Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 26, 2016 | May. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | SUBURBAN PROPANE PARTNERS LP | |
Entity Central Index Key | 1,005,210 | |
Current Fiscal Year End Date | --09-24 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 60,776,271 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Trading Symbol | SPH | |
Amendment Flag | false | |
Document Period End Date | Mar. 26, 2016 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 26, 2016 | Sep. 26, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 58,682 | $ 152,338 |
Accounts receivable, less allowance for doubtful accounts of $3,601 and $3,520, respectively | 100,413 | 59,929 |
Inventories | 45,148 | 47,686 |
Other current assets | 20,633 | 13,460 |
Total current assets | 224,876 | 273,413 |
Property, plant and equipment, net | 769,545 | 781,058 |
Goodwill | 1,102,139 | 1,087,429 |
Other intangible assets, net | 307,415 | 307,789 |
Other assets | 35,716 | 36,041 |
Total assets | 2,439,691 | 2,485,730 |
Current liabilities: | ||
Accounts payable | 35,836 | 34,922 |
Accrued employment and benefit costs | 16,597 | 29,236 |
Customer deposits and advances | 66,032 | 105,147 |
Accrued interest | 15,672 | 16,382 |
Other current liabilities | 27,872 | 24,659 |
Total current liabilities | 162,009 | 210,346 |
Long-term borrowings | 1,239,662 | 1,241,107 |
Accrued insurance | 43,712 | 43,653 |
Other liabilities | 91,041 | 92,304 |
Total liabilities | $ 1,536,424 | $ 1,587,410 |
Commitments and contingencies | ||
Partners’ capital: | ||
Common Unitholders (60,753 and 60,531 units issued and outstanding at March 26, 2016 and September 26, 2015, respectively) | $ 949,238 | $ 947,203 |
Accumulated other comprehensive loss | (45,971) | (48,883) |
Total partners’ capital | 903,267 | 898,320 |
Total liabilities and partners’ capital | $ 2,439,691 | $ 2,485,730 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 26, 2016 | Sep. 26, 2015 |
Current assets: | ||
Allowance for doubtful accounts | $ 3,601 | $ 3,520 |
Partners’ capital: | ||
Common units issued (in units) | 60,753,000 | 60,531,000 |
Common units outstanding (in units) | 60,752,827 | 60,531,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 26, 2016 | Mar. 28, 2015 | |
Revenues | ||||
Propane | $ 348,216 | $ 498,616 | $ 579,691 | $ 853,266 |
Fuel oil and refined fuels | 28,814 | 60,426 | 49,502 | 99,356 |
Natural gas and electricity | 15,962 | 28,281 | 27,636 | 44,248 |
All other | 11,148 | 12,066 | 23,168 | 25,463 |
Total Revenues | 404,140 | 599,389 | 679,997 | 1,022,333 |
Costs and expenses | ||||
Cost of products sold | 137,009 | 253,667 | 229,515 | 441,588 |
Operating | 107,560 | 120,465 | 212,431 | 227,582 |
General and administrative | 15,208 | 20,437 | 30,706 | 39,746 |
Depreciation and amortization | 33,150 | 33,229 | 64,788 | 65,858 |
Total Expenses | 292,927 | 427,798 | 537,440 | 774,774 |
Operating income | 111,213 | 171,591 | 142,557 | 247,559 |
Loss on debt extinguishment | 292 | 15,072 | 292 | 15,072 |
Interest expense, net | 18,852 | 19,711 | 37,745 | 39,710 |
Income before provision for income taxes | 92,069 | 136,808 | 104,520 | 192,777 |
Provision for income taxes | 58 | 174 | 243 | 336 |
Net income | $ 92,011 | $ 136,634 | $ 104,277 | $ 192,441 |
Net income per Common Unit - basic | $ 1.51 | $ 2.26 | $ 1.72 | $ 3.18 |
Weighted average number of Common Units outstanding - basic | 60,857 | 60,573 | 60,802 | 60,536 |
Net income per Common Unit - diluted | $ 1.51 | $ 2.24 | $ 1.71 | $ 3.16 |
Weighted average number of Common Units outstanding - diluted | 61,135 | 60,917 | 61,072 | 60,856 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 26, 2016 | Mar. 28, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 92,011 | $ 136,634 | $ 104,277 | $ 192,441 |
Other comprehensive income: | ||||
Net unrealized (losses) gains on cash flow hedges | (117) | (500) | 60 | (727) |
Reclassification of realized losses on cash flow hedges into earnings | 259 | 344 | 592 | 701 |
Amortization of net actuarial losses and prior service credits into earnings | 1,301 | 959 | 2,260 | 1,918 |
Other comprehensive income | 1,443 | 803 | 2,912 | 1,892 |
Total comprehensive income | $ 93,454 | $ 137,437 | $ 107,189 | $ 194,333 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 104,277 | $ 192,441 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 64,788 | 65,858 |
Loss on debt extinguishment | 292 | 15,072 |
Other, net | 5,471 | 5,834 |
Changes in assets and liabilities: | ||
Accounts receivable | (39,809) | (90,045) |
Inventories | 2,761 | 32,063 |
Other current and noncurrent assets | (6,541) | (10,588) |
Accounts payable | 1,796 | 911 |
Accrued employment and benefit costs | (12,639) | 3,233 |
Customer deposits and advances | (39,115) | (55,744) |
Other current and noncurrent liabilities | (794) | 902 |
Net cash provided by operating activities | 80,487 | 159,937 |
Cash flows from investing activities: | ||
Capital expenditures | (24,705) | (19,903) |
Acquisition of businesses | (42,195) | (6,500) |
Proceeds from sale of property, plant and equipment | 2,996 | 4,867 |
Net cash (used in) investing activities | (63,904) | (21,536) |
Cash flows from financing activities: | ||
Proceeds from borrowings under revolving credit facility | 100,000 | 0 |
Repayment of borrowings under revolving credit facility | (100,000) | 0 |
Proceeds from long-term borrowings | 0 | 250,000 |
Repayment of long-term borrowings (includes premium and fees) | 0 | (260,777) |
Issuance costs associated with long-term borrowings | (2,606) | (4,518) |
Partnership distributions | (107,633) | (105,679) |
Net cash (used in) financing activities | (110,239) | (120,974) |
Net (decrease) increase in cash and cash equivalents | (93,656) | 17,427 |
Cash and cash equivalents at beginning of period | 152,338 | 92,639 |
Cash and cash equivalents at end of period | $ 58,682 | $ 110,066 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL (unaudited) - 6 months ended Mar. 26, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Common Unitholders [Member] | Accumulated Other Comprehensive (Loss) [Member] |
Balance (in units) at Sep. 26, 2015 | 60,531 | ||
Balance at Sep. 26, 2015 | $ 898,320 | $ 947,203 | $ (48,883) |
Net income | 104,277 | 104,277 | |
Other comprehensive income | 2,912 | 2,912 | |
Partnership distributions | (107,633) | $ (107,633) | |
Common Units issued under Restricted Unit Plans (in units) | 222 | ||
Compensation cost recognized under Restricted Unit Plans, net of forfeitures | 5,391 | $ 5,391 | |
Balance (in units) at Mar. 26, 2016 | 60,753 | ||
Balance at Mar. 26, 2016 | $ 903,267 | $ 949,238 | $ (45,971) |
Partnership Organization and Fo
Partnership Organization and Formation | 6 Months Ended |
Mar. 26, 2016 | |
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 60,752,827 Common Units outstanding at March 26, 2016. The holders of Common Units are entitled to participate in distributions and exercise the rights and privileges available to limited partners under the Third Amended and Restated Agreement of Limited Partnership, as amended (the “Partnership Agreement”). Rights and privileges under the Partnership Agreement include, among other things, the election of all members of the Board of Supervisors and voting on the removal of the general partner. Suburban Propane, L.P. (the “Operating Partnership”), a Delaware limited partnership, is the Partnership’s operating subsidiary formed to operate the propane business and assets. In addition, Suburban Sales & Service, Inc. (the “Service Company”), a subsidiary of the Operating Partnership, was formed to operate the service work and appliance and parts businesses of the Partnership. The Operating Partnership, together with its direct and indirect subsidiaries, accounts for substantially all of the Partnership’s assets, revenues and earnings. The Partnership, the Operating Partnership and the Service Company commenced operations in March 1996 in connection with the Partnership’s initial public offering. The general partner of both the Partnership and the Operating Partnership is Suburban Energy Services Group LLC (the “General Partner”), a Delaware limited liability company, the sole member of which is the Partnership’s Chief Executive Officer. Other than as a holder of 784 Common Units that will remain in the General Partner, the General Partner does not have any economic interest in the Partnership or the Operating Partnership. The Partnership’s fuel oil and refined fuels, natural gas and electricity and services businesses are structured as either limited liability companies that are treated as corporations or corporate entities (collectively referred to as the “Corporate Entities”) and, as such, are subject to corporate level income tax. Suburban Energy Finance Corp., a direct 100%-owned subsidiary of the Partnership, was formed on November 26, 2003 to serve as co-issuer, jointly and severally with the Partnership, of the Partnership’s senior notes. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Mar. 26, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation Principles of Consolidation . The condensed consolidated financial statements include the accounts of the Partnership, the Operating Partnership and all of its direct and indirect subsidiaries. All significant intercompany transactions and account balances have been eliminated. The Partnership consolidates the results of operations, financial condition and cash flows of the Operating Partnership as a result of the Partnership’s 100% limited partner interest in the Operating Partnership. The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). They include all adjustments that the Partnership considers necessary for a fair statement of the results for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed. These financial statements should be read in conjunction with the financial statements included in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 26, 2015. Due to the seasonal nature of the Partnership’s operations, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. Fiscal Period . The Partnership uses a 52/53 week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally thirteen weeks in duration. When the Partnership’s fiscal year is 53 weeks long, the corresponding fourth quarter is fourteen weeks in duration. Revenue Recognition . Sales of propane, fuel oil and refined fuels are recognized at the time product is delivered to the customer. Revenue from the sale of appliances and equipment is recognized at the time of sale or when installation is complete, as applicable. Revenue from repairs, maintenance and other service activities is recognized upon completion of the service. Revenue from service contracts is recognized ratably over the service period. Revenue from the natural gas and electricity business is recognized based on customer usage as determined by meter readings for amounts delivered, some of which may be unbilled at the end of each accounting period. Revenue from annually billed tank fees is deferred at the time of billings and recognized on a straight-line basis over one year. Fair Value Measurements . The Partnership measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. · Level 1: Quoted prices in active markets for identical assets or liabilities. · Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. · Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. Business Combinations . The Partnership accounts for business combinations using the acquisition method and accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the acquisition date. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. The primary drivers that generate goodwill are the value of synergies between the acquired entities and the Partnership, and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Identifiable intangible assets with finite lives are amortized over their useful lives. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. The Partnership expenses all acquisition-related costs as incurred. Use of Estimates . The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates have been made by management in the areas of self-insurance and litigation reserves, pension and other postretirement benefit liabilities and costs, valuation of derivative instruments, depreciation and amortization of long-lived assets, asset impairment assessments, tax valuation allowances, allowances for doubtful accounts, and purchase price allocation for acquired businesses. In October 2014 and October 2015, the Society of Actuaries (“SOA”) issued new mortality tables and a new mortality improvement scale. The Partnership uses SOA and other actuarial life expectancy information when developing the annual mortality assumptions for the pension and postretirement benefit plans, which are used to measure net periodic benefit costs and the obligation under these plans. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term. Recently Issued Accounting Pronouncements. In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). This update is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. ASU 2016-09 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. Early adoption of ASU 2016-09 is permitted. The Partnership is currently evaluating the impact that the standard will have on the Partnership’s results of operations, financial position and cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for the first interim period within annual reporting periods beginning after December 15, 2018, which will be the Partnership’s first quarter of fiscal year 2020. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of original issue debt discounts. ASU 2015-03 is effective for the first interim period within annual reporting periods beginning after December 15, 2015, which will be the Partnership’s first quarter of fiscal year 2017. In August 2015, the FASB issued ASU No. 2015-15, which provides additional guidance related to the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. An entity may present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowing s. In May 2014, the FASB issued 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. On July 9, 2015, the FASB finalized a one-year deferral of the effective date of ASU 2014-09. The revenue standard is therefore effective for the first interim period within annual reporting periods beginning after December 15, 2017, which will be the Partnership’s first quarter of fiscal year 2019. Early adoption as of the original effective date is permitted. 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. While the Partnership is still in the process of evaluating the potential impact of ASU 2014-09, it does not expect the adoption of ASU 2014-09 will have a material impact on the Partnership’s results of operations, financial position or cash flows. |
Acquisition of Business
Acquisition of Business | 6 Months Ended |
Mar. 26, 2016 | |
Business Combinations [Abstract] | |
Acquisition of Business | 3. Acquisition of Business On December 15, 2015, the Operating Partnership acquired the assets of Propane USA Distribution, LLC (“Propane USA”), a propane marketer headquartered in Margate, Florida, and its affiliate companies, for $45,000 plus working capital acquired, of which $42,195 was paid as of March 26, 2016. The remainder of the purchase price will be funded in accordance with the terms of certain non-compete agreements. The acquisition of Propane USA was consummated pursuant to the Partnership’s strategic growth initiatives and was funded entirely from cash on hand. The purchase price allocation and results of operations of Propane USA were not material to the Partnership’s consolidated financial position and statement of operations. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 6 Months Ended |
Mar. 26, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Risk Management | 4 . Financial Instruments and Risk Management Cash and Cash Equivalents . The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short-term maturity of these instruments. Derivative Instruments and Hedging Activities. Commodity Price Risk . Given the retail nature of its operations, the Partnership maintains a certain level of priced physical inventory to help ensure its field operations have adequate supply commensurate with the time of year. The Partnership’s strategy is to keep its physical inventory priced relatively close to market for its field operations. The Partnership enters into a combination of exchange-traded futures and option contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to hedge price risk associated with propane and fuel oil physical inventories, as well as future purchases of propane or fuel oil used in its operations and to help ensure adequate supply during periods of high demand. In addition, the Partnership sells propane and fuel oil to customers at fixed prices, and enters into derivative instruments to hedge a portion of its exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. Under this risk management strategy, realized gains or losses on derivative instruments will typically offset losses or gains on the physical inventory once the product is sold or delivered as it pertains to fixed price contracts. All of the Partnership’s derivative instruments are reported on the condensed consolidated balance sheet at their fair values. In addition, in the course of normal operations, the Partnership routinely enters into contracts such as forward priced physical contracts for the purchase or sale of propane and fuel oil that qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from the fair value accounting requirements and are accounted for at the time product is purchased or sold under the related contract. The Partnership does not use derivative instruments for speculative trading purposes. Market risks associated with futures, options, forward and swap contracts are monitored daily for compliance with the Partnership’s Hedging and Risk Management Policy which includes volume limits for open positions. Priced on-hand inventory is also reviewed and managed daily as to exposures to changing market prices. On the date that derivative instruments are entered into, other than those designated as normal purchases or normal sales, the Partnership makes a determination as to whether the derivative instrument qualifies for designation as a hedge. Changes in the fair value of derivative instruments are recorded each period in current period earnings or other comprehensive income (“OCI”), depending on whether the derivative instrument is designated as a hedge and, if so, the type of hedge. For derivative instruments designated as cash flow hedges, the Partnership formally assesses, both at the hedge contract’s inception and on an ongoing basis, whether the hedge contract is highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of derivative instruments designated as cash flow hedges are reported in OCI to the extent effective and reclassified into earnings during the same period in which the hedged item affects earnings. The mark-to-market gains or losses on ineffective portions of cash flow hedges are recognized in earnings immediately. Changes in the fair value of derivative instruments that are not designated as cash flow hedges, and that do not meet the normal purchase and normal sale exemption, are recorded within earnings as they occur. Cash flows associated with derivative instruments are reported as operating activities within the condensed consolidated statement of cash flows. Interest Rate Risk . A portion of the Partnership’s borrowings bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus an applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1% or the agent bank’s prime rate, or LIBOR plus 1%, plus the applicable margin. The applicable margin is dependent on the level of the Partnership’s total leverage (the ratio of total debt to consolidated income before deducting interest expense, income taxes, depreciation and amortization (“EBITDA”)). Therefore, the Partnership is subject to interest rate risk on the variable component of the interest rate. The Partnership manages part of its variable interest rate risk by entering into interest rate swap agreements. The interest rate swaps have been designated as, and are accounted for as, cash flow hedges. The fair value of the interest rate swaps are determined using an income approach, whereby future settlements under the swaps are converted into a single present value, with fair value being based on the value of current market expectations about those future amounts. Changes in the fair value are recognized in OCI until the hedged item is recognized in earnings. However, due to changes in the underlying interest rate environment, the corresponding value in OCI is subject to change prior to its impact on earnings. Valuation of Derivative Instruments . The Partnership measures the fair value of its exchange-traded 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. The following summarizes the fair value of the Partnership’s derivative instruments and their location in the condensed consolidated balance sheets as of March 26, 2016 and September 26, 2015, respectively: As of March 26, 2016 As of September 26, 2015 Asset Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging instruments: Commodity-related derivatives Other current assets $ 2,399 Other current assets $ 7,013 Other assets 834 Other assets 485 $ 3,233 $ 7,498 Liability Derivatives Location Fair Value Location Fair Value Derivatives designated as hedging instruments: Interest rate swap Other current liabilities $ 660 Other current liabilities $ 1,112 Other liabilities — Other liabilities 200 $ 660 $ 1,312 Derivatives not designated as hedging instruments: Commodity-related derivatives Other current liabilities $ 1,882 Other current liabilities $ — Other liabilities 200 Other liabilities 2,567 $ 2,082 $ 2,567 The following summarizes the reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Six Months Ended Six Months Ended March 26, 2016 March 28, 2015 Assets Liabilities Assets Liabilities Beginning balance of over-the-counter options $ 2,781 $ 347 $ 1,512 $ — Beginning balance realized during the period (1,738 ) (96 ) (910 ) — Contracts purchased during the period 173 — 461 — Change in the fair value of outstanding contracts (479 ) (201 ) 2,755 — Ending balance of over-the-counter options $ 737 $ 50 $ 3,818 $ — As of March 26, 2016 and September 26, 2015, the Partnership’s outstanding commodity-related derivatives had a weighted average maturity of approximately four and seven months, respectively. The effect of the Partnership’s derivative instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income, as applicable, for the three and six months ended March 26, 2016 and March 28, 2015 are as follows: Three Months Ended March 26, 2016 Three Months Ended March 28, 2015 Gains (Losses) Reclassified from Accumulated OCI into Income Gains (Losses) Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationships Gains (Losses) Recognized in OCI (Effective Portion) Location Amount Gains (Losses) Recognized in OCI (Effective Portion) Location Amount Interest rate swap $ (117 ) Interest expense $ (259 ) $ (500 ) Interest expense $ (344 ) Derivatives Not Designated as Hedging Instruments Unrealized Gains (Losses) Recognized in Income Unrealized Gains (Losses) Recognized in Income Location Amount Location Amount Commodity-related derivatives Cost of products sold $ (739 ) Cost of products sold $ (7,433 ) Six Months Ended March 26, 2016 Six Months Ended March 28, 2015 Gains (Losses) Reclassified from Accumulated OCI into Income Gains (Losses) Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationships Gains (Losses) Recognized in OCI (Effective Portion) Location Amount Gains (Losses) Recognized in OCI (Effective Portion) Location Amount Interest rate swap $ 60 Interest expense $ (592 ) $ (727 ) Interest expense $ (701 ) Derivatives Not Designated as Hedging Instruments Unrealized Gains (Losses) Recognized in Income Unrealized Gains (Losses) Recognized in Income Location Amount Location Amount Commodity-related derivatives Cost of products sold $ (1,949 ) Cost of products sold $ 2,072 The following table presents the fair value of the Partnership’s recognized derivative assets and liabilities on a gross basis and amounts offset on the condensed consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: As of March 26, 2016 As of September 26, 2015 Net amounts Net amounts presented in the presented in the Gross amounts Effects of netting balance sheet Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 5,163 $ (1,930 ) $ 3,233 $ 13,063 $ (5,565 ) $ 7,498 Interest rate swap 589 (589 ) — 740 (740 ) — $ 5,752 $ (2,519 ) $ 3,233 $ 13,803 $ (6,305 ) $ 7,498 Liability Derivatives Commodity-related derivatives $ 4,012 $ (1,930 ) $ 2,082 $ 8,132 $ (5,565 ) $ 2,567 Interest rate swap 1,249 (589 ) 660 2,052 (740 ) 1,312 $ 5,261 $ (2,519 ) $ 2,742 $ 10,184 $ (6,305 ) $ 3,879 The Partnership had $1,387 and $553 posted cash collateral as of March 26, 2016 and September 26, 2015, respectively, with its brokers for outstanding commodity-related derivatives. Bank Debt and Senior Notes. The fair value of the borrowings under the Revolving Credit Facility (defined below) approximates the carrying value since the interest rates are periodically adjusted to reflect market conditions. Based upon quoted market prices (a Level 1 input), the fair value of the Senior Notes (defined below) of the Partnership are as follows: As of March 26, September 26, 2016 2015 7.375% senior notes due August 1, 2021 $ 347,045 $ 363,922 5.5% senior notes due June 1, 2024 504,000 498,750 5.75% senior notes due March 1, 2025 240,000 241,250 $ 1,091,045 $ 1,103,922 |
