' |
Maximum potential cash payment to tendering noteholders as part of an acquisition | ' | 200,000 | ' | ' | ' | ' |
Aggregate cash consent payments to acquiree in connection with note exchange | ' | 65,000 | ' | ' | ' | ' |
Cash paid by acquiree to Partnership | ' | 36,500 | ' | ' | ' | ' |
Equity Exchange Cash Consideration due to tendering noteholders in connection with note exchange | ' | 184,761 | ' | ' | ' | ' |
Common units issued in satisfaction of Inergy Cash Consideration (in units) | ' | 307,835 | ' | ' | ' | ' |
Total common units issued to acquiree, including units issued in connection with note exchange (in units) | ' | 14,200,422 | ' | ' | ' | ' |
Common units to be distributed by acquiree to its unitholders (in units) | ' | ' | ' | ' | ' | 14,058,418 |
Repayments of lines of credit | ' | ' | 61,700 | 0 | 0 | ' |
Total new common units issued as part of an acquisition | ' | 590,027 | ' | ' | ' | ' |
Total common units retained by the acquiree | ' | 5,942 | ' | ' | ' | ' |
Total common units retained by the acquiree (in units) | ' | 142,004 | ' | ' | ' | ' |
Cash paid by acquiree to Partnership, net of amounts owed to acquiree by Partnership | ' | 23,916 | ' | ' | ' | ' |
Number of common units sold (in units) | 6,300,000 | ' | ' | ' | ' | ' |
Estimated property, plant and equipment decreased | ' | 33,302 | ' | ' | ' | ' |
Estimated intangible assets (principally customer relationships) increased | ' | 39,583 | ' | ' | ' | ' |
Estimated other current assets decreased | ' | 765 | ' | ' | ' | ' |
Estimated other noncurrent liabilities increased | ' | 646 | ' | ' | ' | ' |
Net effect of adjustments | ' | 4,870 | ' | ' | ' | ' |
Decrease in annual depreciation expense | ' | ' | ' | ' | 205 | ' |
Increase in annual amortization expense | ' | ' | ' | ' | 1,449 | ' |
Unaudited pro forma combined financial information [Abstract] | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | 1,842,698 | ' |
Net income | ' | ' | ' | ' | 12,824 | ' |
Income per common unit [Abstract] | ' | ' | ' | ' | ' | ' |
Basic (in dollars per unit) | ' | ' | ' | ' | $0.23 | ' |
Diluted (in dollars per unit) | ' | ' | ' | ' | $0.23 | ' |
Customer relationships [Member] | ' | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | '9 years | ' | ' | ' | ' |
Non-compete agreements [Member] | ' | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | '6 years | ' | ' | ' | ' |
Other intangible assets [Member] | ' | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | '4 years | ' | ' | ' | ' |
Inergy Notes [Member] | ' | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | 1,200,000 | ' | ' | ' | ' |
Inergy Senior Notes due 2018 [Member] | ' | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Stated interest rate (in hundredths) | ' | 7.00% | ' | ' | ' | ' |
Year of maturity of debt instrument | ' | '2018 | ' | ' | ' | ' |
Outstanding principal amount for which tenders and consents had been received (in hundredths) | ' | 98.09% | ' | ' | ' | ' |
Inergy Senior Notes due 2021 [Member] | ' | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Stated interest rate (in hundredths) | ' | 6.88% | ' | ' | ' | ' |
Year of maturity of debt instrument | ' | '2021 | ' | ' | ' | ' |
Outstanding principal amount for which tenders and consents had been received (in hundredths) | ' | 99.74% | ' | ' | ' | ' |
SPH Notes [Member] | ' | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Aggregate amount of newly issued SPH notes | ' | 1,075,043 | ' | ' | ' | ' |
Aggregate par value of notes | ' | 1,000,000 | ' | ' | ' | ' |
SPH Senior Notes due 2018 [Member] | ' | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Stated interest rate (in hundredths) | ' | 7.50% | ' | ' | ' | ' |
Year of maturity of debt instrument | ' | '2018 | ' | ' | ' | ' |
SPH Senior Notes due 2021 [Member] | ' | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Stated interest rate (in hundredths) | ' | 7.38% | ' | ' | ' | ' |
Year of maturity of debt instrument | ' | '2021 | ' | ' | ' | ' |
364-Day Facility [Member] | Amended Credit Agreement [Member] | ' | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | 250,000 | ' | ' | ' | ' |
Term of facility | ' | '364 days | ' | ' | ' | ' |
Amount drawn on facility | ' | 225,000 | ' | ' | ' | ' |
Repayments of lines of credit | 225,000 | ' | ' | ' | ' | ' |
Revolving Credit Facility [Member] | Amended Credit Agreement [Member] | ' | ' | ' | ' | ' | ' |
Liabilities assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | $400,000 | $400,000 | ' | ' | ' |
Distributions_of_Available_Cas2
Distributions of Available Cash (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 23, 2012 | Mar. 24, 2012 | Dec. 24, 2011 | Sep. 27, 2014 | |
Quarter | |||||||||||||
Distributions of Available Cash [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to its partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '45 days |
Number of quarters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Distributions paid (in dollars per unit) | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 | $0.85 | $0.85 | $0.85 | $0.85 | ' |
Distributions declared (in dollars per unit) | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 | $0.88 | $0.85 | $0.85 | $0.85 | $0.85 | ' |
Selected_Balance_Sheet_Informa2
Selected Balance Sheet Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Selected Balance Sheet Information [Abstract] | ' | ' | ' |
Propane, fuel oil and refined fuels and natural gas | $89,470 | $75,885 | ' |
Appliances | 1,495 | 1,738 | ' |