Inventories
Inventories | 6 Months Ended |
Mar. 26, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 5 . Inventories Inventories are stated at the lower of cost or market. Cost is determined using a weighted average method for propane, fuel oil and refined fuels and natural gas, and a standard cost basis for appliances, which approximates average cost. Inventories consist of the following: As of March 26, September 26, 2016 2015 Propane, fuel oil and refined fuels and natural gas $ 43,301 $ 45,918 Appliances 1,847 1,768 $ 45,148 $ 47,686 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Mar. 26, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6 . Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is subject to an impairment review at a reporting unit level, on an annual basis as of the end of fiscal July of each year, or when an event occurs or circumstances change that would indicate potential impairment. The Partnership has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Partnership determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. However, if the Partnership concludes otherwise, then it is required to perform the first step of the two-step impairment test. Under the two-step impairment test, the Partnership assesses the carrying value of goodwill at a reporting unit level based on an estimate of the fair value of the respective reporting unit. Fair value of the reporting unit is estimated using discounted cash flow analyses taking into consideration estimated cash flows in a ten-year projection period and a terminal value calculation at the end of the projection period. If the fair value of the reporting unit exceeds its carrying value, the goodwill associated with the reporting unit is not considered to be impaired. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized to the extent that the carrying amount of the associated goodwill, if any, exceeds the implied fair value of the goodwill. The carrying values of goodwill assigned to the Partnership’s operating segments are as follows: Fuel oil and Natural gas Propane refined fuels and electricity Total Balance as of September 26, 2015 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 Goodwill acquired during fiscal 2016 (1) $ 14,710 $ — $ — $ 14,710 Balance as of March 26, 2016 Goodwill $ 1,089,801 $ 10,900 $ 7,900 $ 1,108,601 Accumulated adjustments — (6,462 ) — (6,462 ) $ 1,089,801 $ 4,438 $ 7,900 $ 1,102,139 Other intangible assets consist of the following: As of March 26, September 26, 2016 2015 Customer relationships (1) $ 496,577 $ 471,829 Non-compete agreements (1) 31,040 27,815 Tradenames 3,482 3,482 Other 1,967 1,967 533,066 505,093 Less: accumulated amortization Customer relationships (200,292 ) (173,823 ) Non-compete agreements (20,921 ) (19,337 ) Tradenames (3,317 ) (3,069 ) Other (1,121 ) (1,075 ) (225,651 ) (197,304 ) $ 307,415 $ 307,789 (1) Increases reflect the Propane USA acquisition (Note 3) . |
Net Income Per Common Unit
Net Income Per Common Unit | 6 Months Ended |
Mar. 26, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Unit | 7 . Net Income Per Common Unit Computations of basic income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units, and 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 277,435 and 270,360 units for the three and six months ended March 26, 2016, respectively, and 343,922 and 320,398 units for the three and six months ended March 28, 2015, respectively, to reflect the potential dilutive effect of the unvested restricted units outstanding using the treasury stock method. |
Long-Term Borrowings
Long-Term Borrowings | 6 Months Ended |
Mar. 26, 2016 | |
Debt Disclosure [Abstract] | |
Long Term Borrowings | 8 . Long-Term Borrowings Long-term borrowings consist of the following: As of March 26, September 26, 2016 2015 7.375% senior notes, due August 1, 2021, including unamortized premium of $18,482 and $19,927, respectively $ 364,662 $ 366,107 5.5% senior notes, due June 1, 2024 525,000 525,000 5.75% senior notes, due March 1, 2025 250,000 250,000 Revolving Credit Facility, due March 3, 2021 100,000 — Revolving Credit Facility, due January 5, 2017 — 100,000 $ 1,239,662 $ 1,241,107 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 acquisition of the retail propane assets and operations of Inergy, L.P. (“Inergy Propane”). 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 L.P.’s outstanding notes, not for cash. The 2021 Senior Notes require semi-annual interest payments in February and August. On December 19, 2012, the Partnership completed an offer to exchange its then-outstanding unregistered 7.5% senior notes due 2018 and 7.375% senior notes due 2021 for an equal principal amount of 7.5% senior notes due 2018 and 7.375% senior notes due 2021, respectively, that have been registered under the Securities Act of 1933, as amended. 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 of Common Units 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. 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. 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. 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 required semi-annual interest payments in March and September. On February 25, 2015, the Partnership repurchased and satisfied and discharged all of its previously outstanding 2020 Senior Notes with net proceeds from the issuance of the 2025 Senior Notes, as defined below, and cash on hand pursuant to a tender offer and redemption. In connection with this tender offer and redemption, the Partnership recognized a loss on the extinguishment of debt of $15,072 consisting of $11,124 for the redemption premium and related fees, as well as the write-off of $2,855 and $1,093 in unamortized debt origination costs and unamortized discount, respectively. 2024 Senior Notes 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. 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. 2025 Senior Notes On February 25, 2015, the Partnership and its 100%-owned subsidiary, Suburban Energy Finance Corp., completed a public offering of $250,000 in aggregate principal amount of 5.75% senior notes due March 1, 2025 (the “2025 Senior Notes”). The 2025 Senior Notes were issued at 100% of the principal amount and require semi-annual interest payments in March and September. The net proceeds from the issuance of the 2025 Senior Notes, along with cash on hand, were used to repurchase and satisfy and discharge all of the 2020 Senior Notes. The Partnership’s obligations under the 2021 Senior Notes, 2024 Senior Notes and 2025 Senior Notes (collectively, the “Senior Notes”) are unsecured and rank senior in right of payment to any future subordinated indebtedness and equally in right of payment with any future senior indebtedness. The Senior Notes are structurally subordinated to, which means they rank effectively behind, any debt and other liabilities of the Operating Partnership. The Partnership is permitted to redeem some or all of the Senior Notes at redemption prices and times as specified in the indentures governing the Senior Notes. The Senior Notes each have a change of control provision that would require the Partnership to offer to repurchase the notes at 101% of the principal amount repurchased, if a change of control, as defined in the respective indentures, 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. On March 3, 2016 the Partnership and the Operating Partnership entered into a Second Amended and Restated Credit Agreement (the “Amended Credit Agreement”) that provides for a five-year $500,000 revolving credit facility (the “Revolving Credit Facility”), of which $100,000 was outstanding as of March 26, 2016. As of September 26, 2015, $100,000 was outstanding under the Operating Partnership’s revolving credit facility of the previous credit agreement, which was rolled into the Revolving Credit Facility of the Amended Credit Agreement. The Amended Credit Agreement amends and restates the previous credit agreement to, among other things, extend the maturity date from January 5, 2017 to March 3, 2021, reduce the borrowing rate, amend certain affirmative and negative covenants and increase the revolving credit commitments from $400,000 to $500,000. 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. In connection with the Amended Credit Agreement, the Partnership recognized a non-cash charge of $292 to write-off a portion of unamortized debt origination costs of the previous credit agreement. The Amended Credit Agreement contains 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 Amended Credit Agreement, to be not less than 2.5 to 1.0 as of the end of any fiscal quarter and (b) prohibiting the total consolidated leverage ratio, as defined in the Amended Credit Agreement, of the Partnership from being greater than 5.5 to 1.0 as of the end of any fiscal quarter. The Partnership acts as a guarantor with respect to the obligations of the Operating Partnership under the Amended Credit Agreement pursuant to the terms and conditions set forth therein. The obligations under the Amended Credit Agreement are secured by liens on substantially all of the personal property of the Partnership, the Operating Partnership and their subsidiaries, as well as mortgages on certain real property. Borrowings under the Revolving Credit Facility of the Amended Credit Agreement bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus the applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1%, the agent bank’s prime rate, or LIBOR plus 1%, plus in each case the applicable margin. The applicable margin is dependent upon the Partnership’s ratio of total debt to EBITDA on a consolidated basis, as defined in the Revolving Credit Facility. As of March 26, 2016, the interest rate for the Revolving Credit Facility was approximately 2.9%. The interest rate and the applicable margin will be reset at the end of each calendar quarter. In connection with the previous 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. In addition, at the time the March 3, 2016 Amended Credit Agreement was entered into, the Operating Partnership had letters of credit issued under the revolving credit facility of the previous credit agreement, all of which have been rolled into the Revolving Credit Facility of the Amended Credit Agreement. As of March 26, 2016, the Partnership had standby letters of credit issued under the Revolving Credit Facility in the aggregate amount of $46,183 which expire periodically through April 3, 2017. Therefore, as of March 26, 2016 the Partnership had available borrowing capacity of $353,817 under the Revolving Credit Facility. The Amended Credit Agreement and the Senior Notes both contain various restrictive and affirmative covenants applicable to the Operating Partnership and the Partnership, respectively, including (i) restrictions on the incurrence of additional indebtedness, and (ii) restrictions on certain liens, investments, guarantees, loans, advances, payments, mergers, consolidations, distributions, sales of assets and other transactions. Under the Amended Credit Agreement and the indentures governing the Senior Notes, the Operating Partnership and the Partnership are generally permitted to make cash distributions equal to available cash, as defined, as of the end of the immediately preceding quarter, if no event of default exists or would exist upon making such distributions, and with respect to the indentures governing the Senior Notes, the Partnership’s consolidated fixed charge coverage ratio, as defined, is greater than 1.75 to 1. The Partnership and the Operating Partnership were in compliance with all covenants and terms of the Senior Notes and the Amended Credit Agreement as of March 26, 2016. The aggregate amounts of long-term debt maturities subsequent to March 26, 2016 are as follows: fiscal 2016: $-0-; fiscal 2017: $-0-; fiscal 2018: $-0-; fiscal 2019: $-0-; fiscal 2020: $-0-; and thereafter: $1,221,180. |