Total inventory | 90,965 | 77,623 | ' |
Term of purchase contracts | '1 year | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 1,356,746 | 1,380,842 | ' |
Less: accumulated depreciation | -529,920 | -492,610 | ' |
Property, plant and equipment, net | 826,826 | 888,232 | ' |
Depreciation expense | 78,921 | 72,353 | 35,032 |
Land and improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 201,353 | 207,516 | ' |
Buildings and improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 103,751 | 104,137 | ' |
Transportation equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 64,254 | 71,815 | ' |
Storage facilities [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 110,586 | 113,571 | ' |
Equipment, primarily tanks and cylinders [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 823,478 | 830,282 | ' |
Computer systems [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 49,904 | 49,049 | ' |
Construction in progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $3,420 | $4,472 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Goodwill [Abstract] | ' | ' | ' |
Goodwill | $1,093,891 | $1,093,891 | ' |
Accumulated adjustments | -6,462 | -6,462 | ' |
Goodwill, net | 1,087,429 | 1,087,429 | ' |
Other intangible assets [Abstract] | ' | ' | ' |
Other intangible assets, gross | 499,223 | 499,223 | ' |
Accumulated amortization | -139,930 | -82,452 | ' |
Other intangible assets, net | 359,293 | 416,771 | ' |
Other Intangible Assets Aggregate Amortization Expense [Abstract] | ' | ' | ' |
Aggregate amortization expense | 57,478 | 58,031 | 12,002 |
Aggregate amortization expense for the five succeeding fiscal years [Abstract] | ' | ' | ' |
2015 | 56,767 | ' | ' |
2016 | 53,971 | ' | ' |
2017 | 52,686 | ' | ' |
2018 | 52,326 | ' | ' |
2019 | 51,303 | ' | ' |
Customer Relationships [Member] | ' | ' | ' |
Other intangible assets [Abstract] | ' | ' | ' |
Other intangible assets, gross | 466,959 | 466,959 | ' |
Accumulated amortization | -122,411 | -71,382 | ' |
Non-compete Agreements [Member] | ' | ' | ' |
Other intangible assets [Abstract] | ' | ' | ' |
Other intangible assets, gross | 26,815 | 26,815 | ' |
Accumulated amortization | -13,962 | -8,138 | ' |
Tradenames [Member] | ' | ' | ' |
Other intangible assets [Abstract] | ' | ' | ' |
Other intangible assets, gross | 3,482 | 3,482 | ' |
Accumulated amortization | -2,573 | -2,040 | ' |
Other [Member] | ' | ' | ' |
Other intangible assets [Abstract] | ' | ' | ' |
Other intangible assets, gross | 1,967 | 1,967 | ' |
Accumulated amortization | -984 | -892 | ' |
Propane [Member] | ' | ' | ' |
Goodwill [Abstract] | ' | ' | ' |
Goodwill | 1,075,091 | 1,075,091 | ' |
Accumulated adjustments | 0 | 0 | ' |
Goodwill, net | 1,075,091 | 1,075,091 | ' |
Fuel oil and refined fuels [Member] | ' | ' | ' |
Goodwill [Abstract] | ' | ' | ' |
Goodwill | 10,900 | 10,900 | ' |
Accumulated adjustments | -6,462 | -6,462 | ' |
Goodwill, net | 4,438 | 4,438 | ' |
Natural gas and electricity [Member] | ' | ' | ' |
Goodwill [Abstract] | ' | ' | ' |
Goodwill | 7,900 | 7,900 | ' |
Accumulated adjustments | 0 | 0 | ' |
Goodwill, net | $7,900 | $7,900 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Current [Abstract] | ' | ' | ' |
Federal | $10 | $26 | $18 |
State and local | 757 | 581 | 119 |
Total current taxes | 767 | 607 | 137 |
Deferred [Abstract] | ' | ' | ' |
Deferred | 0 | 0 | 0 |
Provision for income taxes - current and deferred | 767 | 607 | 137 |
Income Tax Reconciliation [Abstract] | ' | ' | ' |
Income tax provision at federal statutory tax rate | 33,346 | 27,792 | 271 |
Impact of Partnership income not subject to federal income taxes | -38,919 | -35,187 | -4,564 |
Permanent differences | 86 | 71 | 244 |
Transfer of assets to Corporate Entities | 0 | 0 | 8,181 |
Change in valuation allowance | 5,458 | 9,771 | -3,567 |
State income taxes | -60 | -1,135 | 339 |
Other | 856 | -705 | -767 |
Provision for income taxes - current and deferred | 767 | 607 | 137 |
Deferred tax assets [Abstract] | ' | ' | ' |
Net operating loss carryforwards | 51,321 | 46,356 | ' |
Allowance for doubtful accounts | 1,371 | 878 | ' |
Inventory | 433 | 525 | ' |
Intangible assets | 122 | 577 | ' |
Deferred revenue | 1,524 | 2,188 | ' |
Derivative instruments | 71 | 109 | ' |
AMT credit carryforward | 1,086 | 1,086 | ' |
Other accruals | 2,060 | 2,062 | ' |
Total deferred tax assets | 57,988 | 53,781 | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' |
Property, plant and equipment | 6,124 | 7,375 | ' |
Total deferred tax liabilities | 6,124 | 7,375 | ' |
Net deferred tax assets | 51,864 | 46,406 | ' |
Valuation allowance | -51,864 | -46,406 | ' |
Net deferred tax assets | $0 | $0 | ' |
LongTerm_Borrowings_Details
Long-Term Borrowings (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Mar. 29, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | 27-May-14 | Sep. 27, 2014 | Sep. 28, 2013 | Aug. 01, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Aug. 06, 2013 | Aug. 02, 2013 | Aug. 01, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Aug. 14, 2012 | Aug. 01, 2012 | Sep. 27, 2014 | Aug. 01, 2012 |
LIBOR [Member] | Federal Funds Rate [Member] | Amended Credit Agreement Due 2017 [Member] | Amended Credit Agreement Due 2017 [Member] | Amended Credit Agreement Due 2017 [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] | 7.5% 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] | 5.5% Senior Notes due June 1, 2024 [Member] | 5.5% Senior Notes due June 1, 2024 [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | ||||