Distributions of Available Cash
Distributions of Available Cash | 6 Months Ended |
Mar. 26, 2016 | |
Distributions Made To Members Or Limited Partners [Abstract] | |
Distributions of Available Cash | 9 . Distributions of Available Cash The Partnership makes distributions to its partners no later than 45 days after the end of each fiscal quarter in an aggregate amount equal to its Available Cash for such quarter. Available Cash, as defined in the Partnership Agreement, generally means all cash on hand at the end of the respective fiscal quarter less the amount of cash reserves established by the Board of Supervisors in its reasonable discretion for future cash requirements. These reserves are retained for the proper conduct of the Partnership’s business, the payment of debt principal and interest and for distributions during the next four quarters. On April 21, 2016, the Partnership announced a quarterly distribution of $0.8875 per Common Unit, or $3.55 per Common Unit on an annualized basis, in respect of the second quarter of fiscal 2016, payable on May 10, 2016 to holders of record on May 3, 2016. |
Unit-Based Compensation Arrange
Unit-Based Compensation Arrangements | 6 Months Ended |
Mar. 26, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Unit-Based Compensation Arrangements | 10 . Unit-Based Compensation Arrangements The Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity, or equity-based compensation, based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on remeasurement of the award’s fair value at the conclusion of each interim and annual reporting period until the date of settlement, taking into consideration the probability that the performance conditions will be satisfied. Restricted Unit Plan . On July 22, 2009, the Partnership adopted the Suburban Propane Partners, L.P. 2009 Restricted Unit Plan, as amended (the “Restricted Unit Plan”), which authorizes the issuance of Common Units to executives, managers and other employees and members of the Board of Supervisors of the Partnership. The total number of Common Units authorized for issuance under the Restricted Unit Plan was 2,400,000 as of March 26, 2016. In accordance with an August 6, 2013 amendment to the Restricted Unit Plan, 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 Plan 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 Plan 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 Plan. Compensation expense for the unvested awards is recognized ratably over the vesting periods and is net of estimated forfeitures. During the six months ended March 26, 2016, the Partnership awarded 307,559 restricted units under the Restricted Unit Plan at an aggregate grant date fair value of $7,265. The following is a summary of activity for the Restricted Unit Plan for the six months ended March 26, 2016: Weighted Grant Date Fair Units Value Per Unit Outstanding September 26, 2015 627,399 $ 31.87 Awarded 307,559 23.62 Forfeited (1,500 ) (23.60 ) Issued (221,757 ) (35.64 ) Outstanding March 26, 2016 711,701 $ 27.15 As of March 26, 2016, unrecognized compensation cost related to unvested restricted units awarded under the Restricted Unit Plan amounted to $7,050. Compensation cost associated with unvested awards is expected to be recognized over a weighted-average period of 1.1 years. Compensation expense recognized under the Restricted Unit Plan, net of forfeitures, for the three and six months ended March 26, 2016 was $2,579 and $5,391, respectively and $2,613 and $5,503 for the three and six months ended March 28, 2015, respectively. Long-Term Incentive Plan . On August 6, 2013, the Compensation Committee of the Partnership’s Board of Supervisors adopted the 2014 Long-Term Incentive Plan (“LTIP”). The LTIP is a non-qualified, unfunded, long-term incentive plan for officers and key employees that provides for payment, in the form of cash, of an award of equity-based compensation at the end of a three-year performance period. The level of compensation earned under the LTIP is based on the Partnership’s average distribution coverage ratio over the three-year measurement period. The Partnership’s average distribution coverage ratio is calculated as the Partnership’s average distributable cash flow, as defined by the LTIP, for each of the three years in the measurement period, subject to certain adjustments as set forth in the LTIP, divided by the amount of annualized cash distributions to be paid by the Partnership, based on the annualized cash distribution rate at the beginning of the measurement period. As a result of the quarterly remeasurement of the liability for awards under the LTIP, compensation expense for the three and six months ended March 26, 2016 was ($539) and ($730), respectively, and $556 and $1,754 for the three and six months ended March 28, 2015, respectively. As of March 26, 2016 and September 26, 2015, the Partnership had a liability included within accrued employment and benefit costs (or other liabilities, as applicable) of $2,658 and $4,860, respectively, related to estimated future payments under the LTIP. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 26, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 1 . Commitments and Contingencies Self-Insurance . The Partnership is self-insured for general and product, workers’ compensation and automobile liabilities up to predetermined thresholds above which third party insurance applies. As of March 26, 2016 and September 26, 2015, the Partnership had accrued insurance liabilities of $57,343 and $57,083, 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 other current assets, as applicable) related to the amount of the liability expected to be covered by insurance which amounted to $14,960 and $15,783 as of March 26, 2016 and September 26, 2015, 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. During the first quarter of fiscal 2016, the Partnership settled a product liability matter for $3,000. 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 | 6 Months Ended |
Mar. 26, 2016 | |
Guarantees [Abstract] | |
Guarantees | 1 2 . 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 2023. 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 $13,003 as of March 26, 2016. The fair value of residual value guarantees for outstanding operating leases was de minimis as of March 26, 2016 and September 26, 2015. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 6 Months Ended |
Mar. 26, 2016 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Pension Plans and Other Postretirement Benefits | 1 3 . Pension Plans and Other Postretirement Benefits The following table provides the components of net periodic benefit costs: Pension Benefits Three Months Ended Six Months Ended March 26, March 28, March 26, March 28, 2016 2015 2016 2015 Interest cost $ 1,260 $ 1,282 $ 2,521 $ 2,564 Expected return on plan assets (854 ) (1,228 ) (1,709 ) (2,457 ) Amortization of net loss (gain) 1,475 1,131 2,609 2,261 Net periodic benefit cost $ 1,881 $ 1,185 $ 3,421 $ 2,368 Postretirement Benefits Three Months Ended Six Months Ended March 26, March 28, March 26, March 28, 2016 2015 2016 2015 Interest cost $ 130 $ 143 $ 260 $ 288 Amortization of prior service credits (100 ) (123 ) (200 ) (245 ) Amortization of net loss (gain) (74 ) (49 ) (149 ) (98 ) Net periodic benefit (income) $ (44 ) $ (29 ) $ (89 ) $ (55 ) The Partnership expects to contribute approximately $700 to the defined benefit pension plan during fiscal 2016. The projected annual contribution requirements related to the Partnership’s postretirement health care and life insurance benefit plan for fiscal 2016 is $1,025, of which $407 has been contributed during the six months ended March 26, 2016. The Partnership contributes to multi-employer pension plans (“MEPP”) in accordance with various collective bargaining agreements covering union employees. As one of the many participating employers in these MEPPs, the Partnership is responsible with the other participating employers for any plan underfunding. As of March 26, 2016 and September 26, 2015, the Partnership’s estimated obligation to these MEPPs was $17,949 and $18,041, respectively. Due to the uncertainty regarding future factors that could trigger withdrawal liability, the Partnership is unable to determine the timing of the payment of the future withdrawal liability or additional future withdrawal liability, if any. |
Amounts Reclassified Out of Acc
Amounts Reclassified Out of Accumulated Other Comprehensive Income | 6 Months Ended |
Mar. 26, 2016 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Amounts Reclassified Out of Accumulated Other Comprehensive Income | 1 4 . Amounts Reclassified Out of Accumulated Other Comprehensive Income The following table summarizes amounts reclassified out of accumulated other comprehensive (loss) income for the three and six months ended March 26, 2016 and March 28, 2015: Three Months Ended Six Months Ended March 26, March 28, March 26, March 28, 2016 2015 2016 2015 Cash Flow Hedges Balance, beginning of period $ (801 ) $ (1,410 ) $ (1,311 ) $ (1,540 ) Other comprehensive income before reclassifications: Unrealized (losses) gains (117 ) (500 ) 60 (727 ) Reclassifications to earnings: Realized losses ( a 259 344 592 701 Other comprehensive income 142 (156 ) 652 (26 ) Balance, end of period $ (659 ) $ (1,566 ) $ (659 ) $ (1,566 ) Pension Benefits Balance, beginning of period $ (51,702 ) $ (47,904 ) $ (52,836 ) $ (49,034 ) Reclassifications to earnings: Amortization of net loss ( b 1,475 1,131 2,609 2,261 Other comprehensive income 1,475 1,131 2,609 2,261 Balance, end of period $ (50,227 ) $ (46,773 ) $ (50,227 ) $ (46,773 ) Postretirement Benefits Balance, beginning of period $ 5,089 $ 4,498 $ 5,264 $ 4,669 Reclassifications to earnings: Amortization of prior service credits ( b (100 ) (123 ) (200 ) (245 ) Amortization of net gain ( b (74 ) (49 ) (149 ) (98 ) Other comprehensive loss (174 ) (172 ) (349 ) (343 ) Balance, end of period $ 4,915 $ 4,326 $ 4,915 $ 4,326 Accumulated Other Comprehensive Income (Loss) Balance, beginning of period $ (47,414 ) $ (44,816 ) $ (48,883 ) $ (45,905 ) Other comprehensive income before reclassifications (117 ) (500 ) 60 (727 ) Reclassifications to earnings 1,560 1,303 2,852 2,619 Other comprehensive income 1,443 803 2,912 1,892 Balance, end of period $ (45,971 ) $ (44,013 ) $ (45,971 ) $ (44,013 ) (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 13, “Pension Plans and Other Postretirement Benefits”. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 26, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 5 . 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 condensed consolidated statement of operations, are includable in the federal and state income tax returns of the Common Unitholders. The aggregate difference in the basis of the Partnership’s net assets for financial and tax reporting purposes cannot be readily determined as the Partnership does not have access to each Common Unitholder’s basis in the Partnership. As described in Note 1, the earnings of the Corporate Entities are subject to corporate level federal and state income tax. However, based upon past performance, the Corporate Entities are currently reporting an income tax provision composed primarily of minimum state income taxes. A full valuation allowance has been provided against the deferred tax assets based upon an analysis of all available evidence, both negative and positive at the balance sheet date, which, taken as a whole, indicates that it is more likely than not that sufficient future taxable income will not be available to utilize the assets. Management’s periodic reviews include, among other things, the nature and amount of the taxable income and expense items, the expected timing of when assets will be used or liabilities will be required to be reported and the reliability of historical profitability of businesses expected to provide future earnings. Furthermore, management considered tax-planning strategies it could use to increase the likelihood that the deferred assets will be realized. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Mar. 26, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | 16. Subsequent Event On April 22, 2016, the Operating Partnership sold certain assets and operations in a non-strategic market of the propane segment for $26,000, including $5,000 that will be received over a five-year period. The gain from the divestiture will be recognized during the third quarter of fiscal 2016. The net assets and results of operations were not material to the Partnership’s results of operations, financial position and cash flows. |