LIBOR [Member] | Federal Funds Rate [Member] | 364-Day Facility [Member] | 364-Day Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term borrowings | $1,242,685 | $1,245,237 | ' | ' | ' | ' | ' | ' | ' | $100,000 | $100,000 | ' | $0 | $525,171 | ' | $248,817 | $248,600 | $368,868 | $371,466 | ' | ' | ' | $525,000 | $0 | ' | ' | ' | ' |
Stated interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | 7.38% | ' | 7.38% | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5-Jan-17 | ' | ' | 1-Oct-18 | ' | ' | 15-Mar-20 | ' | 1-Aug-21 | ' | ' | ' | ' | 1-Jun-24 | ' | ' | ' | ' | ' |
Ownership interest in Suburban Energy Finance Corp (in hundredths) | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unamortized premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 28,614 | ' | ' | ' | 22,688 | 25,286 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,183 | 1,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date public offering completed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Aug-12 | ' | ' | 23-Mar-10 | ' | 1-Aug-12 | ' | ' | ' | ' | 27-May-14 | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 496,557 | ' | ' | 250,000 | ' | 503,443 | ' | ' | ' | ' | 525,000 | ' | ' | ' | ' | ' |
Debt instrument repurchase amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157,263 | 23,863 | 133,400 | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | -11,589 | -2,144 | -2,249 | ' | ' | ' | ' | ' | ' | ' | ' | 11,589 | ' | ' | ' | ' | ' | ' | 2,144 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption premium and related fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,633 | ' | ' | ' | ' | ' | ' | 11,759 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off unamortized debt origination costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,230 | ' | ' | ' | ' | ' | ' | 2,064 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off unamortized premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,274 | ' | ' | ' | ' | ' | ' | -11,678 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of debt at acquisition date (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.88% | ' | ' | ' | ' | ' | ' | 108.13% | ' | ' | ' | ' | ' | ' |
Percentage of principal amount at which debt was issued (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.14% | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
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, maximum amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | 400,000 | 400,000 |
Amount drawn under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000 | ' | ' |
Term of facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '364 days | ' | ' |
Repayments of short-term borrowings | 61,700 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000 | ' | ' | ' |
Standby letters of credit issued under the Revolving Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,882 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity under Revolving Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 255,118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility borrowings | 100,000 | ' | ' | ' | ' | ' | ' | ' | 55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.46% | ' | 103.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.23% | ' | 102.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 and thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 and thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.75% | ' | ' | ' | ' | ' |
2020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.83% | ' | ' | ' | ' | ' |
2021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.92% | ' | ' | ' | ' | ' |
2022 and thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Revolving Credit Facility and 2020 Senior Notes covenants [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated interest coverage ratio, minimum | '2.0 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consolidated leverage ratio, maximum | '7.0 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated interest coverage ratio commencing with second quarter of fiscal 2014 | '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 | ' | 'LIBOR | 'Federal Funds Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin over basis rate (in hundredths) | 1.00% | ' | ' | 1.00% | 0.50% | ' | 1.00% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate (in hundredths) | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap agreement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective date | 31-Mar-10 | ' | ' | ' | ' | 25-Jun-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination date | 25-Jun-13 | ' | ' | ' | ' | 5-Jan-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate (in hundredths) | 3.12% | ' | ' | ' | ' | 1.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt origination costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized debt origination costs | 21,023 | 21,254 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2015 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2016 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2017 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2018 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2019 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturities, 2020 and thereafter | $1,121,180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
UnitBased_Compensation_Arrange2
Unit-Based Compensation Arrangements (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2013 |
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] | 2014 Long Term Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Restricted Unit Plans, terms of award | 'Unless otherwise stipulated by the Compensation Committee of the 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 | ' | ' | ' | ' | ' | ' |
Weighted-average recognition period of compensation cost | '1 year 4 months 24 days | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | $8,255 | ' | ' | ' | ' | ' | ' |
Compensation expense | 7,390 | 3,888 | 4,059 | ' | ' | ' | ' |
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, of an award of equity-based compensation at the end of a three-year performance period. | ' | ' | ' |
Compensation expense | ' | ' | ' | 120 | 1,439 | -340 | ' |
Cash payouts | ' | ' | ' | $0 | $0 | $3,336 | ' |
Units [Rollforward] | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in units) | 527,627 | 442,851 | 485,423 | ' | ' | ' | ' |
Granted (in units) | 256,273 | 200,933 | 108,674 | ' | ' | ' | ' |
Forfeited (in units) | -3,119 | -3,497 | -12,225 | ' | ' | ' | ' |
Issued (in units) | -85,854 | -112,660 | -139,021 | ' | ' | ' | ' |
Outstanding, end of period (in units) | 694,927 | 527,627 | 442,851 | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value Per Unit [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in dollars per unit) | $29.30 | $32.68 | $32.71 | ' | ' | ' | ' |
Granted (in dollars per unit) | $37.43 | $23.42 | $32.60 | ' | ' | ' | ' |
Forfeited (in dollars per unit) | ($28.39) | ($32.15) | ($30.78) | ' | ' | ' | ' |
Issued (in dollars per unit) | ($31.23) | ($32.01) | ($33.14) | ' | ' | ' | ' |
Outstanding, end of period (in dollars per unit) | $32.07 | $29.30 | $32.68 | ' | ' | ' | ' |
Measurement period of average distribution coverage ratio (in years) | ' | ' | ' | ' | ' | ' | '3 years |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | ||
Member | |||||
Actuarial assumptions [Abstract] | ' | ' | ' | ||
Health care cost trend (in hundredths) | 4.48% | ' | ' | ||
Assumptions used in calculating benefit cost [Abstract] | ' | ' | ' | ||
Health care cost trend rate (in hundredths) | 7.12% | ' | ' | ||
Percentage of sensitivity increase or decrease of assumed health care cost trend rates (in hundredths) | 1.00% | ' | ' | ||
Pension Benefits [Member] | ' | ' | ' | ||
Reconciliation of benefit obligations [Roll Forward] | ' | ' | ' | ||
Benefit obligation at beginning of year | $148,631 | $165,906 | ' | ||
Service cost | 0 | 0 | 0 | ||
Interest cost | 5,774 | 5,229 | 6,311 | ||
Actuarial loss (gain) | 8,459 | -11,446 | ' | ||
Lump-sum benefits paid | -5,401 | -3,155 | ' | ||
Ordinary benefits paid | -7,627 | -7,903 | ' | ||
Benefit obligation at end of year | 149,836 | 148,631 | 165,906 | ||
Fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets at beginning of year | 120,776 | 133,873 | ' | ||
Actual return on plan assets | 10,023 | -2,039 | ' | ||
Employer contributions | 0 | 0 | ' | ||
Lump-sum benefits paid | -5,401 | -3,155 | ' | ||
Ordinary benefits paid | -7,627 | -7,903 | ' | ||
Fair value of plan assets at end of year | 117,771 | 120,776 | 133,873 | ||
Funded status [Abstract] | ' | ' | ' | ||
Funded status at end of year | -32,065 | -27,855 | ' | ||
Amounts recognized in consolidated balance sheets consist of [Abstract] | ' | ' | ' | ||
Net amount recognized at end of year | -32,065 | -27,855 | ' | ||
Less: Current portion | 0 | 0 | ' | ||
Non-current benefit liability | -32,065 | -27,855 | ' | ||
Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (loss) [Abstract] | ' | ' | ' | ||
Actuarial net (loss) gain | -49,034 | -49,986 | ' | ||
Prior service credits | 0 | 0 | ' | ||
Net amount recognized in accumulated other comprehensive (loss) income | -49,034 | -49,986 | ' | ||
Losses (gains) in accumulated other comprehensive loss expected to be recognized as components of net period benefit costs in succeeding fiscal year | 4,522 | ' | ' | ||
Defined Benefit Plan Amounts Recognized in Other Comprehensive Income [Abstract] | ' | ' | ' | ||
Amount recognized in other comprehensive income net of actuarial losses (gains) | 3,538 | -4,126 | ' | ||
Plan Assets [Abstract] | ' | ' | ' | ||
Number of members on the Benefits Committee | 6 | ' | ' | ||
Actual allocation of assets held in trust [Abstract] | ' | ' | ' | ||
Percentage allocation of plan assets (in hundredths) | 100.00% | 100.00% | ' | ||
Projected Contributions and Benefit Payments by Fiscal Year [Abstract] | ' | ' | ' | ||
2015 | 32,316 | ' | ' | ||
2016 | 12,632 | ' | ' | ||
2017 | 11,194 | ' | ' | ||
2018 | 11,317 | ' | ' | ||
2019 | 10,244 | ' | ' | ||
2020 through 2024 | 45,032 | ' | ' | ||
Components of net periodic benefit costs included in operating expenses [Abstract] | ' | ' | ' | ||
Service cost | 0 | 0 | 0 | ||
Interest cost | 5,774 | 5,229 | 6,311 | ||
Expected return on plan assets | -5,102 | -5,281 | -5,665 | ||
Amortization of prior service credit | 0 | 0 | 0 | ||
Recognized net actuarial loss | 4,492 | 5,285 | 5,271 | ||
Net periodic benefit costs | 5,164 | 5,233 | 5,917 | ||
Actuarial assumptions [Abstract] | ' | ' | ' | ||
Weighted-average discount rate used in calculating benefit obligations (in hundredths) | 3.88% | 4.38% | ' | ||
Assumptions used in calculating benefit cost [Abstract] | ' | ' | ' | ||
Weighted-average discount rate (in hundredths) | 4.38% | 3.50% | 4.38% | ||
Weighted-average expected long-term rate of return on plan assets (in hundredths) | 4.90% | 4.50% | 4.80% | ||