Segment Information
Segment Information | 6 Months Ended |
Mar. 26, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 1 7 . Segment Information The Partnership manages and evaluates its operations in four operating segments, three of which are reportable segments: Propane, Fuel Oil and Refined Fuels, and Natural Gas and Electricity. The chief operating decision maker evaluates performance of the operating segments using a number of performance measures, including gross margins and income before interest expense and provision for income taxes (operating profit). Costs excluded from these profit measures are captured in Corporate and include corporate overhead expenses not allocated to the operating segments. Unallocated corporate overhead expenses include all costs of back office support functions that are reported as general and administrative expenses within the condensed consolidated statements of operations. In addition, certain costs associated with field operations support that are reported in operating expenses within the condensed consolidated statements of operations, including purchasing, training and safety, are not allocated to the individual operating segments. Thus, operating profit for each operating segment includes only the costs that are directly attributable to the operations of the individual segment. The accounting policies of the operating segments are otherwise the same as those described in Note 2, “Summary of Significant Accounting Policies,” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 26, 2015. 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. 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: Three Months Ended Six Months Ended March 26, March 28, March 26, March 28, 2016 2015 2016 2015 Revenues: Propane $ 348,216 $ 498,616 $ 579,691 $ 853,266 Fuel oil and refined fuels 28,814 60,426 49,502 99,356 Natural gas and electricity 15,962 28,281 27,636 44,248 All other 11,148 12,066 23,168 25,463 Total revenues $ 404,140 $ 599,389 $ 679,997 $ 1,022,333 Operating income (loss): Propane $ 129,277 $ 189,265 $ 184,860 $ 292,341 Fuel oil and refined fuels 6,470 9,434 8,439 10,880 Natural gas and electricity 4,444 7,457 6,696 10,215 All other (5,812 ) (5,289 ) (12,868 ) (10,967 ) Corporate (23,166 ) (29,276 ) (44,570 ) (54,910 ) Total operating income 111,213 171,591 142,557 247,559 Reconciliation to net income: Loss on debt extinguishment 292 15,072 292 15,072 Interest expense, net 18,852 19,711 37,745 39,710 Provision for income taxes 58 174 243 336 Net income $ 92,011 $ 136,634 $ 104,277 $ 192,441 Depreciation and amortization: Propane $ 27,518 $ 27,562 $ 54,625 $ 54,641 Fuel oil and refined fuels 686 728 1,382 1,561 Natural gas and electricity 1 2 3 4 All other 79 69 161 149 Corporate 4,866 4,868 8,617 9,503 Total depreciation and amortization $ 33,150 $ 33,229 $ 64,788 $ 65,858 As of March 26, September 2016 2015 Assets: Propane $ 2,246,909 $ 2,209,343 Fuel oil and refined fuels 58,166 58,077 Natural gas and electricity 15,068 13,253 All other 2,510 2,888 Corporate 117,038 202,169 Total assets $ 2,439,691 $ 2,485,730 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Mar. 26, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation . The condensed consolidated financial statements include the accounts of the Partnership, the Operating Partnership and all of its direct and indirect subsidiaries. All significant intercompany transactions and account balances have been eliminated. The Partnership consolidates the results of operations, financial condition and cash flows of the Operating Partnership as a result of the Partnership’s 100% limited partner interest in the Operating Partnership. The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). They include all adjustments that the Partnership considers necessary for a fair statement of the results for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed. These financial statements should be read in conjunction with the financial statements included in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 26, 2015. Due to the seasonal nature of the Partnership’s operations, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. |
Fiscal Period | Fiscal Period . The Partnership uses a 52/53 week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally thirteen weeks in duration. When the Partnership’s fiscal year is 53 weeks long, the corresponding fourth quarter is fourteen weeks in duration. |
Revenue Recognition | Revenue Recognition . Sales of propane, fuel oil and refined fuels are recognized at the time product is delivered to the customer. Revenue from the sale of appliances and equipment is recognized at the time of sale or when installation is complete, as applicable. Revenue from repairs, maintenance and other service activities is recognized upon completion of the service. Revenue from service contracts is recognized ratably over the service period. Revenue from the natural gas and electricity business is recognized based on customer usage as determined by meter readings for amounts delivered, some of which may be unbilled at the end of each accounting period. Revenue from annually billed tank fees is deferred at the time of billings and recognized on a straight-line basis over one year. |
Fair Value Measurements | Fair Value Measurements . The Partnership measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. · Level 1: Quoted prices in active markets for identical assets or liabilities. · Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. · Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |
Business Combinations | Business Combinations . The Partnership accounts for business combinations using the acquisition method and accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the acquisition date. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. The primary drivers that generate goodwill are the value of synergies between the acquired entities and the Partnership, and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Identifiable intangible assets with finite lives are amortized over their useful lives. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. The Partnership expenses all acquisition-related costs as incurred. |
Use of Estimates | Use of Estimates . The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates have been made by management in the areas of self-insurance and litigation reserves, pension and other postretirement benefit liabilities and costs, valuation of derivative instruments, depreciation and amortization of long-lived assets, asset impairment assessments, tax valuation allowances, allowances for doubtful accounts, and purchase price allocation for acquired businesses. In October 2014 and October 2015, the Society of Actuaries (“SOA”) issued new mortality tables and a new mortality improvement scale. The Partnership uses SOA and other actuarial life expectancy information when developing the annual mortality assumptions for the pension and postretirement benefit plans, which are used to measure net periodic benefit costs and the obligation under these plans. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements. In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). This update is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. ASU 2016-09 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. Early adoption of ASU 2016-09 is permitted. The Partnership is currently evaluating the impact that the standard will have on the Partnership’s results of operations, financial position and cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for the first interim period within annual reporting periods beginning after December 15, 2018, which will be the Partnership’s first quarter of fiscal year 2020. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of original issue debt discounts. ASU 2015-03 is effective for the first interim period within annual reporting periods beginning after December 15, 2015, which will be the Partnership’s first quarter of fiscal year 2017. In August 2015, the FASB issued ASU No. 2015-15, which provides additional guidance related to the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. An entity may present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowing s. In May 2014, the FASB issued 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. On July 9, 2015, the FASB finalized a one-year deferral of the effective date of ASU 2014-09. The revenue standard is therefore effective for the first interim period within annual reporting periods beginning after December 15, 2017, which will be the Partnership’s first quarter of fiscal year 2019. Early adoption as of the original effective date is permitted. 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. While the Partnership is still in the process of evaluating the potential impact of ASU 2014-09, it does not expect the adoption of ASU 2014-09 will have a material impact on the Partnership’s results of operations, financial position or cash flows. |
Financial Instruments and Ris26
Financial Instruments and Risk Management (Tables) | 6 Months Ended |
Mar. 26, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value of the Partnership's derivative instruments and their location in the condensed consolidated balance sheets | The following summarizes the fair value of the Partnership’s derivative instruments and their location in the condensed consolidated balance sheets as of March 26, 2016 and September 26, 2015, respectively: As of March 26, 2016 As of September 26, 2015 Asset Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging instruments: Commodity-related derivatives Other current assets $ 2,399 Other current assets $ 7,013 Other assets 834 Other assets 485 $ 3,233 $ 7,498 Liability Derivatives Location Fair Value Location Fair Value Derivatives designated as hedging instruments: Interest rate swap Other current liabilities $ 660 Other current liabilities $ 1,112 Other liabilities — Other liabilities 200 $ 660 $ 1,312 Derivatives not designated as hedging instruments: Commodity-related derivatives Other current liabilities $ 1,882 Other current liabilities $ — Other liabilities 200 Other liabilities 2,567 $ 2,082 $ 2,567 |
Reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs | The following summarizes the reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Six Months Ended Six Months Ended March 26, 2016 March 28, 2015 Assets Liabilities Assets Liabilities Beginning balance of over-the-counter options $ 2,781 $ 347 $ 1,512 $ — Beginning balance realized during the period (1,738 ) (96 ) (910 ) — Contracts purchased during the period 173 — 461 — Change in the fair value of outstanding contracts (479 ) (201 ) 2,755 — Ending balance of over-the-counter options $ 737 $ 50 $ 3,818 $ — |
Effect of the Partnership's derivative instruments on the condensed consolidated statements of operations | The effect of the Partnership’s derivative instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income, as applicable, for the three and six months ended March 26, 2016 and March 28, 2015 are as follows: Three Months Ended March 26, 2016 Three Months Ended March 28, 2015 Gains (Losses) Reclassified from Accumulated OCI into Income Gains (Losses) Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationships Gains (Losses) Recognized in OCI (Effective Portion) Location Amount Gains (Losses) Recognized in OCI (Effective Portion) Location Amount Interest rate swap $ (117 ) Interest expense $ (259 ) $ (500 ) Interest expense $ (344 ) Derivatives Not Designated as Hedging Instruments Unrealized Gains (Losses) Recognized in Income Unrealized Gains (Losses) Recognized in Income Location Amount Location Amount Commodity-related derivatives Cost of products sold $ (739 ) Cost of products sold $ (7,433 ) Six Months Ended March 26, 2016 Six Months Ended March 28, 2015 Gains (Losses) Reclassified from Accumulated OCI into Income Gains (Losses) Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationships Gains (Losses) Recognized in OCI (Effective Portion) Location Amount Gains (Losses) Recognized in OCI (Effective Portion) Location Amount Interest rate swap $ 60 Interest expense $ (592 ) $ (727 ) Interest expense $ (701 ) Derivatives Not Designated as Hedging Instruments Unrealized Gains (Losses) Recognized in Income Unrealized Gains (Losses) Recognized in Income Location Amount Location Amount Commodity-related derivatives Cost of products sold $ (1,949 ) Cost of products sold $ 2,072 |