Percentage threshold of the greater of projected benefit obligation and market-related value plan assets as unrecognized actuarial gains and losses (in hundredths) | 10.00% | ' | ' | ||
Pension Benefits [Member] | Fixed income securities [Member] | ' | ' | ' | ||
Target allocation of plan assets [Abstract] | ' | ' | ' | ||
Allocation percentage of plan assets, range minimum (in hundredths) | 80.00% | ' | ' | ||
Allocation percentage of plan assets, range maximum (in hundredths) | 90.00% | ' | ' | ||
Actual allocation of assets held in trust [Abstract] | ' | ' | ' | ||
Percentage allocation of plan assets (in hundredths) | 85.00% | 85.00% | ' | ||
Pension Benefits [Member] | Equity securities [Member] | ' | ' | ' | ||
Target allocation of plan assets [Abstract] | ' | ' | ' | ||
Allocation percentage of plan assets, range minimum (in hundredths) | 10.00% | ' | ' | ||
Allocation percentage of plan assets, range maximum (in hundredths) | 20.00% | ' | ' | ||
Actual allocation of assets held in trust [Abstract] | ' | ' | ' | ||
Percentage allocation of plan assets (in hundredths) | 15.00% | 15.00% | ' | ||
Pension Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ||
Fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets at end of year | 117,771 | 120,776 | ' | ||
Pension Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed income securities [Member] | ' | ' | ' | ||
Fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets at end of year | 98,985 | [1],[2] | 101,521 | [1],[2] | ' |
Pension Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Short-term investments [Member] | ' | ' | ' | ||
Fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets at end of year | 1,500 | [1] | 1,516 | [1] | ' |
Pension Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Domestic equity securities [Member] | ' | ' | ' | ||
Fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets at end of year | 6,370 | [1],[3] | 11,780 | [1],[3] | ' |
Pension Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | International equity securities [Member] | ' | ' | ' | ||
Fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets at end of year | 10,916 | [1],[3] | 5,959 | [1],[3] | ' |
Retiree Health and Life Benefits [Member] | ' | ' | ' | ||
Reconciliation of benefit obligations [Roll Forward] | ' | ' | ' | ||
Benefit obligation at beginning of year | 17,754 | 20,232 | ' | ||
Service cost | 5 | 8 | 7 | ||
Interest cost | 640 | 586 | 802 | ||
Actuarial loss (gain) | -278 | -1,784 | ' | ||
Lump-sum benefits paid | 0 | 0 | ' | ||
Ordinary benefits paid | -1,167 | -1,288 | ' | ||
Benefit obligation at end of year | 16,954 | 17,754 | 20,232 | ||
Fair value of plan assets [Abstract] | ' | ' | ' | ||
Fair value of plan assets at beginning of year | 0 | 0 | ' | ||
Actual return on plan assets | 0 | 0 | ' | ||
Employer contributions | 1,167 | 1,288 | ' | ||
Lump-sum benefits paid | 0 | 0 | ' | ||
Ordinary benefits paid | -1,167 | -1,288 | ' | ||
Fair value of plan assets at end of year | 0 | 0 | 0 | ||
Funded status [Abstract] | ' | ' | ' | ||
Funded status at end of year | -16,954 | -17,754 | ' | ||
Amounts recognized in consolidated balance sheets consist of [Abstract] | ' | ' | ' | ||
Net amount recognized at end of year | -16,954 | -17,754 | ' | ||
Less: Current portion | 1,276 | 1,427 | ' | ||
Non-current benefit liability | -15,678 | -16,327 | ' | ||
Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (loss) [Abstract] | ' | ' | ' | ||
Actuarial net (loss) gain | 3,780 | 3,683 | ' | ||
Prior service credits | 889 | 1,379 | ' | ||
Net amount recognized in accumulated other comprehensive (loss) income | 4,669 | 5,062 | ' | ||
Losses (gains) in accumulated other comprehensive loss expected to be recognized as components of net period benefit costs in succeeding fiscal year | -686 | ' | ' | ||
Defined Benefit Plan Amounts Recognized in Other Comprehensive Income [Abstract] | ' | ' | ' | ||
Amount recognized in other comprehensive income net of actuarial losses (gains) | -278 | -1,784 | ' | ||
Projected Contributions and Benefit Payments by Fiscal Year [Abstract] | ' | ' | ' | ||
2015 | 1,276 | ' | ' | ||
2016 | 1,202 | ' | ' | ||
2017 | 1,122 | ' | ' | ||
2018 | 1,048 | ' | ' | ||
2019 | 972 | ' | ' | ||
2020 through 2024 | 3,599 | ' | ' | ||
Components of net periodic benefit costs included in operating expenses [Abstract] | ' | ' | ' | ||
Service cost | 5 | 8 | 7 | ||
Interest cost | 640 | 586 | 802 | ||
Expected return on plan assets | 0 | 0 | 0 | ||
Amortization of prior service credit | -490 | -490 | -490 | ||
Recognized net actuarial loss | -181 | 0 | 0 | ||
Net periodic benefit costs | -26 | 104 | 319 | ||
Actuarial assumptions [Abstract] | ' | ' | ' | ||
Weighted-average discount rate used in calculating benefit obligations (in hundredths) | 3.50% | 3.75% | ' | ||
Health care cost trend (in hundredths) | 7.12% | 7.33% | ' | ||
Assumptions used in calculating benefit cost [Abstract] | ' | ' | ' | ||
Weighted-average discount rate (in hundredths) | 3.75% | 3.00% | 4.00% | ||
Health care cost trend (in hundredths) | 7.33% | 7.53% | 7.74% | ||
Retirement Savings and Investment Plan 401(K) [Member] | ' | ' | ' | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' | ||
Contributions to the 401(k) Plan | $1,848 | $1,915 | $1,359 | ||
[1] | Includes funds which are not publicly traded and are valued at the net asset value of the units provided by the fund issuer. | ||||
[2] | Includes funds which invest primarily in publicly traded and non-publicly traded, investment grade corporate bonds, U.S. government bonds and asset-backed securities. | ||||
[3] | Includes funds which invest primarily in a diversified portfolio of publicly traded US and Non-US common stock. |
Employee_Benefit_Plans_Multiem
Employee Benefit Plans, Multi-employer Pension Plans (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |||
Multiemployerpensionplan | ||||||
Multiemployer Plans [Abstract] | ' | ' | ' | |||
Estimated obligation due to withdrawal multi employer pension plans | $6,880 | $7,000 | ' | |||
Number of voluntary partial withdrawal from multi employer pension plans | ' | 1 | ' | |||
Number of full withdrawal from multi employer pension plans | ' | 4 | ' | |||
Contributions | 1,168 | 1,162 | 159 | |||
Red [Member] | ' | ' | ' | |||
Multiemployer Plans [Abstract] | ' | ' | ' | |||
Multiemployer plans, funded status | 'Less than 65 percent | ' | ' | |||
Yellow [Member] | ' | ' | ' | |||
Multiemployer Plans [Abstract] | ' | ' | ' | |||
Multiemployer plans, funded status | 'Between 65 and less than 80 percent | ' | ' | |||
Green [Member] | ' | ' | ' | |||
Multiemployer Plans [Abstract] | ' | ' | ' | |||
Multiemployer plans, funded status | 'At least 80 percent | ' | ' | |||
New England Teamsters & Trucking Industry Pension Fund [Member] | ' | ' | ' | |||
Multiemployer Plans [Abstract] | ' | ' | ' | |||
Pension Fund | 'New England Teamsters & Trucking Industry Pension Fund | ' | ' | |||
EIN/Pension Plan Number | '046372430 | ' | ' | |||
PPA Zone Status | 'Red | [1] | 'Red | [1] | ' | |
FIP/RP Status | 'Implemented | ' | ' | |||
Contributions | 616 | 562 | 30 | |||
Contributions greater than 5% of Total Plan Contributions | 'false | ' | ' | |||
Expiration date of CBA, First date | 30-Apr-16 | ' | ' | |||
Expiration date of CBA, Last date | 31-Mar-17 | ' | ' | |||
Local 282 Pension Trust [Member] | ' | ' | ' | |||
Multiemployer Plans [Abstract] | ' | ' | ' | |||
Pension Fund | 'Local 282 Pension Trust | ' | ' | |||
EIN/Pension Plan Number | '116245313 | ' | ' | |||
PPA Zone Status | 'Green | [2] | 'Green | [2] | ' | |
FIP/RP Status | 'NA | ' | ' | |||
Contributions | 336 | 284 | 66 | |||
Contributions greater than 5% of Total Plan Contributions | 'false | ' | ' | |||
Expiration date of CBA | 31-Jul-19 | ' | ' | |||
Other [Member] | ' | ' | ' | |||
Multiemployer Plans [Abstract] | ' | ' | ' | |||
Pension Fund | 'Other | [3] | ' | ' | ||
Contributions | 31 | [3] | 137 | [3] | 48 | [3] |
Contributions greater than 5% of Total Plan Contributions | 'false | ' | ' | |||
Teamsters Industrial Employees Pension Fund [Member] | ' | ' | ' | |||
Multiemployer Plans [Abstract] | ' | ' | ' | |||
Pension Fund | 'Teamsters Industrial Employees Pension Fund | ' | ' | |||
EIN/Pension Plan Number | '226099363 | ' | ' | |||
PPA Zone Status | 'Red | [4] | 'Red | [4] | ' | |
FIP/RP Status | 'Implemented | ' | ' | |||
Contributions | 185 | 179 | 15 | |||
Contributions greater than 5% of Total Plan Contributions | 'false | ' | ' | |||
Expiration date of CBA | 30-Jun-17 | ' | ' | |||
Health and Welfare Benefits and Defined Annuity Plans [Member] | ' | ' | ' | |||
Multiemployer Plans [Abstract] | ' | ' | ' | |||
Contributions | $1,897 | $2,040 | $309 | |||
[1] | Based on most recent available valuation information for plan years ended September 2013. | |||||
[2] | Based on most recent available valuation information for plan years ended February 2014. | |||||
[3] | Includes the MEPPs from which the Partnership withdrew in fiscal 2013. | |||||
[4] | Based on most recent available valuation information for plan years ending December 2013. |
Financial_Instruments_and_Risk2
Financial Instruments and Risk Management (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Location | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Minimum [Member] | Maximum [Member] | Commodity-Related Derivatives [Member] | Commodity-Related Derivatives [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
State | Revenues [Member] | Revenues [Member] | Revenues [Member] | Propane Purchases [Member] | Propane Purchases [Member] | Propane Purchases [Member] | Propane Purchases [Member] | Commodity-Related Derivatives [Member] | Commodity-Related Derivatives [Member] | Commodity-Related Derivatives [Member] | Commodity-Related Derivatives [Member] | Commodity-Related Derivatives [Member] | Commodity-Related Derivatives [Member] | Commodity-Related Derivatives [Member] | Commodity-Related Derivatives [Member] | Commodity-Related Derivatives [Member] | Commodity-Related Derivatives [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | ||||||||||
Crestwood Midstream Partners L.P [Member] | Targa Liquids Marketing and Trade [Member] | Enterprise Products Partners L.P. [Member] | Other Current Assets [Member] | Other Current Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | |||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value - assets | $11,672 | $6,438 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,533 | $3,634 | $2,139 | $2,804 | $3,986 | $3,262 | ' | ' | $3,924 | $2,546 | $62 | $716 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value - liabilities | 10,806 | 6,034 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,127 | 802 | 3,679 | 5,232 | ' | ' | 1,580 | 430 | ' | ' | ' | ' | 1,527 | 430 | 53 | 0 | 1,540 | 2,428 | 1,257 | 1,307 | 283 | 1,121 |