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 condensed consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: As of March 26, 2016 As of September 26, 2015 Net amounts Net amounts presented in the presented in the Gross amounts Effects of netting balance sheet Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 5,163 $ (1,930 ) $ 3,233 $ 13,063 $ (5,565 ) $ 7,498 Interest rate swap 589 (589 ) — 740 (740 ) — $ 5,752 $ (2,519 ) $ 3,233 $ 13,803 $ (6,305 ) $ 7,498 Liability Derivatives Commodity-related derivatives $ 4,012 $ (1,930 ) $ 2,082 $ 8,132 $ (5,565 ) $ 2,567 Interest rate swap 1,249 (589 ) 660 2,052 (740 ) 1,312 $ 5,261 $ (2,519 ) $ 2,742 $ 10,184 $ (6,305 ) $ 3,879 |
Fair Value of the Partnership's Senior Notes | Based upon quoted market prices (a Level 1 input), the fair value of the Senior Notes (defined below) of the Partnership are as follows: As of March 26, September 26, 2016 2015 7.375% senior notes due August 1, 2021 $ 347,045 $ 363,922 5.5% senior notes due June 1, 2024 504,000 498,750 5.75% senior notes due March 1, 2025 240,000 241,250 $ 1,091,045 $ 1,103,922 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Mar. 26, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: As of March 26, September 26, 2016 2015 Propane, fuel oil and refined fuels and natural gas $ 43,301 $ 45,918 Appliances 1,847 1,768 $ 45,148 $ 47,686 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Mar. 26, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying values of goodwill assigned to the partnership's operating segments | The carrying values of goodwill assigned to the Partnership’s operating segments are as follows: Fuel oil and Natural gas Propane refined fuels and electricity Total Balance as of September 26, 2015 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 Goodwill acquired during fiscal 2016 (1) $ 14,710 $ — $ — $ 14,710 Balance as of March 26, 2016 Goodwill $ 1,089,801 $ 10,900 $ 7,900 $ 1,108,601 Accumulated adjustments — (6,462 ) — (6,462 ) $ 1,089,801 $ 4,438 $ 7,900 $ 1,102,139 |
Other intangible assets | Other intangible assets consist of the following: As of March 26, September 26, 2016 2015 Customer relationships (1) $ 496,577 $ 471,829 Non-compete agreements (1) 31,040 27,815 Tradenames 3,482 3,482 Other 1,967 1,967 533,066 505,093 Less: accumulated amortization Customer relationships (200,292 ) (173,823 ) Non-compete agreements (20,921 ) (19,337 ) Tradenames (3,317 ) (3,069 ) Other (1,121 ) (1,075 ) (225,651 ) (197,304 ) $ 307,415 $ 307,789 (1) Increases reflect the Propane USA acquisition (Note 3) . |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 6 Months Ended |
Mar. 26, 2016 | |
Debt Disclosure [Abstract] | |
Long-term borrowings | Long-term borrowings consist of the following: As of March 26, September 26, 2016 2015 7.375% senior notes, due August 1, 2021, including unamortized premium of $18,482 and $19,927, respectively $ 364,662 $ 366,107 5.5% senior notes, due June 1, 2024 525,000 525,000 5.75% senior notes, due March 1, 2025 250,000 250,000 Revolving Credit Facility, due March 3, 2021 100,000 — Revolving Credit Facility, due January 5, 2017 — 100,000 $ 1,239,662 $ 1,241,107 |
Unit-Based Compensation Arran30
Unit-Based Compensation Arrangements (Tables) | 6 Months Ended |
Mar. 26, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of activity for the Restricted Unit Plans | The following is a summary of activity for the Restricted Unit Plan for the six months ended March 26, 2016: Weighted Grant Date Fair Units Value Per Unit Outstanding September 26, 2015 627,399 $ 31.87 Awarded 307,559 23.62 Forfeited (1,500 ) (23.60 ) Issued (221,757 ) (35.64 ) Outstanding March 26, 2016 711,701 $ 27.15 |
Pension Plans and Other Postr31
Pension Plans and Other Postretirement Benefits (Tables) | 6 Months Ended |
Mar. 26, 2016 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Components of Net Periodic Benefit Costs | The following table provides the components of net periodic benefit costs: Pension Benefits Three Months Ended Six Months Ended March 26, March 28, March 26, March 28, 2016 2015 2016 2015 Interest cost $ 1,260 $ 1,282 $ 2,521 $ 2,564 Expected return on plan assets (854 ) (1,228 ) (1,709 ) (2,457 ) Amortization of net loss (gain) 1,475 1,131 2,609 2,261 Net periodic benefit cost $ 1,881 $ 1,185 $ 3,421 $ 2,368 Postretirement Benefits Three Months Ended Six Months Ended March 26, March 28, March 26, March 28, 2016 2015 2016 2015 Interest cost $ 130 $ 143 $ 260 $ 288 Amortization of prior service credits (100 ) (123 ) (200 ) (245 ) Amortization of net loss (gain) (74 ) (49 ) (149 ) (98 ) Net periodic benefit (income) $ (44 ) $ (29 ) $ (89 ) $ (55 ) |
Amounts Reclassified Out of A32
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Mar. 26, 2016 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Reclassification out of accumulated other comprehensive (loss) income | The following table summarizes amounts reclassified out of accumulated other comprehensive (loss) income for the three and six months ended March 26, 2016 and March 28, 2015: Three Months Ended Six Months Ended March 26, March 28, March 26, March 28, 2016 2015 2016 2015 Cash Flow Hedges Balance, beginning of period $ (801 ) $ (1,410 ) $ (1,311 ) $ (1,540 ) Other comprehensive income before reclassifications: Unrealized (losses) gains (117 ) (500 ) 60 (727 ) Reclassifications to earnings: Realized losses ( a 259 344 592 701 Other comprehensive income 142 (156 ) 652 (26 ) Balance, end of period $ (659 ) $ (1,566 ) $ (659 ) $ (1,566 ) Pension Benefits Balance, beginning of period $ (51,702 ) $ (47,904 ) $ (52,836 ) $ (49,034 ) Reclassifications to earnings: Amortization of net loss ( b 1,475 1,131 2,609 2,261 Other comprehensive income 1,475 1,131 2,609 2,261 Balance, end of period $ (50,227 ) $ (46,773 ) $ (50,227 ) $ (46,773 ) Postretirement Benefits Balance, beginning of period $ 5,089 $ 4,498 $ 5,264 $ 4,669 Reclassifications to earnings: Amortization of prior service credits ( b (100 ) (123 ) (200 ) (245 ) Amortization of net gain ( b (74 ) (49 ) (149 ) (98 ) Other comprehensive loss (174 ) (172 ) (349 ) (343 ) Balance, end of period $ 4,915 $ 4,326 $ 4,915 $ 4,326 Accumulated Other Comprehensive Income (Loss) Balance, beginning of period $ (47,414 ) $ (44,816 ) $ (48,883 ) $ (45,905 ) Other comprehensive income before reclassifications (117 ) (500 ) 60 (727 ) Reclassifications to earnings 1,560 1,303 2,852 2,619 Other comprehensive income 1,443 803 2,912 1,892 Balance, end of period $ (45,971 ) $ (44,013 ) $ (45,971 ) $ (44,013 ) (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 13, “Pension Plans and Other Postretirement Benefits”. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Mar. 26, 2016 | |
Segment Reporting [Abstract] | |
Disclosure by reportable segment and reconciliation of total operating segment information | The following table presents certain data by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented: Three Months Ended Six Months Ended March 26, March 28, March 26, March 28, 2016 2015 2016 2015 Revenues: Propane $ 348,216 $ 498,616 $ 579,691 $ 853,266 Fuel oil and refined fuels 28,814 60,426 49,502 99,356 Natural gas and electricity 15,962 28,281 27,636 44,248 All other 11,148 12,066 23,168 25,463 Total revenues $ 404,140 $ 599,389 $ 679,997 $ 1,022,333 Operating income (loss): Propane $ 129,277 $ 189,265 $ 184,860 $ 292,341 Fuel oil and refined fuels 6,470 9,434 8,439 10,880 Natural gas and electricity 4,444 7,457 6,696 10,215 All other (5,812 ) (5,289 ) (12,868 ) (10,967 ) Corporate (23,166 ) (29,276 ) (44,570 ) (54,910 ) Total operating income 111,213 171,591 142,557 247,559 Reconciliation to net income: Loss on debt extinguishment 292 15,072 292 15,072 Interest expense, net 18,852 19,711 37,745 39,710 Provision for income taxes 58 174 243 336 Net income $ 92,011 $ 136,634 $ 104,277 $ 192,441 Depreciation and amortization: Propane $ 27,518 $ 27,562 $ 54,625 $ 54,641 Fuel oil and refined fuels 686 728 1,382 1,561 Natural gas and electricity 1 2 3 4 All other 79 69 161 149 Corporate 4,866 4,868 8,617 9,503 Total depreciation and amortization $ 33,150 $ 33,229 $ 64,788 $ 65,858 As of March 26, September 2016 2015 Assets: Propane $ 2,246,909 $ 2,209,343 Fuel oil and refined fuels 58,166 58,077 Natural gas and electricity 15,068 13,253 All other 2,510 2,888 Corporate 117,038 202,169 Total assets $ 2,439,691 $ 2,485,730 |
Partnership Organization and 34
Partnership Organization and Formation - Additional Information (Details) - shares | Mar. 26, 2016 | Sep. 26, 2015 |
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Common units outstanding (in units) | 60,752,827 | 60,531,000 |
Ownership interest in Suburban Energy Finance Corp (in hundredths) | 100.00% | |
General Partner [Member] | Common Unitholders [Member] | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Common units outstanding (in units) | 784 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 6 Months Ended |
Mar. 26, 2016wk | |
Organization Consolidation And Presentation Of Financial Statements [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 |
Acquisition of Business - Addit
Acquisition of Business - Additional Information (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Dec. 15, 2015 | Mar. 26, 2016 | Mar. 28, 2015 |
Business Acquisition [Line Items] | ||||
Cash paid to acquire business | $ 42,195 | $ 6,500 | ||
Propane USA Distribution, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, cost of acquired, cash paid | $ 45,000 | |||
Cash paid to acquire business | $ 42,195 |
Financial Instruments and Ris37
Financial Instruments and Risk Management - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Mar. 26, 2016 | Sep. 26, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Maximum maturity period of highly liquid investment considered as cash equivalents | 3 months | |
Margin over basis rate (in hundredths) | 1.00% | |
Cash collateral | $ 1,387 | $ 553 |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Weighted average maturity of outstanding commodity-related derivatives | 4 months | 7 months |
Financial Instruments and Ris38
Financial Instruments and Risk Management - Fair Value of the Partnership's Derivative Instruments and their Location in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Sep. 26, 2015 |
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | $ 5,752 | $ 13,803 |
Fair value - liabilities | 5,261 | 10,184 |
Commodity-Related Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 5,163 | 13,063 |
Fair value - liabilities | 4,012 | 8,132 |
Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 589 | 740 |
Fair value - liabilities | 1,249 | 2,052 |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 3,233 | 7,498 |
Fair value - liabilities | 2,082 | 2,567 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 2,399 | 7,013 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 834 | 485 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | 1,882 | 0 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | 200 | 2,567 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | 660 | 1,312 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | 660 | 1,112 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | $ 0 | $ 200 |
Financial Instruments and Ris39
Financial Instruments and Risk Management - Reconciliation of the Beginning and Ending Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
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 | $ 2,781 | $ 1,512 |
Beginning balance realized during the period | (1,738) | (910) |
Contracts purchased during the period | 173 | 461 |
Change in the fair value of outstanding contracts | (479) | 2,755 |
Ending balance of over-the-counter options | 737 | 3,818 |
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 | 347 | 0 |
Beginning balance realized during the period | (96) | 0 |
Contracts purchased during the period | 0 | 0 |
Change in the fair value of outstanding contracts | (201) | 0 |
Ending balance of over-the-counter options | $ 50 | $ 0 |
Financial Instruments and Ris40
Financial Instruments and Risk Management - Effect of the Partnership's Derivative Instruments on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 26, 2016 | Mar. 28, 2015 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gains (Losses) Recognized in OCI (Effective Portion) | $ (117) | $ (500) | $ 60 | $ (727) |