Weighted average maturity of outstanding commodity-related derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 months | '5 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance realized during the period | -1,166 | -4,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contracts purchased during the period | 1,145 | 1,825 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in the fair value of outstanding contracts | -314 | -580 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance of over-the-counter options | 1,512 | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance realized during the period | 0 | -1,182 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contracts purchased during the period | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in the fair value of outstanding contracts | 0 | -27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance of over-the-counter options | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentrations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of locations served by the Partnership | 710 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states which the Partnership operates | 41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum concentration risk threshold accounted for by a single customer or supplier (in hundredths) | ' | ' | 10.00% | 10.00% | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration percentage of propane supply provided by suppliers (in hundredths) | ' | ' | ' | ' | ' | ' | 19.00% | 13.00% | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_and_Risk3
Financial Instruments and Risk Management, Offsetting Derivative Assets (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Asset Derivatives [Abstracts] | ' | ' |
Gross amounts | $11,672 | $6,438 |
Effects of netting | -7,686 | -3,176 |
Net amounts presented in the balance sheet | 3,986 | 3,262 |
Commodity-Related Derivatives [Member] | ' | ' |
Asset Derivatives [Abstracts] | ' | ' |
Gross amounts | 9,533 | 3,634 |
Effects of netting | -5,547 | -372 |
Net amounts presented in the balance sheet | 3,986 | 3,262 |
Interest Rate Swaps [Member] | ' | ' |
Asset Derivatives [Abstracts] | ' | ' |
Gross amounts | 2,139 | 2,804 |
Effects of netting | -2,139 | -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 $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Liability Derivatives [Abstracts] | ' | ' |
Gross amounts | $10,806 | $6,034 |
Effects of netting | -7,686 | -3,176 |
Net amounts presented in the balance sheet | 3,120 | 2,858 |
Cash collateral | 0 | 0 |
Commodity-Related Derivatives [Member] | ' | ' |
Liability Derivatives [Abstracts] | ' | ' |
Gross amounts | 7,127 | 802 |
Effects of netting | -5,547 | -372 |
Net amounts presented in the balance sheet | 1,580 | 430 |
Interest Rate Swaps [Member] | ' | ' |
Liability Derivatives [Abstracts] | ' | ' |
Gross amounts | 3,679 | 5,232 |
Effects of netting | -2,139 | -2,804 |
Net amounts presented in the balance sheet | $1,540 | $2,428 |
Financial_Instruments_and_Risk5
Financial Instruments and Risk Management, Bank Debt and Senior Notes (Details) (USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
7.375% Senior Notes due March 15, 2020 [Member] | ' |
Bank Debt and Senior Notes [Abstract] | ' |
Fair Value of Senior Notes | $263,250 |
7.375% Senior Notes due August 1, 2021 [Member] | ' |
Bank Debt and Senior Notes [Abstract] | ' |
Fair Value of Senior Notes | 363,489 |
5.5% senior notes due June 1, 2024 [Member] | ' |
Bank Debt and Senior Notes [Abstract] | ' |
Fair Value of Senior Notes | $508,594 |
Financial_Instruments_and_Risk6
Financial Instruments and Risk Management, By Income Statement Location (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
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 | $306 | ($4,318) | $4,649 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of (Losses) Gains Recognized in OCI (Effective Portion) | -518 | 584 | -3,561 |
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) | ($1,406) | ($2,465) | ($2,680) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Commitments and Contingencies [Abstract] | ' | ' | ' |
Rental expense under operating leases | $31,849 | $33,036 | $23,593 |
Future minimum rental commitments under noncancelable operating lease agreements [Abstract] | ' | ' | ' |
2015 | 25,266 | ' | ' |
2016 | 17,781 | ' | ' |
2017 | 12,199 | ' | ' |
2018 | 9,224 | ' | ' |
2019 | 6,131 | ' | ' |
2020 and thereafter | 7,469 | ' | ' |
Self-Insurance [Abstract] | ' | ' | ' |
Accrued insurance liabilities | 62,450 | 58,152 | ' |
Portion of the estimated self-insurance liability that exceeds insurance deductibles | $18,410 | $18,330 | ' |
Guarantees_Details
Guarantees (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 |
Guarantees [Abstract] | ' |
Transportation equipment remaining lease periods | '2021 |
Maximum potential amount of aggregate future payments Partnership could be required to make | $14,122 |
Amounts_Reclassified_Out_of_Ac2
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Balance, beginning of period | ($47,353) | ($61,107) | ($59,916) | |||
Other comprehensive income before reclassifications | -518 | 584 | -3,561 | |||
Amounts reclassified from accumulated other comprehensive income | 1,966 | 13,170 | 2,370 | |||
Other comprehensive income (loss) | 1,448 | 13,754 | -1,191 | |||
Balance, ending of period | -45,905 | -47,353 | -61,107 | |||
Gains and Losses on Cash Flow Hedges [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Balance, beginning of period | -2,428 | -5,477 | -4,596 | |||
Other comprehensive income before reclassifications | -518 | 584 | -3,561 | |||