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 | (259) | (344) | (592) | (701) |
Commodity-Related Derivatives [Member] | Cost of Products Sold [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Unrealized Gains (Losses) Recognized in Income | $ (739) | $ (7,433) | $ (1,949) | $ 2,072 |
Financial Instruments and Ris41
Financial Instruments and Risk Management - Fair Value of Partnership's Recognized Derivative Assets and Liabilities on a Gross Basis and Amounts Offset on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Sep. 26, 2015 |
Asset Derivatives [Abstracts] | ||
Gross amounts | $ 5,752 | $ 13,803 |
Effects of netting | (2,519) | (6,305) |
Net amounts presented in the balance sheet | 3,233 | 7,498 |
Liability Derivatives [Abstracts] | ||
Gross amounts | 5,261 | 10,184 |
Effects of netting | (2,519) | (6,305) |
Net amounts presented in the balance sheet | 2,742 | 3,879 |
Commodity-Related Derivatives [Member] | ||
Asset Derivatives [Abstracts] | ||
Gross amounts | 5,163 | 13,063 |
Effects of netting | (1,930) | (5,565) |
Net amounts presented in the balance sheet | 3,233 | 7,498 |
Liability Derivatives [Abstracts] | ||
Gross amounts | 4,012 | 8,132 |
Effects of netting | (1,930) | (5,565) |
Net amounts presented in the balance sheet | 2,082 | 2,567 |
Interest Rate Swaps [Member] | ||
Asset Derivatives [Abstracts] | ||
Gross amounts | 589 | 740 |
Effects of netting | (589) | (740) |
Net amounts presented in the balance sheet | 0 | 0 |
Liability Derivatives [Abstracts] | ||
Gross amounts | 1,249 | 2,052 |
Effects of netting | (589) | (740) |
Net amounts presented in the balance sheet | $ 660 | $ 1,312 |
Financial Instruments and Ris42
Financial Instruments and Risk Management - Fair Value of the Partnership's Senior Notes (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Sep. 26, 2015 |
Bank Debt and Senior Notes [Abstract] | ||
Fair value of Senior Notes | $ 1,091,045 | $ 1,103,922 |
7.375% Senior Notes due August 1, 2021 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Fair value of Senior Notes | 347,045 | 363,922 |
5.5% Senior Notes due June 1, 2024 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Fair value of Senior Notes | 504,000 | 498,750 |
5.75% Senior Notes due March 1, 2025 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Fair value of Senior Notes | $ 240,000 | $ 241,250 |
Financial Instruments and Ris43
Financial Instruments and Risk Management - Fair Value of the Partnership's Senior Notes (Parenthetical) (Details) | 6 Months Ended | |
Mar. 26, 2016 | Sep. 26, 2015 | |
7.375% Senior Notes due August 1, 2021 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Stated interest rate (in hundredths) | 7.375% | 7.375% |
Maturity date | Aug. 1, 2021 | |
5.5% Senior Notes due June 1, 2024 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Stated interest rate (in hundredths) | 5.50% | 5.50% |
Maturity date | Jun. 1, 2024 | |
5.75% Senior Notes due March 1, 2025 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Stated interest rate (in hundredths) | 5.75% | 5.75% |
Maturity date | Mar. 1, 2025 |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Sep. 26, 2015 |
Summary of inventory [Abstract] | ||
Propane, fuel oil and refined fuels and natural gas | $ 43,301 | $ 45,918 |
Appliances | 1,847 | 1,768 |
Total inventory | $ 45,148 | $ 47,686 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets - Additional Information (Details) | 6 Months Ended |
Mar. 26, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Projection period for discounted cash flow analyses to estimate reporting unit fair value | 10 years |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets - Carrying Values of Goodwill Assigned to Partnership's Operating Segments (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Mar. 26, 2016 | Sep. 26, 2015 | ||
Goodwill [Line Items] | |||
Goodwill | $ 1,108,601 | $ 1,093,891 | |
Accumulated adjustments | (6,462) | (6,462) | |
Goodwill, net | 1,102,139 | 1,087,429 | |
Goodwill acquired during fiscal 2016 | [1] | 14,710 | |
Propane [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 1,089,801 | 1,075,091 | |
Accumulated adjustments | 0 | 0 | |
Goodwill, net | 1,089,801 | 1,075,091 | |
Goodwill acquired during fiscal 2016 | [1] | 14,710 | |
Fuel Oil and Refined Fuels [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 10,900 | 10,900 | |
Accumulated adjustments | (6,462) | (6,462) | |
Goodwill, net | 4,438 | 4,438 | |
Goodwill acquired during fiscal 2016 | [1] | 0 | |
Natural Gas and Electricity [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 7,900 | 7,900 | |
Accumulated adjustments | 0 | 0 | |
Goodwill, net | 7,900 | $ 7,900 | |
Goodwill acquired during fiscal 2016 | [1] | $ 0 | |
[1] | Increases reflect the Propane USA acquisition (Note 3) |
Goodwill and Other Intangible47
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Sep. 26, 2015 | |
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | $ 533,066 | $ 505,093 | |
Accumulated amortization | (225,651) | (197,304) | |
Other intangible assets, net | 307,415 | 307,789 | |
Customer Relationships [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | [1] | 496,577 | 471,829 |
Accumulated amortization | (200,292) | (173,823) | |
Non-compete Agreements [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | [1] | 31,040 | 27,815 |
Accumulated amortization | (20,921) | (19,337) | |
Tradenames [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | 3,482 | 3,482 | |
Accumulated amortization | (3,317) | (3,069) | |
Other [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | 1,967 | 1,967 | |
Accumulated amortization | $ (1,121) | $ (1,075) | |
[1] | Increases reflect the Propane USA acquisition (Note 3) |
Net Income Per Common Unit - Ad
Net Income Per Common Unit - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 26, 2016 | Mar. 28, 2015 | |
Earnings Per Share [Abstract] | ||||
Increase in weighted average units outstanding used to compute basic net income per Common Unit to reflect the potential dilutive effect of the unvested restricted units outstanding (in units) | 277,435 | 343,922 | 270,360 | 320,398 |
Long-Term Borrowings - Summary
Long-Term Borrowings - Summary of Long-Term Borrowings (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Sep. 26, 2015 |
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 1,239,662 | $ 1,241,107 |
7.375% Senior Notes due August 1, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 364,662 | 366,107 |
5.5% Senior Notes due June 1, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 525,000 | 525,000 |
5.75% Senior Notes due March 1, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 250,000 | 250,000 |
Revolving Credit Facility due March 3, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 100,000 | 0 |
Revolving Credit Facility due January 5, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 0 | $ 100,000 |
Long-Term Borrowings - Summar50
Long-Term Borrowings - Summary of Long-Term Borrowings (Parenthetical) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 26, 2016 | Sep. 26, 2015 | |
7.375% Senior Notes due August 1, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate (in hundredths) | 7.375% | 7.375% |
Maturity date | Aug. 1, 2021 | |
Net unamortized premium | $ 18,482 | $ 19,927 |
5.5% Senior Notes due June 1, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate (in hundredths) | 5.50% | 5.50% |
Maturity date | Jun. 1, 2024 | |
5.75% Senior Notes due March 1, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate (in hundredths) | 5.75% | 5.75% |
Maturity date | Mar. 1, 2025 | |
Revolving Credit Facility due March 3, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 3, 2021 | |
Revolving Credit Facility due January 5, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jan. 5, 2017 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Details) - USD ($) | Mar. 03, 2016 | Feb. 25, 2015 | May. 27, 2014 | Mar. 26, 2016 | Mar. 28, 2015 | Mar. 26, 2016 | Mar. 28, 2015 | Sep. 26, 2015 | Aug. 06, 2013 | Aug. 02, 2013 | Aug. 01, 2012 |
Debt Instrument [Line Items] | |||||||||||
Ownership interest in Suburban Energy Finance Corp (in hundredths) | 100.00% | 100.00% | |||||||||
Loss on debt extinguishment | $ 292,000 | $ 15,072,000 | $ 292,000 | $ 15,072,000 | |||||||
Long-term borrowings | 1,239,662,000 | $ 1,239,662,000 | $ 1,241,107,000 | ||||||||
Consolidated interest coverage ratio, minimum | 2.5 | ||||||||||
Total consolidated leverage ratio, maximum | 5.5 | ||||||||||
Margin over basis rate (in hundredths) | 1.00% | ||||||||||
Notional Amount | 100,000,000 | $ 100,000,000 | |||||||||
Consolidated fixed charge coverage ratio, minimum | 1.75 | ||||||||||
Long-term debt maturities, 2016 | 0 | $ 0 | |||||||||
Long-term debt maturities, 2017 | 0 | 0 | |||||||||
Long-term debt maturities, 2018 | 0 | 0 | |||||||||
Long-term debt maturities, 2019 | 0 | 0 | |||||||||
Long-term debt maturities, 2020 | 0 | 0 | |||||||||
Long-term debt maturities, 2021 and thereafter | 1,221,180,000 | 1,221,180,000 | |||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Standby letters of credit issued under the Revolving Credit Facility | 46,183,000 | 46,183,000 | |||||||||
Existing borrowings under previous credit agreement | $ 353,817,000 | $ 353,817,000 | |||||||||
Amended Credit Agreement Due 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted average interest rate (in hundredths) | 2.90% | 2.90% | |||||||||
Amended Credit Agreement Due 2021 [Member] | Federal Funds Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Description of applicable interest rate on borrowings | Federal Funds Rate | ||||||||||
Margin over basis rate (in hundredths) | 0.50% | ||||||||||
Amended Credit Agreement Due 2021 [Member] | LIBOR [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Description of applicable interest rate on borrowings | LIBOR | ||||||||||
Margin over basis rate (in hundredths) | 1.00% | ||||||||||
Amended Credit Agreement Due 2017 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Effective date | Jun. 25, 2013 | ||||||||||
Termination date | Jan. 5, 2017 | ||||||||||
Fixed interest rate (in hundredths) | 1.63% | 1.63% | |||||||||
7.5% Senior Notes due October 1, 2018 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Date public offering completed | Aug. 1, 2012 | ||||||||||
Aggregate principal amount | $ 496,557,000 | $ 496,557,000 | |||||||||
Stated interest rate (in hundredths) | 7.50% | 7.50% | |||||||||
Maturity date | Oct. 1, 2018 | ||||||||||
Fair value of debt at acquisition date (in hundredths) | 106.875% | ||||||||||
Loss on debt extinguishment | $ 11,589,000 | ||||||||||
Redemption premium and related fees | 31,633,000 | ||||||||||
Write-off unamortized debt origination costs | 5,230,000 | ||||||||||
Write-off unamortized premium | $ (25,274,000) | ||||||||||
7.375% Senior Notes due August 1, 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Date public offering completed | Aug. 1, 2012 | ||||||||||
Aggregate principal amount | $ 503,443,000 | $ 503,443,000 | |||||||||
Stated interest rate (in hundredths) | 7.375% | 7.375% | 7.375% | ||||||||
Maturity date | Aug. 1, 2021 | ||||||||||
Fair value of debt at acquisition date (in hundredths) | 108.125% | ||||||||||
Debt instrument repurchase amount | $ 23,863,000 | $ 133,400,000 | |||||||||
Percentage of the principal amount repurchase offer under change of control provision (in hundredths) | 101.00% | 101.00% | |||||||||
Repurchase of debt due to decline in rating after consummation of change of control, period | 90 days | ||||||||||
Long-term borrowings | $ 364,662,000 | $ 364,662,000 | $ 366,107,000 | ||||||||
7.375% Senior Notes due March 15, 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Date public offering completed | Mar. 23, 2010 | ||||||||||
Aggregate principal amount | $ 250,000,000 | $ 250,000,000 | |||||||||
Stated interest rate (in hundredths) | 7.375% | 7.375% | |||||||||
Maturity date | Mar. 15, 2020 | ||||||||||
Loss on debt extinguishment | $ 15,072,000 | ||||||||||
Redemption premium and related fees | 11,124,000 | ||||||||||
Write-off unamortized debt origination costs | 2,855,000 | ||||||||||
Percentage of principal amount at which debt was issued (in hundredths) | 99.136% | 99.136% | |||||||||
Write-off unamortized discount | $ 1,093,000 | ||||||||||
5.5% Senior Notes due June 1, 2024 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Date public offering completed | May 27, 2014 | ||||||||||
Aggregate principal amount | $ 525,000,000 | $ 525,000,000 | |||||||||
Stated interest rate (in hundredths) | 5.50% | 5.50% | 5.50% | ||||||||
Maturity date | Jun. 1, 2024 | ||||||||||
Percentage of principal amount at which debt was issued (in hundredths) | 100.00% | 100.00% | |||||||||
Percentage of the principal amount repurchase offer under change of control provision (in hundredths) | 101.00% | 101.00% | |||||||||
Repurchase of debt due to decline in rating after consummation of change of control, period | 90 days | ||||||||||
Long-term borrowings | $ 525,000,000 | $ 525,000,000 | $ 525,000,000 | ||||||||
5.75% Senior Notes due March 1, 2025 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Date public offering completed | Feb. 25, 2015 | ||||||||||
Aggregate principal amount | $ 250,000,000 | $ 250,000,000 | |||||||||
Stated interest rate (in hundredths) | 5.75% | 5.75% | 5.75% | ||||||||
Maturity date | Mar. 1, 2025 | ||||||||||
Percentage of principal amount at which debt was issued (in hundredths) | 100.00% | 100.00% | |||||||||
Percentage of the principal amount repurchase offer under change of control provision (in hundredths) | 101.00% | 101.00% | |||||||||
Repurchase of debt due to decline in rating after consummation of change of control, period | 90 days | ||||||||||
Long-term borrowings | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit Facility, maximum amount | $ 500,000,000 | ||||||||||
Long-term borrowings | $ 100,000,000 | 100,000,000 | $ 100,000,000 | ||||||||
Revolving Credit Facility [Member] | Amended Credit Agreement Due 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Write-off unamortized debt origination costs | $ 292,000 | ||||||||||
Credit Facility, maximum amount | $ 500,000,000 | ||||||||||
Revolving credit facility, term | 5 years |
Distributions of Available Ca52
Distributions of Available Cash - Additional Information (Details) | 6 Months Ended |
Mar. 26, 2016$ / shares | |
Distributions Made To Members Or Limited Partners [Abstract] | |
Distributions to its partners | 45 days |
Declaration date of quarterly distribution | Apr. 21, 2016 |
Distributions paid (in dollars per unit) | $ 0.8875 |
Common Unit distribution on an annualized basis (in dollars per unit) | $ 3.55 |
Distribution date of quarterly distribution | May 10, 2016 |
Date of record of quarterly distribution | May 3, 2016 |
Unit-Based Compensation Arran53
Unit-Based Compensation Arrangements - Additional Information (Details) - USD ($) $ in Thousands | Aug. 06, 2013 | Mar. 26, 2016 | Mar. 28, 2015 | Mar. 26, 2016 | Mar. 28, 2015 | Sep. 26, 2015 |
Restricted Stock Units (RSUs) [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total number of Common Units authorized for issuance (in units) | 2,400,000 | 2,400,000 | ||||
Restricted Unit Plans, terms of award | In accordance with an August 6, 2013 amendment to the Restricted Unit Plan, 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 Plan 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 Plan 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 Plan. | |||||
Number of restricted units awarded | 307,559 | |||||
Aggregate grant date fair value of restricted units awarded | $ 7,265 | |||||
Unrecognized compensation cost | $ 7,050 | $ 7,050 | ||||
Weighted-average recognition period of compensation cost | 1 year 1 month 6 days | |||||
Compensation expense | 2,579 | $ 2,613 | $ 5,391 | $ 5,503 | ||
Long-Term Incentive Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Long-Term Incentive Plan, terms of award | The LTIP is a non-qualified, unfunded, long-term incentive plan for officers and key employees that provides for payment, in the form of cash, of an award of equity-based compensation at the end of a three-year performance period. | |||||
Measurement period of average distribution coverage ratio | 3 years | |||||
Compensation expense | (539) | $ 556 | $ (730) | $ 1,754 | ||
Liability included within accrued employment and benefit costs (or other liabilities, as applicable) related to estimated future payments under the LTIP | $ 2,658 | $ 2,658 | $ 4,860 |
Unit-Based Compensation Arran54
Unit-Based Compensation Arrangements - Summary of Activity for the Restricted Units Plans (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Mar. 26, 2016$ / sharesshares | |
Units [Rollforward] | |
Outstanding, beginning of period (in units) | shares | 627,399 |
Awarded (in units) | shares | 307,559 |
Forfeited (in units) | shares | (1,500) |
Issued (in units) | shares | (221,757) |
Outstanding, end of period (in units) | shares | 711,701 |
Weighted Average Grant Date Fair Value Per Unit [Abstract] | |
Outstanding, beginning of period (in dollars per unit) | $ / shares | $ 31.87 |
Awarded (in dollars per unit) | $ / shares | 23.62 |
Forfeited (in dollars per unit) | $ / shares | (23.60) |
Issued (in dollars per unit) | $ / shares | (35.64) |
Outstanding, end of period (in dollars per unit) | $ / shares | $ 27.15 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 26, 2015 | Mar. 26, 2016 | Sep. 26, 2015 | |
Self-Insurance [Abstract] | |||
Accrued insurance liabilities | $ 57,343 | $ 57,083 | |
Portion of the estimated liability that exceeds insurance deductibles | $ 14,960 | $ 15,783 | |
Product liability matter settled, amount | $ 3,000 |
Guarantees - Additional Informa
Guarantees - Additional Information (Details) | 6 Months Ended |
Mar. 26, 2016USD ($) | |
Guarantees [Abstract] | |
Transportation equipment remaining lease periods | 2,023 |
Maximum potential amount of aggregate future payments Partnership could be required to make | $ 13,003,000 |
Pension Plans and Other Postr57
Pension Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 26, 2016 | Mar. 28, 2015 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 1,260 | $ 1,282 | $ 2,521 | $ 2,564 |
Expected return on plan assets | (854) | (1,228) | (1,709) | (2,457) |
Amortization of net loss (gain) | 1,475 | 1,131 | 2,609 | 2,261 |
Net periodic benefit cost | 1,881 | 1,185 | 3,421 | 2,368 |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 130 | 143 | 260 | 288 |
Amortization of prior service credits | (100) | (123) | (200) | (245) |
Amortization of net loss (gain) | (74) | (49) | (149) | (98) |
Net periodic benefit cost | $ (44) | $ (29) | $ (89) | $ (55) |
Pension Plans and Other Postr58
Pension Plans and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 26, 2016 | Sep. 26, 2015 | |
Components of net periodic benefit costs included in operating expenses [Abstract] | ||
Defined benefit plan expected contribution to be paid for the remainder of fiscal year | $ 700 | |
Projected annual contribution requirements related to the Partnership's postretirement health care and life insurance benefit plan for fiscal year | 1,025 | |
Employer contribution for postretirement health care and life insurance | 407 | |
Estimated obligation due to withdrawal multi employer pension plans | $ 17,949 | $ 18,041 |
Amounts Reclassified Out of A59
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Reclassification out of accumulated other comprehensive (loss) income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 26, 2016 | Mar. 28, 2015 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance beginning | $ (47,414) | $ (44,816) | $ (48,883) | $ (45,905) | |
Other comprehensive income before reclassifications | (117) | (500) | 60 | (727) | |
Reclassifications to earnings | 1,560 | 1,303 | 2,852 | 2,619 | |
Other comprehensive income | 1,443 | 803 | 2,912 | 1,892 | |
Balance ending | (45,971) | (44,013) | (45,971) | (44,013) | |
Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance beginning | (801) | (1,410) | (1,311) | (1,540) | |
Other comprehensive income before reclassifications | (117) | (500) | 60 | (727) | |
Reclassifications to earnings | [1] | 259 | 344 | 592 | 701 |
Other comprehensive income | 142 | (156) | 652 | (26) | |
Balance ending | (659) | (1,566) | (659) | (1,566) | |
Pension Benefits [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance beginning | (51,702) | (47,904) | (52,836) | (49,034) | |
Other comprehensive income | 1,475 | 1,131 | 2,609 | 2,261 | |
Balance ending | (50,227) | (46,773) | (50,227) | (46,773) | |
Amortization of Net Loss [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassifications to earnings | [2] | 1,475 | 1,131 | 2,609 | 2,261 |
Post-Retirement Benefits [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance beginning | 5,089 | 4,498 | 5,264 | 4,669 | |
Other comprehensive income | (174) | (172) | (349) | (343) | |
Balance ending | 4,915 | 4,326 | 4,915 | 4,326 | |
Amortization of Prior Service Credits [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassifications to earnings | [2] | (100) | (123) | (200) | (245) |
Amortization of Net (Gain) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassifications to earnings | [2] | $ (74) | $ (49) | $ (149) | $ (98) |
[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 13, “Pension Plans and Other Postretirement Benefits”. |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - Subsequent Event [Member] - Propane [Member] $ in Thousands | Apr. 22, 2016USD ($) |
Subsequent Event [Line Items] | |
Sale of certain assets and operations | $ 26,000 |
Sale of asset and operations to be received over five -year period | $ 5,000 |
Period of payment for sale of assets and operations | 5 years |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Mar. 26, 2016Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Number of reportable segments | 3 |
Segment Information - Disclosur
Segment Information - Disclosure by Reportable Segment and Reconciliation of Total Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 26, 2016 | Mar. 28, 2015 | Mar. 26, 2016 | Mar. 28, 2015 | Sep. 26, 2015 | |
Revenues [Abstract] | |||||
Total revenues | $ 404,140 | $ 599,389 | $ 679,997 | $ 1,022,333 | |
Operating income (loss) [Abstract]: | |||||
Total operating income | 111,213 | 171,591 | 142,557 | 247,559 | |
Reconciliation to net income: | |||||
Loss on debt extinguishment | 292 | 15,072 | 292 | 15,072 | |
Interest expense, net | 18,852 | 19,711 | 37,745 | 39,710 | |
Provision for income taxes | 58 | 174 | 243 | 336 | |
Net income | 92,011 | 136,634 | 104,277 | 192,441 | |
Depreciation and amortization [Abstract] | |||||
Total depreciation and amortization | 33,150 | 33,229 | 64,788 | 65,858 | |
Assets [Abstract] | |||||
Total assets | 2,439,691 | 2,439,691 | $ 2,485,730 | ||
Operating/Reportable Segments [Member] | Propane [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 348,216 | 498,616 | 579,691 | 853,266 | |
Operating income (loss) [Abstract]: | |||||
Total operating income | 129,277 | 189,265 | 184,860 | 292,341 | |
Depreciation and amortization [Abstract] | |||||
Total depreciation and amortization | 27,518 | 27,562 | 54,625 | 54,641 | |
Assets [Abstract] | |||||
Total assets | 2,246,909 | 2,246,909 | 2,209,343 | ||
Operating/Reportable Segments [Member] | Fuel Oil and Refined Fuels [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 28,814 | 60,426 | 49,502 | 99,356 | |
Operating income (loss) [Abstract]: | |||||
Total operating income | 6,470 | 9,434 | 8,439 | 10,880 | |
Depreciation and amortization [Abstract] | |||||
Total depreciation and amortization | 686 | 728 | 1,382 | 1,561 | |
Assets [Abstract] | |||||
Total assets | 58,166 | 58,166 | 58,077 | ||
Operating/Reportable Segments [Member] | Natural Gas and Electricity [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 15,962 | 28,281 | 27,636 | 44,248 | |
Operating income (loss) [Abstract]: | |||||
Total operating income | 4,444 | 7,457 | 6,696 | 10,215 | |
Depreciation and amortization [Abstract] | |||||
Total depreciation and amortization | 1 | 2 | 3 | 4 | |
Assets [Abstract] | |||||
Total assets | 15,068 | 15,068 | 13,253 | ||
Operating/Reportable Segments [Member] | All Other [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 11,148 | 12,066 | 23,168 | 25,463 | |
Operating income (loss) [Abstract]: | |||||
Total operating income | (5,812) | (5,289) | (12,868) | (10,967) | |
Depreciation and amortization [Abstract] | |||||
Total depreciation and amortization | 79 | 69 | 161 | 149 | |
Assets [Abstract] | |||||
Total assets | 2,510 | 2,510 | 2,888 | ||
Operating/Reportable Segments [Member] | Corporate [Member] | |||||
Operating income (loss) [Abstract]: | |||||
Total operating income | (23,166) | (29,276) | (44,570) | (54,910) | |
Depreciation and amortization [Abstract] | |||||
Total depreciation and amortization | 4,866 | $ 4,868 | 8,617 | $ 9,503 | |
Assets [Abstract] | |||||
Total assets | $ 117,038 | $ 117,038 | $ 202,169 |