Amounts reclassified from accumulated other comprehensive income | 1,406 | [1] | 2,465 | [1] | 2,680 | [1] |
Other comprehensive income (loss) | 888 | 3,049 | -881 | |||
Balance, ending of period | -1,540 | -2,428 | -5,477 | |||
Pension Benefits [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Balance, beginning of period | -49,987 | -59,398 | -59,503 | |||
Other comprehensive income before reclassifications | 0 | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive income | 953 | [2] | 9,411 | [2] | 105 | [2] |
Other comprehensive income (loss) | 953 | 9,411 | 105 | |||
Balance, ending of period | -49,034 | -49,987 | -59,398 | |||
Post-Retirement Benefits [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Balance, beginning of period | 5,062 | 3,768 | 4,183 | |||
Other comprehensive income before reclassifications | 0 | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive income | -393 | [2] | 1,294 | [2] | -415 | [2] |
Other comprehensive income (loss) | -393 | 1,294 | -415 | |||
Balance, ending of period | $4,669 | $5,062 | $3,768 | |||
[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 10, "Employee Benefit Plans". |
Public_Offerings_Details
Public Offerings (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Aug. 14, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Aug. 06, 2013 | Aug. 02, 2013 | 17-May-13 | 22-May-13 |
Senior Note Due 2021 [Member] | Senior Note Due 2021 [Member] | Senior Note Due 2021 [Member] | Public Offering [Member] | Over Allotment Option [Member] | |||||
Sale of Partnership Units [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units sold (in units) | 6,300,000 | ' | ' | ' | ' | ' | ' | 2,700,000 | 405,000 |
Price per common unit sold in a public offering (in dollars per unit) | ' | ' | ' | ' | ' | ' | ' | $48.16 | $48.16 |
Proceeds received from public offering, net | ' | $0 | $143,444 | $259,842 | ' | ' | ' | $124,684 | $18,760 |
Repayments of borrowings | ' | ' | ' | ' | $157,263 | $23,863 | $133,400 | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment | |||
Segment Information [Abstract] | ' | ' | ' |
Number of operating segments | 5 | ' | ' |
Number of reportable segments | 3 | ' | ' |
Revenues [Abstract] | ' | ' | ' |
Total revenues | $1,938,257 | $1,703,606 | $1,063,458 |
Operating income [Abstract] | ' | ' | ' |
Total operating income | 190,126 | 176,976 | 41,657 |
Reconciliation to net income [Abstract] | ' | ' | ' |
Loss on debt extinguishment | 11,589 | 2,144 | 2,249 |
Interest expense, net | 83,261 | 95,427 | 38,633 |
Provision for income taxes | 767 | 607 | 137 |
Net income | 94,509 | 78,798 | 638 |
Depreciation and amortization [Abstract] | ' | ' | ' |
Total depreciation and amortization | 136,399 | 130,384 | 47,034 |
Assets [Abstract] | ' | ' | ' |
Total assets | 2,609,363 | 2,727,987 | ' |
All Other [Member] | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' |
Total revenues | 49,640 | 58,115 | 38,103 |
Operating income [Abstract] | ' | ' | ' |
Total operating income | -25,644 | -26,483 | -17,239 |
Depreciation and amortization [Abstract] | ' | ' | ' |
Total depreciation and amortization | 699 | 638 | 345 |
Assets [Abstract] | ' | ' | ' |
Total assets | 3,342 | 3,860 | ' |
Corporate [Member] | ' | ' | ' |
Operating income [Abstract] | ' | ' | ' |
Total operating income | -93,437 | -92,780 | -91,533 |
Depreciation and amortization [Abstract] | ' | ' | ' |
Total depreciation and amortization | 23,734 | 20,381 | 7,747 |
Assets [Abstract] | ' | ' | ' |
Total assets | 157,349 | 176,956 | ' |
Reportable Segments [Member] | Propane [Member] | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' |
Total revenues | 1,606,840 | 1,357,102 | 843,648 |
Operating income [Abstract] | ' | ' | ' |
Total operating income | 295,916 | 287,473 | 142,548 |
Depreciation and amortization [Abstract] | ' | ' | ' |
Total depreciation and amortization | 106,491 | 104,533 | 34,826 |
Assets [Abstract] | ' | ' | ' |
Total assets | 2,365,320 | 2,452,909 | ' |
Reportable Segments [Member] | Fuel Oil and Refined Fuels [Member] | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' |
Total revenues | 194,684 | 208,957 | 114,288 |
Operating income [Abstract] | ' | ' | ' |
Total operating income | 2,473 | -2,799 | 890 |
Depreciation and amortization [Abstract] | ' | ' | ' |
Total depreciation and amortization | 5,429 | 4,634 | 3,652 |
Assets [Abstract] | ' | ' | ' |
Total assets | 69,360 | 77,473 | ' |
Reportable Segments [Member] | Natural Gas and Electricity [Member] | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' |
Total revenues | 87,093 | 79,432 | 67,419 |
Operating income [Abstract] | ' | ' | ' |
Total operating income | 10,818 | 11,565 | 6,991 |
Depreciation and amortization [Abstract] | ' | ' | ' |
Total depreciation and amortization | 46 | 198 | 464 |
Assets [Abstract] | ' | ' | ' |
Total assets | $13,992 | $16,789 | ' |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | $6,786 | $4,347 | $6,960 | |||
Charged (Credited) to Costs and Expenses | 11,933 | 6,717 | 838 | |||
Other Additions | 0 | 0 | 0 | |||
Deductions | -7,597 | [1] | -4,278 | [1] | -3,451 | [1] |
Balance at End of Period | 11,122 | 6,786 | 4,347 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 46,406 | 36,635 | 40,202 | |||
Charged (Credited) to Costs and Expenses | 5,458 | 9,771 | -3,567 | |||
Other Additions | 0 | 0 | 0 | |||
Deductions | 0 | [1] | 0 | [1] | 0 | [1] |
Balance at End of Period | $51,864 | $46,406 | $36,635 | |||
[1] | Represents amounts that did not impact earnings. |